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.
Topic: What do you think are the biggest disadvantages of Bitcoin? - page 78. (Read 76730 times)
One of the disadvantages of bitcoin is that the value of bitcoins is constantly fluctuating according to demand and bitcoins are still only accepted by few group of online merchants and worst is the possibility that governments might force merchants not to use bitcoins as a mode of payment.
Actually, to many, fluctuating price is an advantage and an opportunity to earn more. But for some, they fear it specially if they don't have proper knowledge about its price. I think one of the biggest disadvantage of bitcoin is it's internet use when transacting, without internet it's hard to have a transaction. But it's okay, it also happens in cards, so I think it's not really a hindrance.
One of the disadvantages of bitcoin is that the value of bitcoins is constantly fluctuating according to demand and bitcoins are still only accepted by few group of online merchants and worst is the possibility that governments might force merchants not to use bitcoins as a mode of payment.
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
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
I've been thinking about Pseudonymous, this is what really all about, unknown identity for every transaction and that is not good for the company. Sometimes I've been thinking too if pump and dump is also one of the disadvantages of bitcoin.
Because of this reason, the Bitcoin become more popular in online gambling. If we can track the transaction, then there is no difference b/w credit card and bitcoin transaction. our IT people can easily catch us because of online gambling activity. And I agree with one point the confirmation is getting slow day by day this is also one big disadvantage of Bitcoin.
That's true due to lot of transactions ,its confirmations becomes slower . Though still knowing that its transaction fees were not that high and sometimes free ,it is still worth it. Bitcoin still good in every services it offers.
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
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
I've been thinking about Pseudonymous, this is what really all about, unknown identity for every transaction and that is not good for the company. Sometimes I've been thinking too if pump and dump is also one of the disadvantages of bitcoin.
Because of this reason, the Bitcoin become more popular in online gambling. If we can track the transaction, then there is no difference b/w credit card and bitcoin transaction. our IT people can easily catch us because of online gambling activity. And I agree with one point the confirmation is getting slow day by day this is also one big disadvantage of Bitcoin.
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
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
I've been thinking about Pseudonymous, this is what really all about, unknown identity for every transaction and that is not good for the company. Sometimes I've been thinking too if pump and dump is also one of the disadvantages of bitcoin.
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
Yeah one big disadvantage of bitcoin is that you can hardly use it in reality. Although I live in one of the most financially developed in my country, I've only seen two coffee shops that accept bitcoin and one of them seems to begin closing after a few months. But luckily, the other has a small corner for crypto exchanging and I just tried it recently. The rate was high but that's the only I have.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
There are a few companies out there that offer a bitcoin debit card so you could virtually use bitcoin anywhere debit is accepted. Hopefully more and more businesses accept it directly as they learn about it's benefits.
Bitcoin debit cards are a great invention but I must say that the fees are not really friendly to me and the physical card is way more expensive than my card in our local bank and it is the reason why I just chose to continue using my regular card than having one of the bitcoin debit cards . It is really a disadvantage that's why merchants accepting it directly will help the whole bitcoin community to lower the fees .
Care to give us the name of the coffee shop? Do they have some social media sites cause most coffee shops have one .
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
Yeah one big disadvantage of bitcoin is that you can hardly use it in reality. Although I live in one of the most financially developed in my country, I've only seen two coffee shops that accept bitcoin and one of them seems to begin closing after a few months. But luckily, the other has a small corner for crypto exchanging and I just tried it recently. The rate was high but that's the only I have.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
There are a few companies out there that offer a bitcoin debit card so you could virtually use bitcoin anywhere debit is accepted. Hopefully more and more businesses accept it directly as they learn about it's benefits.
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
I agree that first statement there are a lot of people doesn't know about bitcoin, so we can not easily buy whatever we want through direct bitcoin. But we have one option that is we can exchange BTC to fiat currency, and we can use that money to buy our needs. But In your case, this is also not easy, so I don't know what to tell. Better you can find more trusted people in this forum you can sell your coins to them and get money through PayPal. 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
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
Yeah one big disadvantage of bitcoin is that you can hardly use it in reality. Although I live in one of the most financially developed in my country, I've only seen two coffee shops that accept bitcoin and one of them seems to begin closing after a few months. But luckily, the other has a small corner for crypto exchanging and I just tried it recently. The rate was high but that's the only I have. 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
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
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
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
I personally believe the disadvantages i am going to state will probably be an advantage in the near future :-
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
I beg to differ my brother, even though Bitcoin isn't known to many people worldwide as we'd appreciate but the population of people involved in bitcoins would topple all countries around the world individually except China, India and a few. The real disadvantage of bitcoin in my opinion is rather its lack of proper security systems to check its negative usage(ie. Money laundering, drugs,, etc.) by "bad" people and organizations that's hindering its full-time implementation by governments around the globe.
