Topic: What do you think is the biggest disadvantage of bitcoin? - page 9. (Read 1934 times)
The biggest problem for me is the volatility of the bitcoin prices. The fees could be the second but it can be regulated. Volatility on the other hand is the biggest disadvantage because it can discourage potential investors when they look at the prices all through the years. We can control this although, it takes a whale to do that kind of control which is close to impossible.
I agree with the OP about the fee problem.
We got every problem with Bitcoin base on what we encountered. For me about these kinds of problems. There will be a problem always, it's like "with great power, comes with great responsibility".
It's like, you are good at this X, but you have Y weakness because you are good at that X.
For me, altcoins will help Bitcoin about the fee, or the lightning network that runs on top of Bitcoin.
We got every problem with Bitcoin base on what we encountered. For me about these kinds of problems. There will be a problem always, it's like "with great power, comes with great responsibility".
It's like, you are good at this X, but you have Y weakness because you are good at that X.
For me, altcoins will help Bitcoin about the fee, or the lightning network that runs on top of Bitcoin.
There are many reasons but I think the biggest disadvantage of Bitcoin as of now is the transaction fees.
I already felt the very high transaction fees as of now because I can't transfer my funds because of the high fees. I mean I can transfer but I can't bear that huge transaction fees and one thing more is that the total Bitcoin I have is low that I will only get at least half of the total if I will transfer it now.
I know that Bitcoin is considered a currency by other people and it has always been but with the problems and disadvantages of it, most of the users are just considering it as an investment or an asset.
.
I already felt the very high transaction fees as of now because I can't transfer my funds because of the high fees. I mean I can transfer but I can't bear that huge transaction fees and one thing more is that the total Bitcoin I have is low that I will only get at least half of the total if I will transfer it now.
I know that Bitcoin is considered a currency by other people and it has always been but with the problems and disadvantages of it, most of the users are just considering it as an investment or an asset.
Bitcoin was never an ideal medium of exchange, rather it was always an investment or an avenue to hide income for majority of us!
Bitcoin helped me hide my total income per month. I'd rather like that than showing my monthly income to the public . 
For me aside from Fee disadvantage ?since this may change and may be lower depend on our desire speed of transactions,because if we are not in a hurry i guess lowest fee that may took days or more is enough to use.
The other disadvantage is the Irreversible part of Bitcoin in which once you mistakenly sent this you have no chance of recovering this unless the receiving party is concern and honest( though this part is also advantage at some point).
The other disadvantage is the Irreversible part of Bitcoin in which once you mistakenly sent this you have no chance of recovering this unless the receiving party is concern and honest( though this part is also advantage at some point).
I think most people would answer that bitcoin's downside is its transaction fees and speed.
Bitcoin has a very high transaction fee and it is the big downside that makes it difficult for bitcoin to become a currency, imagine that you pay for a $ 5 item for $ 2 in fees.
But remember that Ethereum is following this trend as well,Because recently Ethereum Fee increases insignificantly also.and many users are having issue like what Bitcoin does. Bitcoin has a very high transaction fee and it is the big downside that makes it difficult for bitcoin to become a currency, imagine that you pay for a $ 5 item for $ 2 in fees.
Yeah, until now Bitcoin has yet to become a coffee currency. That is sad as it hinders the adoption of Bitcoin as a day-to-day medium of exchange. That is what a lot of people have in mind when speaking of adoption, that they can enjoy a cup of coffee or tea or pizza or a massage paying Bitcoin. I guess we have to wait for the Lightning Network to get fully rolled out to enjoy these.
For now, and notwithstanding the very slow pace of Bitcoin adoption as a coffee currency, the demand is still rising. Which means that despite the disillusionment of some as regards Bitcoin as a real currency, they have no plans to let go of Bitcoin. If you can't buy a cup of coffee with Bitcoin, at least you can take advantage of it so that you can buy two more with its value in fiat.
