What do you think are the biggest disadvantages of Bitcoin? - page 7.

rockstarr

newbie

Activity: 112

Merit: 0

Quote from: Mastsetad on November 30, 2016, 11:05:30 AM

Quote from: g2com on November 30, 2016, 06:39:07 AM

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink

The fact that it is not controllable at first place, and secondly it is not yet known by everyone in the world, we are even not 2% of the world's population right now, so how come a government would bring something to a country where peope does not even know about it nor they know how to use it.

It is also risky in terms of investment and hassle for the situation of being an online business which we trade and doing marketing of bitcoin crypto currency.

SingAlong

full member

Activity: 294

Merit: 100

I think the biggest disadvantage of bitcoin is that it is still in the infancy stage it means there are many things that they need to develop in bitcoin. They need to polish all the incomplete features, tools,services and security before it comes with its full potential and final stage.

Jamie Oliver

member

Activity: 125

Merit: 10

I think the biggest disadvantage BTC there should be no strict supervision mechanism, can't achieve one corresponds to an address, although decentralized encryption currency, but I also think it should be the system.

Srenond

newbie

Activity: 3

Merit: 0

Value change is a chance to influence benefits on the off chance that you to purchase at an ideal time and offer when cost goes higher then your entrance cost and you have to proceed with this procedure keeping in mind the end goal to make normal benefits and that is the most ideal approach to play bitcoins and we can't stand to miss even a solitary chance of making here and now benefits by not exploiting value instability.

bxxkj

newbie

Activity: 132

Merit: 0

Quote from: megynacuna on January 22, 2018, 07:14:52 PM

Quote from: Hafamot on January 22, 2018, 06:53:16 PM

Bitcoin disadvantage is the fluctuation in the currency and might be hacked if proper care is not taken but the advent of TOR by Deeponion have prevent and safe guard members investment.

I beg to differ because the fluctuations can be either and advantage or a disadvantage depending on which side it fluctuates and for a longer time it has always appreciated and pushed towards growth and so it doesn't make it a disadvantage in any way. About hacking bitcoin, unless you don't understand how the blockchain functions you might be tempted to believe it can easily be hacked so i will urge you to read on in the forum as there are so many beautiful threads to get you started.

I think the Bitcoin network is very robust, but Bitcoin trading platform is very fragile. The trading platform is usually a website, and the website can be hacked or closed by the competent authority.

mifanmuzny

member

Activity: 294

Merit: 16

The community is in shambles. No matter where you go, talk of bitcoin is full of anxiety, hate, vitriol and gnashing of teeth. If I woke up tomorrow morning and bitcoin had lost 90% of it's value, I'd first be shocked and horrified, and then I'd realize that I can join another community that works together, has dreams of an amazing future in crypto and is always improving... I'd let out a sigh of enormous relief and just be happy that the nightmare was over.

Vatimins

sr. member

Activity: 987

Merit: 289

Blue0x.com

Quote from: megynacuna on January 22, 2018, 07:14:52 PM

Quote from: Hafamot on January 22, 2018, 06:53:16 PM

Bitcoin disadvantage is the fluctuation in the currency and might be hacked if proper care is not taken but the advent of TOR by Deeponion have prevent and safe guard members investment.

I beg to differ because the fluctuations can be either and advantage or a disadvantage depending on which side it fluctuates and for a longer time it has always appreciated and pushed towards growth and so it doesn't make it a disadvantage in any way. About hacking bitcoin, unless you don't understand how the blockchain functions you might be tempted to believe it can easily be hacked so i will urge you to read on in the forum as there are so many beautiful threads to get you started.

You are absolutely right on point there man, clearly all of these dips that have happened in the past have only pushed bitcoins to have better prices later on when the storm passes. Now in regards to bitcoin's block chain being hacked, I really do not think so since it was obviously built greatly to withstand any attempts of hacking. The resources needed and the amount of effort in doing so just to be able to hack bitcoin's block chain is just too big and is really not worth it. Reading can really get you so far. everyone should do it.

Gamix

newbie

Activity: 55

Merit: 0

High fees for using it as currency, high hack risks, high and uncontrollable volatility.

supermine

hero member

Activity: 826

Merit: 518

Quote from: Jerzzz on March 09, 2018, 09:19:08 AM

Transaction speed is too slow and I had to wait for long time to purchase things.So transaction speed should be accelerate.Bitcoin has no physical form it's also a bad side of it.And since bitcoin is uncontrollable so illegal activities are always happening.For this bitcoin is not yet accepted to many country.

The transaction speed is based on our fee so if we use high fee then our transaction will get faster now,and people are transferring to segwits so it may helps us little bit to faster our transaction.
Bitcoin is actually virtual currency so it will ne ver can have physical structure and it may not be a big disadvantage it is just a future technology.
Bitcoin is anonymous but we can't blame bitcoin for illegal activities that is the work of governments.

