What do you think are the biggest disadvantages of Bitcoin? - page 79.

Chikito

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Quote from: 20kevin20 on January 14, 2017, 11:57:48 AM

Quote from: CoinFoxs on January 14, 2017, 11:54:47 AM

The main disadvantage to bitcoin is that there are many countries where bitcoin is not accepted and there is no single store where bitcoin is accepted as a payment method. So people face problemn while spending bitcoins or they don't use bitcoins to buy things of their daily use due to no store available to accept btc. If coins accepted in offline stores then it is more easy and helpful for bitcoin users.

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.

you probably a lot of truth, if only all countries ban the bitcoin transaction will not eliminate the essence of currency bitcoin. fixed and there are still many people who will be using bitcoin

20kevin20

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Quote from: CoinFoxs on January 14, 2017, 11:54:47 AM

The main disadvantage to bitcoin is that there are many countries where bitcoin is not accepted and there is no single store where bitcoin is accepted as a payment method. So people face problemn while spending bitcoins or they don't use bitcoins to buy things of their daily use due to no store available to accept btc. If coins accepted in offline stores then it is more easy and helpful for bitcoin users.

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.

CoinFoxs

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The main disadvantage to bitcoin is that there are many countries where bitcoin is not accepted and there is no single store where bitcoin is accepted as a payment method. So people face problemn while spending bitcoins or they don't use bitcoins to buy things of their daily use due to no store available to accept btc. If coins accepted in offline stores then it is more easy and helpful for bitcoin users.

abel1337

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For me bitcoin greatest disadvantage is when you sent your bitcoin to a wrong address no chance that it would be recovered by you. You can't track the address you sent the bitcoins. That's the greatest disadvantage I see in bitcoin.

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Quote from: mastica on January 14, 2017, 10:38:58 AM

Besides the internet issue about speed, there is just one big disadvantage at bitcoin that is not be mainstream, this affects bitcoin, it damage it, since peopel consider it a dark currencie. If we reach mainstream we will be able to spend our bitcoins anywhere, anytime, something we cant do, atleast not directly. The confirmation time its another small issue that should have some improvement over the next years to make bitcoin more atractive as payment option.

Actually that is what the OP is looking for in his question, OP wants to know what is preventing bitcoin to be mainstream... So I think all your statement will be a part of OP's... Don't worry too much about confirmation, as long as it is already sent to you and you receive it, I think it's fine for a while... It will be a problem/disadvantage if it keeps on happening... I do think that's the only disadvantage I encounter lately...

mastica

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Besides the internet issue about speed, there is just one big disadvantage at bitcoin that is not be mainstream, this affects bitcoin, it damage it, since peopel consider it a dark currencie. If we reach mainstream we will be able to spend our bitcoins anywhere, anytime, something we cant do, atleast not directly. The confirmation time its another small issue that should have some improvement over the next years to make bitcoin more atractive as payment option.

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Quote from: Digitalbitcoin on January 12, 2017, 11:53:16 AM

I think bitcoin is decentralized cryptocurrency which can accessed via internet only. This is very important factor we have to consider as disadvantage of bitcoin.

Many developed countries are using high speed internet but what about poor or lower tier level countries. Peoples from such countries could be still far away from bitcoin.

Bitcoin have its own protocol which is called as qt. And it need only internet to access your own BTC wallet from any device.

Internet access is going to be spread mostly everywhere and many giant companies are trying to offer free Wi-Fi to people in order to access the internet (and probably spy/know what people are doing on the internet). Sometimes there is no need for a high speed internet because there are many wallets which do not require to download the whole blockchain but you make a transaction with a very small bandwidth.

RealBitcoin

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Here is my list, by order of importance:

Scalability issue, either a technical problem, of a problem with the community consensus
Miners being centralized in 1 geo-political sector
Nodes are not incentivized, and
Lack of Privacy of the coins and Fungilibily (meaning that criminals can incriminate/frame innocent people by sending them dirty coins, so the trace will lead to the innocent instead of the criminal)
Quantum Computer vulnerability
Slow network propagation time

I think these are the main issues, everything else is just a side effect of these.

agamasrori

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Quote from: nikilavi on January 12, 2017, 01:04:09 PM

The biggest advantage of Bitcoin is it can be risky as once the money is gone you can't do anything to get it back even if u got scammed
It is attracting investment from people and became best performing assets.
Another problem is adding to a business as many people don't even know what it is so i guess it needs lots of awareness

It is depend how do you manage your bitcoin, if you just send your bitcoin into investment site that you never know or observe before, you will get a big chance to lose your bitcoin. The users of bitcoin is increasing everyday, what we only need is wait until all people in the world know about bitcoin. I think bitcoin didn't have many disadvantage.

chaser15

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Quote from: maku on January 12, 2017, 09:35:37 AM

Considering recent market events: first huge pump and later Chinese's investors panic caused by their central bank attempt to curb bitcoin trading.
I have to say that the biggest bitcoin disadvantage is not some inherent bitcoin property or feature, these can be updated and upgraded, but rather lack of proper acceptance, laws and regulations.

It is not good when people start to panic at first sign of government interference.

I don't see a panic for most Chinese big investors but rather they just take some profits or maybe starting a trigger agenda to make room for cheap price before doing again an attempt to push up the price. There is maybe a story behind it and the news was only the one who only we have known. Big investors or hoarders doesn't have a panic attitude since they are already in this kind of profession for a long period of time. They will not put big money here if they have weak hands.

The one who gets panic are the average investors. A big pull from the big hoarders can start a trigger of price decrease so there are weak hands getting dragged away.

