What do you think are the biggest disadvantages of Bitcoin? - page 92.

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

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

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.

manbitcoinlover

member

Activity: 168

Merit: 12

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.

Sir Alpha_goy

sr. member

Activity: 448

Merit: 250

The executed DOJ order:
https://www.justice.gov/opa/press-release/file/914226/download

Capradina

hero member

Activity: 756

Merit: 520

Quote from: iqlimasyadiqa on December 02, 2016, 07:46:08 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

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.

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

iqlimasyadiqa

legendary

Activity: 1596

Merit: 1011

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

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.

Xenophoto

hero member

Activity: 826

Merit: 502

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.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

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

CraigWrightBTC

hero member

Activity: 518

Merit: 500

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.

ufaiz50

hero member

Activity: 1666

Merit: 502

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.

RogerRabbit

newbie

Activity: 20

Merit: 0

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.

nara1892

hero member

Activity: 1792

Merit: 728

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

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.

Snorek

legendary

Activity: 1400

Merit: 1001

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

vasrasus

hero member

Activity: 946

Merit: 500

Bcnex - The Ultimate Blockchain Trading Platform

Quote from: Blitzboy on December 01, 2016, 05:27:39 PM

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.

discodancer

sr. member

Activity: 378

Merit: 250

Time is Money - Benjamin Franklin

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.

Tyrantt

hero member

Activity: 1022

Merit: 564

Need some spare btc for a new PC

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.

donalddlanod

newbie

Activity: 28

Merit: 0

Quote from: Blitzboy on December 01, 2016, 05:27:39 PM

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.

jossiel

hero member

Activity: 3220

Merit: 636

DGbet.fun - Crypto Sportsbook

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.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

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

In my opinion one of the biggest problem is ease of use, while for me bitcoin is very straightforward and easy to use I understand I’m not the average computer user, so I’m sure there are going to be a lot of funds lost because people forget their passwords and they never made a backup of their wallets in the same way that people lose valuable information for not doing that right now.

charmingfreddie

newbie

Activity: 48

Merit: 0

For the user the biggest disadvantage is its way to slow and too difficult to get.

john2231

hero member

Activity: 924

Merit: 1001

Quote from: rizkyhiw on December 01, 2016, 05:21:42 PM

Quote from: royalfestus on December 01, 2016, 05:11:35 PM

the challenge I have is people's reaction to adopting the technology of the exchange. people'_s believe in fiat than virtual currency. access to my treasury when internet is not available gives headache

yeah that's true , since internet is the most important part in bitcoin
so once there is no internet, you will lost access to your money
and also bitcoin irreversible make you have to send money carefully
as when you put a wrong address or wrong amount there is no option to get back your money.

That is why here we have an escrow to deal to someone not trusted like newbie asking for loan.. because the disadvantage of no charge back are abusing from other users to scam people.. and yeah bitcoins works only in the internet and i think it would not happen this following year but maybe in decades we will seen the internet will goes down. for now better to enjoy what is the good advantage of bitcoin since it is gradually more people discover it..

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 92. (Read 76788 times)