Topic: What do you think are the biggest disadvantages of Bitcoin? - page 88. (Read 76788 times)

Aside from it cannot be used everywhere but only in few selected places, bitcoin is still young and has not reached even the outskirts of the third world countries. Another thing is its volatility that makes merchants afraid to accept bitcoin due to possible price decrease. And of course the very slow confirmation of bitcoins transactions.

But even at the face of this disadvantages, since bitcoin is still young, there are still more time and more space for development. Hoping in the future these problems are no longer an issue.

For one thing, the limited options for it be used in physical shops can be a bit of disadvantage. And if ever there is a place where you can use it, the transaction times leave much to be desired. These are all challenges that the developers are addressing bit by bit, but it is going to take a while before anything significant happens. Our help as early adopters is really needed to help sow the seeds of pushing bitcoin toward mass adoption.

that's true, especially because bitcoin is decentralised for everyone to trade 24/7. for an example if the merchants cannot find a method to sell those bitcoins instantly, at this generation, they will risk price drop, you have to understand that the exchange is often too strict to transaction for preventing laundering.

I personally don't find waiting for the price to go up to be boring at all. Mainly because of the fact that a lot has been happening this year.

In order to avoid getting bored by just hodling your coins, you can also choose to do some trading whilst you have a separate investment for the long term.

If you're understanding the market well enough, then there is a decent amount of profit to be made with trading. Just look at the intensity of the volatility that we have had this year.

But people never seem to be happy. When the price doesn't move, they complain that the market is boring, and when there is volatility, people complain that the market is jumping up and down too much.

I think it is because of its price instability.Bitcoins price is not stable from time to time and some business that accept btc may be less profit.Or it is because its transactions that come slow at times

Hyips that pays hourly that are showing up are contributing on the delay of confirmation on blockchain. They make the blockchain traffic because they are paying their investors every hour. Still many people are still riskying their money on these sites hoping some amounts to earn.

if you have any kind of business, would you accept any unsteady currency?
no.
it is like that you accept African always changing currency, the only difference is that BTC can inflate not only deflate.
BTC is good only for speculators, therefore it is not only about blockchain, it is about unsteady nature of BTC. therefore wall street managers and investors mixed themselves in bitcoin, because they are speculators. but to change the price of BTC, they must popularize it, advertise it, etc. in other case, people will keep it, instead to use it.

so, shortly:
1) BTC is unsteady
2) mostly speculators use bitcoins and some people who believe in marketing of speculators
3) ordinary people keep it instead to use it, hoping they will make some money from changing the value of BTC
4) newest news about blockchain problem and wall street mo-rons mixed in bitcoins can push away those who started to use bitcoin before 6 years, it is similar effect like when punk became mainstream, true punks refuse green day, green day is for wall street mo-rons and fat American kids (consumers without brain), it is the same with people who started to use bitcoins in the early period, they can go away because of bitcoins developers (foundation) that sold themselves for money.

7) even the creator of bitcoin left the project as I said, developers, foundation, are now rich guys and they are in Washington DC, corrupting, lobbying, etc.

It could be the disadvantage but I do not see it the biggest, this problem does not happen all the time which is occasional only and a real supporters understand that due to volume of transaction. For sure this problem will not last and be sorted the soonest or in the future.

The biggest disadvantage i can see about the Bitcoin is the delay in confirmation and i could see the transaction fees getting higher i future.We need fast transactions for the bitcoin to be a major player in world economics

It gets boring. Just waiting for a price increase is not really fun. I know the real fight here is all about patience. Cant wait for those projects that will be started at 2017. That might take out the boredom with all of this.

Yes there is nothing wrong with fluctuation because it is the only thing that really makes bitcoin alive without a fluctuation we will lose some of our interest with bitcoin because it is one of the reason why we loved to use it, the changing of price.

This can be a risk but the fact is if you keep it safe nothing will happen with it, its all depending on yourself if I have to be honest.

The biggest risk of bitcoins is that it can be hacked .and u dont even know that ur country might ban bitcoins and u are left with nothing .well to be honest ,investing in bitcoins is too much risky .and u wont have too much profit .kudoos

Yah,that's a serious point, bitcoin can be used to money laundry and none can trace it..For that my country banned bitcoin for the illegal activities.So, I think government should have the right of control bitcoin.By this illegal activities of bitcoin is decrease.

Bitcoin can be use for money laundry because it's untraceable
That's why my goverment also against bitcoin because bitcoin can be use for funding terorism activity. And for another example : it's kindda hard to track down who's the thief in bitcoin world

Well I must say the biggest thing that hinders Bitcoin's growth aside from its demand or presence is that it has slow transactions. Usually it takes about 30 minutes to 1 Hour or more just to see the Bitcoin reflect in my account, it is because of several confirmation on a single transaction. For it to be accepted in our developing world it must be fast and efficient in order to cope up with us.

It's okay to know all these things about bitcoin. We can't change these facts but people should realize the fact that all those scams and all those bad activities related to the use bitcoin will never do harm to them unless they try and go near it. It's like the thorn of a plant. You won't get hurt if you don't touch it. If you don't invest in hyip sites, then you will not get scammed. If you simply stay away from it (both from the thorn and hyip site), you'll be safe.

There are too many hyip sites because scammers make good money out of it and hyip sites will always be there. Everyday, an hyip site runs away and a new hyip site gets launched.

It is a blessing to those who do illegal goods traders and money launderers...
It has a few spending options. Few merchants, businesses here in our country, almost none accepts bitcoin as a form of payment....
It can be hacked, but the good thing is your life is out of danger... It is better to be hacked than to get robbed in the streets..lol

Well I think that the time we wait for transactions and bitcoin's fluctuating price isn't any big deal as it only needs a little bit of patience and will. But the concept of having bitcoin as a payment and making people understand it is quite tricky. Not everybody has a good view of bitcoin and giving them a better picture of this can result the other way around because the negative and false news of bitcoin may get their attention and somehow shape their way of thinking about bitcoin without knowing anything about its benefits.

I think one of the big disadvantage of bitcoin is the fact that it is not recognized by the government as currency.  It is not covered by any law of government or was seen as different than currency, so if someone stole your bitcoin, you can never file a case against the guy who stole your bitcoin even if you have known that guy because the ruling of the court is that no one owns bitcoin.