For now, and notwithstanding the very slow pace of Bitcoin adoption as a coffee currency, the demand is still rising. Which means that despite the disillusionment of some as regards Bitcoin as a real currency, they have no plans to let go of Bitcoin. If you can't buy a cup of coffee with Bitcoin, at least you can take advantage of it so that you can buy two more with its value in fiat.
I think most people would answer that bitcoin's downside is its transaction fees and speed.
Bitcoin has a very high transaction fee and it is the big downside that makes it difficult for bitcoin to become a currency, imagine that you pay for a $ 5 item for $ 2 in fees.
Implementation of Lightning Network would address and solve the issue of speed in transaction of Bitcoin, unfortunately LN is still in infancy stage, it complexity in it's mode operation is a big barrier, the present high fees has now become a regular occurrence whenever Bitcoin is experiencing a massive pump, a replica of the present high fees also occurred in 2017 when Bitcoin attained ATH..Bitcoin has a very high transaction fee and it is the big downside that makes it difficult for bitcoin to become a currency, imagine that you pay for a $ 5 item for $ 2 in fees.
Bitcoin scalability issue has to be addressed once and for all else the adoption of Bitcoin as a currency or payment gateway wouldn't become feasible, and will be a major drawback especially when the users demand peaked.
Up until now, most people see bitcoin as a place to invest and make a profit rather than a currency of exchange. And bitcoin also has a lot of limitations of which the biggest one is transaction fees. There won't be any transaction fees issues if you want to transfer large sums of money to a remote location, then the dollar fees seem very cheap. But if you want to pay off a few retail invoices then the cost of bitcoin is a big deal.
I think most people would answer that bitcoin's downside is its transaction fees and speed.
Bitcoin has a very high transaction fee and it is the big downside that makes it difficult for bitcoin to become a currency, imagine that you pay for a $ 5 item for $ 2 in fees.
Bitcoin has a very high transaction fee and it is the big downside that makes it difficult for bitcoin to become a currency, imagine that you pay for a $ 5 item for $ 2 in fees.
I agree to your point! Fiat has been used for centuries for all kind of illegal trades! Why?? It's because no other option was there! Gold biscuits and precious metals were also used for such illegal traders but they are minuscule.
actually the main reason for using fiat is that it is a lot easier to hide illegal transactions using fiat than it is to hide them on a public ledger that anybody can see with click of a button.
laundering fiat is also a lot easier than laundering cryptocurrencies.
Bitcoin always had one weakness and this weakness is also a great advantage which will allow anyone to transfer any amount of money anonymously because by abusing this advantage any terrorist or illegal gun/drug dealer can anonymously trade illegal good, however this can be also a great advantage because we won't deal with the corrupted systems of governments. Also, the other disadvantage is the confirmation time and transaction fee for each transaction, this why this will be hard for people to buy anything from supermarket and pay with bitcoin (however, there is a theory saying bitcoin was not ever made for this goal).
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!
if you consider this an issue then you should never use fiat anymore because for every single satoshi that may be used for something illegal there are trillions of fiat dollars being used by terrorists.I agree to your point! Fiat has been used for centuries for all kind of illegal trades! Why?? It's because no other option was there! Gold biscuits and precious metals were also used for such illegal traders but they are minuscule.
What I am trying to say is that, bitcoin and especially Monero has bestowed the illegal traders with a huge advantage of transferring any amount to anyone without letting the world know it! It's definitely an advantage for them!
I can agree upon that. Making block size equal with 1MB would be a nice idea back in 2012. Over time, storage becomes cheaper and cheaper. If 1 block could handle 10MBs of data (which would also mean 3,6TBs of blockchain, costing around $400 if it's ssd), we would pay a lot less.
bitcoin's blocks aren't just some video you stream or store that you don't care about what the content is! each byte has to be verified that means you also use your CPU a lot specially during the initial synchronization.
every time a new block is found it also has to be propagated as fast as possible so that the miners can start working on the next one without wasting time.
