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
Topic: What do you think are the biggest disadvantages of Bitcoin? - page 89. (Read 76758 times)
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.
The concept is actually very easy to understand. There is fluctuation but I dont see this as a bad thing.the waiting time does such but some banks can take over a day if the bank is not the same as the one ita being sent to so bitcoin is pretty fast.
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.
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 
I think the main reason is bitcoin uses in dark market. People are affraid this coin to use as mode of payment because of that.Another reason is that there are too many HYIP scammed sites that uses bitcoin. Hence, alot of people were scammed and find bitcoin market isn't good so.
Well, there are some disadvantages. Like:-
- Hugely anonymous, it is hard to trace the any people involved in any transactions
- It has been used in past for illegal activities
- Only a very less percentage like around 3% or 5% are aware of the bitcoin technology
- Confirmation time getting slow and slow
- No one controls it, i.e, dependency on peer-to-peer network
that is why it has been used for illegal activities, because these criminals doesn't want to be trade by authorities although it is also good for us but there's still a disadvantages from being anonymous of this coin and that is we cannot trace someone if he does sent your coin to his wallet so it will impossible to identify who stole your coin.
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
I guess many people and company preventing from accepting bitcoin as their payment method because of its unstable price, as of now it decrease 770 to 749 in just a day, so company owner will always think about the future of there service, and as a technology bitcoin is on its way of processing and development, 
disadvantages of Bitcoin
Degree of acceptance the list remains small and still needs to grow in order to benefit from network effects
Volatility The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be
Ongoing development Bitcoin software is still in beta with many incomplete features in active development
Degree of acceptance the list remains small and still needs to grow in order to benefit from network effects
Volatility The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be
Ongoing development Bitcoin software is still in beta with many incomplete features in active development
Well, there are some disadvantages. Like:-
It looks you say all disadvantages of bitcoin? hahaa, it's true that it's very hard to track or trace the bitcoin address that's why it's using in illegal online activities like buying guns, drugs, and other illegal things and the main market is on the dark web that's very hard to access and it's restricted, last month i got leaked sites to some dark web link and i saw many illegal market sites that involved in bitcoin. - Hugely anonymous, it is hard to trace the any people involved in any transactions
- It has been used in past for illegal activities
- Only a very less percentage like around 3% or 5% are aware of the bitcoin technology
- Confirmation time getting slow and slow
- No one controls it, i.e, dependency on peer-to-peer network
Well, there are some disadvantages. Like:-
- Hugely anonymous, it is hard to trace the any people involved in any transactions
- It has been used in past for illegal activities
- Only a very less percentage like around 3% or 5% are aware of the bitcoin technology
- Confirmation time getting slow and slow
- No one controls it, i.e, dependency on peer-to-peer network
- It is yet to be stable
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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.
The concept is actually very easy to understand. There is fluctuation but I dont see this as a bad thing.the waiting time does such but some banks can take over a day if the bank is not the same as the one ita being sent to so bitcoin is pretty fast.
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
it is not yet introduced or adapted in other countries as a new way of payment system and maybe the unstable price and only a small percentage of world population already knows about it. also there's only few bitcoin atm and it is not yet able to use directly we still need to convert it to fiat nothing else for me aside from that.
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.
The concept is actually very easy to understand. There is fluctuation but I dont see this as a bad thing.the waiting time does such but some banks can take over a day if the bank is not the same as the one ita being sent to so bitcoin is pretty fast.
Who am I to judge, bitcoins are perfect for internet and online payments for now. I see some problems that bitcoin have, long confirmation time, its not yet ready for 7 billion people, some countries don't have nice opinion about bitcoins, problems not disadvantages.
In my view most significant cons are:
1. It is very difficult to be explained and used by people who have little to do with the internet and computers in general.
2. Too slow in relation to the credit / debit cards in daily micro payments that are more frequent at most people.
3. Perhaps hostility policy of various governments which have as their interest to defend their national currency.
1. Mostly on the 3rd country.1. It is very difficult to be explained and used by people who have little to do with the internet and computers in general.
2. Too slow in relation to the credit / debit cards in daily micro payments that are more frequent at most people.
3. Perhaps hostility policy of various governments which have as their interest to defend their national currency.
2. The fees is so high and it makes the people wasn't using it right now.
3. If they can't realize the bitcoin as a digital option and I don't see something was becoming cons, if they can do that. They just keep the image.
The main disadvantage Bitcoin has is its popularity. Unfortunately it's unpopular in the world and we don't have many shops that accept Bitcoin, but on the other hand it's a good thing because we can still gather more people which would make the price and the volume rise. I'm expecting a lot of people to join in the next few years.
I'd say the wallets. Many people still find it difficult to find their way in the system that requires address management, backups and use of third party software to track the coins. Compared to a typical bank API it's at least three times more difficult. Of course it will change in time, the younger generation, used to smartphones, will call it user friendly environment.
Lack of Bitcoins is that this is a new virtual currency does not provided, but to demand. If demand falls, the price for it, too, will fall.
Most biggest disadvantage of bitcoin according to me is that if your wallet is lost then it cannot be recovered without any backup.
Most biggest disadvantage of bitcoin according to me is that if your wallet is lost then it cannot be recovered without any backup.
This is one of the problems, but it could not be different, if the user is the only person who has control of the coins. But the fact that the user is the only person with this control is one of the advantages of using Bitcoin. One way to avoid losing access to the wallets is backing up in multiple devices. 
In my view most significant cons are:
1. It is very difficult to be explained and used by people who have little to do with the internet and computers in general.
2. Too slow in relation to the credit / debit cards in daily micro payments that are more frequent at most people.
3. Perhaps hostility policy of various governments which have as their interest to defend their national currency.
1. It is very difficult to be explained and used by people who have little to do with the internet and computers in general.
2. Too slow in relation to the credit / debit cards in daily micro payments that are more frequent at most people.
3. Perhaps hostility policy of various governments which have as their interest to defend their national currency.
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