Bitcoin Forum

What Advantages and disadvantages according agan ?

Hope can inspire all, certainly!!

Start all your statements by saying World Class

What do you mean? Do you mean: Advantages and disadvantages OF Bitcoin?

Bitcoin is not perfect for sure and of course it can get improved , in my opinion we only need faster transaction confirmation and that's it because It's kinda boring to wait to get at least 1 confirmations to do whatever you was going to do .

All the advantages are world class

Advantages:
1) Ease of use
2) No government controls it therefor they couldn't imposed sudden stupid rules on it and limiting the user base
3) Fast and secure
4) Pseudonymous
5) least transaction fee in comparison to other traditional ways

Disadvantages:
1) Lack of adoptability on most countries and businesses
2) A bit too complicated for older generation
3) Difficulty for some to obtain it even though there are many ways out there
4) Confirmation time might get stuck sometimes due to attacks on the network
5) It's value might go down within minutes

Advantages: low transaction fees, not controlled by government
Disadvantages: violatle price, long time to confirm when paying.

4) Pseudonymous as an advantage? I would say this is disadvantge. Even Bitcoin core devs think pseduoanonymity is a problem. For examples:
https://github.com/bitcoin/bitcoin/issues/6568

https://www.youtube.com/watch?v=RIafZXRDH7w
> I know how hard the problem it [Bitcoin's privacy] is. [0:28]
> It is a tricky problem, and [...] in my head, the privacy is unsolved problem. [2:17]

Disadvantages: the payment is not confirmed instantly, without paying any tx fee your tx will stuck for days.
Advantages: being accepted mostly everywhere, no chargeback(good for sellers)

so the advantage number is the complete opposite to the negative.. which basically makes it neither

It may not be confirmed instantly, but it is propagated through the network instantly. If you buy a coffee, the coffeeshop can instantly see that the transaction is performed.

Confirmation are not required for the majority of stuff and when it is required, the speed is less of an issue mostly.

If you make a transaction with 0 fee and the cofeeshop sees the transaction that was made ok, but what if the funds are send back to the sender because the tx was not confirmed for 2-3 days?

It's not fast and secure as the confirmation time takes upto an hour on any network (unless there is an attack or wallets are down for maintenance). As a payment mode, it's easy to transfer bitcoins from one wallet to another and this method is fast.

The disadvantage "A bit too complicated for older generation" may be not true as many users out here who are tech savvy are 40+ and if that's called old, they have more knowledge of bitcoins than we do.


To add to the advantages:

1. It's controlled with a private key and hence it gives you complete control of your wallet.

2. You can also mine bitcoins and trade in bitcoins.

Disadvantages:

1. It's a virtual currency.

2. Requires internet access.



Volatility can be an advantage as well as a disadvantage.

I will a give a few of both which are relevant to me.

Advantages
Freedom in payment(at any time and anywhere around the globe)
Low fees
Control of your money

Disadvantages
Risk and volatility
Lack of awareness understanding

Yes, I think this is the biggest problem for Bitcoin too. I had an idea to "solve" this problem. Take a look here : https://bitcointalk.org/index.php?topic=1320439.0. The biggest advantages for me is the freedom and the anonymity.

Bitcoin currently have only one serious disadvantage: confirmation time, which can lasts up to many hours.  ;D

Easy of use should never be mentioned as an advantage of Bitcoin ever. Just try to explain any common non tech savvy person how to use decimals, wallets, authorization keys, brain wallets, non refundable options, "forget your password and lose all your money" and many more. It may be easy for us since we are a bunch of nerds of course but that's actually one of the bigger barriers in adoption.

not quite.. its the miss communication and false advertising of "instant and low fee/zero transactions"

wire transfers of fiat across different countries take days (albeit wire transfers within same country can appear instant)
wire transfers of fiat across different countries can cost more than 10c in fee's

but bitcoin is not comparing speeds of international movements. its falsely telling people that all face to face local transmission are free and instant.

whereas there was even a transaction recently paying 9cents in fee's that took 35 minutes to get a confirm.. so even paying 9cents doesn't guarantee getting it in 10minutes either.

bitcoin as a protocol is great.. but the whole GUI (user front end / interface) and the PR/advertising of it needs a massive overhaul, mentioning less about the utopian dream of the 1% of cases (if your lucky) and instead being honest about the realities.. and then highlighting where those realities are better than fiat

Advantages can be--
Ease of use..
No government controls..
Fast and secure..
Least transaction fees..

Disadvantages can be like..
Long confirmation time..
Price is not stable..


 

funny because all the disadvantages that people are writing, are only due to the fact that bitcoin is not well adopted, so it's not even an intrinsic disadvantage but it can only be blamed to the adoption itself

long confirmation it's not a disadvantage either, fiat have it worse, but they have no malleability issue, so the real problem with bitcoin is malleability to make merchant more secure for accepting 0 conf transactions...

that part looks funny to me, because besides that, people dont see that we are at the moment on a great opportunity to buy more bitcoins before more and more people start to getting involved in the bitcoin world.

People care about bitcoin is not well adopted and im glad that this didn't happen yet ;) this give me more time to buy more cheap bitcoins. The mass adoption will come soon or later, never forget that.

advantages are many but i think decentralized and anonymous are the most attractive and usefull.

