Topic: What do you think is the biggest disadvantage of bitcoin? - page 2. (Read 1922 times)
Bitcoin has a lot of disadvantages such us internet and transaction fees. Without internet connection or Mobile date we can't use bitcoin that's why it's difficult for people live in a remote areas to adopt bitcoin because they are lack in electricity supply, no internet connection and not capable to buy cellphone and other gadget that can be use for using bitcoin and other cryptocurrency. Bitcoin transaction fees are too high, and maybe it bitcoins value continue to increase ,the transaction fee for it will also increase.
The point you raised as the fee issue I am also supporting the motion but for me the other disadvantage I see will not be from Bitcoin but from the holder not being able to hold long enough to before selling.
I never imagine the fee to become one of its disadvantages but seeing how fees right now are also achieving another ATH. Lol! However, people and other users can still say that Bitcoin is still another financial income generator and its fee is part on how we can transact using Btc's. Its a way to move our coins within the internet because its part of the internet and not part of any institution in the physical world.
I may be pointing the obvious here but the biggest obstacle to BTC and all the other crypto which leave the masses out is the volatility. The instability of the market worries everybody, I know we are far from getting this sorted but it is a no. 1 factor that an investor thinks about.
And, yh, the fees is another problem which is getting an in progress resolution.
Overall, there is still work to be done for BTC to become the biggest, stable crypto in the future, but atm it is what it is
can't be complaining much
And, yh, the fees is another problem which is getting an in progress resolution.
Overall, there is still work to be done for BTC to become the biggest, stable crypto in the future, but atm it is what it is
can't be complaining much I'm pointing out to disadvantage I possibly can affect bitcoin. Volatility and Flexibility. Bitcoin being volatile can be you biggest asset or greatest enemy because it would solely dependent on how you play the flow of the price so being disadvantageous or not would be case to case basis. As to flexibility small scale business can't still adapt to using bitcoin due to added transaction fees which will make the product more expensive than usual.
In terms of flexibility, there are those exchanges that accept transactions without any fees and it is almost instant. The problem though is that you should be using the same exchange or mobile wallet. Coins.ph do that service so I don't think he is a problem if that is the wallet people are using. But still, transaction fees and transaction time is a problem to some.
I'm pointing out two disadvantage that possibly can affect bitcoin. Volatility and Flexibility. Bitcoin being volatile can be you biggest asset or greatest enemy because it would solely dependent on how you play the flow of the price so being disadvantageous or not would be case to case basis. As to flexibility small scale business can't still adapt to using bitcoin due to added transaction fees which will make the product more expensive than usual.
Definitely transaction fees for me. For a transaction to get confirmed within reasonable-enough times to be able to use it for real life payments, the fees that needs to be included in the transactions is pretty high, and it isn't very feasible to do small transactions that are possible to do using fiat. Sometimes, I've seen lots of reports on the forums of accidentally carrying out transactions in which the fees was as much as 35% higher than the original amount that they were willing to transact. That's a major problem and I don't see any way of resolving it without the use of the Lightning network, which has its own slew of problems, mostly regarding fraudalent transaction possibility and over-reliance of the network on fund-concentrated nodes. Currently the bitcoin network, as it is, doesn't encourage small transaction amounts, due to the mining difficulty being so high already and ever-increasing.
The mempool just gets so much saturated when many transactions are going through, that sometimes even 1 single confirmation requires ~30mins, and usually 6 block confirmations are required for a transaction to get processed, so that takes a pretty long time, which wouldn't have been caused with fiat.
The mempool just gets so much saturated when many transactions are going through, that sometimes even 1 single confirmation requires ~30mins, and usually 6 block confirmations are required for a transaction to get processed, so that takes a pretty long time, which wouldn't have been caused with fiat.
In my opinion, the biggest issue with Bitcoin is scalability. Bitcoin was created to also perform as a payment system but with its scalability issue, it has now become only an asset. People are investing in it to make money more than using it as an alternate payment system.
Now, when there is an increase in bitcoin, the transaction fee will automatically increase. even though bitcoin is in concept for payment, but if the transaction is small-scale it requires
a fee of at least $ 3-10 This is a high cost. In addition, the volatility is high enough to make trading on bitcoin currently has a high investment risk category, apart from many people who
like the voting because it is suitable for trading in a short time.
a fee of at least $ 3-10 This is a high cost. In addition, the volatility is high enough to make trading on bitcoin currently has a high investment risk category, apart from many people who
like the voting because it is suitable for trading in a short time.
As all know, the disadvantages of Bitcoin are highly paid fees, late confirmation, unsecure main systems, highly volatile, compared by many, etc. Having that it is the number one digital currency but offline it has a more complex situation. In my sense, the most important disadvantage is scams in BTC.
In my opinion, the blockchain technology that bitcoin offers increases security, but in contrast, the risk of not inheriting assets. The acceptance of bitcoin or cryptocurrencies means your survival rate matters most. The risk that you and the Transfer Gas is born from cannot be attributed to those characteristics. Of course, the higher the value of bitcoin - the higher the transfer gas. This attribute should accept. 
