Weaknessess of bitcoin

[Xenoph0bia]

Some of the weakness of the coin are:
Blockchain of 10 minutes. Due to this transactions take more time. Other coins like litecoin have a blockchain of 2.5 times making their speed 4 times more than the crypto.
Fees of the transactions are high.
Volatility of the coin stops it from being a mainstream currency.
The coin is not accepted throughout the world and is illegal in some countries.

[stayeduptolate]

Hello,

I'm fairly new to bitcoin but really interested as it solves a problem I was trying to solve for years. Nevertheless, there's some weaknessess I'm foreseeing. It has probably been answered before but I could not find any answers on this forum.


1) Low monetary mass.

21.000.000 seems really low. The lowest fraction is 10e-8. Why such a low limitation ?  I understand perfectly the fact that generation should be harder and harder but I don't understand why limit it to 21.000.000.

2) Fixed monetary mass.

In the long run, it means that the money will disappear. Crash disk, human error. Even real money is destroyed every day. What will happen if we start running out of bitcoin ?

3) geekish interface

I'm a user experience/human machine interaction guy. And bitcoin is currently just plain geek masturbation. There's no way any "normal" user would use that.

This is not a unsolvable problem. But it should be taken into account more deeply. Users don't care about underlying concept, P2P, cryptography. They just want a secured account somewhere in a "bank" and a pocket account that they could afford to loose. Everything else should disappear.

The key/anonymity concept is also very hard currently (and it could be non-convenient). What if you want to send some money to your family to wish an happy birthday ? What if you want to see which customer has payed what ?

(well, it means that I could work myself on that particular problem)


4) Early/late user unfairness

I've read that some users generated 150bitcoins in a few days. According to the calculator, I will have to wait 60 days before having my first bitcoin !
Would you join a monetary system if you know that a few people already have approximately half of the whole monetary mass ?  Hmm, it seems rather odd, isn't it ?

5) Exchanges

I've browsed the list of websites supposed to offer stuffs against bitcoins. Only one was really displaying "bitcoins accepted". All the others were standard ecommerce websites with no mention of bitcoin. What could I do if I wanted to use my bitcoins ? No idea yet on how I could use them.

6) fraud

What if I pay for a service and it appears that it was a fraud ? With VISA, you can get your money back quite easily. With bitcoin, it is just impossible. A transaction is a transaction an it is impossible to find the receiver afterward.


Well, this is a lot of questions, don't hesitate to redirect me to related topic in this forum.

Bitcoin has been a been a hot topic of discussion ever since its popularity led to a surge in its stock prices, people have gone from not trusting the cryptic crypto currency to heavily investing in it due to its popularity.
However all of this is merely the bandwagon effect as this currency doesn't actualise its value similar yo other currencies. Its acceptability and adoptability as a currency is very low as people always have reservations about its volatility.
This has rendered this currency as something with just a high percieved value and low utility.
It's biggest weakness is its inflated stock value and its scarce adoption as an actual currency.

[HiringYou]

There are many weaknessess of bitcoin.The first weakness of Bitcoin is it's volatile nature. There is no stability in the price. Sometimes the price is too high and sometimes the price is too low. We can see it by comparing it's current price with it's price in December 2017. Another weakness of Bitcoin can be the amount of trust people has on it .No doubt it has gained alot of popularity    in last few months but people are still not sure to be a part of Bitcoin community .This is because of it's volatile nature and the amount of support it get from government.Many countries are still not declaring it as legal because they can't control the transactions made through Bitcoin.These are the two main weaknessess that I think Bitcoin has.

[Milansilver7]

bitcoin also has problems from the technology. Firstly, anyone who has access to the Bitcoin password (or private key) has the authority to spend on the Bitcoins it opens. The loss of a password means losing all Bitcoin.

Second, the linear growth in the block chain that forms Bitcoin results in an exponential growth in the calculations required to process and verify transactions. Transactions that usually take 10 minutes now take hours.

[Biggapp]

Hello,

I'm fairly new to bitcoin but really interested as it solves a problem I was trying to solve for years. Nevertheless, there's some weaknessess I'm foreseeing. It has probably been answered before but I could not find any answers on this forum.


1) Low monetary mass.

21.000.000 seems really low. The lowest fraction is 10e-8. Why such a low limitation ?  I understand perfectly the fact that generation should be harder and harder but I don't understand why limit it to 21.000.000.

2) Fixed monetary mass.

In the long run, it means that the money will disappear. Crash disk, human error. Even real money is destroyed every day. What will happen if we start running out of bitcoin ?

3) geekish interface

I'm a user experience/human machine interaction guy. And bitcoin is currently just plain geek masturbation. There's no way any "normal" user would use that.