Talking about disadvantage, it has limitation regarding processing speed, transaction size etc to improve which require lots of expertise and time.

0.0005 = 22cents

 starbucks: "sorry we do not accept bitcoin unless you pay the minimum 22cents fee"
customer1: "whats the fee on my NFC debit card"
 starbucks: "nothing"
customer1: "ill just stick to using dollars and sell my bitcoin when i get home, theres no f*cking way im gonna pay 22 cents in fees just to buy a coffee"

customer2: "i just gathered up $3 from changetip donations on my youtube and i want to spend it on a coffee"
 starbucks: "oh so its multiple transactions. im guessing the data for the transaction to us is going to be higher"
customer2: "yea it says 3kb.. "
 starbucks: "ok thats 66cents fee to buy the coffee"
customer2: "thats 22% of my funds.. screw this bitcoin crap, im going back to other methods of getting donations. even paypal is cheaper than 22%"

the advantage is easy to use, easy to set up wallet, world wide transaction, low fee

the disadvantage is easy to scam and to be scam by people because of the anonymous feature, sometimes the transaction is too slow, and the it is impossible to track if you lost your money in the middle of sending/transaction

Hahaha you've made my day :D
Bitcoin transaction fees are one of the many benefits or advantages for consumers, 22 cent is cheaper than paypal's fee or wire transfer, moreover if you send your lot of money
so far iam not complaining about the fee

in the UK and europe we have instant and free wire transfers.
when we go shopping we do not get told by shops that there is a fee to buy something
evenif we use oystercards, applepay, NFC, and yes shops accept paypal too and no one gets stung by 22cents..

putting the tx fee aside and going onto remittance use of bitcoin
i even done an experiment using local bitcoins to turn both american dollars and australian dollars into chinese and indian rupee..
the cost of moving $500 through bitcoin and then to yuan or rupee was between 6-9% ($30-$45) yet Western union only charged $10

bitcoin can be useful for remittances below $100.
but for local purchases or trades between people which are literally free using native currencies.. are not free using bitcoin. and then when you look at the hassle of getting bitcoin.. the utopian dream of 2009 is failing.. and we need to stop pretending its still the utopia of 2009. and instead wake up to the reality of 2016

To me there are very many advantages that the bitcoin has brought to us. The fast is the fact that using the coins is very fast and secure. With that people are able to make transactions and even be able to store their wealth without really being tracked down as for the sake of the other currency. Privacy is a greatest value when it comes to money related things. The sector that bitcoin need improvement is having a body that governs the bitcoins in general. This will help in bringing order.

fast no

store of wealth yes

tracked , only prevention if you don't publicize a bitcoin address to a known username which can then be linked via an email or ISP

as for 'governing bitcoin'.. no
im all for consumer protection and easing justice for people to get police to understand how to slap scammers with a wetfish, but governing bitcoin can do more harm then good.

for instance everyone hates gavin A proposed XT. but what could have happened was instead of moving off and treating it as a separate project giving people the freedom to choose. he could have overruled the bitcoin-core github and implemented it directly.

so im actually glad he put it as a separate project and allowed freedom to choose rather than using his governing powers at the time

well bitcoin is fast when we talk about how you simply need to copy paste the address and send with one click, i can argue that is quite faster than any cc because you don't need to fill your data on the website

but vs already memorized data on some website they are somehow equal in speed, i doubt he mean fast because of the confirmations...

World class post by Bitcoinpro indeed. In any case, I would say that the advantages of Bitcoin are:
-You can be responsible for your own money (non goverment issued)
-You can move the coins anywhere in the world without the need of anyone but you and the other person involved in the transaction
-It is anonymous (if you take the required measures)

Disadvantages:
-It's still a small niche, we are way too ahead in time, we are from the future, and most people are stuck in the middle ages, but we will someday shine.

contradict yourself much.

this is why people who are new to bitcoin get so frustrated that they were mis-sold the utopian dream

NFC debit cards, applepay, even banks notes take just a second to hand over.. so its not even worth mentioning the "just a second"
what people care about more is when the recipient is satisfied they will be guaranteed to get the funds, which for bitcoin is 10 minutes+ and a bit of luck

with visa. it has guarantee's that the recipient will get the funds.. making the 'when' less of a concern and not really care if its 1 hour or 2 days.. as they know its coming.

so concentrating on when is less of a problem then 'if'.. and with bitcoin still having malleability issues. the only true way of knowing 'if' is by waiting for a confirmation.

bitcoin really needs to sort out malleability so that the 'if' is not a problem and people can trust that even a unconfirmed transaction will get confirmed eventually, which also means that miners have to stop cherry picking tx's and letting some drop off

yes you are right,confirmation time is the major problem of bitcoin,and it can be makke slow bitcoin popularity,and so many people dont like with thid problem,and thi is become on of disadvantage of bitcoin.

anonymity made a lot of fraudsters coming to bitcoin, I was more than 3 times deceived by scammer
I ca not keep track of them, because there is no identity, perhaps that is disadvantage of bitcoin

Bitcoin is pseduo-anonymous. And this is disadvantage. If it was actually anonymous, this would be good.

can bitcoin fix it?
what should we add the transaction cost to be able to get a quick confirmation
when people outside think that bitcoin is fast transactions and lower fee charges