Jerzzz

sr. member

Activity: 415

Merit: 250

Transaction speed is too slow and I had to wait for long time to purchase things.So transaction speed should be accelerate.Bitcoin has no physical form it's also a bad side of it.And since bitcoin is uncontrollable so illegal activities are always happening.For this bitcoin is not yet accepted to many country.

Bitcoinnumberone

member

Activity: 364

Merit: 10

Quote from: yayayo on November 30, 2016, 10:10:29 AM

Quote from: g2com on November 30, 2016, 06:39:07 AM

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink

The aspects of Bitcoin that would need to be changed for rapid mainstream adoption are not necessarily the ones that I'd like to see being changed.

For example, Bitcoin is a pseudonymous currency. In my view this is a plus. But it would be even better if it were a truly anonymous currency, making financial surveillance by the ruling authoritarians impossible. That however isn't improving the prospect of mainstream adoption, because the governmental control freaks like to do surveillance and will harass and threaten corporations and individuals who do not comply.

So mainstream adoption at all costs is definitely not a desirable goal if it means that Bitcoin's core values are surrendered in the process.

Instead of starting the 1000th altcoin clone, consider contributing to Bitcoin Core if you really have some competence. We don't need yet another premine scam.

ya.ya.yo!

Well, of course not everybody is willing to accept change. Bitcoin has been circulating just for a few years. People don't have confidence yet to what can it do since this is new to many. Also, bitcoin is still unstable its fluctuations always change that's why a lot of people are still skeptic of it.

baydewant96

member

Activity: 141

Merit: 10

I think every thing must have advantages and disadvantages, for example bitcoin ... bitcoin does provide a lot of advantages for the bitcoiners but behind the bitcoin advantage there is a disadvantage when using bitcoin. As we know in many countries still have not been able to declare the existence of bitcoin for some reason, for example my country, indonesia. Then because of the difficulty of tracking transactions with bitcoin, bitcoin is often used to perform illegal activities

sneeze11

full member

Activity: 347

Merit: 100

Quote from: g2com on November 30, 2016, 06:39:07 AM

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink

For me the biggest disadvantages of bitcoin is that it is not legalized on some country. Other say that there's a possibility that someday bitcoin will be gone and you can't get the money that you hold on your account. Other store did not accept bitcoin as payment so for me that is also the disadvantage of it

odakorlina

member

Activity: 280

Merit: 10

I think the biggest disadvantages of bitcoin the fact that it is not accepted in other countries and people still not knowing about it. Also bitcoin is still at its infancy stage with incomplete features that are in development and volality mainly that there is limited amount of coins and demand for them increases by each passing day.

laracastvue

member

Activity: 336

Merit: 10

Quote from: g2com on November 30, 2016, 06:39:07 AM

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink

Some of the countries said that the crime rate is increasing because of cryptocurrency and i do not really think that this is possible because, there are a lot of people who are already committing crimes when bitcoins is not yet existing, they are just creating black propaganda to reduce the investors because their business is being affected.

BountyX

full member

Activity: 352

Merit: 100

In this very moment Bitcoin's fees are so high that even Western Union is cheaper than Bitcoin Cheesy

So basically either Bitcoin will solve its problems of scalability or as a currency it is doomed.

Yokonaumiyaki000

member

Activity: 308

Merit: 11

Quote from: Juggy777 on November 30, 2016, 06:43:51 AM

Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.

This sums it all. Kudos to Juggy777. Prices fluctuating may be an advantage and disadvantage to you, depending on your current situation. And the concept is really hard, even for weeks of reviews i can't understand much. Maybe i need someone to explain it to me personally than reading it through internet.

megynacuna

sr. member

Activity: 756

Merit: 253

Quote from: Hafamot on January 22, 2018, 06:53:16 PM

Bitcoin disadvantage is the fluctuation in the currency and might be hacked if proper care is not taken but the advent of TOR by Deeponion have prevent and safe guard members investment.

I beg to differ because the fluctuations can be either and advantage or a disadvantage depending on which side it fluctuates and for a longer time it has always appreciated and pushed towards growth and so it doesn't make it a disadvantage in any way. About hacking bitcoin, unless you don't understand how the blockchain functions you might be tempted to believe it can easily be hacked so i will urge you to read on in the forum as there are so many beautiful threads to get you started.

Hafamot

newbie

Activity: 58

Merit: 0

Bitcoin disadvantage is the fluctuation in the currency and might be hacked if proper care is not taken but the advent of TOR by Deeponion have prevent and safe guard members investment.

automail

full member

Activity: 504

Merit: 106

🚀🚀 ATHERO.IO 🚀🚀

I think the disadvantage of bitcoin was the ICO bounty campaigns (for alternate coins) behind it. It leaves a sour taste whenever an ICO is not successful and unable to join the market. The sad thing is that they will not inform the people who work for them. They will just make them wait for something that will never happen. The reason I mentioned this is that the coins earned will be converted to bitcoin before turning it to cash so it only makes sense that its one of the disadvantage. We just keep on trying until we were able to have a successful ICO. :-)

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 7. (Read 76709 times)