What do you think are the biggest disadvantages of Bitcoin? - page 70.

modsa26

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Quote from: ICO INVESTOR on March 01, 2017, 02:26:51 AM

I think the biggest disadvantage of bitcoin is the long time to confirm one transaction

espicially nowadays, it almost takes 2 days. On the other hand Bitcoin is a good project and good idea but it will transform other project like ETH,other project in future. Becuase Bitcoin isn't produced ownself. It's supported by blockchain. Blockchain technology bigger than bitcoin. Bitcoin is just first coin that is created by blockchain technology. and so many companies,countries,people,devoloper dont know this.

CryptoBjorn

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Quote from: blackhawkeye1912 on March 01, 2017, 04:54:26 PM

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

One of the disadvantage of bitcoin was I think people are lack of awareness and understanding in terms of bitcoin. And others are the volatility, Due to the price value of bitcoin is bouncing from time to time that's why it has risk involved too.

I find the complexity of the system behind bitcoin very bad. The average user won't understand it, hence they don't participate. Remember why would you buy something if you have no clue what it is? What you can do with it etc. etc.

fullypak

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Quote from: brokens on March 01, 2017, 12:01:21 PM

Lack of government control also makes bitcoin seemed worthless. In addition, some financial analysts consider bitcoin currency as illegal because it is not pushed legislation legitimate in the eyes of the law

We have a number of digital wallets, and all of them are approved by governament why because they will pay tax to governament. So they are legal in the market. If the Bitcoin users also pay tax to governament, then it automatically becomes legal currency. And all financial analyst will start to analyse about bitcoin market. If you do any business/Transaction without knowing your governament, then it is called illegal transaction. So the Bitcoin transaction is also illegal.

alisus

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There has been no systematic method created by the government related to digital money that will be used as a primary form of payment must therefore be governed by the laws in each country and even the rules of the International scale required.
Why they don't make the rules?
Perhaps because many considerations that do not allow to make digital money becomes the main payment

blackhawkeye1912

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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

One of the disadvantage of bitcoin was I think people are lack of awareness and understanding in terms of bitcoin. And others are the volatility, Due to the price value of bitcoin is bouncing from time to time that's why it has risk involved too.

brokens

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Lack of government control also makes bitcoin seemed worthless. In addition, some financial analysts consider bitcoin currency as illegal because it is not pushed legislation legitimate in the eyes of the law

Natalim

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Quote from: nicolecan13 on March 01, 2017, 08:18:02 AM

I think the biggest disadvantages of bitcoin is that it is always been scammed because mostly it is traded online and also bitcoin is not yet so popular in this world that even you have many bitcoins you can only buy to a market which recognizes bitcoin and which is seldom.

I'm sure you don't get it or really don't know what bitcoin is. First it is not an investment but just a payment system, some people who wants to scam uses bitcoin as a payment method to deposit in their sites. Example for this are HYIPs and the PONZI scheme, they require investors to deposit bitcoin because it's easy and they can get more market of people.
Bitcoin is a very legitimate asset, currency, or whatever you wanna call it, it has reach to this progress because people believe in it.
Since no system is perfect, bitcoin has also disadvantages but there are more benefits than disadvantages that's why we choose to trust it.

1Referee

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Quote from: mindrust on March 01, 2017, 08:12:30 AM

The biggest disadvantage is that you can't convert your bitcoins into FIAT and get yourself removed from the system instantly when you want to.

I mean, its very easy to transfer your money overseas by using bitcoins but when it comes to convert them into FIAT, the real problem begins. Government dogs will be all over your ass.

It's not that big of a deal if you just stick to lower (<$1000) amounts. I send money quite regularly in form of Bitcoin, where the receiving party converts it to fiat as soon as it got a few confimations. So far he didn't report any issues from both the bank he receives the converted money into, and his local government.

The only ever problem I faced was when I made a cashout request from Bitstamp to my bank account. I received quite a long letter from my bank stating I have broken their policies by abusing their service to receive money related to Bitcoin. I either had the option to stop using whatever form of Bitcoin related services in combination with my bank account, or they would directly halt my bank account. I chose to ditch that bank and transfer all my money over to another bank. I don't let any entity tell me what to do.

MintCondition

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Quote from: FlightyPouch on March 01, 2017, 08:22:29 AM

Quote from: ICO INVESTOR on March 01, 2017, 02:26:51 AM

I think the biggest disadvantage of bitcoin is the long time to confirm one transaction

Here in our place transactions are not that long actually it is very fast. It can be received in a minute and no fees. But the problem here is bitcoin is not really known, bitcoin is not that popular here. No stores accept bitcoin unless that owner is using bitcoin.

also here, I can only use it on the people who have it, but lucky there is a app that can use for loading or for paying bills. I may not use it a lot but most important is that it can be cash out fast and with no fee.

FlightyPouch

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Quote from: ICO INVESTOR on March 01, 2017, 02:26:51 AM

I think the biggest disadvantage of bitcoin is the long time to confirm one transaction

Here in our place transactions are not that long actually it is very fast. It can be received in a minute and no fees. But the problem here is bitcoin is not really known, bitcoin is not that popular here. No stores accept bitcoin unless that owner is using bitcoin.

nicolecan13

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I think the biggest disadvantages of bitcoin is that it is always been scammed because mostly it is traded online and also bitcoin is not yet so popular in this world that even you have many bitcoins you can only buy to a market which recognizes bitcoin and which is seldom.

mindrust

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The biggest disadvantage is that you can't convert your bitcoins into FIAT and get yourself removed from the system instantly when you want to.

