Topic: What do you think are the biggest disadvantages of Bitcoin? - page 77. (Read 76730 times)
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.
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. 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
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
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 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"
(¬‿¬)
and illegal or legal it does not apply in the world of bitcoin
For me, the biggest dksadvantage of bitcoin is; it is not widely accepted. Infact, some countries are banned this kind of technology. If you want the list here https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country. Second, it has no physical form. You cannot spend it ti any physical stores. Only few stores are accepting bitcoin. You need to convert it to cash in able to buy. Third, bitcoin can be lost. Just like physical.money, it can be lost. For example. You have stored your btc at your pc, but the pc crashes. Your wallet is lost and also your btc.
i think still no country has banned bitcoin although they also have not yet turn it as legal also. but still people from all over the world are using bitcoin continuously. and hope that they will continue using bitcoin for ever. check this one where i just found in google search engine https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/
And i think not all country are using bitcoin..
I think that at this moment the biggest disadvantage of bits is the lack of popularity in society.
You shouldn't see the lack of acceptance/recognition as a disadvantage. If I am looking at the low number of people making use of Bitcoin, where I also take in mind the people that don't even know what Bitcoin is, then I see a huge potential growth that we can realize in the coming years. If Bitcoin lives up to its expectations and one day achieves mainstream form of usage, then current price is just peanuts. See it as a great opportunity instead of something negative.
Authorities must take care of promotion and commercials via internet and not only. When people at last understand the real meaning and purpose of cryptocurrencies then it will become mass and probably will substitute other forms of payment.
You can't honestly expect the government to ease and advertise the use of Bitcoin. Especially when you consider that they have been quite harsh on Bitcoin directly and indirectly. The media has done more than enough to discourage Bitcoin usage where the sheepy people take everything the media says for granted without doing some level of research themselves.
For me is, bitcoin is not approved by the state as legal currency, other than that bitcoin is very likely to be misused for example on money laundering, illegal transactions and so forth.
Maybe the fees and in my country many peoples still don't know what bitcoin is
I think that at this moment the biggest disadvantage of bits is the lack of popularity in society. Authorities must take care of promotion and commercials via internet and not only. When people at last understand the real meaning and purpose of cryptocurrencies then it will become mass and probably will substitute other forms of payment.
i we should not consider it as disadvantage, but we can call it as problem and that problem can be solve in future in preyority basis, i think disadvantage is a permanent word that cannot be overcome. For me, the biggest dksadvantage of bitcoin is; it is not widely accepted. Infact, some countries are banned this kind of technology. If you want the list here https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country. Second, it has no physical form. You cannot spend it ti any physical stores. Only few stores are accepting bitcoin. You need to convert it to cash in able to buy. Third, bitcoin can be lost. Just like physical.money, it can be lost. For example. You have stored your btc at your pc, but the pc crashes. Your wallet is lost and also your btc.
i think still no country has banned bitcoin although they also have not yet turn it as legal also. but still people from all over the world are using bitcoin continuously. and hope that they will continue using bitcoin for ever. 
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"
(¬‿¬)
I think I'm most tired of my friends and family asking: "Isnt that illegal?"
I think that at this moment the biggest disadvantage of bits is the lack of popularity in society. Authorities must take care of promotion and commercials via internet and not only. When people at last understand the real meaning and purpose of cryptocurrencies then it will become mass and probably will substitute other forms of payment.
Disadvantages of Bitcoin:
1) Big fees to trade them or exchange.
2) Many scamers use or will use it!
1) Big fees to trade them or exchange.
2) Many scamers use or will use it!
Some of the disadvantages are bitcoin is used by a very small group of online merchants. it makes very hard to completely rely on Bitcoins as a currency.
And governments may want to force merchants to not use Bitcoins for whatever reasons they have
The constant fluctuation of the price as well, it can even create a confusion if a refund for a product is being made
No Buyer Protection too can be seen as a disadvantage, nothing can be done to reverse the transaction, no chargeback, not possible to cry at the banks ect
Fiat currencies have also their disadvantages by the way, maybe bigger too!
And governments may want to force merchants to not use Bitcoins for whatever reasons they have
The constant fluctuation of the price as well, it can even create a confusion if a refund for a product is being made
No Buyer Protection too can be seen as a disadvantage, nothing can be done to reverse the transaction, no chargeback, not possible to cry at the banks ect
Fiat currencies have also their disadvantages by the way, maybe bigger too!
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. 
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
It needs time and improvement, for bitcoin to become a mainstream payment system and most of us believed that it is only a matter of time before this happens .
These are the reasons I can think of why most especially large companies still won't accept bitcoin as a payment method:
1). Pseudonymous, It will be hard to trace the person behind a transaction .
2). Its past involvement with illegal activities (ex. Silk road )
3). Has a potential to be use and still being used for illegal activities .
4). Confirmation time getting slow and slow
5). No one controls it
ad. 1. It is not a problem at all. If you disclose your ID then bitcoin address can be attributed to you, effectively making bitcoin totally transparent for everyone who know that you own that address.These are the reasons I can think of why most especially large companies still won't accept bitcoin as a payment method:
1). Pseudonymous, It will be hard to trace the person behind a transaction .
2). Its past involvement with illegal activities (ex. Silk road )
3). Has a potential to be use and still being used for illegal activities .
4). Confirmation time getting slow and slow
5). No one controls it
ad. 2. So is fiat money and no one is crying about illegal activities where criminals use fiat.
ad. 3. Again, everything that has value and can be used as form of currency will be used for illegal activities sooner or later.
ad .4. In theory confirmation should take only ~10 minutes, but a agree that this might be a deterrent for some users.
ad. 5. You list decentralization as negative trait?
there are a lot people that does not know anything about bitcoin yet, you can not buy whatever you want with bitcoins
and in my case, it is hard for me exchange it for fiat currency, most people use bitcoins as an investment, rigth now i am no doing it that way
You have spend a little time in bitcoin so you do not know much about bitcoin its uses and the way to exchange it that is why you are saying that but when you will spend some more time research about bitcoin and will learn more then it will not be a problem to buy any thing with bitcoin and you will also find a place to exchange your fiat to bitcoin and your bitcoin to fiat. and in my case, it is hard for me exchange it for fiat currency, most people use bitcoins as an investment, rigth now i am no doing it that way
I have seen that one of the disadvantage is that the value fluctuates due to no central governing the value of bitcoin, they can rapidly increase or decrease in value based on the actions but at some point there is an advantage as what mentioned earlier. Because of it, more people gain more.
Yes, bitcoin prices rise and fall very quickly be regarded as an advantage or disadvantage of bitcoin. But if suppose we are trading with a technique or let's say we have advanced so disanvatage of the bitcoin can we change into our advantage. Thank you
Jump to: