What do you think are the biggest disadvantages of Bitcoin? - page 76.

Gembul

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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.

In contrast to me, bitcoin prices were volatile in my opinion it is profitable for some people who do bitcoin trading. One of them is me, because of the rapid movement of bitcoin prices is unstable and I could take advantage with a short time. Thank you

PokerFace3

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Quote from: canhchuacaro1 on January 22, 2017, 07:24:33 AM

The biggest disadvantage of bitcoin for me is its anonymous transaction. Thieves or terrorists in the deepweb that uses bitcoin will be difficult to track. Also hyips or ponzis sites owners is difficult to track because of that feature. They just create unlimited numbers of those sites to scam the bitcoin of people.
I guess it's not a disadvantage otherwise bitcoin will not be supported by it's supporters. It's the main attraction of the adopters why they are using bitcoin because the want to be anonymous online so they can do whatever they want to do with their bitcoins. That is what you called complete freedom and only bitcoin offers such freedom.

Can you trace them they are using fiats or with liberty reserve kind of non-reversible payments ? Those thieves/ terrorists/hyip people are existing and disturbing people for centuries, that is the reason with bitcoin also they are doing the same. So, it can not be a disadvantage of bitcoin imho.

Bitcoin is just pseudo-anonymous and misuses of this feature can not be a disadvantage of bitcoin.

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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.

This is because there are many people using Bitcoin. They only consider Bitcoin as a type of investment or a tool for trading. They abuse Bitcoin in many ways and it have make the prices unstable. If we want the prices are not volatile anymore, Bitcoin must be adopted mostly on this planet and it will certainly help Bitcoin to be stable

canhchuacaro1

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The biggest disadvantage of bitcoin for me is its anonymous transaction. Thieves or terrorists in the deepweb that uses bitcoin will be difficult to track. Also hyips or ponzis sites owners is difficult to track because of that feature. They just create unlimited numbers of those sites to scam the bitcoin of people.
I guess it's not a disadvantage otherwise bitcoin will not be supported by it's supporters. It's the main attraction of the adopters why they are using bitcoin because the want to be anonymous online so they can do whatever they want to do with their bitcoins. That is what you called complete freedom and only bitcoin offers such freedom.

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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

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Quote from: farhaan on January 22, 2017, 02:30:03 AM

The main disadvantage is the time taken for the confirmation of transaction. Day by day, time taken for confirmation is increasing.Another disadvantage is the instability and high fluctuation in bitcoin price.For that reason, major companies avoid accepting bitcoin as payment. Even though,bitcoin is called as decentralized currency, china has a little control over bitcoin price as it holds more bitcoins and more bitcoins are mined there. It is also a disadvantage.

Well then have you tried the money transferring service in banks, it takes even longer than bitcoin transactions. And I think that the high fluctuating nature of bitcoin is what makes bitcoin different from others so I don't suppose that this is a disadvantage of bitcoin. And there is nothing we can do about the fact that China has some control over bitcoin, so it's not quite a disadvantage.

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The main disadvantage is the time taken for the confirmation of transaction. Day by day, time taken for confirmation is increasing.Another disadvantage is the instability and high fluctuation in bitcoin price.For that reason, major companies avoid accepting bitcoin as payment. Even though,bitcoin is called as decentralized currency, china has a little control over bitcoin price as it holds more bitcoins and more bitcoins are mined there. It is also a disadvantage.

hajimasan

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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.

molsewid

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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.

This is not the problem bitcoin transaction are becoming bigger and bigger blockchain servers need to be upgrade to not delayed those who making transaction everyday or per minute, those country that had based bitcoin wallet to their country are link into blockchain and yes it becomming bigger community too when people start using bitcoin because technology now are becoming awesome.

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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.

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Quote from: Pettuh4 on January 21, 2017, 06:46:52 PM

Quote from: bestluck on January 21, 2017, 08:54:52 AM

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

Yeah that is the fact but as it is a new currency so it will happen like that. But if you see you will notice that the currency is available to buy any product from internet from some of the sites so it is not hard to buy any thing from internet with bitcoin.

