What do you think are the biggest disadvantages of Bitcoin? - page 75.

richardsNY

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Quote from: Taki on February 03, 2017, 02:29:47 PM

I think to become mainstream bit coin has to become centralized as currency. In that sense that it should be accepted on the governments level and not to be accepted as some danger currency that may be used by terrorists in their activity. I don't see a minus in bitcoin as currency, maybe is only that fact that it's changing it's price so fast.

Bitcoin doesn't need to lose its decentralized aspect to go mainstream. Mainly because of the fact that Bitcoin will always remain an alternative -- which of course I am very happy with. Bitcoin will surely grow in the future, but more as an investment/store of wealth solution. We just have to accept that in our daily lives fiat functions better as currency tool. It's no surprise that banks have upped their game to push all kinds of apps and advertisements into the public. I am fairly sure that's due to Bitcoin.

LegendaryMiner

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Quote from: crwth on January 20, 2017, 12:36:48 PM

For me, one of the biggest disadvantage of Bitcoin is that not everyone knows it yet that it could be applied everywhere. Where you can buy something like groceries and pay with Bitcoin. In our country there's not much businesses yet to accept Bitcoin. It's not yet known but people would start acknowledging it

This is because some people have the conception that money has to have a physical form, especially people who are not accustomed to the changes and advancements provided by technology in recent years, but once they see that other people are benefiting from it, the network effect will intensify, and with more people using the currency, merchants will have greater incentive to integrate Bitcoin payment option into their payment systems.

Taki

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I think to become mainstream bit coin has to become centralized as currency. In that sense that it should be accepted on the governments level and not to be accepted as some danger currency that may be used by terrorists in their activity. I don't see a minus in bitcoin as currency, maybe is only that fact that it's changing it's price so fast.

Gameroid

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Quote from: slapper on February 03, 2017, 10:56:06 AM

Quote from: boybugs18 on February 03, 2017, 09:33:04 AM

Quote from: PhucS on February 03, 2017, 07:53:50 AM

Besides the tremendous value of Bitcoin, it also has some disadvantages. I think transaction speed of Bitcoin is one of them, transaction time delayed will cause trouble for everyone. The price of Bitcoin is not stable. Besides, it was not recognized in some countries such as in my country. I hope that these weaknesses will soon be improved to Bitcoin growing

If your'e referring to delayed transaction which is the confirmation time I think you have to just increase your fee so that it will become the priority in the node (increase what you can afford) . I dont have any problem on my transaction with my online game as long as I had sent the payment the "ingame item" will probably come to my account but aside from online transaction the disadvantage of bitcoin is more on local use.

I agree to what you say. However, I still have a question: Are there any solution for the miners to quickly confirm all the transactions with the small fee? Well, we witnessed more than 50000 transactions can not be confirmed in the last week and it was a really annoying issue. Therefore, the speed of transaction can be considered as the biggest disadvantage in Bitcoin

i think it is a problem and not disadvantage. disadvantage is something that cannot be solve. but the slow transaction is a problem and that problem can be solve. i think it is very necessary to solve that problem as soon as possible so that people may not suffer and their trust should not be effected on bitcoin.

Rinder

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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.

slapper

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Quote from: boybugs18 on February 03, 2017, 09:33:04 AM

Quote from: PhucS on February 03, 2017, 07:53:50 AM

Besides the tremendous value of Bitcoin, it also has some disadvantages. I think transaction speed of Bitcoin is one of them, transaction time delayed will cause trouble for everyone. The price of Bitcoin is not stable. Besides, it was not recognized in some countries such as in my country. I hope that these weaknesses will soon be improved to Bitcoin growing

If your'e referring to delayed transaction which is the confirmation time I think you have to just increase your fee so that it will become the priority in the node (increase what you can afford) . I dont have any problem on my transaction with my online game as long as I had sent the payment the "ingame item" will probably come to my account but aside from online transaction the disadvantage of bitcoin is more on local use.

I agree to what you say. However, I still have a question: Are there any solution for the miners to quickly confirm all the transactions with the small fee? Well, we witnessed more than 50000 transactions can not be confirmed in the last week and it was a really annoying issue. Therefore, the speed of transaction can be considered as the biggest disadvantage in Bitcoin

boybugs18

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Quote from: PhucS on February 03, 2017, 07:53:50 AM

Besides the tremendous value of Bitcoin, it also has some disadvantages. I think transaction speed of Bitcoin is one of them, transaction time delayed will cause trouble for everyone. The price of Bitcoin is not stable. Besides, it was not recognized in some countries such as in my country. I hope that these weaknesses will soon be improved to Bitcoin growing

If your'e referring to delayed transaction which is the confirmation time I think you have to just increase your fee so that it will become the priority in the node (increase what you can afford) . I dont have any problem on my transaction with my online game as long as I had sent the payment the "ingame item" will probably come to my account but aside from online transaction the disadvantage of bitcoin is more on local use.