I mean, its very easy to transfer your money overseas by using bitcoins but when it comes to convert them into FIAT, the real problem begins. Government dogs will be all over your ass.

Blackdeath

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Quote from: Dmitry.Vastov on November 30, 2016, 10:59:42 AM

For me, the biggest dksadvantage of bitcoin is; it is not widely accepted. Infact, some countries are banned this kind of technology. If you want the list here https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country. Second, it has no physical form. You cannot spend it ti any physical stores. Only few stores are accepting bitcoin. You need to convert it to cash in able to buy. Third, bitcoin can be lost. Just like physical.money, it can be lost. For example. You have stored your btc at your pc, but the pc crashes. Your wallet is lost and also your btc.

There are many disadvantages of Bitcoin especially in some countries. Some countries doesn't accept or even use bitcoin. Some shops and establishment doesn't accept bitcoin too. You can only use bitcoin in selected shops and another one of the disadvantage of it is because I think other doesn't seriously using bitcoin in good ways. They use it in gambling that lead them to waste their bitcoin. Bitcoin cannot overcome the real money and bitcoin somehow doesn't fully accepted in some countries so that some shops/establishment doesn't accept it and you can't use it to buy, invest and as payments in some personal things. In other words, the Bitcoin is very limited only nowadays.

requester

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the biggest disadvantage is that its high fees. check the thread here https://bitcointalksearch.org/topic/bitcoin-fees-have-quadrupled-and-this-is-just-the-beginning-1805143 which mentioned that bitcoin transaction fees had quadrupled so we need a solution to reduce the transaction fees as early as possible because it is discouraging new users and even old users too and we cant transact small amount because it is charging huge.

ICO INVESTOR

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I think the biggest disadvantage of bitcoin is the long time to confirm one transaction

Sled

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I think the biggest advantage of bitcoin is being limited to its supply because if a currency is limited then it will not be qualified for being a stand alone currency since the supply is limited and the price will not be stable, so bitcoin will just be part of the market but i'm still hoping for bitcoin to be a legit currency which we can use it just like fiats and nothing to worry about.

carlerha

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Quote from: CoinFoxs on February 28, 2017, 12:43:47 PM

Quote from: Soul Reaper on February 13, 2017, 12:00:09 PM

It is a pseudo currency which is not known to many people.

Many people come to know about bitcoins and there is and increment in bitcoin users daily, everthing takes time to be known in the world or among people so same is with bitcoin, by time passing people become familiar to that and understands it's importance that how bitcoin help them financially.

Quote from: Soul Reaper on February 13, 2017, 12:00:09 PM

Many big traders as well as trading organisations do not accept bitcoins.

They don't accept bitcoin as trading currency because bitcoin is not stable, it's price increase within hours and also decrease within hours so people always choose currency for trading which have a little bit stability which reduces the risk chance.

yes that is right to say that bitcoin is still not a stable currency but i think in future when the use of bitcoin will increase and when people will adopt bitcoin then it will become a stable currency and they we will be able to use it for trading.

CoinFoxs

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Quote from: Soul Reaper on February 13, 2017, 12:00:09 PM

It is a pseudo currency which is not known to many people.

Many people come to know about bitcoins and there is and increment in bitcoin users daily, everthing takes time to be known in the world or among people so same is with bitcoin, by time passing people become familiar to that and understands it's importance that how bitcoin help them financially.

Quote from: Soul Reaper on February 13, 2017, 12:00:09 PM

Many big traders as well as trading organisations do not accept bitcoins.

They don't accept bitcoin as trading currency because bitcoin is not stable, it's price increase within hours and also decrease within hours so people always choose currency for trading which have a little bit stability which reduces the risk chance.

Rostadom

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Quote from: LeGaulois on February 28, 2017, 09:54:44 AM

I think one of the disadvantage of Bitcoin is the bad reputation given by the medias. Trying to push down bitcoin argumenting it is used for illegal activities. For sure, we can't deny this, but oh well, what about fiat ? It isn't used ? Surely more, so what ? They forgot to write about it ? Another disadvantage but hope it will be fixed soon, is the waiting for the transaction, it is fucking so slow.

It's because it's a good niche on the Internet. A currency that only exists on the Internet and is used mainly to buy drugs and kill people? That's a good title for any article and I will surely click that. But if they write an article about cash being used for drugs, people will be all like "Dafuq, of course. Duh. Isn't that normal?"

Btw, only reason that you're experiencing slow transactions is because you pay low fees or no fee at all. It shouldn't be a disadvantage at all because even the so-called high fees is still super low compared to how much we pay when we use Paypal.

requester

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the biggest disadvantage of bitcoin is obviously the high transaction fee now a days which we can afford to make transaction below $10 because we have to pay about 0.5$ tp 1$ for that and thus it make the currency expensive.

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 70. (Read 76730 times)