What do you think are the biggest disadvantages of Bitcoin? - page 73.

mrkevio

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Quote from: bob123 on February 11, 2017, 01:05:33 PM

In my opinion the 2 biggest disadvantages are:
1) The unstable Confirmation time (Kinda hard to be realized in a fixum of 10-minutes of 1-minute)
2) The unstable prize.. because its not widely accepted as Currency, more as a stock.. But BTC actually reacts like a currency on FIAT falls/rises

Bitcoin reacts on more than just fiat falls or rises. It basically goes up and down depending on what happens around the world. While that is awesome for traders (and for me, because it's always going to be unexpected), there are some bad things about it.. For example, if something like Bitfinex happens, Bitcoin is going down a lot, the mainstream media is writing all this stuff about Bitcoin and people will be afraid to ever invest in it...

xSkylarx

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Quote from: BingoDog on November 30, 2016, 07:02:50 AM

For Bitcoin to become mainstream it should change the entirely current financial system and that is not easy and can't be done over night.
Bitcoin is stil considered to be something new and experimental, it's cryptocurrency which time is yet to come.

And also the sudden change of bitcoin price could also be the reason why they don't accept it as payment,
And also cause the government can't control it and it doesn't have fee.

bob123

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In my opinion the 2 biggest disadvantages are:
1) The unstable Confirmation time (Kinda hard to be realized in a fixum of 10-minutes of 1-minute)
2) The unstable prize.. because its not widely accepted as Currency, more as a stock.. But BTC actually reacts like a currency on FIAT falls/rises

Fatanut

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Quote from: requester on February 11, 2017, 10:01:56 AM

yes in my view the biggest disadvantage is its disability to surpass quantum computing. I had read several articles mentioning the bitcoin will get destroyed by quantum computing, but still the technology is in development stage so we cant say anything about it.

I think you're referring to this article or something that's like that. You should've read the comment section and see the people calling the website as "rubbish".

Although quantum computing has been a thing for a long time, they are not appearing any time soon. There are new algorithms that are being developed to make computer stuffs "quantum safe" and it's basically a race between the two (development of the algorithm and the making of quantum computer). If the quantum computer goes first, we are doomed that someone would be decrypting the private keys of our wallet addresses.

Vikingr

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Quote from: loreykyutt05 on February 10, 2017, 10:31:21 AM

the biggest disadvantaged of Bitcoin for menis it's confirmation time well we know that those people who pay higher fee will get their transaction confirmed easily but how about thise who are just in regular transaction and don't want to spent extra money Bitcoin confirmation time will be very slow ai think .

When more people will adopt bitcoin and more advancement will come then the developers will also do more work for the advancement of bitcoin so in the coin future when more people will come to adopt bitcoin then the confirmation will also be not a problem.

Carmen_Sandiego

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Quote from: zidanw on February 10, 2017, 10:08:04 PM

Quote from: bitbob82 on February 10, 2017, 03:22:37 PM

Quote from: KuromaYoichi on February 10, 2017, 12:53:36 PM

I think the biggest disadvantages of bitcoin right now is that there's not many merchant who accept bitcoin as a payment method. The other disadvantages is the transaction speed, the confirmation can take a lot of time sometimes.

how can you say that this is the disadvantage of bitcoin. i think bitcoin is still not so much mature it still need a good time to become more famous. i think it will still take some time when merchants will accept bitcoin and will do trade in bitcoin. the transaction problem will also be solved very soon.

the absence of many merchants who accept bitcoin as some countries do not accept bitcoin as legal payment so they did not dare to do it. bitcoin transactions can not be canceled even though is still 0 confirmation it will definitely be sent

I think the problem is that many merchants would not accept zero confirmation, so it is necessary to implement solutions that allow Bitcoin to scale more efficiently and allowing users to be able to perform transactions faster. There are different solutions at the moment, and I think lightning network is something that can work.

