What do you think are the biggest disadvantages of Bitcoin? - page 84.

daringdiscovered

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Quote from: Bitcoinsummoner on December 17, 2016, 01:01:19 PM

I think the only disadvantage of bitcoin right now is the transaction size.. and the speed of the transaction it is not actually instantly it takes minutes before you receive or if you are pay a small amount it takes few hours or days.. The other thing for me is fine only the transaction is my problem because sometimes im halving problem pending transactions..

I agree, it is really a hassle if we really need that bitcoin right now. Even if we pay some big fees it still takes time to confirmed our transaction. Other than that bitcoin is still the best currency for me. I wish in the future the transaction will be faster and many shops will accept is payment.

Bitcoinsummoner

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I think the only disadvantage of bitcoin right now is the transaction size.. and the speed of the transaction it is not actually instantly it takes minutes before you receive or if you are pay a small amount it takes few hours or days.. The other thing for me is fine only the transaction is my problem because sometimes im halving problem pending transactions..

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Quote from: coynedterm on December 15, 2016, 11:39:48 PM

Quote from: g2com on November 30, 2016, 05:39:07 AM

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 Wink

The big disadvantage in Bitcoin is only its configuration system which always disturb us some time deeply .
Allover I think nothing in Bitcoin that can be bad or can be consider as an disadvantage of Bitcoin .

For sure it is every one transaction problem not only in bitcoin, so to make things clear bitcoin is not a burden to every users except to that one which is common though.

Harlot

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Quote from: Rinder on December 17, 2016, 11:41:02 AM

There are two big disadvantages at bitcoin, one is connected to the high security, thats the time till the confirmations period, this is the general complain or issue that people would like to had some kind of solution. The other one is that bitcoin is being exposed deeply as dark currencie and well people does call it dark money and connected just to ilegal activities, till the day bitcoin clean its image this will always be the big problem around bitcoin.

Yup the time it needs to reflect on to another wallet takes too much time. Maybe because of the huge increase of transactions per day that's why is now takes longer to process. For people who are not in rush to have Bitcoin than you won't notice that it takes a lot of time. Also let it be of they call Bitcoin a dark currency, they are the kind of people who only knows one side of the story.

Rinder

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There are two big disadvantages at bitcoin, one is connected to the high security, thats the time till the confirmations period, this is the general complain or issue that people would like to had some kind of solution. The other one is that bitcoin is being exposed deeply as dark currencie and well people does call it dark money and connected just to ilegal activities, till the day bitcoin clean its image this will always be the big problem around bitcoin.

mrcash02

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Disadvantage of Bitcoin is that blockchain doesn't support many simutaneously transactions without the needed of increase the fee a lot. When many people start using Bitcoins on the world, it will be a serious problem, many transactions at same time will be inevitable, so people will have to pay high fees all day long? For me it's the main disadvantage of Bitcoin.

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Quote from: The_prodigy on December 17, 2016, 09:31:17 AM

Quote from: g2com on November 30, 2016, 05:39:07 AM

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 Wink

The biggest dis advantage of using bitcoin is when the site got hacked and you can't even get your bitcoin back on you payment is will be in soon and if you are going to improve one make sure that it can be use to any merchants not only merchants but we cna use it as card as well like my country we are using our bitcoin as virtual card.

Well I don't suppose that this is caused by bitcoin itself, it's just because you choose the wrong sites to make transactions. But I think that this has lead to other serious problems and the most significant one is that people have the same thought with you. They all assume that bitcoin is somehow a way to spend money for nothing because it always takes away their money. And they won't accept the idea that this issue is not because of bitcoin so they try to stop the growth of bitcoin. This results in merchants can't have bitcoin as a way of payment.

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Quote from: The_prodigy on December 17, 2016, 09:31:17 AM

Quote from: g2com on November 30, 2016, 05:39:07 AM

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 Wink

The biggest dis advantage of using bitcoin is when the site got hacked and you can't even get your bitcoin back on you payment is will be in soon and if you are going to improve one make sure that it can be use to any merchants not only merchants but we cna use it as card as well like my country we are using our bitcoin as virtual card.

I think this is not the problem of bitcoin but it is the problem of yours which you are keeping bitcoins in a wallet which is not controlled by you.

In my sense bitcoin advantage is itself disadvantage , i mean to say of decentralized like bitcoin used in gambling where you dont have to give any identification and any one can access gambling site by just opening account and sending bitcoin through wallet. So the minor age children are also able to access gambling and ruining their life in small age.

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I think the accepting of botcoins by the stores, i think they are still limited. Theres this store that i know of and my friend has bitcoin though she said that they are not accepting bitcoin, we must first change it to real money.

BitHodler

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Quote from: The_prodigy on December 17, 2016, 09:31:17 AM

Quote from: g2com on November 30, 2016, 05:39:07 AM

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 Wink

The biggest dis advantage of using bitcoin is when the site got hacked and you can't even get your bitcoin back on you payment is will be in soon and if you are going to improve one make sure that it can be use to any merchants not only merchants but we cna use it as card as well like my country we are using our bitcoin as virtual card.

That's not really Bitcoin's fault, but more the yours as you chose to make use of a third party service.

But another point is that the majority of the merchants use a payment service such as BitPay. If BitPay gets hacked, then it won't affect your purchase since the merchant will still process your purchase.

But if you look at certain online wallet services that don't give you the private key, and the service in question happens to get hacked, then you're in deep troubles.

