What do you think are the biggest disadvantages of Bitcoin? - page 74.

noormcs5

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Quote from: justdimin on February 04, 2017, 01:00:53 AM

Quote from: Rinder on February 03, 2017, 11:19:47 AM

The only big issue around bitcoin is the time to the transactions get confirmed that are out of being normal and fair, with the current delay miners are forcing people to raise the fees, this might became a big problem in the next years if a suitable solution wont be found. Miners rewards went from 0,5-0.8btc to 1 btc and above ammounts, and bitcoin price is at 1000 dollars, looks like miners are controlling bitcoin at the moment.

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.

Are you serious ? Did it really took 4 days to confirm the transaction of 0.1 BTC. I think sure you have either not put the fee with the transactions or a very low fee which made it a delay of 4 days. I know tx confirmations delays are getting longer and longer but if on the recommended fee it delayed to 4 days, then we seriously need to think to get rid of this problem pretty soon.

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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's definitely the transactions confirmation time and the different transaction rate systems whereby the rich or people looking for quicker confirmations would have to pay more and the others pay less for slower confirmations. This in my opinion are the greatest disadvantages.

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Quote from: Etaurith on February 09, 2017, 11:05:50 AM

Quote from: Gloiri on February 09, 2017, 10:34:38 AM

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

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.

Do you think that criminals don't use also usd/ euro ?

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Quote from: lOvE mE forEvEr on February 09, 2017, 10:21:54 AM

Quote from: sabbirshm on February 09, 2017, 02:08:38 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.

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.

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.

babsalt1975

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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.

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Quote from: Gloiri on February 09, 2017, 10:34:38 AM

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

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.

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Quote from: chris200x9 on February 09, 2017, 10:39:11 AM

Quote from: Superzpay on February 09, 2017, 10:27:53 AM

Quote from: lOvE mE forEvEr on February 09, 2017, 10:21:54 AM

Quote from: sabbirshm on February 09, 2017, 02:08:38 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.

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.

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.

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.

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.

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Quote from: Superzpay on February 09, 2017, 10:27:53 AM

Quote from: lOvE mE forEvEr on February 09, 2017, 10:21:54 AM

Quote from: sabbirshm on February 09, 2017, 02:08:38 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.

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.

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.

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.

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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

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Quote from: lOvE mE forEvEr on February 09, 2017, 10:21:54 AM

Quote from: sabbirshm on February 09, 2017, 02:08:38 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.

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.

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.

lOvE mE forEvEr

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Quote from: sabbirshm on February 09, 2017, 02:08:38 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.

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.

sabbirshm

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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.

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Quote from: hardtime on February 08, 2017, 04:11:00 PM

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[1]. 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[2].

[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.

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Quote from: BigBos on February 08, 2017, 04:55:59 PM

Quote from: hardtime on February 08, 2017, 04:11:00 PM

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.

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.

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.

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Quote from: hardtime on February 08, 2017, 04:11:00 PM

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.

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.

hardtime

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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.

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Quote from: Rishabh riyz on February 03, 2017, 04:22:56 AM

Quote from: Akash1243 on January 17, 2017, 11:26:36 AM

It is not legalise in many countries

I think about bitcoins biggest disadvantage is that it value is fluctuating at a very high rate
no other currencies value keeps on fluctuating like that of BTC
ya it is true that people use this feature of bitcoins and make a lot of profit but still this is one of the major reason why he countries are not permitting bitcoins , they are feared that the economy of their native country will fall down drastically
so they are forcing the merchants that they should not take payment in bitcoins in their county
countries not accepting bitcoins is it the only major problem

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.

justdimin

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Quote from: Rinder on February 03, 2017, 11:19:47 AM

The only big issue around bitcoin is the time to the transactions get confirmed that are out of being normal and fair, with the current delay miners are forcing people to raise the fees, this might became a big problem in the next years if a suitable solution wont be found. Miners rewards went from 0,5-0.8btc to 1 btc and above ammounts, and bitcoin price is at 1000 dollars, looks like miners are controlling bitcoin at the moment.

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.

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Quote from: t2yax on February 03, 2017, 08:34:42 PM

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.

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.

t2yax

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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.

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 74. (Read 76758 times)