What do you think are the biggest disadvantages of Bitcoin? - page 86.

uneng

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Quote from: triasel on December 14, 2016, 08:21:02 AM

i think bitcoin not yet accepted all country

This isn't a disadvantage of bitcoin, but a disadvantage of these countries.
I think some disadvantages can be: there is always risk to be hacked, lose bitcoins and when many people use bitcoins the transactions take much time to finish. If you want fast transactions must pay expensive fees. Expensive fee = bank.

grta14

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in everything in there are always advantage and disadvantage over new things coming up so the biggest disadvantage of bitcoin is that most people don't really accpect it as means of payment because bitcoin is a new currency to them and most people are yet to know bitcoin as are a currency for this reason i think this is the biggest disadvantage that bitcoin has for the now.

European Central Bank

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Apart from a chosen few, it's irrevocably tied to the regular banking system. That's an instant off switch for any authority if they're so inclined. You don't have to pass any laws, just put pressure on banks. A few people would remain, most others would be gone.

triasel

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i think bitcoin not yet accepted all country

Gembul

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for me, bitcoin is something that has more advantages. Because with bitcoin, I can make money myselve. But beside that, there may be things that are not nice of bitcoin for me. That makes me can not be separated from the internet, it cause I never leave the house. because the focus to get bitcoin. Hehe

Rizky Aditya

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Quote from: xSkylarx on December 09, 2016, 09:57:24 AM

Quote from: iram3130 on December 09, 2016, 09:41:35 AM

Every new thing has it's own positive and negative thing. With respect to Bitcoins, it has lots of positive features than the previous type of currencies we have used. Although there is some fear about the transaction fees and delaying in confirmation because of many reasons like increased traffic from some websites, the major negative point is its instability. And another thing is that most of the people don't take it as a regular currency, they keep the savings in BTC and pray to get the rate increased. Undecided

Yeah, everything can be use in good or bad. It depends on the person that will use it. I think why people don't take it as aregular currency is the difficulty of using it to pay when we go to grocery or buy something a store. There is no bitcoin atm yet on most some countries. So you have no choice but store your bitcoin and just use it when its really needed.

You don't need a Bitcoin ATM. Even if they are preferable, you could still get a Bitcoin debit card which would allow you to withdraw money from a normal ATM or even just spend it at a normal grocery store. Most people overlook Bitcoin debit cards, which are very important in my day to day life.

Khailerdaz

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The biggest disadvantages of Bitcoins are can't be use in the actual store because bitcoin is intangible and bitcoin can be lost instantly in your wallet if the file corrupted.

el kaka22

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Quote from: Rahees on December 09, 2016, 05:06:03 AM

Hardly any places accept bitcoin as a payment, I mean high street shops. Another disadvantage is the fact that bitcoins price keeps changing, you never know you may wake up and make a huge loss.

Does your street shop accept card payments ? If yes, then most probably your disadvantage of 'not accepting' will be solved in one or two years. Do you feel gold's price fluctuation as a disadvantage to it. It is an advantage for many traders and in long term bitcoin is designed to have huge prices so never need to worry about fluctuations.

xSkylarx

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Quote from: iram3130 on December 09, 2016, 09:41:35 AM

Every new thing has it's own positive and negative thing. With respect to Bitcoins, it has lots of positive features than the previous type of currencies we have used. Although there is some fear about the transaction fees and delaying in confirmation because of many reasons like increased traffic from some websites, the major negative point is its instability. And another thing is that most of the people don't take it as a regular currency, they keep the savings in BTC and pray to get the rate increased. Undecided

Yeah, everything can be use in good or bad. It depends on the person that will use it. I think why people don't take it as aregular currency is the difficulty of using it to pay when we go to grocery or buy something a store. There is no bitcoin atm yet on most some countries. So you have no choice but store your bitcoin and just use it when its really needed.

iram3130

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Every new thing has it's own positive and negative thing. With respect to Bitcoins, it has lots of positive features than the previous type of currencies we have used. Although there is some fear about the transaction fees and delaying in confirmation because of many reasons like increased traffic from some websites, the major negative point is its instability. And another thing is that most of the people don't take it as a regular currency, they keep the savings in BTC and pray to get the rate increased. Undecided

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Quote from: Ryan Dugan on December 08, 2016, 10:05:06 PM

I think the greatest disadvantage is being scammed. Too many btc scammers are running around.

The scammer can't get caught, It can't be taking other act for it.

Quote from: zahra4577 on December 08, 2016, 02:19:49 PM

I think bitcoin is perfect system but two things that i think needs improvement are
1.Increasing fee of transaction and,
2.Delaying confirmation time that needed to be improved

It will more reasonable if you try for reading the other explanation about that. Like delaying the confirmation it will depend on the block will take your transaction for give it a validation.

daringdiscovered

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Quote from: Rahees on December 09, 2016, 05:06:03 AM

Hardly any places accept bitcoin as a payment, I mean high street shops. Another disadvantage is the fact that bitcoins price keeps changing, you never know you may wake up and make a huge loss.

I agree, bitcoin's value is very volatile. It can make a big rise or drop within a week. If it keeps rising then it is good for us but if it suddenly drop, our bitcoin's value will also decrease. And bitcoin is not well known yet which it is difficult to use bitcoi directly to buy something.

Rahees

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Hardly any places accept bitcoin as a payment, I mean high street shops. Another disadvantage is the fact that bitcoins price keeps changing, you never know you may wake up and make a huge loss.

Toplivecasinos

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I think one the biggest disadvantage of Bitcoin is that very few stores accept them. It requires you to be connected to the internet just to use it. Other are now that aware of it's existence.

Idrisu

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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 disadvantages of bitcoin compared to other monetary currency are many. For me the most disadvantage is security, many people are not accepting bitcoin because they thought bitcoin or other altcoin are not secured. If hackers, scammer are dealt with then expect many organization to accept it. Bitcoin has a lot of advantages such as easy transfer, accept everybody and decentralization.

delliaerd

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It is really hard to find bitcoin disadvantage becouse the advantage of bitcoin for customer is too much. So I will explain bitcoin disadvantage for government and bank. Bitcoin transaction is un trace able so government can not control or tax it. Bitcoin do not need bank, thats why bank really hate bitcoin. Centralization system make bank can control the money and monopolize big power of financial capital.

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Quote from: Juggy777 on November 30, 2016, 05:43:51 AM

Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.

All of these thing, definitely. But most importantly, to me, is that there's no compelling reason to choose bitcoin over fiat when buying something--especially since in the US, the IRS makes you pay taxes on btc capital gains. Sure you can ignore that, but you do so at your own risk.

dearbesz1219

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For me I think the disadvantage of bitcoin is that if you don't have proper data connection, you/we cannot trade your bitcoin without it, and the next one was the fluctuation of the price especially if you are neophyte in trading it will be difficult for you to do it so well.

Ryan Dugan

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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

I think the greatest disadvantage is being scammed. Too many btc scammers are running around.
So you want to make a new blockchain better then the current one ? That's a lot to take in but good luck to you.

FlightyPouch

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Well, there are some disadvantages of Bitcoin, and what i want to tell is the acceptance of Bitcoin. There are only limited stores that accept bitcoin and it is really not efficient. In my case, I convert my bitcoin to real money so I can buy the clothes that I want. If many stores are accepting Bitcoins, it is really efficient and it can be used by many people and I think the demand of Bitcoin will rise also its price. What do you think?

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