This is not a unsolvable problem. But it should be taken into account more deeply. Users don't care about underlying concept, P2P, cryptography. They just want a secured account somewhere in a "bank" and a pocket account that they could afford to loose. Everything else should disappear.

The key/anonymity concept is also very hard currently (and it could be non-convenient). What if you want to send some money to your family to wish an happy birthday ? What if you want to see which customer has payed what ?

(well, it means that I could work myself on that particular problem)


4) Early/late user unfairness

I've read that some users generated 150bitcoins in a few days. According to the calculator, I will have to wait 60 days before having my first bitcoin !
Would you join a monetary system if you know that a few people already have approximately half of the whole monetary mass ?  Hmm, it seems rather odd, isn't it ?

5) Exchanges

I've browsed the list of websites supposed to offer stuffs against bitcoins. Only one was really displaying "bitcoins accepted". All the others were standard ecommerce websites with no mention of bitcoin. What could I do if I wanted to use my bitcoins ? No idea yet on how I could use them.

6) fraud

What if I pay for a service and it appears that it was a fraud ? With VISA, you can get your money back quite easily. With bitcoin, it is just impossible. A transaction is a transaction an it is impossible to find the receiver afterward.


Well, this is a lot of questions, don't hesitate to redirect me to related topic in this forum.

Bitcoin has been a been a hot topic of discussion ever since its popularity led to a surge in its stock prices, people have gone from not trusting the cryptic crypto currency to heavily investing in it due to its popularity.
However all of this is merely the bandwagon effect as this currency doesn't actualise its value similar yo other currencies. Its acceptability and adoptability as a currency is very low as people always have reservations about its volatility.
This has rendered this currency as something with just a high percieved value and low utility.
It's biggest weakness is its inflated stock value and its scarce adoption as an actual currency.

As a matter of fact, the utility of crypto currencies is increasing with the passing time. Since it is a revolutionary concept in the world of economics and currencies so it is taking some time for its complete acceptance. The traditional trading and banking systems are afraid of it and this is also one major reason why governments are reluctant to support it. It will render complete freedom to people.

[jeanpadel14]

First, here are some problems that people have mentioned about bitcoin as a payment technology and currency system, that I think have some merit rather than being confused:

* Issuance – the issuing of the currency is iniquitous and mining is not possible without specialist resources so it privileges those with wealth, while it is not connected to work of value beyond database processing

* Fees – miners now set transaction fees so in time this could increase and serve to extract rent from everyone using it as their means of exchange

* Speed – the blockchain is growing to a size where it is slower to confirm transactions, so not suitable for all transactions

* Asset-like & deflationary – the currency is treated as more important than real wealth, yet we need currencies that are in sufficient supply to enable us to transact as we choose

[GoldenLad]

Did you guys just digged up a 8 years post? This post was made since 2010!   We seriously need to be looking at the date of posts before we comment. 'Weakness of bitcoin' ? the topic has been discussed numerous times in this forum. Our contribution is needed in the recent topics not the old ones. And I bet the guy who created this thread might have even forgotten he did.

Okay...in some way, my post is bumping the thread too. 

[fauzan Ichsan]

with high volatile makes people afraid of investing in bitcoin. besides it has not been legalized from the government, so there is no legal protection for investors. government affraid because of its anonymous nature many chance btc misused

[Olawale16]

Anyway, talking about the weaknesses of bitcoin, I have a question.

Would the bitcoin network resist to an attack consisting of flowding the network with request (I think that's called a denial of service attack) ?

I mean, what if a node starts sending huge amount of dummy transactions between two addresses that it owns ??

Could it block the whole network ?

[jademaxsuy]

Hello,

I'm fairly new to bitcoin but really interested as it solves a problem I was trying to solve for years. Nevertheless, there's some weaknessess I'm foreseeing. It has probably been answered before but I could not find any answers on this forum.


1) Low monetary mass.

21.000.000 seems really low. The lowest fraction is 10e-8. Why such a low limitation ?  I understand perfectly the fact that generation should be harder and harder but I don't understand why limit it to 21.000.000.

2) Fixed monetary mass.

In the long run, it means that the money will disappear. Crash disk, human error. Even real money is destroyed every day. What will happen if we start running out of bitcoin ?

3) geekish interface

I'm a user experience/human machine interaction guy. And bitcoin is currently just plain geek masturbation. There's no way any "normal" user would use that.

This is not a unsolvable problem. But it should be taken into account more deeply. Users don't care about underlying concept, P2P, cryptography. They just want a secured account somewhere in a "bank" and a pocket account that they could afford to loose. Everything else should disappear.

The key/anonymity concept is also very hard currently (and it could be non-convenient). What if you want to send some money to your family to wish an happy birthday ? What if you want to see which customer has payed what ?

