What do you think are the biggest disadvantages of Bitcoin? - page 81.

Ravion

member

Activity: 97

Merit: 10

Quote from: Harlot on January 06, 2017, 12:22:06 PM

I can say that volatility is also one of the disadvantages of Bitcoin. From 1100$ last 3 days ago now it is price 912$ per Bitcoin. Almost 200$ lost in the last 3 days. I know traders are happy for the pull backs and corrections but in order for it to be accepted in the bigger market it needs to be stable that is when people will start accepting Bitcoin as payment and maybe some imvestment companies will do the same too.

It's true that volatility can be a disadvantage of Bitcoin at this price (although, many investors are attracted to Bitcoin because of the price volatility). There is the issue of price manipulation, considering that there can only be 21 million Bitcoins in total. This means that theoretically any person, company, or state, can buy up a big portion of the available Bitcoins and manipulate the price. But if the price of Bitcoin were to go much higher, this would become much more difficult. And much higher prices would also reduce the volatility.

kumax

full member

Activity: 182

Merit: 100

🚀 🌏

One of disadvantages is, that lost coins cannot be found again and put back to currency circulation.
When you loose a dollar or your wallet somewhere on the street, or when you die and have your bucks hidden under your mattrace, there can be someone who will find it and use it again, so the money stay in circulation.
But if you loose bitcoin (forgot pass/seed, damaged hdd, etc.), the coin is lost forever and the total number of coins decrease.
And please, lets assume that lost bitcoins are technicaly really lost forever, because the probability of finding them again is reeeeally low - very close to zero.
So it means, that somewhere in the future, the total number of coins will go down and theoretically it can go to zero.

jossiel

hero member

Activity: 3150

Merit: 636

DGbet.fun - Crypto Sportsbook

Quote from: molsewid on January 08, 2017, 07:51:33 PM

Bitcoin is becoming on the top right now nowadays many of people are showing some interest to use bitcoin but they didn't know yet what would be the biggest disadvantages of using bitcoin first is they will might lose they money by using bitcoin , It is because of unstable price of bitcoin second thing is there are lot of transaction are being made if they got scammed they will didn't know who is it because of investing shits.

For sure those people who are becoming interested in bitcoin will not just take their money and buy bitcoins without doing some proper research and study before adopting it.

And the unstable price of bitcoin is not even a disadvantage, bitcoin is created that way to be decentralize so just always expect movement.

I will agree that scam is one of the disadvantage of bitcoin, but it is a fact that it is one of the biggest advantage whether it is with bitcoin or not.

Mastsetad

sr. member

Activity: 672

Merit: 250

Quote from: ewonardo on January 06, 2017, 02:30:08 PM

Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.

The reason why bitcoin has reached this place today is because of that volatility and you are saying that it is one of the disadvantages of bitcoin, i really don't agree with that. People are earning money through this, world is being curious because of that then how come it can be a disadvantage?

molsewid

hero member

Activity: 2170

Merit: 530

Bitcoin is becoming on the top right now nowadays many of people are showing some interest to use bitcoin but they didn't know yet what would be the biggest disadvantages of using bitcoin first is they will might lose they money by using bitcoin , It is because of unstable price of bitcoin second thing is there are lot of transaction are being made if they got scammed they will didn't know who is it because of investing shits.

bitbob82

hero member

Activity: 630

Merit: 500

Quote from: Cactushrt on January 08, 2017, 07:58:30 AM

Quote from: jualidbitmixer on January 08, 2017, 01:16:58 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.

It's one of the disadvantage of bitcoins but I think no one would open a bussines accepting bitcoins if that's what you mean like you've said there are so many people who dont know bitcoin but few years from now bitcoins will become popoular and known. I don't think that in your area you are the only one using bitcoin there are some try to search.

i think it is not the disadvantage of bitcoin. bitcoin is now becoming popular on regular basis, i think this is mismanagement that still we cannot introduce bitcoin in a large scale.

