What do you think are the biggest disadvantages of Bitcoin? - page 93.

wxa7115

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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

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

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

john2231

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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..

Blitzboy

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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

puddlejumperzz

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Dont you just love it when a newbie asks you who invented it - and you say nobody knows...

rizkyhiw

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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.

royalfestus

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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

jamyr

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<------

Hello.

Main Disadvantage will be the transaction effort. Everybody wants to be ahead of everybody. Confirmations can take sometime, which causes delay on our daily lives/tasks/business.

In addition, it is not well-regulated, so coinheads take advantage on some. For example payment reversal. All transaction must use escrow,(universal).

Hopefully it can be like checks, even if there is not enough funds on the account, we will have something to hold onto that can penalize the faulty.

crwth

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I think the main disadvantage of Bitcoin is that people who are not part of this community would often think Bad of Bitcoins. They maybe hearing news about hacking an exchange, high transaction fees, stolen coins, not secure ways to transact, etc. If people hear those kind of news, they would easily attach it to Bitcoin as negative and they will never even be open minded on the positive side of Bitcoin thus making Bitcoin not becoming a mainstream mode of exchange.

Supercrypt

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Quote from: Zadicar on November 30, 2016, 12:37:33 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

awareness and knowledge to technology is the biggest blockage on its adoption because people really lost their interest when we do tell them about. Bitcoin but If they don't have enough knowledge then the wil surely not bother to engage in it. Next, will be it's fluctuating price. People really don't like this thing in most cases.

I think the technology of bitcoin is a plus , maybe mainstream doesn’t have to come from understanding the details of it , if silicon valley keeps growing a base in bitcoin that means they will force it upon others and mainstream will start using it without know how blockchain works Cheesy

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Quote from: Hidemyname on December 01, 2016, 01:03:43 PM

I think the biggest disadvantage of bitcoin is its whole idea of anonymity where you can pay someone without even knowing or tracking them thats why there are so many scam sites this days. But im not really against it I even like the idea of investing and earning without giving my real information

happy earning guys

I think this not a main reason here the disadvantage that i know is the speed of the transaction and like other said anonymity because of illegal activity but i think it is not the case because illegal activities are still happen even in other currency or fiat..

Hidemyname

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I think the biggest disadvantage of bitcoin is its whole idea of anonymity where you can pay someone without even knowing or tracking them thats why there are so many scam sites this days. But im not really against it I even like the idea of investing and earning without giving my real information

happy earning guys

Kprawn

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Quote from: alexsandria on December 01, 2016, 09:35:42 AM

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, the biggest disadvantage of bitcoin they are using in illegal market pertaining dark market.

Most of investors are affraid of being scammed or being involved in the dark market yet it won't happen if they would not initiate in this kind of business.

How would you stop people from using any technology/currency for criminal acts? Bitcoin is money and money has value. People want money,

and some people would do anything for it. { Even sell their organs } The only way for someone to stop this, is to strip all anonymity, so that

all transactions could be traced, and this will never be accepted by the public. You would not want everyone to know what you buying and how

frequently you are buying it. Roll Eyes

alexsandria

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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

I think, the biggest disadvantage of bitcoin they are using in illegal market pertaining dark market.

Most of investors are affraid of being scammed or being involved in the dark market yet it won't happen if they would not initiate in this kind of business.

Fatanut

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Quote from: olubams on November 30, 2016, 10:23:20 AM

The greatest disadvantage from what I have experienced is the fact that Bitcoin transaction is irreversible even after a mistake is being made regarding a transaction or even when it is a scam transaction another is the fact that there is even no way to report a user or an address so individuals can be warned about that person or address. If this has settled, I am good with everything about Bitcoin...

There's no point in reporting a bitcoin wallet address. He can make hundreds/thousands of them in just a couple of seconds. Good thing if the scam did happen in this forum, you can open a scam accusation against the user and his account will have a negative trust from DT members. But nonetheless, you're not getting your money back.

Irreversible bitcoin payment is actually a really good thing if you're the seller. You know the money can't be disputed and once you received it, it's yours.

jeraldskie11

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To become the Bitcoin mainstream, the developer should be able to make an action. One of the disadvantages of Bitcoin is slow for transaction, I'll understand but they should update it.

BitcoinPanther

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Quote from: olubams on November 30, 2016, 10:23:20 AM

The greatest disadvantage from what I have experienced is the fact that Bitcoin transaction is irreversible even after a mistake is being made regarding a transaction or even when it is a scam transaction another is the fact that there is even no way to report a user or an address so individuals can be warned about that person or address. If this has settled, I am good with everything about Bitcoin...

I think this irreversible thing is solved thru multisig, but well we cannot deny the fact that many are not using this this feature of bitcoin.
I think another biggest disadvantage of Bitcoin is the confirmation time. It will never be in the mainstream if it will take 10 min. to several hours before the payment is credited.

mobnepal

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Quote from: Factmine on December 01, 2016, 07:52:47 AM

In my opinion, the biggest disadvantage of Bitcoin is the learning curve. It's hard to learn bitcoin especially when people has no clue what it is. This is, I believe, to be one of the hurdles bitcoin needs to surpass before it gets widely adopted by the public.

You don't need to learn like pro, there are several bitcoin web wallets which offer similar user interface like usual payment methods other than long bitcoin address in place of normal emails or usernames.

The one who just like to buy bitcoin and store them safely can use trading platform available to his/her country, save it in paper wallet or in hardware wallet for years and sell them when they think they have earned enough profit.

Biggest disadvantage Huh

There are few problems but that can solved with continuous update and development. Nothing to worry about...

traderethereum

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for me, i think the biggest disadvantages of bitcoin is the transaction process on blockchain because we've seen many people said that the transaction need too long to get complete or just to get 1 confirmations. but if the speed of transaction can be fix, then bitcoin user will be happy and don't have to wait to long, beside that it will make more people will be adopt bitcoin for the payments in future.

rababo

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IMO, the biggest bitcoin disadvantage is bitcoin can't be use as easy as fiat does because it's lack of adoption. Only few online/offline stores that accept bitcoin as payment also those stores are only available in few countries.
I hope bitcoin can be use for daily transaction in real life in future, therefore I don't need to bring cash and it makes me safer.

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