What do you think are the biggest disadvantages of Bitcoin? - page 94.

amacar2

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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?

Simple answer is mainstream wants bitcoin to have stable price like cash but bitcoin can't have stable price.

Why you think bitpay like third party are being used by majority of big merchants, because they don't like to loss any cents on price volatility. They are accepting bitcoin just to reach next bunch of potential buyers who want to pay with bitcoin.

R3ffun

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i think not stable price one of disadvantages and sometimes this is hurt for bitcoin users although huge price increase is happinest for user

Yakamoto

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The single biggest disadvantage that Bitcoin has is by far the time it takes to confirm a transaction, either with one, two or three confirmations. There is no point when it comes to having more than one confirmation imo, but even then it can take between 10 to 30 minutes to confirm a single transaction, something not realistically possible for normal purchases.

Zadicar

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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

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.

avatar_kiyoshi

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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

Not really will be use worldwide as over 80% population on this planet.
- As designed as alternative currency at first place.
- Have limited supply.
- Hard to track(this why government hate) but possible to tracked.
- Volatile, this why people who not have interest with geek technology considering hundred times.
- Decentralized (all government hated this so much). And some people can't protect their asset.
- Has been bad stamp since silk road.

titibach

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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

Bitcointalk is probably one of Bitcoins biggest drawbacks. People get interested in Bitcoin then come to this shitshow and get put off from all the signature spammers and deluded wanna be rich assholes. Just get a job, you will never create a successful blockchain and further more, crypto doesn't need it.

olubams

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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...

Kprawn

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The fact that Bitcoin can only be mined with large scale Asic farms and not with normal computers. Just imagine if everyone could mine something

like Bitcoin on a simple computer again, like back in the old days. Someone should find a way to make Bitcoin or another coin Asic-proof so normal

people could mine again. If computers or appliances could pay for their own electricity cost, it would enormous. Grin

Mastsetad

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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

The fact that it is not controllable at first place, and secondly it is not yet known by everyone in the world, we are even not 2% of the world's population right now, so how come a government would bring something to a country where peope does not even know about it nor they know how to use it.

AlRubyx

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Quote from: Dmitry.Vastov on November 30, 2016, 09:59:42 AM

For me, the biggest dksadvantage of bitcoin is; it is not widely accepted. Infact, some countries are banned this kind of technology. If you want the list here https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country. Second, it has no physical form. You cannot spend it ti any physical stores. Only few stores are accepting bitcoin. You need to convert it to cash in able to buy. Third, bitcoin can be lost. Just like physical.money, it can be lost. For example. You have stored your btc at your pc, but the pc crashes. Your wallet is lost and also your btc.

For me the biggest disadvantage of bitcoin is fucking people like you deciding to use it as an excuse to scam people out of their fucking money instead of being a contribution to society that deserves the breath you take https://bitcointalksearch.org/topic/dmitryvastov-is-a-scammer-1439440

Dmitry.Vastov

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For me, the biggest dksadvantage of bitcoin is; it is not widely accepted. Infact, some countries are banned this kind of technology. If you want the list here https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country. Second, it has no physical form. You cannot spend it ti any physical stores. Only few stores are accepting bitcoin. You need to convert it to cash in able to buy. Third, bitcoin can be lost. Just like physical.money, it can be lost. For example. You have stored your btc at your pc, but the pc crashes. Your wallet is lost and also your btc.

jonahmarieaton101

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The biggest disadvantages of bitcoin is that bitcoin can be stolen by anyone in many ways. Bitcoin service providers can be hard to trust, but even if it is, we must to trust bitcoin. You joined in the field of bitcoin then it means you trust it. There is a lack of acceptance, lack of protection because it is not considered as legal in most countries in the world.

davis196

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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

It`s irreversible-in some cases it`s a disadvantage,in other cases it`s advantage.

The price isn`t stable sometimes-it`s an advantage and also a disadvantage sometimes.

For me the biggest disadvantage of btc is that i don`t have enough bitcoins Grin

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Sir Alpha_goy

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The pizza to BTC ratio has dramatically changed.

http://lunaticoutpost.com/thread-713227.html

Now what?

Red-Apple

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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.

BitHodler

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It depends on how you use Bitcoin. I for example don't really experience anything negative to the point that it should/could be improved.

If I have to write down a less attractive feature anyway, then it would probably be the time it takes for a transaction to get confirmed.

Instead of 10 minutes block times I would choose for 1 or 2 minute block times. Mainly because of the fact that it would make it much more suitable for being used as currency.

yayayo

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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

The aspects of Bitcoin that would need to be changed for rapid mainstream adoption are not necessarily the ones that I'd like to see being changed.

For example, Bitcoin is a pseudonymous currency. In my view this is a plus. But it would be even better if it were a truly anonymous currency, making financial surveillance by the ruling authoritarians impossible. That however isn't improving the prospect of mainstream adoption, because the governmental control freaks like to do surveillance and will harass and threaten corporations and individuals who do not comply.

So mainstream adoption at all costs is definitely not a desirable goal if it means that Bitcoin's core values are surrendered in the process.

Instead of starting the 1000th altcoin clone, consider contributing to Bitcoin Core if you really have some competence. We don't need yet another premine scam.

ya.ya.yo!

SheHadMANHands

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One of the big disadvantages of bitcoin is the price instability....

its good for the "investors" and those who believe in bitcoin, but for the normal average joe, it can be too much volatility.

Another weakness is the lack of ways to easily get bitcoins in most countries...

bitbunnny

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The main things that are bitcoins advantages are at the same time its' disadvantages. Independency and decentralization. There is no central body to control and regulate it and in financial world that is almost impossible and not acceptable. Also the speed of transactions could be disadvantage, cause sometimes they are very slow.

Wandering Soul~

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Wolf

It needs time and improvement, for bitcoin to become a mainstream payment system and most of us believed that it is only a matter of time before this happens .

These are the reasons I can think of why most especially large companies still won't accept bitcoin as a payment method:

1). Pseudonymous, It will be hard to trace the person behind a transaction .
2). Its past involvement with illegal activities (ex. Silk road )
3). Has a potential to be use and still being used for illegal activities .
4). Confirmation time getting slow and slow
5). No one controls it

Topic: What do you think are the biggest disadvantages of Bitcoin? - page 94. (Read 76788 times)