Advantages And Disadvantages According Bitcoin

[Ardibest]

What Advantages and disadvantages according agan ?

Hope can inspire all, certainly!!

[Bitcoinpro]

Start all your statements by saying World Class

[owm123]

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

[OmegaStarScream]

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 .

[Bitcoinpro]

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

All the advantages are world class

[WENGER]

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

[bearex]

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

[owm123]

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

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]

[SmartIphone]

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)

[franky1]

Advantages:
1) Ease of use
3) Fast and secure


Disadvantages:
2) A bit too complicated for older generation
4) Confirmation time might get stuck sometimes

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

[NorrisK]

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)

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.

[SmartIphone]

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)

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?

[erikalui]

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

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.

[Denker]

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

[Erkallys]

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 .

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.

[HeroCat]

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

[mtnsaa]

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.

[franky1]

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

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

[dk8218]

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..


 

[Amph]

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...