GMPoison

sr. member

Activity: 434

Merit: 250

Quote from: MMA on January 08, 2017, 01:21:07 PM

Quote from: mrbigmugs on January 06, 2017, 05:59:12 PM

Quote from: ewonardo on January 06, 2017, 02:30:08 PM

Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.

i do not think that there is any big disadvantage of bitcoin. to me the only problem is that the transaction time is too long. some time when there is huge traffic, then the transaction take a lot of time which some time create panic like situation, hope that this problem will be solve very soon.

yes that is right that there is no disadvantage of bitcoin, and the transaction timing is a technical problem that can be solve, but i think this problem must be solve in priority basis. as it is really creating problems for the people.

Exactly. Any problem bitcoin has it can be solved due to the nature of how the system works, it's beautiful really.

MMA

legendary

Activity: 1134

Merit: 1000

Quote from: mrbigmugs on January 06, 2017, 05:59:12 PM

Quote from: ewonardo on January 06, 2017, 02:30:08 PM

Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.

i do not think that there is any big disadvantage of bitcoin. to me the only problem is that the transaction time is too long. some time when there is huge traffic, then the transaction take a lot of time which some time create panic like situation, hope that this problem will be solve very soon.

yes that is right that there is no disadvantage of bitcoin, and the transaction timing is a technical problem that can be solve, but i think this problem must be solve in priority basis. as it is really creating problems for the people.

Cactushrt

sr. member

Activity: 952

Merit: 250

Quote from: jualidbitmixer on January 08, 2017, 01:16:58 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.

It's one of the disadvantage of bitcoins but I think no one would open a bussines accepting bitcoins if that's what you mean like you've said there are so many people who dont know bitcoin but few years from now bitcoins will become popoular and known. I don't think that in your area you are the only one using bitcoin there are some try to search.

jualidbitmixer

sr. member

Activity: 532

Merit: 250

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.

Omega Weapon

hero member

Activity: 1092

Merit: 501

Quote from: bravehearth0319 on January 06, 2017, 01:22:26 AM

I think the biggest disadvantages of bitcoin is the internet connection. Once you don't have a data connection in the internet we cannot earn bitcoin, and if ever you have an internet which you can monitor what is going in the update about it, the fluctuation is the next problem into or transaction in bitcoin in any exchange sites.

The bitcoin network runs over an even bigger network the internet, but the internet runs over and even bigger network too the electric grid, it is unfortunate but that is a weakness that cannot ever be improved upon.

GMPoison

sr. member

Activity: 434

Merit: 250

Quote from: Soros Shorts on January 06, 2017, 10:34:27 PM

The biggest disadvantage of Bitcoin is that all transactions happen in a single ledger. That ledger may be physically distributed, but logically there is no partitioning of data and everyone sees the same copy. People don't realize this architectural limitation and think they can use Bitcoin for applications with a high number of transactions per second - "if only blocksize were increased". These people should just accept is for what it is. It is fine to increase the block size by a modest amount (maybe to 2MB, or even 8MB max) but it won't give you the high TPS rating that they seem to be hoping for. You will not get cheap transactions and instantaneous confirmations. Better to just learn work with it's limitations. Don't force big blocks, and when they do eventually come enjoy the modest increase in performance.

Is it futile to believe a TPS comparable to Visa - or much higher (100k-200k for economic transactions worldwide, including cash) - could ever be achieved, in the best of scenarios?

Soros Shorts

donator

Activity: 1617

Merit: 1012

The biggest disadvantage of Bitcoin is that all transactions happen in a single ledger. That ledger may be physically distributed, but logically there is no partitioning of data and everyone sees the same copy. People don't realize this architectural limitation and think they can use Bitcoin for applications with a high number of transactions per second - "if only blocksize were increased". These people should just accept is for what it is. It is fine to increase the block size by a modest amount (maybe to 2MB, or even 8MB max) but it won't give you the high TPS rating that they seem to be hoping for. You will not get cheap transactions and instantaneous confirmations. Better to just learn work with it's limitations. Don't force big blocks, and when they do eventually come enjoy the modest increase in performance.

