Topic: What do you think are the biggest disadvantages of Bitcoin? - page 92. (Read 76730 times)
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.
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 
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.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
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.
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.
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
Volatility and acceptance rate. Bitcoin is extremely volatile and the prices can fluctuate as much as 30% each day and people wouldn't want to invest into Bitcoin and lose money. The acceptance rate of Bitcoin is very low in brick-and-motar stores. It is a rare sight to see stores accepting Bitcoin in real life. The number of users using Bitcoin is too low for it to be justifiable to accept Bitcoin.
For me the top two is volatility and hassle. To explain further, volatility is something that affects even the most experienced bitcoin user, unless you understand the way the market works you will not know if BTC will go up or down one day, because of that its not good to have large amount of BTC without turning it into fiat in my opinion. Secondly, even though its getting easier and easier to get BTC with new websites and even AMT'S popping up in some countries, to most people it is a hassle, they just rather get regular money. Another big risk is security, that ties along with hassle, it is a hassle to completely secure your BTC.
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
I agree with you . until now the biggest problem bitcoin is a confirmation that require several minutes. even when we just give a little fee. we will take that much longer. I was worried that the longer, the delivery time will be slower. This is worth considering.1. Confirmation time
2. Lack of acceptability
3. Volatile exchange rates
4. Difficulty in storing them
5. Increasing transaction fee
That is certainly true, but I think it all is not a problem. For we just wait until some minutes and it is not a big problem if the fee that we give in accordance with the recommendations or standards have been determined from the bitcoin. So, you need not worry about the confirmation of this issue because now mining the difficulty level is quite high, so it is sometimes quite difficult to conduct mining confirmation because large blocks and hard
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
I agree with you . until now the biggest problem bitcoin is a confirmation that require several minutes. even when we just give a little fee. we will take that much longer. I was worried that the longer, the delivery time will be slower. This is worth considering. 1. Confirmation time
2. Lack of acceptability
3. Volatile exchange rates
4. Difficulty in storing them
5. Increasing transaction fee
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
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.
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
1. Confirmation time
2. Lack of acceptability
3. Volatile exchange rates
4. Difficulty in storing them
5. Increasing transaction fee
I think for right now the biggest disadvantages of bitcoins is if segwit be actived, the reasons are:
SegWit and lightening network would freeze onchain scaling.
And Lighting Network will cause centralization in offchain payment nodes, then the government could easily apply regulation.
Must there are other solution about it and there are no war between developer vs miners.
SegWit and lightening network would freeze onchain scaling.
And Lighting Network will cause centralization in offchain payment nodes, then the government could easily apply regulation.
Must there are other solution about it and there are no war between developer vs miners.
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.
The Biggest disadvantage of BTC is transaction time.
Now we are seeing lot's of people starting using BTC instead of bank account to save and send/receive money so transaction time really brings some problems for new users.
Another important disadvantages could be created by world banks, as main competitors of Bitcoin ecosystem.
Now we are seeing lot's of people starting using BTC instead of bank account to save and send/receive money so transaction time really brings some problems for new users.
Another important disadvantages could be created by world banks, as main competitors of Bitcoin ecosystem.
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 it is because of long time waiting for transaction confirmation. bitcoin technology is already good, but some people are not comfortable to wait at least 30 minutes when they do transaction because probably they need the thing they want to buy, but it will take long to get it because the seller will only give the stuff when it is already paid.
To people who complain that fact that bitcoin is not used widely - and it is not recognized as payment method is your favorite local shop (maybe it never will be) give it a rest.
Adoption is speeding, bitcoin awareness is rising just wait for it. The only real downside of Bitcoin as I see it now is "bandwidth" of the network - aka confirmation times.
Sometimes network is stuck with ridiculous amount of unconfirmed transaction - we have example of this problem happening right now: https://blockchain.info/unconfirmed-transactions
Adoption is speeding, bitcoin awareness is rising just wait for it. The only real downside of Bitcoin as I see it now is "bandwidth" of the network - aka confirmation times.
Sometimes network is stuck with ridiculous amount of unconfirmed transaction - we have example of this problem happening right now: https://blockchain.info/unconfirmed-transactions
The biggest disadvantages of Bitcoin is that people do not use it widely. I live in a country where only a few people realize the benefits of bitcoin. Thus, there is no store, no shop, no ATM accept Bitcoin. Furthermore, Bitcoin does not have CEO or any company, so there is no advertising campaign which can make a significant effect to people's knowledge about Bitcoin and change people's thought about it
Right also in our country some thinks it is used for illegal transactions and for bad things. Though now some were open and becomes curious knowing bitcoin. I just hope it can expand more and be accepted by everyone because it can reall help the rich and the poor , they must know how good the bitcoin is.
Waiting times are a HASSLE! Rate is always dropping and going up so if a product is a certain amount and you have it but then an hour later the value decreases RIP. Lots of people still don't have BTC, they think it is some complex thing, but it's not. Those are a few disadvantages.
The biggest disadvantage of bitcoin, I'd must say the time of confirmations and transactions. I'm not saying it's not the wide usage of bitcoins because it's not the disadvantage of bitcoin directly. I can't really think of any more disadvantages right now, and I don't think there are many, maybe some more technical. Also, the "disadvantage" of bitcoin not being wide spread, like some users say here, will disappear with time.
The biggest disadvantages of Bitcoin is that people do not use it widely. I live in a country where only a few people realize the benefits of bitcoin. Thus, there is no store, no shop, no ATM accept Bitcoin. Furthermore, Bitcoin does not have CEO or any company, so there is no advertising campaign which can make a significant effect to people's knowledge about Bitcoin and change people's thought about it
This is probably the biggest factor. If nobody knows about it, nobody is going to use it.
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.
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