Topic: What do you think are the biggest disadvantages of Bitcoin? - page 74. (Read 76783 times)

This along when transactions get stuck in limbo when the unconfirmed network transactions begin to rise.
https://blockchain.info/unconfirmed-transactions

It's hard to pay for a pizza when it takes 12 hours to get the first confirmation.  People dont understand that, they believe it is like
email and it should be somewhat instant. 

Bitcoin has become very unpredictable due to its high volatility. You wake up one day and find that its price has increased by 20% due to a very small trigger. The next you here is the price has dropped by 10%. These unpredictability works to its disadvantage as a universal means of payment. Other attributes like anonymity also works to its disadvantage.

I think yo are right. Investors can be scammed with bitcoin because it's online. That's why a lot of ciriminals also use bitcoin.
Another large disadvantage is that the transaction is very slow.

From someone I have heard that in some countries the international transaction through bank take a longer time like it often take days from the transaction to be completed through the banks and sometimes it take more than a week. So we cannot say that the transaction of banks and transaction via bitcoin are the same because of the transaction timing.

I think the bank transaction and Bitcoin transaction both are same, and both takes almost same time, but some time Bitcoin will take a long time to confirm. I want bitcoin debit card in all countries than only the bitcoin transaction will improve. With this debit card, we can withdraw money very fast like normal bank debit card. And I don't know we can swipe this card in the shipping machine or not. If this facility is there means it is easy to use bitcoin.

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky

The developers have to work on the speed of transaction because the issue is going to be serious for many people by the way I often rely on only one transaction because I know that when one transaction is occurred then there is no chance that this transaction will be cancelled.

Yes true, many users have complained that the transaction is bitcoin slow and need a lot of confirmation. This is what feared that one day the transaction is bitcoin failed and lost. With users who continue to grow, then the speed of the transaction becomes a very important issue.

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.

[1] It might not be instant but it's much better than Western Union or other money remittance services. Back then, to send money overseas, you would have to be present in their store/shop so you can fill up a form, write your signature, hand the money, etc. But with bitcoin, we don't need to do all of these stuffs. Just imagine that 15 minutes of waiting as the same time that you'll spend when you drive to the store and do the necessary stuffs.

[2] The day before you're about to buy something in mall or something, withdraw your money from the local exchanger so it would be in your card the next day.

It's not that hard to keep some fiat with you or in your card since not all of your money is in bitcoin form.

I agree with this. Knowing that the transaction is really fast and you will see that you have received it and that the balance is yours now BUT you still can't immediately spend it, depending on whether it is confirmed fast or not. If you apply that in the real world, it can't be like that. It needs to be always immediate like giving your money to somebody, simple as that. There are some things are being experimented on to improve this, let's hope it works.

Well, this time the problem very late confirmation that make bitcoin has drawbacks. Well, bitcoin is famous for the speed of the transaction, the transaction must now be a tool to have a slow confirmation. for now, the main drawback of the most bitcoin, probably only a matter of confirmation in the transaction.

Biggest disadvantages are going to have to be the confirmation problem with bitcoin where nothing is instant and you must wait for someone to confirm the transaction. I guess it is a trade-off being that it's impossible to recover but it's still kind of annoying.

Another annoying this has got to be the lack of adoption of bitcoin in the day to day world where you're forced to buy things with fiat cash instead of bitcoin.

The nature of the bitcoin and how decentralized and limited made its price change constantly between high and low, this unstable nature made not only countries not accept it but investors as well not trusting it, and no investors means that we cannot use it as a payment method, but hopefully in the future it will become more stable.

That is true the bitcoin transaction time is really becoming a problem and I don’t get how are we supposed to go with this, I sent around 0.1 btc and it took like 4 days to get confirmed, that alongside that the bitcoin is not being used everywhere and not having the best reputation among the investors because it is highly fluctuating.

transaction fee is important. despite competing bitcoin transaction (people pay higher fees can get faster transaction), but if there is a technological advancement that makes any activity that uses the Internet becomes faster, of course, it is not a problem anymore. I am sure that if we find disadvantage of bitcoin now it will be solved in the future.

Let's assure that, if banks could get all the transactions, it could be more faster, but, it could have additional fee for all transactions, we should know if this more faster, or it could only have an additional fees. We all care about these kinds of fees for all transactions.

Biggest disadvantage that I can see with bitcoin is its long confirmation to the users that makes everyone irritated, which we do not want, waiting for more than 24 hrs., and the price volatility, which we really need most, and one factor of every currency, but we cannot deny that fact that the value of it is unstable and turns to up side down. But the progress of bitcoin is really good, for sure, once these problem solved by the developer I guess, we will have more users and more registrant. And one more thing, I guess, it is not all about bitcoin disadvantage but the user itself.

Currently of the biggest advantages of bitcoin is (as some people would consider it) being (centralized mining aside) it's lack of central authority
but, that being said, without a central authority, nobody is actually "in charge" of promoting it

Hence, we see no active marketing (in a sense that we would be seeing if BTC was owned by BoA, Citigroup, Alphabet, Paypal etc..
we see what we would call exclusively P2P transfer of news at first, and in later stages no words short of phenomenon describe it.

so now, i think this is the biggest advantage of bitcoin in it's healthy growth!

because you see, people did not see the bitcoin like some small new thing that was worth 0.43$ (shot in the dark here from the first year of bitcoin value)
they heard when it was at 1100$ (first time  )

or they heard after it happened, and thought "wow, i'll be damned"

next, that tiny little geek laughing stuff stayed on course, holding firmly above a price no stock would be ashamed of

next thing, what do you know, 1100$ again..

and wait, holding firmly?

we have the ear of the world investors now, watch those volume charts and prepare, money will start pouring in, and since we are limited to 21 000 000 bitcoin, if there is 100 000 000 000$ inside bitcoin (a microscopic drop in yearly flow of fiat currency trading) price has no way to go but up

so what i think, the biggest disadvantage became the bread and butter that reaped success

have a good evening 

So you are talking against the concept of bitcoin as bitcoin is simply created on the concept of a decentralized tokens and not a centralized one .It is a good thing that the government are not accepting bitcoin to be used on a daily basis to buy products but then we as a user has several options because of the scope of usage is pretty vast.Volatality attracts traders and that too good for the coin and the disadvantages is that transaction delays which is really annoying .