Advantages And Disadvantages According Bitcoin

[jackthedoe]

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.

[mobnepal]

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.

[franky1]

One simple solution, only accept zero transaction if that transaction has recommended fee (0.0005BTC/kb for now)
Most merchants & gambling sites who accept zero transaction already do this

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%"

[xuan87]

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

[dollarneed]

One simple solution, only accept zero transaction if that transaction has recommended fee (0.0005BTC/kb for now)
Most merchants & gambling sites who accept zero transaction already do this

0.0005 = 22cents

starbucks: "sorry we do not accept bitcoin unless you pay the 22cents fee"
customer: "whats the fee on my NFC debit card"
starbucks: "nothing"
customer: "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"

Hahaha you've made my day
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

[franky1]

One simple solution, only accept zero transaction if that transaction has recommended fee (0.0005BTC/kb for now)
Most merchants & gambling sites who accept zero transaction already do this

0.0005 = 22cents

starbucks: "sorry we do not accept bitcoin unless you pay the 22cents fee"
customer: "whats the fee on my NFC debit card"
starbucks: "nothing"
customer: "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"

Hahaha you've made my day
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

[Mr. Forum]

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.

[franky1]

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

[Amph]

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...

[pereira4]

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

All the advantages are world class

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.

[franky1]

Advantages using bitcoin is you can send money from other countries just a second and very simple.

Disadvantages is the confirmation in transaction its take much time.

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

[EdenHazard]

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

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.

[ajun96]

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

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

[owm123]

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

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.

[blackmachinegun]

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

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.

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