Positid

sr. member

Activity: 378

Merit: 250

BULL RUN until 2030

Quote from: mrbigmugs on January 06, 2017, 05:59:12 PM

Quote from: ewonardo on January 06, 2017, 02:30:08 PM

Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.

i do not think that there is any big disadvantage of bitcoin.

There is, but it's based on experience. Think that no system is perfect and you shall understand. The longer you used, there comes a time you can see some disadvantage, like the delay of transaction, it's one.

mrbigmugs

sr. member

Activity: 247

Merit: 250

Quote from: ewonardo on January 06, 2017, 02:30:08 PM

Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.

i do not think that there is any big disadvantage of bitcoin. to me the only problem is that the transaction time is too long. some time when there is huge traffic, then the transaction take a lot of time which some time create panic like situation, hope that this problem will be solve very soon.

GMPoison

sr. member

Activity: 434

Merit: 250

Quote from: ewonardo on January 06, 2017, 02:30:08 PM

Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.

I agree with you on volatility, but what do you mean by legal force? Assuming you're implying some sort of centralized organization that "owns" or "represents" bitcoin, that's the exact opposite of what it was intended to be.

ewonardo

sr. member

Activity: 616

Merit: 250

Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.

Harlot

hero member

Activity: 1806

Merit: 672

I can say that volatility is also one of the disadvantages of Bitcoin. From 1100$ last 3 days ago now it is price 912$ per Bitcoin. Almost 200$ lost in the last 3 days. I know traders are happy for the pull backs and corrections but in order for it to be accepted in the bigger market it needs to be stable that is when people will start accepting Bitcoin as payment and maybe some imvestment companies will do the same too.

noictib

hero member

Activity: 966

Merit: 515

One of the world's leading Bitcoin-powered casinos

Quote from: lukmandog on January 06, 2017, 11:42:38 AM

Quote from: Bitcoinsummoner on January 06, 2017, 10:57:03 AM

Quote from: iqlimasyadiqa on January 06, 2017, 09:58:03 AM

one of the biggest disadvantages bitcoin is that the longer the time of confirmation. we have to use large amounts of fee for faster delivery. This should be kept for the future we will be using bitcoin regularly.

Well i think this is not a biggest problem or disadvantage in bitcoin since we can control what speed we want and even we are paying high fee or above default fee for every transaction if we compare the payment fee into other payment process it is still advantage of bitcoin.. i think the big disadvantage with bitcoin many people are scam by bitcoin and many illegal users abusing the use of anonymity of bitcoin ..

For me, biggest disadvantage of bitcoin is about anonymous transaction.

I am fully satisfied with bulkmandog . Here many of the countries not accepting the bitcoin officially , is only the reason that anyone can send money to any person , without limit and without detail without verification of the user .
So here I think there are some disadvantage of bitcoin which should be small change need to verify the user .

lukmandog

sr. member

Activity: 630

Merit: 250

Quote from: Bitcoinsummoner on January 06, 2017, 10:57:03 AM

Quote from: iqlimasyadiqa on January 06, 2017, 09:58:03 AM

one of the biggest disadvantages bitcoin is that the longer the time of confirmation. we have to use large amounts of fee for faster delivery. This should be kept for the future we will be using bitcoin regularly.

Well i think this is not a biggest problem or disadvantage in bitcoin since we can control what speed we want and even we are paying high fee or above default fee for every transaction if we compare the payment fee into other payment process it is still advantage of bitcoin.. i think the big disadvantage with bitcoin many people are scam by bitcoin and many illegal users abusing the use of anonymity of bitcoin ..

For me, biggest disadvantage of bitcoin is about anonymous transaction.

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 81. (Read 76758 times)