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Even if spreading about BTC is strong, many people do not know what are bitcoins. More business are turning to this system but not yet enough to create network effects. The volatility : in theory, most individuals and businesses will use the currency and more it will be stable. Today, each event significantly impacted the course of the bitcoin, this should diminish with time. A necessary vigilance: no matter if you store your bitcoin on your computer or on a portfolio online, it is essential to protect it and to verify that the provider of portfolio is doing too.
The irreversible nature of transactions: when your transfer in bitcoin is gone, you can not do anything.

delliaerd

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Quote from: BlackPanda on February 10, 2017, 10:20:09 PM

Quote from: loreykyutt05 on February 10, 2017, 10:31:21 AM

the biggest disadvantaged of Bitcoin for menis it's confirmation time well we know that those people who pay higher fee will get their transaction confirmed easily but how about thise who are just in regular transaction and don't want to spent extra money Bitcoin confirmation time will be very slow ai think .

I agree with you . that time confirmation of bitcoin is currently experiencing serious delays. even many people who have experienced this disappointment. Now is the time we look for a solution, because if it is not resolved then this will have a major impact on the future development of bitcoin.

In the future I'm sure Bitcoin will grow and be able to resolve that issue. Of course, waiting for confirmation of transaction quite a long time very disturbing, but for now there is no other choice neither patient to wait or pay more fees. When you are in urgent transactions, why not to pay double or 50% more than usual fees.

requester

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yes in my view the biggest disadvantage is its disability to surpass quantum computing. I had read several articles mentioning the bitcoin will get destroyed by quantum computing, but still the technology is in development stage so we cant say anything about it.

BlackPanda

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Quote from: loreykyutt05 on February 10, 2017, 10:31:21 AM

the biggest disadvantaged of Bitcoin for menis it's confirmation time well we know that those people who pay higher fee will get their transaction confirmed easily but how about thise who are just in regular transaction and don't want to spent extra money Bitcoin confirmation time will be very slow ai think .

I agree with you . that time confirmation of bitcoin is currently experiencing serious delays. even many people who have experienced this disappointment. Now is the time we look for a solution, because if it is not resolved then this will have a major impact on the future development of bitcoin.

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Quote from: bitbob82 on February 10, 2017, 03:22:37 PM

Quote from: KuromaYoichi on February 10, 2017, 12:53:36 PM

I think the biggest disadvantages of bitcoin right now is that there's not many merchant who accept bitcoin as a payment method. The other disadvantages is the transaction speed, the confirmation can take a lot of time sometimes.

how can you say that this is the disadvantage of bitcoin. i think bitcoin is still not so much mature it still need a good time to become more famous. i think it will still take some time when merchants will accept bitcoin and will do trade in bitcoin. the transaction problem will also be solved very soon.

the absence of many merchants who accept bitcoin as some countries do not accept bitcoin as legal payment so they did not dare to do it. bitcoin transactions can not be canceled even though is still 0 confirmation it will definitely be sent

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Quote from: bitbob82 on February 10, 2017, 03:22:37 PM

how can you say that this is the disadvantage of bitcoin. i think bitcoin is still not so much mature it still need a good time to become more famous. i think it will still take some time when merchants will accept bitcoin and will do trade in bitcoin. the transaction problem will also be solved very soon.

i mean, bitcoin already has 8 years, and you'd expect that cryptocurrency with a $16billion market capitalization (~= top120 country by gdp) would be "mature"

bitbob82

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Quote from: KuromaYoichi on February 10, 2017, 12:53:36 PM

I think the biggest disadvantages of bitcoin right now is that there's not many merchant who accept bitcoin as a payment method. The other disadvantages is the transaction speed, the confirmation can take a lot of time sometimes.

how can you say that this is the disadvantage of bitcoin. i think bitcoin is still not so much mature it still need a good time to become more famous. i think it will still take some time when merchants will accept bitcoin and will do trade in bitcoin. the transaction problem will also be solved very soon.

instacalm

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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 think there isn't much in the design of Bitcoin itself that prevents it from being accepted in the mainstream. This has more to do with the power of established governments and networks that simply would not let Bitcoin take over the power that their very existence depends upon. Bitcoin's heart, Blockchain Technology, is increasingly being experimented with in the world of finance. That's where the disadvantages of "Bitcoin" can be overcome -- the evolution of similar blockchain technologies in a wide variety of fields that results in the adoption of the core ideas of Bitcoin.

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I think the biggest disadvantages of bitcoin right now is that there's not many merchant who accept bitcoin as a payment method. The other disadvantages is the transaction speed, the confirmation can take a lot of time sometimes.

