What do you think are the biggest disadvantages of Bitcoin? - page 71.

CROYA86

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Quote from: Juggy777 on November 30, 2016, 05:43:51 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 caused not all people can understand, grasp and use bitcoin because, there are still many people who do not understand bitcoin, if possible sitemnya easy so that all people can use bitcoin

TheNostradamus

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Quote from: g2com on November 30, 2016, 05:39:07 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

Not everyone knows about the Bitcoin so you can't use the Bitcoin with every one. We need to let More people know about the Bitcoin
Plus the concept of Bitcoin as a payment is difficult to understand for everyone, especially for the people that don't know the Bitcoin.

Daniel91

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I can think about a few things.
Some very bad media reports about bitcoin, which can change public opinion about us.
Also, bitcoin, in the most countries, is not recognized as official way of payment, currency or financial asset.
So, how to report tax, for example?
How to use bitcoin in everyday life, not just online?
It's still very complicate since there is no financial regulation about bitcoin.

greatr

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Quote from: hawkins on February 13, 2017, 12:20:56 PM

in my opinion, the advantages bitcoin can be drawbacks. as well as transactions that are not detected, it might be a tremendous advantage of bitcoin, and is not owned by any other payment, but it may be a precursor of illegal transactions, and the government also questioned it.

did you know that bitcoin is one of the currencies that are the least used for any criminal activities? Only the banks want you to think that it is so they have a reason to ban bitcoins and make people use fiat all the time, I think bitcoin doesn't really have any bigger disadvantages, at the moment the biggest one is long confirmation times with the decent fees, but it should be solved in the near future so I'm not worried about it at all.

LeGaulois

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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.

Gaaara

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Quote from: g2com on November 30, 2016, 05:39:07 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 transaction takes time, it needs confirmation and lot of stuff before you can pay something you need to, plus the not all people know bitcoins so it will be a problem to government on how will they introduce bitcoins to people who have no idea of how it works, people doesn't like changes, just think of it, what do you think will happen if people who has low knowledge in computers has been told that there is a new currency that is nationwide accepted?

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Quote from: MicroGuy on February 17, 2017, 10:21:07 AM

One disadvantage is the fact it's very expensive for sending small denominations.

There is around a 30% transaction fee when sending a single US dollar value. Cry

Yes, I can sign under this!! For smaller transactions, the fees are so incredibly high and with all the unconfirmed transactions hanging in the pile, you cannot afford to pay less, because then you are in danger that your transaction will be unconfirmed for days or that it will be even removed from the blockchain database.
And it makes bitcoin useless for smaller transactions business. Undecided

the rise

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Quote from: Viakor on February 17, 2017, 09:12:24 AM

That not everyone uses it.
People are used to their old ways.

I suggest you do a survey of Internet users worldwide. Bitcoin will become a kind of positive virus that allows everyone to be able to access it. Android smartphones have proven to be accessible to everyone, it's not impossible if one day they were able to improve their system that allows bitcoin can be used very easily. It's only a matter of time.

The biggest disadvantages of Bitcoin is only anonymity of its users, it defies regulation of financial world. And there is no solution until now.

JerryWinski

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Quote from: g2com on November 30, 2016, 05:39:07 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

It can't be used for mainstream payments as it doesn't scale. However, that problem has been solved by Bitshares and a few others. Yet no one is using them.

The other problem is the complexity of bitcoin. Why would I change my fiat money to bitcoin then have to hold that bitcoin in a wallet somewhere or on some device when I can just use my fiat directly? This problem cannot be solved.

mastica

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Quote from: MicroGuy on February 17, 2017, 10:21:07 AM

One disadvantage is the fact it's very expensive for sending small denominations.

There is around a 30% transaction fee when sending a single US dollar value. Cry

Yes i did noticed those as well, its getting expensive use bitcoins nowadays, but well we all know that in a near future fees would be the main source to keep the hash that proctects bitcoin, otherwise it can be considered dead if there arent any other options. But the big problem issue making people switch from bitcoin is the delay that transactions are taking to be confirmed, i know its a security measure but the fact that make you wait when you can do with altcoins almost instant transactions makes no sense.

conected

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- Bitcoin's biggest disadvantages is the price of Bitcoin never stable and in many countries the government does not accept it. In fact, nobody knows when it will be accepted, many people do not know about Bitcoin, do not know why it was born and existed until now

MicroGuy

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One disadvantage is the fact it's very expensive for sending small denominations.

There is around a 30% transaction fee when sending a single US dollar value. Cry

Viakor

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That not everyone uses it.
People are used to their old ways.

Drnice

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Quote from: altcoinnxt on February 12, 2017, 07:24:43 AM

Biggest disadvantage of bitcoin is that government could ban it anytime such china
government banned few day ago!

i.e, if china government can ban bitcoin for a while, then means it can be shoned anytime in the well known countries, which will now make bitcoin to be of no effect, because its price will fall beyoud level and...

gsrcrxsi

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I won't call it as an disadvantage but its a problem that I cannot use my bitcoins at physical stores to buy physical things I mean it would be great if I would be able to spend it on by groceries or may be paying my restaurant bills with it, bitcoin is not developed in my country yet and I think it will take long time for that to happen.

boybugs18

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For me the biggest disadvantage is that it can be easily trace up and people in the government can easily launder it and use it on other country who is accepting bitcoin as a currency but that disadvantage is a advantage to the people who using it for good or just protecting their identity online to those information hackers.

hawkins

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in my opinion, the advantages bitcoin can be drawbacks. as well as transactions that are not detected, it might be a tremendous advantage of bitcoin, and is not owned by any other payment, but it may be a precursor of illegal transactions, and the government also questioned it.

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Quote from: Drnice on February 13, 2017, 03:52:50 AM

to me, i think the major drawback of bitcoin is when it will be generally accepted by all countries and the tax that will be beside it and some others...

If bitcoin would be accepted then it expect that it would be imposed with tax but I don't know on what way would government would impost taxes on it since we all know that bitcoin is decentralized and we cant really control it. Its really hard for them to find out solutions.

Soul Reaper

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It is a pseudo currency which is not known to many people.
People who don't know about it properly think it to be a form of gamble etc or consider it to be illegal.
It's use is not promoted usually by most people as well as the governing authorities of a State.
It is not created by 'them' . The reason why people feel it to be unsafe is they don't know who has created it.
Many big traders as well as trading organisations do not accept bitcoins.

erickkyut

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Quote from: Drnice on February 13, 2017, 03:52:50 AM

to me, i think the major drawback of bitcoin is when it will be generally accepted by all countries and the tax that will be beside it and some others...

I have the same answer with you brother. I think the biggest disadvantage of using bitcoin is that not all people knows about it and there are also some countries that banned bitcoin. Since it is not known by all, you can only do transaction with someone who knows and uses bitcoin.

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