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...
Topic: What do you think are the biggest disadvantages of Bitcoin? - page 95. (Read 76730 times)
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.
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
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
I don't think something as the disadvantages of bitcoin or blockchain technology. People without experiencing the goodness indicate it as an failed technology but in reality everyone are in much temptation to implement blockchain technology into their working sectors. It is true that future technology development will grow with blockchain as the base.
I think the most important things is to accelerate the transaction speed, it can't be implemented by store if the customer need to wait hours to purchase a things and then there is still a lot of people doesn't know what is bitcoin and also the unstable price makes the store difficult to predict the profit
I think a number of things.
These are just a few that come to mind right now.
- The fact that nobody can control it.
- The instability of the price.
- The inability to charge crazy bank like fees for using it.
- The fact that it is almost anonymous.
- It wasn't created by 'them'.
- Still a new technology, unproven.
- Has received a lot of negativity, bad press & illegal happenings.
These are just a few that come to mind right now.
For Bitcoin to become mainstream it should change the entirely current financial system and that is not easy and can't be done over night.
Bitcoin is stil considered to be something new and experimental, it's cryptocurrency which time is yet to come.
Bitcoin is stil considered to be something new and experimental, it's cryptocurrency which time is yet to come.
Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.
What's preventing Bitcoins from being accepted as mainstream payment forms?
people are used to their old ways of doing things, they don't usually want to change and give up using banks and third parties to do business. besides bitcoin is still new and it is not even capable of handling mainstream payment. we are having trouble handling transactions as it is, and apparently consensus can not be reached anytime soon.
Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.
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 
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