(well, it means that I could work myself on that particular problem)


4) Early/late user unfairness

I've read that some users generated 150bitcoins in a few days. According to the calculator, I will have to wait 60 days before having my first bitcoin !
Would you join a monetary system if you know that a few people already have approximately half of the whole monetary mass ?  Hmm, it seems rather odd, isn't it ?

5) Exchanges

I've browsed the list of websites supposed to offer stuffs against bitcoins. Only one was really displaying "bitcoins accepted". All the others were standard ecommerce websites with no mention of bitcoin. What could I do if I wanted to use my bitcoins ? No idea yet on how I could use them.

6) fraud

What if I pay for a service and it appears that it was a fraud ? With VISA, you can get your money back quite easily. With bitcoin, it is just impossible. A transaction is a transaction an it is impossible to find the receiver afterward.


Well, this is a lot of questions, don't hesitate to redirect me to related topic in this forum.

You nailed it sir. I agree with your thought about weakness of bitcoin. Anyway, these weaknesses is nothing compared to the benefits that bitcoin brought to most of the investors. And these are the happy faces paints after receiving a huge profit from investing to it. This is the sound of positiveness that bitcoin has to offer. One of the best happenings on the lives of the investors as some of them are getting rich and wealthier its because of bitcoin. And this is not a contest or competition. It is a challenge for yourself if you are able to coup up with the risk in investing bitcoin. If you are a risk taker and will not afraid to fail then probably you are the one who is earning now in bitcoin.

[Indrawan77]

I simply dont see the 21 million limit could be the weakness, actually that is the strong point of bitcoin, when.people.want bitcoin and it's limited then the price will become more valuable, and people always complain about early and late adopter, early adopter deserves their money because they invest something that got high risk and believe in bitcoin potential, if you think that is unfair then you can try to become the early adopter of an ICO, that is how the early adopter felt when invest in btc and Bitcoin is not really wide adopted yet, if you want to spend a lot of things with btc go to Japan, fraud is the one that we need to pay attention and nothing could be done since its decentralised system

[ahmad21]

See our of all points you have mentioned I think the only points which I think are really a problem with very jist of bitcoin is the point number 1 and 2. While 1 has a plausible explanantion the 2nd doesnt. Actually the cap of 21 million was created to actually make sure that there isnt too much load over the system as more and more bitcoin will arrive. As people use them network congestions might also occur extensively. While the best explanation for point number 2 is because they might havent thought at that time that its price could reach so high to make every sat valuable. But yes we still will be fine dealing in 8 decimal points as price hasnt gone too high.

[Duogembrot]

you mentioned there seems to be less and very fatal bitcoin weakness is internet and electricity, just imagine if there is no internet then bitcoin will not be created and will not be able to walk.

[Redspallow90]

i dont know detail about bitcoin,but i think this is a good information,every thing must have any risk and weakness,what ever is that,big ups 

[Ctn]

Wow bitcoin is fraud? The imagination is also far from what it seems in the reality. If it would have been one they you would have understood that already. If I'm getting real cash in my hand after trading the bitcoin then it's real thing mate.

Low mass ? This has been discussed many times that bitcoin is not a single unit itself but it is made of million satoshi. It will never matter if the mas is low but we do have Satoshi which can be valued per unit and as much as we want if demand goes off the roof someday.

[futuret]

you mentioned there seems to be less and very fatal bitcoin weakness is internet and electricity, just imagine if there is no internet then bitcoin will not be created and will not be able to walk.

But this isn’t a weakness I think. If you say, there wouldn’t be a machine so how can you be making such big number of garments in industry plant every day. When there is no producer, how can you even think of a product? Likewise, definitely bitcoins are produced on internet and managed and controlled in a specific way over internet, so if you are talking like this, I must say you have to review your knowledge.

[intingko]

For me, the weaknesses of bitcoin is that if there is no electricity and not internet connection because bitcoin can't work for this is basing to their workers to make a post of their answers.

[destroyer01]

Bitcoin became more popular,transaction fees and transaction times have become an issue.This can leave your bitcoin stuck in the system,unavailable to either the sender or receiver until the transaction is confirmed.Instances of transactions being held up for several days have been experienced by some.There are methods to un-stick these transactions,but this is not for the beginner,as bitcoins could be lost.

[Jlimao28]

In all of the goodness that bitcoin can bring to us. You only see its weaknesses. People aren't contented in the positive side of bitcoin but they usually look to its weakness. Bitcoin already proves that it is good in our  economy as well as in ourselves.

[Arlibtchunt2018]

I think btc main weakness is its price volatility. Many wealthy individuals already have a hold with alot of btc which sometimes lead to price manipulation. It could be said that it is hard to predict what would happen next with its price and this issue will continue if there is no action to  take.