Xenophoto

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Quote from: DoublerHunter on February 10, 2017, 10:42:10 AM

Quote from: jovs on February 10, 2017, 09:44:41 AM

Quote from: DoublerHunter on February 10, 2017, 09:12:01 AM

For me, the biggest disadvantage of bitcoin is its supply. We already know that bitcoin has a limited supply and that is one of the biggest disadvantage for me since the one who will get higher profits on the future are those people who are early birds or early investors or miners because someday if the supply will be maxed out then they can completely manipulate or control the price because they have the majority amount of supply.

In my opinion, it is not the supply of bitcoin is the disadvantag of bitcoin, but its votality. We all know that when bitcoin reaches its maximum suplly, ofcourse its value would surrly rise up as the demand is higher than the suplly. I found it as an advantage. However, the votality is really the problem because it disattract traders/ investors to use bitcoin as their medium for their business.

How can you be sure that after the supply maxes out then the price will go up because the demand will be massive. I don't think that will work because if the whales or the bag holders of the bitcoin notices that the supply is maxed out and the price is stable and a lot of people are waiting for the buy order to be fill then it will be a go sign for bag holders to dump the price hard as they can. So being maxed out of a supply is not advantage because there is a lot of factors to view.

Those people that are waiting in line in the buy order would eventually be tired of waiting and, thus, buying from the sell order. If that continues, the sell order would increase and increase and the buy order would increase as well. I think that's the best time to hold your bitcoin, when there's a lot of people waiting in the buy order. Those people would either wait for someone to dump or they would simply compete on getting the lowest sell order possible.

Huge buy order is not a go sign for a dump, it's the opposite. The supply has maxed out so it couldn't increase anymore. The demand would be increasing as supply decreases.

DoublerHunter

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Quote from: jovs on February 10, 2017, 09:44:41 AM

Quote from: DoublerHunter on February 10, 2017, 09:12:01 AM

For me, the biggest disadvantage of bitcoin is its supply. We already know that bitcoin has a limited supply and that is one of the biggest disadvantage for me since the one who will get higher profits on the future are those people who are early birds or early investors or miners because someday if the supply will be maxed out then they can completely manipulate or control the price because they have the majority amount of supply.

In my opinion, it is not the supply of bitcoin is the disadvantag of bitcoin, but its votality. We all know that when bitcoin reaches its maximum suplly, ofcourse its value would surrly rise up as the demand is higher than the suplly. I found it as an advantage. However, the votality is really the problem because it disattract traders/ investors to use bitcoin as their medium for their business.

How can you be sure that after the supply maxes out then the price will go up because the demand will be massive. I don't think that will work because if the whales or the bag holders of the bitcoin notices that the supply is maxed out and the price is stable and a lot of people are waiting for the buy order to be fill then it will be a go sign for bag holders to dump the price hard as they can. So being maxed out of a supply is not advantage because there is a lot of factors to view.

loreykyutt05

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the biggest disadvantaged of Bitcoin for menis it's confirmation time well we know that those people who pay higher fee will get their transaction confirmed easily but how about thise who are just in regular transaction and don't want to spent extra money Bitcoin confirmation time will be very slow ai think .

jovs

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Quote from: DoublerHunter on February 10, 2017, 09:12:01 AM

For me, the biggest disadvantage of bitcoin is its supply. We already know that bitcoin has a limited supply and that is one of the biggest disadvantage for me since the one who will get higher profits on the future are those people who are early birds or early investors or miners because someday if the supply will be maxed out then they can completely manipulate or control the price because they have the majority amount of supply.

In my opinion, it is not the supply of bitcoin is the disadvantag of bitcoin, but its votality. We all know that when bitcoin reaches its maximum suplly, ofcourse its value would surrly rise up as the demand is higher than the suplly. I found it as an advantage. However, the votality is really the problem because it disattract traders/ investors to use bitcoin as their medium for their business.

DoublerHunter

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For me, the biggest disadvantage of bitcoin is its supply. We already know that bitcoin has a limited supply and that is one of the biggest disadvantage for me since the one who will get higher profits on the future are those people who are early birds or early investors or miners because someday if the supply will be maxed out then they can completely manipulate or control the price because they have the majority amount of supply.

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