What do you think are the biggest disadvantages of Bitcoin? - page 91.

serjent05

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Quote from: altcoinnxt on December 03, 2016, 01:18:35 AM

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.

Ayers

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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

sabbirshm

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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.

Rizky Aditya

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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.

error08

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Quote from: Red-Apple on November 30, 2016, 09:19:26 AM

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.

altcoinnxt

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waiting time on transactions and the price instability

Natalim

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Quote from: (altair) on December 03, 2016, 12:34:12 AM

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.

nanay777

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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.

(altair)

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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.

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Quote from: Fatanut on December 02, 2016, 10:05:45 PM

Quote from: kryptqnick on December 02, 2016, 02:01:53 PM

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.

Thats what im thinking too on why some countries would able to ban bitcoin hence there only a few on its population do use it and i dont see anything threat into it. Back to OP i dont see any drawbacks on bitcoin but it has a negative side and thats its anonymity because some people would really make some advantage of it thats why they made illegal and government made such actions.

Fatanut

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Quote from: kryptqnick on December 02, 2016, 02:01:53 PM

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.

kryptqnick

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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.

calkob

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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.

eternalgloom

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Quote from: ufaiz50 on December 01, 2016, 08:19:37 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

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.

Having to wait for confirmations isn't really a disadvantage, since you do have control over how much fees you send.
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.

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Quote from: jacaf01 on December 02, 2016, 09:53:18 AM

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.

wxa7115

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Quote from: jossiel on December 01, 2016, 07:11:31 PM

Quote from: charmingfreddie on December 01, 2016, 06:07:17 PM

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.

I think he meant the speed of the transactions that has been particularly slow in the last weeks but tat can be solved by adding a bigger fee to the miners and you can get confirmation in just a few minutes.

jacaf01

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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.

mastica

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The only disadvantage that bitcoin does have is the time of the confirmations, besides that i dont see anything else that is a problem at bitcoin, since we can play with its volatilaty, and there are low fees associated to the transactions. But the time that takes to confirm transactions is part of the high security system.

btccashacc

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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

Well we all know that the confirmation time is a huge problem for bitcoin if it used as payment method, if bitcoin really accepted globally i couldn't imagine if i stand on line at supermarket and all of people out there pay with bitcoin, It obviously will take much time waiting for confirmation for this reason i think people will not use it. The other thing is governments regulation to the bitcoin, bitcoin will be banned in some countries and its preventing bitcoin as mainstream payment method.

Quote from: Xenophoto on December 02, 2016, 06:26:38 AM

Quote from: Sithara007 on December 02, 2016, 02:43:36 AM

For me, the following are the biggest disadvantages:

1. Confirmation time
2. Lack of acceptability
3. Volatile exchange rates
4. Difficulty in storing them
5. Increasing transaction fee

What? How can you think at those as disadvantage. The volatility in the market lets you earn profit by just holding your coins. In just 24 hours, we increased from 736$ to 769$ this day. How can that be listed in the disadvantages? Only people who doesn't know how to wait would think of volatility as a disadvantage. You can easily make money out of it.

I don't think it's difficult to store bitcoins at all. You just have to create wallet in blockchain and then make it secure. There are other wallets that are secure but I don't think it's difficult to use.

The centavos that you pay for? Are you serious? Compare that to how much fee you have to pay for when you send money in fiat. Bitcoin is almost transaction fee-less.

I might disagree with number 4 and 5, i think is not too hard for storing bitcoin, you know what it's really easy to create a new wallet rather than open an bank account, if you worry about the security, hacking, or something as long as you keep your private key is safe then your bitcoin will be safe. About the fee i heard that fee decreasing from time to time ( correct me if iam wrong ) however the fee is not huge amount if you compare to paypal and western union's fee.

BlackPanda

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are the weaknesses bitcoin is that price movements are very easy to change. many people who are concerned to invest in bitcoin. they are afraid of losing money that they have.

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