Quote
The conclusion is that other cryptocurrencies (like litecoin) can be used for micropayments. Bitcoin cannot, making it a more store-of-value asset like gold.
any altcoin that has copied bitcoin whether directly like LTC or indirectly only the technology like ethereum suffer from the same issue. the fact that you don't see the congested networks is either because you are not looking (eg the horrible ethereum network) or because it is not used (eg. LTC) and the day it started being used more it would have issues that are 10 times worse than bitcoin. 
For me, the biggest disadvantage of bitcoin is the number of transactions it can process, we have blocked every 10 minutes and each block has approx 2500 transactions. And this is one of the main limits of bitcoin, This is why not all can move to bitcoin. If we try to make the same amount of transactions that we have on Visa in 24 hours, we will realize how the bitcoin network gets doomed with a damn crazy queue that could take more than 1 month to confirm.
I can agree upon that. Making block size equal with 1MB would be a nice idea back in 2012. Over time, storage becomes cheaper and cheaper. If 1 block could handle 10MBs of data (which would also mean 3,6TBs of blockchain, costing around $400 if it's ssd), we would pay a lot less.Bitcoin isn't a developing experiment anymore. It's useless for anyone with few hardware to start generating coins in contrast with the miners of 2012. Unfortunately, I don't see such change coming since it would be considered as fork. Although, if bitcoin continues being in development, surely some things are going to change whether we want it or not.
The conclusion is that other cryptocurrencies (like litecoin) can be used for micropayments. Bitcoin cannot, making it a more store-of-value asset like gold.
Am I the only one that starts unseeing bitcoin as a medium of exchange?
Yeah me too. I prefer to use penny crypto like tron and doge atm.
I do accept bitcoin but not for micro transactions.
I do not want to pay high fees for small transactions.
I do not want to wait more time for urgent transactions.
Also with the high volatility, the waiting time may effect your money significantly.
I love using bitcoin. However, I knew it since the price were low, the fee were also low back then. If I know it now, maybe it can change my perspective.
Bitcoin got off from a bad start that's why I am thinking this is the biggest disadvantage of Bitcoin. What I mean by a "bad start" is peoples' general idea of Bitcoin is it is a dark web money that it is simply a money from criminals this thing led to a great contribution why isn't it accepted by majority of the businesses out there. If the government has accepted Bitcoin from the beginning and didn't treat it as some kind of accessory to any crime I believe Bitcoin's acceptance must be better right now.
Initially, bitcoin was known as a means of payment for Deepweb and was used as a tool for laundering money by criminals. But the original purpose or origin of bitcoin was made as a digital transaction that is transparent and is not controlled by anyone. However, some uses of bitcoin have changed the viewpoint of bitcoin.But in recent years Bitcoin has become increasingly recognized as a revolutionary alternative payment platform and can be used anywhere. For the problems of regulations provided by several governments, it does hinder the growth of bitcoin, but some of these regulations do not completely prohibit the use of bitcoin. Many of the adoption of bitcoin by large companies have made the name bitcoin soar, such as Paypal, which added bitcoin to its platform.
I think the biggest disadvantage of bitcoin is internet connection and second is the high transaction fees. You can't use bitcoin without internet and if you make transaction you need to pay a higher fees in order to make sure that you will have a successful transaction.
Digital currency bitcoin of course uses the internet and high cost bitcoin according to its high price, all digital currencies of altcoin also use the internet and transactions also require fees. Hi all!
I am new here, but I have been following bitcoin and cryptos for about 5 years now.
I agree that the Bitcoin transaction fees are quite expensive, but this is also is because of the amount of electricity used to validate a transaction.
Every transaction is consuming about 740kWh! Then you also have to compensate the miners for the cost of the mining hardware, rent of datacentre space, salaries and their gain on the investment. So it's no wonder that the transaction fees are high.