I agree it isn't well known worldwide and that takes some shine off it but my disappointment has to do with we not having printed notes or coins to touch and feel Bitcoins and handle them like fiat. I think going forward if such can be implemented and accepted by certain outlets then the world would be a better place.

of course would be very nice if many merchants accept and adopt bitcoin as payment method. of course the user will get the ease and deployment of bitcoin will also be faster. but how to make it happen quickly?

mikehersh2

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It's not bitcoin itself that is stopping it from going mainstream, it's society. Bitcoin poses many advantages in mainstream usage. However it is significantly different from the currency we use now, and it would be a

huge transition, one that most people are not willing to make. Just like electric cars, people are not willing to make the transition, especially the major corporations at stake (Gas companies). For bitcoins to go

mainstream, banks would suffer, and so they would never let that transition take place. The only way I see it going mainstream is when electronic payments and banking make up all of our purchases, and cash is

obsolete. Just like you can scan a person's bitcoin wallet and transfer/withdraw money from their mobile device, we can implant chips into our hands, which is already being developed, and instead of transferring

electronic cash we would be transferring bitcoins

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Quote from: bestluck on January 21, 2017, 08:54:52 AM

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

Yeah that is the fact but as it is a new currency so it will happen like that. But if you see you will notice that the currency is available to buy any product from internet from some of the sites so it is not hard to buy any thing from internet with bitcoin.

I think it took long time enough so that bitcoin can be used by many store as a payment option, because when bitcoin not yet famous necessarily store reluctant to adopt bitcoin

Pettuh4

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Quote from: bestluck on January 21, 2017, 08:54:52 AM

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

Yeah that is the fact but as it is a new currency so it will happen like that. But if you see you will notice that the currency is available to buy any product from internet from some of the sites so it is not hard to buy any thing from internet with bitcoin.

I agree it isn't well known worldwide and that takes some shine off it but my disappointment has to do with we not having printed notes or coins to touch and feel Bitcoins and handle them like fiat. I think going forward if such can be implemented and accepted by certain outlets then the world would be a better place.

bestluck

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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

Yeah that is the fact but as it is a new currency so it will happen like that. But if you see you will notice that the currency is available to buy any product from internet from some of the sites so it is not hard to buy any thing from internet with bitcoin.

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Quote from: LeGaulois on January 20, 2017, 03:51:32 PM

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?"

LOL, same situation here, it's why i even stopped to talk about bitcoin.

- "Hey do you know bitcoin ?"
- "Yes sure, it is the currency of the darkweb"

(¬‿¬)

That's because you talked to a bunch of retards who don't do their research. After saying that, they probably were "Ohhh yes, that's right. I know everything. I know that bitcoin's illegal. I spend time on reddit + 4chan. Uh huh." These people think that they know everything about bitcoins just because they stumbled upon some article saying that bitcoins are being used in the dark Net, etc. If you try to argue with them, they would attack you instead of try to say valid points. If I were you, I would just back off and stop talking to that particular person about bitcoins. I would introduce bitcoins to other people instead.

Remember, in the age of information, ignorance is a choice. ((c) Google quotes) They chose to be like that and don't do any deep research, so be it.

crwth

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Quote from: wahb on January 20, 2017, 02:08:35 PM

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

i think it is not the disadvantage of bitcoin, actually majority of people do not know about bitcoin so we should try to introduce bitcoin to those people who do not know about it, and hope that when people will start using bitcoin then the offline shops will also start accepting bitcoin.

You could think of it as an advantage to share your knowledge about Bitcoin who has no idea what it is concerned with. When people start to understand then the disadvantage would become an advantage to the people who has Bitcoin already. People who invested an amount to Bitcoin. You will never know what can happen in the future but you can make it.

Finestream

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The biggest advantage of bitcoin is its biggest disadvantage, it depends on how you treat bitcoin because some are just using it as payment processor while some uses it always as investment. We know that being decentralized is what attract us to use it so we can transact online anonymously, but if you look at the real world, it is considered as disadvantage because the government does not tolerate anonymous transactions since it's shady in their eyes.

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Quote from: Rishabh riyz on January 21, 2017, 12:13:18 AM

The value increases and decreases or we can say fluctuates constantly
The taxes paid during transactions
Their are only few groups of trader , merchants who expects payment in bitcoins
Many countries have banned it and so tge merchants are also pressurised by government to not take any payment in bitcoins

I think the one of the biggest disadvantage of bitcoin is when the price of bitcoin is decreasing but other people want to decrease because we can buy bitcoin more and wait to increase the price and then sell. Yes many country banned bitcoin but this the good news many countries also accepted bitcoin . the taxes paid during transaction yes ofcourse we need to pay taxes because I think bitcoin havr permit or paying taxes . my friend told me bitcoin paying taxes. Do you know bitcoin paid taxes? Other people said bitcoin is illegal. But other is said its legal.

Rishabh riyz

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The value increases and decreases or we can say fluctuates constantly
The taxes paid during transactions
Their are only few groups of trader , merchants who expects payment in bitcoins
Many countries have banned it and so tge merchants are also pressurised by government to not take any payment in bitcoins

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 76. (Read 76783 times)