PhucS

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Besides the tremendous value of Bitcoin, it also has some disadvantages. I think transaction speed of Bitcoin is one of them, transaction time delayed will cause trouble for everyone. The price of Bitcoin is not stable. Besides, it was not recognized in some countries such as in my country. I hope that these weaknesses will soon be improved to Bitcoin growing

Nahl

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during use bitcoin i have only 1 problem and that's fluctuating price because there is always possibility to the price dropped to the bottom and besides that i don't have any problem using bitcoin because bitcoin already have good advantages rather than fiat and other currency

FlightyPouch

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Quote from: paul gatt on February 03, 2017, 06:21:29 AM

in my opinion, the biggest drawback is the value
changing market, its value also changes, which greatly affect the economy, it can do a thriving economy, but can also wreak its implications instantly
It's so bad

Bitcoins price is truly a problem as user of this crypto currency. There are two types of people that I know who are greatly affected by these changes:
1. People who buy Bitcoins
2. People who sell bitcoins
They really are focused on the bitcoins price and really hoping to get that bitcoins price in their favor

Quote from: LLec on February 03, 2017, 04:43:50 AM

The volatility is a major concern of course.
But how to cash out bitcoin in a currency that all places of commerce accepts.
This is the second largest problem that I have seen people who come to the forum asks for, a way they can transfer bitcoin to banks without any hassle and with low enough fees they can live without losing any sleep over. Undecided

That is another problem of bitcpin especially in our country. We dont have that good wallets and we need some verifications, and that verifications are not that easy to get.

paul gatt

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in my opinion, the biggest drawback is the value
changing market, its value also changes, which greatly affect the economy, it can do a thriving economy, but can also wreak its implications instantly
It's so bad

LLec

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The volatility is a major concern of course.
But how to cash out bitcoin in a currency that all places of commerce accepts.
This is the second largest problem that I have seen people who come to the forum asks for, a way they can transfer bitcoin to banks without any hassle and with low enough fees they can live without losing any sleep over. Undecided

BitHodler

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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

Regardless of the volatility, governments will never stimulate Bitcoin in their economy. I thought this was already more than clear for people here, but apparently it's not.

And no, governments also don't force merchants not to accept Bitcoin, unless the government issued a ban that is related to their businesses. But these rules mostly only apply to businesses offering financial services.

That being said, merchants don't have to worry about the volatility as they can just use a Bitcoin related payment processor to do all the work for them. People pay in Bitcoin, and the merchant gets its much loved fiat equivalent.

Rishabh riyz

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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

Dudeperfect

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Quote from: deppil on January 22, 2017, 05:30:40 AM

Quote from: Dudeperfect on January 21, 2017, 10:45:23 PM

I think the biggest disadvantage is a number of transaction fees (when it comes to local level transactions) because, in some countries, the products of daily needs are worth the bitcoin transaction fees so why would anyone use bitcoin in such case? I think micropayment solutions would be handy in such cases.

I think the fee 0.0001 btc is still relatively cheap, compared with other payment methods. but with the fee that you will not get the speed of the transaction. yeah maybe this would be a problem in the future

Speed is one factor but Alternatively, I am pointing towards low price tag products such as packet of milk, bread etc. If today I decide to use bitcoin to purchae these products with bitcoin then it would cost me 18% to 30% extra on the price of the product (as these products are available at the price of 0.0005 btc) and again I would have to wait in the shop till the transaction gets confirmed. I can do that 1 time or probably 2 or 3 times but why everyone should do it?

MicroGuy

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Quote from: Beastty on January 20, 2017, 03:04:35 PM

I think I'm most tired of my friends and family asking: "Isnt that illegal?"

This does still seem to be a problem. The other day I entered a periscope room and asked the broadcaster if she had ever heard of the bitcoin.

I was just trying to think of some small talk. Her eyes lit up with much fear and she moved rapidly and blocked me. Embarrassed

diegz

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Quote from: nasipadang on January 22, 2017, 11:25:20 PM

I think because bitcoin uses anonymous system you are not accompanying personal data to transact, it think why bitcoin is not accepted as payment in some countries. it's my personal opinion

Probably that's one reason why some countries don't encourage the use of cryptocurrency because of its system. But they never ban it because of that, it's the user that needs to take necessary precaution before using bitcoin. Probably one thing more is the legality, bitcoin is not proclaim legal or illegal by many countries, so it's difficult to decide whether to use it or not, so the tendency of the user, just to be safe is to not use it, we are just lucky that everyone is brave enough to use bitcoin.

nasipadang

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I think because bitcoin uses anonymous system you are not accompanying personal data to transact, it think why bitcoin is not accepted as payment in some countries. it's my personal opinion

millgates

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Quote from: hajimasan on January 21, 2017, 11:19:45 PM

Biggest disadvantage of bitcoin is that it is volatile and its could come down anytime but I think this won't happen. One more fear our disadvantage is that government could ban it anytime and it's transaction fees is too high for less amount bit for high amount it's the perfect one.

The volatility is good, it is mean your money can grow more than what you expected. Although government ban bitcoin, the user still can use it because there so many various vpn. I do not see any disadvantage of bitcoin for now.

kumax

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Quote from: hajimasan on January 21, 2017, 11:19:45 PM

Biggest disadvantage of bitcoin is that it is volatile and its could come down anytime but I think this won't happen. One more fear our disadvantage is that government could ban it anytime and it's transaction fees is too high for less amount bit for high amount it's the perfect one.

Wider adoption of bitcoin, real decentralization without influence of any country or any bank, that all will make the currency to be more stable.

About the fees - if you compare a fee for an international fiat transaction from your bank, then you will realize, that bitcoin transaction fee it's still VERY cheap. Transaction fee of my bank is more than 100x higher and the bigger amount you want to send the biggeer fee you have to pay. Tongue

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 75. (Read 76783 times)