In my opinion the items that you mentioned can really bring huge disadvantages to bitcoin. If Money Laundering, tax evasion, drugs, selling of weapons and other illicit activities will continue to rise the government will possibly ban bitcoin to stop this illegal activities. But aside from that the slow transactions also is the big problem and existence of scammer and hackers is the main disadvantage in bitcoin that must be resolve fast.
with the biggest disadvantages of bitcoin, then i think that team behind of bitcoin will fixing the problems and make it work properly. beside that, i think bitcoin community itself will prevent for illegal activity that being used by bad people, because i am sure that bitcoin user is a solid community that want bitcoin to be mass adoption in every where.
I personally believe the disadvantages i am going to state will probably be an advantage in the near future :-
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
I beg to differ my brother, even though Bitcoin isn't known to many people worldwide as we'd appreciate but the population of people involved in bitcoins would topple all countries around the world individually except China, India and a few. The real disadvantage of bitcoin in my opinion is rather its lack of proper security systems to check its negative usage(ie. Money laundering, drugs,, etc.) by "bad" people and organizations that's hindering its full-time implementation by governments around the globe.
I personally believe the disadvantages i am going to state will probably be an advantage in the near future :-
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
I beg to differ my brother, even though Bitcoin isn't known to many people worldwide as we'd appreciate but the population of people involved in bitcoins would topple all countries around the world individually except China, India and a few. The real disadvantage of bitcoin in my opinion is rather its lack of proper security systems to check its negative usage(ie. Money laundering, drugs,, etc.) by "bad" people and organizations that's hindering its full-time implementation by governments around the globe.
In my opinion, no one actually cares about those stuffs. Even when we successfully create a security that checks this and that, then what? No one cares about that. That very same set of actions will be done by people anyway. Eventually they will find a way to avoid or bypass the system check that you've made.
I don't agree with the first guy that bitcoin is being accepted by "few famous companies". If so, then give us an example of a famous company that accepts bitcoins, or maybe even just a fairly or relatively famous company. I can't think of one, honestly.
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 
It's going to take a little time. Cryptocurrency has obsoleted fiat, the world just doesn't know it yet.
I personally believe the disadvantages i am going to state will probably be an advantage in the near future :-
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
I beg to differ my brother, even though Bitcoin isn't known to many people worldwide as we'd appreciate but the population of people involved in bitcoins would topple all countries around the world individually except China, India and a few. The real disadvantage of bitcoin in my opinion is rather its lack of proper security systems to check its negative usage(ie. Money laundering, drugs,, etc.) by "bad" people and organizations that's hindering its full-time implementation by governments around the globe.
In my opinion the items that you mentioned can really bring huge disadvantages to bitcoin. If Money Laundering, tax evasion, drugs, selling of weapons and other illicit activities will continue to rise the government will possibly ban bitcoin to stop this illegal activities. But aside from that the slow transactions also is the big problem and existence of scammer and hackers is the main disadvantage in bitcoin that must be resolve fast.
I personally believe the disadvantages i am going to state will probably be an advantage in the near future :-
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
I beg to differ my brother, even though Bitcoin isn't known to many people worldwide as we'd appreciate but the population of people involved in bitcoins would topple all countries around the world individually except China, India and a few. The real disadvantage of bitcoin in my opinion is rather its lack of proper security systems to check its negative usage(ie. Money laundering, drugs,, etc.) by "bad" people and organizations that's hindering its full-time implementation by governments around the globe.
I personally believe the disadvantages i am going to state will probably be an advantage in the near future :-
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
First of all there are only a few countries that accept bitcoin
Even only a few famous companies accept bitcoin.
Secondly , very few people prefer to trade in Bitcoin.
Moreover , only few people (by few i mean 5% of the total population) know about bitcoin.
So these are the disadvantages of bitcoin which they have to overcome.
It is not legalise in many countries
The main problem is that the stores accepting Bitcoin are not the popular ones, and even if they are, they are not advertising that payment method as they should. I always see big "PayPal Accepted Here" stickers, I noticed them many times and then I looked to see what PayPal was. We need advertisement if we want to get more Bitcoin users and a higher demand. There will be more countries banning Bitcoin soon, it has to happen. But that won't stop many from using it, especially if we know how to hide our identity and stuff.
Advertising that Bitcoin is accepted in your store is nice of course, but in the end it will not have any impact of importance. It's the mentality that has to change. People are either buying themselves into Bitcoin because they are looking for an investment, or they just buy Bitcoin for trading purposes. Either way, in both cases the coins end up being converted to fiat to fully benefit from the profits. It's a very small minority that actually treats Bitcoin as a currency tool for purchasing all kinds of goods. As long as that doesn't change, then there won't be much interest coming from people looking to use Bitcoin as currency. That's of course when it comes to using Bitcoin as currency in physical stores. When it comes to transferring money from one place to another, then Bitcoin is really showing its true potential of making fiat services obsolete.
Jump to: