Topic: What do you think are the biggest disadvantages of Bitcoin? - page 91. (Read 76730 times)
I am just new in this technology but the waiting time to confirm a payment is the one big advantage,my friend send me bitcoin and it took 5 hours to confirm but I read that if you increase the transactions fee it will confirm fast.
For now, the disadvantage of bitcoin is that it is not yet implemented or accepted by other countries. Second is that bitcoin is only popular to computer enthusiast. People need to educate n terms of bitcoin and needs time before they can understand it.And lastly bitcoin is not really popula in poor countries because it needs internet to use it.
The biggest disadvantage of bitcoin for me is its anonymous transaction. Thieves or terrorists in the deepweb that uses bitcoin will be difficult to track. Also hyips or ponzis sites owners is difficult to track because of that feature. They just create unlimited numbers of those sites to scam the bitcoin of people.
This is indeed true and I also think that the confirms are playing a role too, I think its a very big disadvantage.
waiting time on transactions and the price instability
This had been the issue eversince, and another thing is that, the manipulation of price, news and many other things that can affect bitcoin price. I like the volatility but how it is affected on every single news, that is crazy, I think that is bitcoin being unstable. Government not recognizing it as currency that is one of the disadvantages too.
for me is
china controlling almost all the mining scene
price is too easy manipulated at this stage
adoption will be very slow if nothing happen on some major merchant, like accepting bitcoin
china controlling almost all the mining scene
price is too easy manipulated at this stage
adoption will be very slow if nothing happen on some major merchant, like accepting bitcoin
I think these are the disadvantages
1.Government cant control bitcoin so that many people consider it as illegal.
2.We cant use bitcoin everywhere because all shops doesnt accept bitcoin.
3.sometimes many exchange sites get hacked or scam so people stop using bitcoin.
1.Government cant control bitcoin so that many people consider it as illegal.
2.We cant use bitcoin everywhere because all shops doesnt accept bitcoin.
3.sometimes many exchange sites get hacked or scam so people stop using bitcoin.
I hate how not many people use Bitcoin. It is really annoying when you want to buy something with your Bitcoin and you find out that the seller doesn't accept anything other than Paypal. You then have to use you Bitcoin on something else or deposit Bitcoin into a Bitcoin debit card which can be used on Paypal, which ruins the purpose of Bitcoin. I just really wish that more people would use it.
i personally have trouble with two things:
1) the volatility, which i believe is one of the reasons why bitcoin is not really seen as a currency but more of an asset to invest in and make profit and then leave to use the fiat profit you earned.
2) the fact that we need an upgrade (the block size) and we are having a very hard time coming up with a solution which everybody agrees on.
I agree with you, those are two things that prevents bitcoin to get more adoption and higher price. Whenever we seen the price rise, many people selling their coins. The block size become a problem now as more transactions every day. But I think the most disadvantage of bitcoin is security issues of hacked, your coins will gone for good. 1) the volatility, which i believe is one of the reasons why bitcoin is not really seen as a currency but more of an asset to invest in and make profit and then leave to use the fiat profit you earned.
2) the fact that we need an upgrade (the block size) and we are having a very hard time coming up with a solution which everybody agrees on.
waiting time on transactions and the price instability
The biggest disadvantage of bitcoin for me is its anonymous transaction. Thieves or terrorists in the deepweb that uses bitcoin will be difficult to track. Also hyips or ponzis sites owners is difficult to track because of that feature. They just create unlimited numbers of those sites to scam the bitcoin of people.
Well, I guess it's not a disadvantage otherwise bitcoin will not be supported by it's supporters. It's the main attraction of the adopters why they are using bitcoin because the want to be anonymous online so they can do whatever they want to do with their bitcoins. That is what you called complete freedom and only bitcoin offers such freedom.
There are many countries in the world has not recognized bitcoin, there is no legal document binding it.In addition, an important reason is that the price of bitcoin is not stable.
The biggest disadvantage of bitcoin for me is its anonymous transaction. Thieves or terrorists in the deepweb that uses bitcoin will be difficult to track. Also hyips or ponzis sites owners is difficult to track because of that feature. They just create unlimited numbers of those sites to scam the bitcoin of people.
I would say that the biggest is that to use the money we usually have to exchange it into fiat, because you can't use bitcoin in everyday life at all. The next disadvantage is that there aren't many ways and places to exchange Bitcoin. The third is its half-illegal status in most of the countries.
I'm not sure why are other people say that bitcoin is illegal/banned in their country. There's not that much bitcoin users. There's just like 1 million of us worldwide. That means in every country, there's just a few thousand people using it. In a country, there's usually millions of people. I don't know why would their government prioritize banning bitcoins over all the other issues their country has.
Consider bitcoin as a foreign currency that you have to convert to your local currency first. If you live in the Philippines, you would have to convert your dollars first into their local currency before you can buy something. Basically the same thing as what you do when you're using bitcoins.
I would say that the biggest is that to use the money we usually have to exchange it into fiat, because you can't use bitcoin in everyday life at all. The next disadvantage is that there aren't many ways and places to exchange Bitcoin. The third is its half-illegal status in most of the countries.
I'm not sure why are other people say that bitcoin is illegal/banned in their country. There's not that much bitcoin users. There's just like 1 million of us worldwide. That means in every country, there's just a few thousand people using it. In a country, there's usually millions of people. I don't know why would their government prioritize banning bitcoins over all the other issues their country has.
Consider bitcoin as a foreign currency that you have to convert to your local currency first. If you live in the Philippines, you would have to convert your dollars first into their local currency before you can buy something. Basically the same thing as what you do when you're using bitcoins.
I would say that the biggest is that to use the money we usually have to exchange it into fiat, because you can't use bitcoin in everyday life at all. The next disadvantage is that there aren't many ways and places to exchange Bitcoin. The third is its half-illegal status in most of the countries.
At the minute one of the biggest disadvantages is the addresses people just dont get it, i mean those with no tech back ground and even if they tried to use bitcoin they would prob end up losing their funds either through a scam or just plain neglect of passwords or private keys.
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 
maybe because bitcoin is anonym to keep the purchase that is illegal, I think the main problem is the need to wait for confirmation of bitcoin transactions that may be a bit long.I can understand it might be a bit of a problem for payments in a regular store, but for online payments this isn't really a problem.
Securing Bitcoin is for me the biggest disadvantage, how will you teach a village woman who is not expose to IT that her money is this private number and address, and must be protected. It sound abstract to people in this level and for Bitcoin to penetrate the unbank segment of the economy this issue must be addressed.
this is funny because a village woman is not usually thinking about investing her money so she certainly is not thinking about investing in bitcoin and if it is in one of those developing countries where they have no access to technology,... they certainly are not thinking about investment of any kind.
besides bitcoin is the easiest thing to secure. anything else that you buy (stocks, gold, ....) are either not-store-able or you have to leave them with a third party. but you can easily buy a hardware wallet and keep millions of dollar in a tiny thing.
For the user the biggest disadvantage is its way to slow and too difficult to get.
What do you mean by its way is slow? Do you mean it is slow to get bitcoins? There are a lot of ways to get bitcoins and it depends on what you prefer.
I don't find it as disadvantage either because if we will compare it to real money, it is just the same thing that we are going to have hard time to get it.
That's why we are working with some ways to get bitcoin but it just going to depend on how you are going to work hard for it.
Securing Bitcoin is for me the biggest disadvantage, how will you teach a village woman who is not expose to IT that her money is this private number and address, and must be protected. It sound abstract to people in this level and for Bitcoin to penetrate the unbank segment of the economy this issue must be addressed.
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