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Quote from: nikilavi on January 12, 2017, 01:04:09 PM

The biggest advantage of Bitcoin is it can be risky as once the money is gone you can't do anything to get it back even if u got scammed
It is attracting investment from people and became best performing assets.
Another problem is adding to a business as many people don't even know what it is so i guess it needs lots of awareness

Yes, your first reason is the biggest disadvantage of Bitcoin, if we do any miss transaction we don't have any option to get back our money. And there is no other source to find out to whom we sent. And next yes we need more publicity for this Bitcoin there are lot's of people still don't know what Bitcoin is.

nikilavi

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The biggest advantage of Bitcoin is it can be risky as once the money is gone you can't do anything to get it back even if u got scammed
It is attracting investment from people and became best performing assets.
Another problem is adding to a business as many people don't even know what it is so i guess it needs lots of awareness

Digitalbitcoin

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I think bitcoin is decentralized cryptocurrency which can accessed via internet only. This is very important factor we have to consider as disadvantage of bitcoin.

Many developed countries are using high speed internet but what about poor or lower tier level countries. Peoples from such countries could be still far away from bitcoin.

Bitcoin have its own protocol which is called as qt. And it need only internet to access your own BTC wallet from any device.

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Quote from: delliaerd on January 12, 2017, 11:29:49 AM

At this time one of badly problem it is in my place around me. until now I search i never see that bitcoin accepted in any stores since last years . Because in my region very difficult to see a store that adopt bitcoin so i feel i can not use bitcoin maximally

I don't know why Bitcoin being accepted directly is still a problem for us humans, while we can always convert it to Fiat which certainly can be use to in anywhere. Even a gold bar won't be accepted as a kind of payment. All countries have legal currencies that is why we need to use them because they are the ones which are highly accepted.

lite

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Quote from: Omega Weapon on January 12, 2017, 01:09:29 AM

Quote from: millgates on January 09, 2017, 11:02:13 AM

Quote from: jualidbitmixer on January 08, 2017, 02:16:58 AM

The biggest disadvantages of bitcoin is only few people that know about bitcoin. When you want open a business about bitcoin, it will be hard to be accepted on your area. Because not many people know about bitcoin, like in my area, i think only me that know about bitcoins.

That mean the disadvantage of bitcoin is not forever, because bitcoin user is increase everytime. It is so hard to find bitcoin disadvantage because the benefit of using bitcoin is to much.

Bitcoin is a great currency but it is not like it is perfect, it would be nice if we could get faster and cheaper transactions, and it would be nice if the miners were in places other than china.

Lightning network will solve that problem, with lightning network we'll be able to send/receive bitcoin way more cheaper and faster. currently it's being worked on..

Quote from: jeraldskie11 on January 11, 2017, 08:04:57 AM

The biggest disadvantages of bitcoin as of now, for me, wallets can be lost because it is not connected from bitcoin producer. It is trusted but not 100 percent you give to them and it will lost all your money. And also the bitcoin not accepted in other country because as we could see the bitcoin is a cryptocurrency so that's the reason why other country banned bitcoin. If that two disadvantages will remove, their is no other disadvantages in bitcoin.

Which wallet are you using and what do you mean by "bitcoin producer"? it would best if you used blockchain.info/electrum.

delliaerd

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At this time one of badly problem it is in my place around me. until now I search i never see that bitcoin accepted in any stores since last years . Because in my region very difficult to see a store that adopt bitcoin so i feel i can not use bitcoin maximally

AUDREY23

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Quote from: maku on January 12, 2017, 09:35:37 AM

Considering recent market events: first huge pump and later Chinese's investors panic caused by their central bank attempt to curb bitcoin trading.
I have to say that the biggest bitcoin disadvantage is not some inherent bitcoin property or feature, these can be updated and upgraded, but rather lack of proper acceptance, laws and regulations.

It is not good when people start to panic at first sign of government interference.

if in my opinion the most weakness was in part due to transactions difficult to track, if there is clarity of valid data transparently between the receiver and the sender, then the bitcoin transaction to be trackable, so that the activities with bitcoin will be reduced

maku

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Considering recent market events: first huge pump and later Chinese's investors panic caused by their central bank attempt to curb bitcoin trading.
I have to say that the biggest bitcoin disadvantage is not some inherent bitcoin property or feature, these can be updated and upgraded, but rather lack of proper acceptance, laws and regulations.

It is not good when people start to panic at first sign of government interference.

wahb

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Quote from: buwaytress on January 11, 2017, 08:04:23 AM

I think if we talk about the fees, fluctuating prices, acceptance and even, to an extent, confirmation times, these are not exactly challenges unique to bitcoin as a form of payment. What compounds access issues in crypto is the need for technology - at least a device is needed and internet.

fluctuation is only because that every more and more people are accepting bitcoin they are investing their money in bitcoin and this way the demand of bitcoin is increasing which cause the price also to increase. so we can say that the people interest is the main reason behind this.

Omega Weapon

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Quote from: millgates on January 09, 2017, 11:02:13 AM

Quote from: jualidbitmixer on January 08, 2017, 02:16:58 AM

The biggest disadvantages of bitcoin is only few people that know about bitcoin. When you want open a business about bitcoin, it will be hard to be accepted on your area. Because not many people know about bitcoin, like in my area, i think only me that know about bitcoins.

That mean the disadvantage of bitcoin is not forever, because bitcoin user is increase everytime. It is so hard to find bitcoin disadvantage because the benefit of using bitcoin is to much.

Bitcoin is a great currency but it is not like it is perfect, it would be nice if we could get faster and cheaper transactions, and it would be nice if the miners were in places other than china.

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 79. (Read 76730 times)