In my opinion, the biggest issue with Bitcoin is scalability. Bitcoin was created to also perform as a payment system but with its scalability issue, it has now become only an asset. People are investing in it to make money more than using it as an alternate payment system.
In my opinion volatility of bitcoin is one of the big disadvantage.For this reason many traders are lose their money.If bitcoin volatility slow down then everyone will feel free invest on bitcoin.
I personally feel that utilizing illicit bitcoin is a major weakness and that is the motivation behind why numerous nations don't acknowledge it.
At the point when we send money to somebody for criminal operations, the bank makes a move promptly and capture you.
The reality is the bank has the capacity to follow fiat exchange and know where our cash goes.
Lawbreakers are very much aware of it and they utilize bitcoin so banks can not way to deal with it. Else I never observe bitcoins has any detriment.
At the point when we send money to somebody for criminal operations, the bank makes a move promptly and capture you.
The reality is the bank has the capacity to follow fiat exchange and know where our cash goes.
Lawbreakers are very much aware of it and they utilize bitcoin so banks can not way to deal with it. Else I never observe bitcoins has any detriment.
From time to time, Bitcoin transaction fees are quite annoying especially if this who make daily transactions and not just hold it. Solutions are on the way though. Lightning network should solve this issue, but it needs more development work and adoption.
I do think the advantages Bitcoin brings to the table far outweigh the periodic surge in fees.
I do think the advantages Bitcoin brings to the table far outweigh the periodic surge in fees.
I think high fees aren't a disadvantage of bitcoin properly, but a network one. Or at least a temporary disadvantage of dealing with bitcoins, which can be solved in the future.
I see it as an disadvantage. But that really stops someone to send a transaction if it's unnecessary and the fees being asked is that much. Well, one can say that high fees are really a disadvantage and if you're too meticulous with the fees.You'll see it as an advantage or sometimes if you don't have much and the fees are a lot, it is dismaying.
If it's not for its volatility, everybody wouldn't see the advantage that it will make you gain through taking a high risk. And that's a high reward part for us, investors. It's still a currency and is used together with its attributes.
In my impression Bitcoin has not been legalized which has stemmed from numerous communities earmarking violations with Bitcoin. Since Bitcoin has anonymity, no one can recognize it and can be effortlessly defrauded. There are multiple categories of disadvantages but this is an enormous one for me.
Bitcoin has a number of disadvantages. Let me list out a few even though everyone knows about it,
1. High fees - yes, it's not a regular problem but it keeps on popping up
2. Confirmation time - on an average, a bitcoin transaction takes around 30 minutes to get 3 confirmations. Usually 1 confirmation is fine but majority of the websites look for 3 confirmation before they can accept it as a valid payment
3. Psuedo anonymous - many see it as a benefit of using bitcoin but that's the only reason why bitcoin is increasingly being used by illegal miscreants or terrorists. That's worrying - look at Europe now!
Bitcoin was never an ideal medium of exchange, rather it was always an investment or an avenue to hide income for majority of us!
1. High fees - yes, it's not a regular problem but it keeps on popping up
2. Confirmation time - on an average, a bitcoin transaction takes around 30 minutes to get 3 confirmations. Usually 1 confirmation is fine but majority of the websites look for 3 confirmation before they can accept it as a valid payment
3. Psuedo anonymous - many see it as a benefit of using bitcoin but that's the only reason why bitcoin is increasingly being used by illegal miscreants or terrorists. That's worrying - look at Europe now!
Bitcoin was never an ideal medium of exchange, rather it was always an investment or an avenue to hide income for majority of us!
You're totally right. I absolutely agree with you. I tried sending some bitcoins just today and I was amazed I had to a very fee of about $10 to send coins worth $75. That's a whole lot and it discourages users from using bitcoin and prevents new users from being users.
Secondly, just he said, confirmation time is really an issue. One have to wait for quite a while for confirmations to be made before it can be valid. I made a transaction some time ago and I had to wait for 10 confirmations. It's terrible, you know. 10 confirmations.
Pseudo anonymous isn't a disadvantage to me. It is part of what makes bitcoin, bitcoin. There isn't much to be done about that
The biggest disadvantage of bitcoin is unpredictable.
Bitcoin is unpredictable all over the world, that is really causing many users wondering why people don't know when it will start pumping in the market and when it will dump in the market. Bitcoin is still rising in the market that is making some traders to trade with fear because they don't know when it will dump in the market.
Bitcoin is unpredictable all over the world, that is really causing many users wondering why people don't know when it will start pumping in the market and when it will dump in the market. Bitcoin is still rising in the market that is making some traders to trade with fear because they don't know when it will dump in the market.
There are two biggest disadvantage of bitcoin for me. First is the transaction time, most of the time even if you use recommended fees transactions can still take hours before getting confirmed and credited on the other parties wallet. The second one is the irreversible of each actions in bitcoin blockchain, there is no turning back no disputes no matter how valid your reason is once gone is gone forever is real in bitcoin.
High transaction fee is the biggest disadvantage of Bitcoin, but it isn't the only one. What's about high volatility? It makes Bitcoin a worthy investment and not so cool medium of exchange. And the network is so slow. Sometimes it takes up to a couple of days to get Bitcoin transactions approved.
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