This is also one of the main problems regarding the adoption of bitcoin for everyday transactions: if you do the math, it is simply not feasible (at least as it is right now):
- Credit cards are making about 4000 times the transactions of Bitcoin
- Replacing the credit cards would consume about 300'000 TWh/year, while the current worldwide electricity production is only about 23'000 TWh/year!
If I have to write a list of the 3 main disadvantages of bitcoin, I would say:
1) Power consumption: has an impact on adoption and cost of the transaction.
2) Very slow: this is one of the reasons why I prefer other cryptos!
3) No privacy: this is a fundamental feature that is currently missing for bitcoin. That's why I like Monero.
Except for this, bitcoin still has the first-mover advantage, that makes it very popular even if in my opinion, there are better alternatives nowadays.
I am new here, but I have been following bitcoin and cryptos for about 5 years now.
I agree that the Bitcoin transaction fees are quite expensive, but this is also is because of the amount of electricity used to validate a transaction.
Every transaction is consuming about 740kWh! Then you also have to compensate the miners for the cost of the mining hardware, rent of datacentre space, salaries and their gain on the investment. So it's no wonder that the transaction fees are high.
This is also one of the main problems regarding the adoption of bitcoin for everyday transactions: if you do the math, it is simply not feasible (at least as it is right now):
- Credit cards are making about 4000 times the transactions of Bitcoin
- Replacing the credit cards would consume about 300'000 TWh/year, while the current worldwide electricity production is only about 23'000 TWh/year!
If I have to write a list of the 3 main disadvantages of bitcoin, I would say:
1) Power consumption: has an impact on adoption and cost of the transaction.
2) Very slow: this is one of the reasons why I prefer other cryptos!
3) No privacy: this is a fundamental feature that is currently missing for bitcoin. That's why I like Monero.
Except for this, bitcoin still has the first-mover advantage, that makes it very popular even if in my opinion, there are better alternatives nowadays.
The transaction cost has nothing to do with the power consumption.
Its a free market!
The power consumption is high because there are a big competition against miners, and those miners just are keeping their ASICS on because at this moment, considering the current Bitcoin price, they can mine and obtain a profit, if the price of Bitcoin drops a lot, the miners will have losses and then will turn off their machines.
The high fee tax happens when the Bitcoin price is very high and the demand for block size is too big!
For me, the biggest disadvantage of bitcoin is the number of transactions it can process, we have blocked every 10 minutes and each block has approx 2500 transactions. And this is one of the main limits of bitcoin, This is why not all can move to bitcoin. If we try to make the same amount of transactions that we have on Visa in 24 hours, we will realize how the bitcoin network gets doomed with a damn crazy queue that could take more than 1 month to confirm.
That's for me the main and biggest disadvantage of bitcoin.
That's for me the main and biggest disadvantage of bitcoin.
Am I the only one that starts unseeing bitcoin as a medium of exchange?
unfortunately you are not wrong. the increasing fees and the volatile market are the two main reasons why bitcoin can't seamlessly act as was meant to.
for some reason the scaling discussions seem to have stopped after 2017 whereas it should always take place. as Antonopoulos once said scaling issue is not something you solve. instead it is something you fix for now then in the future fix it more and more.
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!
if you consider this an issue then you should never use fiat anymore because for every single satoshi that may be used for something illegal there are trillions of fiat dollars being used by terrorists. Internet. It's dependence on internet might be the biggest disadvantage for bitcoin. We are moving to a much divided world that may lead to more localized and closed economy as well as internet. If the differences keeps on rising, different region would detach themselves from the global internet and create their own WAN. Bitcoin on different WAN won't be compatible.
I had never thought of that before, but it really makes sense.
Recently we see some less free countries, taking some strange moves in a direction of deprive its entire people of using internet. Iran passed by a internet blackout this year and some specialists are saying that some countries like Iran, Russia and China in future, claiming espionage risk, can block worldwide internet access and install a kind of governmental intranet.
Jump to: