I wanted to know!!!!

[ikydesu]

Thanks guys slowly i am learning some new facts and will the transaction wait time will increase slowly?

Daily number of transactions is increased since 2011, you can check this out: http://www.coindesk.com/data/bitcoin-daily-transactions/


~iki

[temroa]

i think there is three disadvantages of btc:
first:payment takes too much time
second:there is a %51 attack posibility
third:proof of work system because it is make you waste a lot of energy
fourth(not a disadvantage just choice):anonimity

other cryptocurrencies born to solve this issues if you paying attention to anonimity then go for monero,dash,cloak,crave,shadowcash
also dash is have instantx feature thats making the transactions so so fast at this time i have no word for others.

[daddybios]

i think there is three disadvantages of btc:
first:payment takes too much time
second:there is a %51 attack posibility
third:proof of work system because it is make you waste a lot of energy
fourth(not a disadvantage just choice):anonimity

other cryptocurrencies born to solve this issues if you paying attention to anonimity then go for monero,dash,cloak,crave,shadowcash
also dash is have instantx feature thats making the transactions so so fast at this time i have no word for others.

Those who have 51% of the capacity will never do bad for Bitcoin. It is not beneficial to him. Then I almost agree with you.

[BTCevo]

advantages
1. no need to waste money making business plans just to convince a bank to give you a business account, and then pay fee's to add electronic payment systems... bitcoin can work with just a QR code on a piece of paper.. no need for banks or payment service providers

Actually you really need money to convert it to bitcoin if you want to make payment using bitcoin

2. send funds across into any country without delay or fee's

You need to wait for the confirmation so I guess that is the delay and there is a fee per transaction but it is too low so it is not without payment

many more advantages, but i got bored of typing

If there are still more advantages there must be a lot of disadvantages too, there are not all smooth things for bitcoin

[QuestionAuthority]

There are only advantages and no disadvantages. It's the perfect money and cute single young virgin college girls will throw themselves at you if you use it to pay for everything in your life. Now get out there and buy some bitcoins so mine are worth more.

[adamstgBit]

Bitcoin is useful for me because it allows me to easily accept payments from all over the world with essentially no fee. I tried selling my stuff on ebay, but there i got ebay taking fees (listing fees, item sold fee, ChargeBacks!)  and paypal taking fees, and often got robbed on the USD <> CAD conversion rate. with bitcoin it just feels much more Direct. also i like that it's actually possible to accept small payments, I sell a 30 pack of these General purpose bitcoin business cards to hand out for basically the cost of postage (~1.5$) accepting a buck fifty from someone in Australia is not possible without bitcoin.

[jacktheking]

Privacy. I use Bitcoin because I want privacy. Although Bitcoin transaction can be tracked but it require lots of work. And if I use a mixer... it will be almost impossible to track who I receive my Bitcoin from.

[Soros Shorts]

In the past, I've had many international wire transfers out of the US routinely blocked by my bank (it may have something to do with the countries I was sending money to). They would eventually clear after I called some compliance officer and explained who and what the money was for, but it was becoming a nuisance. Using bitcoins was one way to get around this inconvenience.

[(Lithium)]

In the past, I've had many international wire transfers out of the US routinely blocked by my bank (it may have something to do with the countries I was sending money to). They would eventually clear after I called some compliance officer and explained who and what the money was for, but it was becoming a nuisance. Using bitcoins was one way to get around this inconvenience.

And both parts need to have a bank account in the first place. And probably will have to pay lots of fees to keep it.


Bank accounts aren't only a nuisance, but are expensive and hard to have.

[franky1]

Yeah both points you highlighted are really good and i completely forgot about localbitcoins.com this way you can hide the identity but again this is an alternative not a solution, what you say?

converting fiat to bitcoins to buy things. or converting bitcoins to fiat to buy things is not what bitcoins are all about.. what you are taking about is the gateway services, not bitcoin itself..

bitcoin can be compared to bank notes. when paid in bank notes and buying things with bank notes, businesses do not need or care about identity. yet if you went to an exchange service to swap bank notes of $ for euro's then things get complicated where if you request more then $1000 the exchange starts to get interested in who you are.

 i have an income that is fully bitcoin (no conversion) i pay my bills in bitcoin so i never need to hand over my details. and thats what bitcoin is about. not the exchanges

So the only advantage of using bitcoins is the anonymity factor? Was that the only reason to have this crypto currency?

For me it's the fact that the currency can be converted into fiat and trading in it earns me a profit if the price increases. I don't bother much about the anonymity.

its not about anonymity.. its about not needing to convert.

after all if you are american. do you even give a crap if there was a UK bank that needed your life history just to convert dollars to pounds.. no.. all you care about is that you can go to your local shop and hand over dollar bank notes and get goods for them without needing to show ID.

the argument is not about bitcoin conversion. it is about bitcoins usefulness AS BITCOIN.
for instance imagine a world where we all used gold. and someone invented a technology that gold was weightless so that we did not have to store it in banks in exchange for receipts that we swapped with people.

getting paid gold and knowing you can hand gold to people without converting it into bank paper is what is good about bitcoin. if all you care about is the value of bank paper and increasing bank paper. your missing the point of bitcoin.

its like you are american and you want to buy euros, not to buy things from places that accept euro's. not to convince businesses to accept euro's but purely to find ways to increase your dollars.
to me you might aswell go trade on stock and currency markets as you are not interested in bitcoin for bitcoins true purpose

[Dalord1]

One of the advantage of using bitcoin is because it is Untraceable. This is both a benefit and a risk for bitcoin. The benefit is that you don't have to be afraid of any organization of being able to trace the source of your funds. This is a clear benefit in many areas of the world because governments that are supposed to guard against fraud are actually defrauding people by taking their savings partially or fully.

[hunkey600]

Thanks guys slowly i am learning some new facts and will the transaction wait time will increase slowly?

Daily number of transactions is increased since 2011, you can check this out: http://www.coindesk.com/data/bitcoin-daily-transactions/


~iki

So you mean with the increase in daily number of transactions there will be increase in wait time as well?

[hunkey600]

Bitcoin is useful for me because it allows me to easily accept payments from all over the world with essentially no fee. I tried selling my stuff on ebay, but there i got ebay taking fees (listing fees, item sold fee, ChargeBacks!)  and paypal taking fees, and often got robbed on the USD <> CAD conversion rate. with bitcoin it just feels much more Direct. also i like that it's actually possible to accept small payments, I sell a 30 pack of these General purpose bitcoin business cards to hand out for basically the cost of postage (~1.5$) accepting a buck fifty from someone in Australia is not possible without bitcoin.

Yeah agree international transfer are easy with bitcoins but this can be used as money laundering and funding money to terrorist as well

[hunkey600]

Privacy. I use Bitcoin because I want privacy. Although Bitcoin transaction can be tracked but it require lots of work. And if I use a mixer... it will be almost impossible to track who I receive my Bitcoin from.

Privacy is maintained until you are dealing in bitcoins only once this is converted to fiat, its gone.

[hunkey600]

One of the advantage of using bitcoin is because it is Untraceable. This is both a benefit and a risk for bitcoin. The benefit is that you don't have to be afraid of any organization of being able to trace the source of your funds. This is a clear benefit in many areas of the world because governments that are supposed to guard against fraud are actually defrauding people by taking their savings partially or fully.

This is giving birth to scam/fraud/money laundering which can be used against a country as well.

[Amph]

Privacy. I use Bitcoin because I want privacy. Although Bitcoin transaction can be tracked but it require lots of work. And if I use a mixer... it will be almost impossible to track who I receive my Bitcoin from.

Privacy is maintained until you are dealing in bitcoins only once this is converted to fiat, its gone.

it depend how you do it, there are numerous way to still preserve your privacy after you have exchanged bitcoin to fiat

it depend also on the amount, small amount may go unnoticed

[hunkey600]

Privacy. I use Bitcoin because I want privacy. Although Bitcoin transaction can be tracked but it require lots of work. And if I use a mixer... it will be almost impossible to track who I receive my Bitcoin from.

Privacy is maintained until you are dealing in bitcoins only once this is converted to fiat, its gone.

it depend how you do it, there are numerous way to still preserve your privacy after you have exchanged bitcoin to fiat

it depend also on the amount, small amount may go unnoticed

Yeah i know there are few methods to remain anonymous when changing to fiat but again those are alternatives you can't really rely on them.

[Kprawn]

For me the biggest advantage is this :

No centralized 3rd party needed for a transaction. {No banks / No PayPal / No Western Union}

These are the guys, stealing your money daily. {They charge us huge fees to spend our own money} They are also manipulated by governments and by people.

Take away the 3rd party, and you have less hassles. {This is also why I am against some 3rd party "service providers" entering the Bitcoin scene}

They are also manipulated by the same people and governments. {KYC / AML etc. etc.}

Bitcoin also has the advantage that the creator is unknown. {Nobody to sue, when these governments and people are looking for someone to blame, when they loose control}

[dothebeats]

Nope. As far as I can remember, most wallet services only require 6 confirmations from the network before the balance appeared in the wallet. That will only take 30 minutes usually (in opposition to several days before you can flag a transaction complete in bank transfers). In case of importing wallets, it only takes several minutes before the process is done. I don't see how you consider that as long.

30 minutes - too long for me. Sometimes you need to quickly convert from one Bitcoin exchange for another. For this, I and many others are using other coins. This is for me the main drawback.
Very often it is necessary to wait more than 30 minutes (~60min). Although I pay a good commission.

Even banks require more time than 30 minutes to process a transaction. If you see that transactions being settled for more than 30 minutes but not more than an hour a drawback already, then you must find a new competitive service that completely outpaces bitcoin in many things. Without the necessary confirmations in the network, then even though you have some coins ready within a minute or 10 minutes, you'll have useless coins given to you because coins that are used in a transaction should be confirmed first by the network to ensure that these coins are valid enough to be spent.

[Q7]

Try to imagine the scenario that one day when you travel from a country to another, you don't even need to bring along different currencies and waste on the fees just to convert from one to another. You just need to have your bitcoins with you and practically buy just about almost anything. No worry about banks or credit cards anymore or giving away your private information. It's the freedom here we are talking about.