Topic: What do you think are the biggest disadvantages of Bitcoin? - page 8. (Read 76709 times)
as for me, the main disadvantage is not being able to reverse transactions as this would attract more investors
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 
Bitcoin is too exposed in other people's critic unlike other types of cryptocurrency. It's kinda hard to argue a lot with other people because sometimes their claims are either too impressive or just plain wrong. Bitcoin is too much popular for me that every move is counted and recorded hence every issue stays a lot longer.
Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.
Maybe low for Big Transactions, > 500$ Worth on BTC atm, but for small payments is really painful.
Is like sending money via international bank transfer (fees cost from 10$ ~ 50$). Even if its your neighbour.
Something must be done to decrease cost fees in order to make viable for small transactions.
Among the shortcomings can be noted that there is no guarantee the preservation of electronic kriptokoshelkov due to lack of regulatory mechanisms. High variability trend of prices due to the nature of use. Possible negative actions in respect of the national regulators. For example, the ban on CBR operations bitkoynov. If you lose the password to the e kriptokoshelku you also lose all kriptomonety are there. Mining equipment kriptomonet to individual users become unprofitable as increasing complexity.
Bitcoin is still at its infancy stage with incomplete features that are in development.
To make the digital currency more secure and accessible, new features, tools, and services are currently being developed.
Bitcoin has some growth to do before it comes to its full and final potential.
This is because Bitcoin is just starting out, and it needs to work out its problems just like how any currency in its beginning stage would need to.
To make the digital currency more secure and accessible, new features, tools, and services are currently being developed.
Bitcoin has some growth to do before it comes to its full and final potential.
This is because Bitcoin is just starting out, and it needs to work out its problems just like how any currency in its beginning stage would need to.
Personally i see government interferance as the biggest disadvantage bitcoin has,though the government may not take your Bitcoins away but can ban it in the country, which forces bitcoin wallets and companies to shut down. The bitcoins in these wallets are freezed and access to them becomes difficult.
Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day.
However, it is expected that the volatility will decrease as more time goes on.
As more businesses, medias, and trading centers begin to accept Bitcoin, its’ price will eventually settle down.
Currently, Bitcoin’s price bounces everyday mainly due to current events that are related to digital currencies.
However, it is expected that the volatility will decrease as more time goes on.
As more businesses, medias, and trading centers begin to accept Bitcoin, its’ price will eventually settle down.
Currently, Bitcoin’s price bounces everyday mainly due to current events that are related to digital currencies.
It’s an important fact that many of us are still unaware of digital currencies and Bitcoin. People ought to be educated regarding Bitcoin to be ready to apply it to their lives.
Mostly takes bitcoin as a benefit, however, the list is comparatively tiny compared to physical currencies.
Mostly takes bitcoin as a benefit, however, the list is comparatively tiny compared to physical currencies.
I think the biggest one is the fluctuations of Bitcoin. And also there are few companies that accept Bitcoin payements.
Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies.
The single biggest disadvantage for bitcoin at the moment is that you can't send funds worldwide for a nominal price and that has been the promise. Well that and being able to use it as currency. Once these two issues get resolved then we will have a robust currency one that will stands unmatched in terms of its capabilities.
Since there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. If a large group of merchants decide to “dump” Bitcoins and leave the system, its valuation will decrease greatly which will immensely hurt users who have a large amount of wealth invested in Bitcoins. The decentralized nature of bitcoin is both a curse and blessing.
Bitcoin has high volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day. I think BTC is not for not for people with less tech knowledge. Another disadvantage i that once you send your funds to a wrong address, you lose all your money as transactions are irreversible.
Since Bitcoins do not have a physical form, it cannot be used in physical stores. It would always have to be converted to other currencies. Cards with Bitcoin wallet information stored in them have been proposed, but there is no consensus on a particular system. Since there would be multiple competing systems, merchants would find it unfeasible to support all Bitcoin cards, and therefore users would be forced to convert Bitcoins anyway, unless a universal system is proposed and implemented.
Since the total number of bitcoins is capped at 21 million, it will cause deflation. Each bitcoin will be worth more and more as the total number of Bitcoins maxes out. This system is designed to reward early adopters. Since each bitcoin will be valued higher with each passing day, the question of when to spend becomes important. This might cause spending surges which will cause the Bitcoin economy to fluctuate very rapidly, and unpredictably.
The Bitcoin system could contain unexploited flaws. As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.
When goods are bought using Bitcoins, and the seller doesn’t send the promised goods, nothing can be done to reverse the transaction. This problem can be solved using a third party escrow service like ClearCoin, but then, escrow services would assume the role of banks, which would cause Bitcoins to be similar to a more traditional currency.
Wallets can be lost.. If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.
Fees for sending bitcoins is the biggest disadvantage of bitcoins, also the irreversible nature of bitcoins not been able to reverse in case sent to wrong address.
main disadvantages of bitcoins are simple: high fees (for now, until lightning network is operational). Low adoption (less than 1% of the world population really knows anything about bitcoins), high transactions times (Same for lightning network)
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