That's why you at all times should make use of online wallet services that do provide you with the private keys. It will allow you to access your coins even when the site is offline.

The_prodigy

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Quote from: g2com on November 30, 2016, 05:39:07 AM

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 Wink

The biggest dis advantage of using bitcoin is when the site got hacked and you can't even get your bitcoin back on you payment is will be in soon and if you are going to improve one make sure that it can be use to any merchants not only merchants but we cna use it as card as well like my country we are using our bitcoin as virtual card.

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Quote from: (altair) on December 17, 2016, 08:22:41 AM

Quote from: Zadicar on December 16, 2016, 07:14:09 AM

Quote from: valley365 on December 16, 2016, 03:33:04 AM

The biggest disadvantage of the bitcoin is that it is not distributed fairly. Therefore it is not easy for people to accept it and use it. Should it be distributed fairly, people would be more apt to adopt it.

Its not really an advantage on bitcoin itself regarding on its adoption since its really easy to understand on what is bitcoin. Features should be pointed out regarding on bitcoin and i think the disadvantage of bitcoin is its anonymity it may have advantages for some but most part of it would be negative since people would really use it for illegal services.

Yeah, because of the anonymous feature of bitcoin. Bad people like terrorists or drug dealers, even hired killers take the advantage of it as their currency. They won't be tracked by the authorities if they use bitcoin. They can do illegal things as long as they want. Bitcoin hides their identity.

Government can't control bitcoin transaction, since bitcoin transactions are not traceable.Many bad people doing illegal activities through bitcoin.Money Laundry is one of them.In my country bitcoin is banned for this reason.If government can control bitcoin then bitcoin will be safe from bad people.

(altair)

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Quote from: Zadicar on December 16, 2016, 07:14:09 AM

Quote from: valley365 on December 16, 2016, 03:33:04 AM

The biggest disadvantage of the bitcoin is that it is not distributed fairly. Therefore it is not easy for people to accept it and use it. Should it be distributed fairly, people would be more apt to adopt it.

Its not really an advantage on bitcoin itself regarding on its adoption since its really easy to understand on what is bitcoin. Features should be pointed out regarding on bitcoin and i think the disadvantage of bitcoin is its anonymity it may have advantages for some but most part of it would be negative since people would really use it for illegal services.

Yeah, because of the anonymous feature of bitcoin. Bad people like terrorists or drug dealers, even hired killers take the advantage of it as their currency. They won't be tracked by the authorities if they use bitcoin. They can do illegal things as long as they want. Bitcoin hides their identity.

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Quote from: Vaskiy on December 16, 2016, 11:11:41 PM

I don't think it has got big disadvantages, has some disadvantages which has been overcome by its advantages. One among them is the decentralization, people misunderstands and stay away but with its success in very short period has got the trust similar to a centralized system and continues with its advantageous increased price which no other currency has got.

How about sometimes a lot of transactions are unconfirmed at the same time? Even they are paying the right miners fee. As far as I know, it went up to 3,000 transactions that are being unconfirmed and that is one of the biggest advantage of bitcoin. Even it didn't happened to me, but I know those people are pissed off for waiting their transactions for so many hours/days.

2000-3000 unconfirmed transaction is the normal number of transactions in the mempool, they exist because there are new transactions are being created every second and blocks are mined every 10 minutes on average.

what you think you are saying was a couple of rare cases that lasted a couple of days and number of unconfirmed transactions were more than 60K at some point. you can see the charts on blockchain.info

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Quote from: marketone on November 30, 2016, 06:01:20 AM

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.

I secondly agree with you....the price of bitcoin its really fluctuating....

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I don't think it has got big disadvantages, has some disadvantages which has been overcome by its advantages. One among them is the decentralization, people misunderstands and stay away but with its success in very short period has got the trust similar to a centralized system and continues with its advantageous increased price which no other currency has got.

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Quote from: OrangeII on December 16, 2016, 10:50:52 AM

perhaps the biggest disadvantages to the current bitcoin is, the amount that has limits. Well, if bitcoin always have the amount increased, perhaps it would be very nice to be distributed throughout the world. maybe so, bitcoin will be well received around the world.

first of all having a fixed maximum amount for bitcoin is a big advantage it has. because having unlimited amount or even a very big amount of coin available is actually a bad thing and can kill the price, it is simple supply and demand.

and also bitcoin has more than enough "amount" to be able to support a very large number of users such as in mass adoption. there are 2,100,000,000,000,000 units available for bitcoin which is called satoshi 21 mil+8decimal places. and that is more than enough.

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Quote from: OrangeII on December 16, 2016, 10:50:52 AM

perhaps the biggest disadvantages to the current bitcoin is, the amount that has limits. Well, if bitcoin always have the amount increased, perhaps it would be very nice to be distributed throughout the world. maybe so, bitcoin will be well received around the world.

It's not the disadvantage, in fact it's the advantage since there is not inflation like fiat. One of the reasons why people use and hold bitcoin is the value will grow overtime.

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perhaps the biggest disadvantages to the current bitcoin is, the amount that has limits. Well, if bitcoin always have the amount increased, perhaps it would be very nice to be distributed throughout the world. maybe so, bitcoin will be well received around the world.

millgates

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I just didn't found any bitcoin disadvantage yet. Me as user/customer is get so many profit so I think bitcoin is better than other currency.

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