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Author Topic: What do you think are the biggest disadvantages of Bitcoin?  (Read 75950 times)
g2com
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November 30, 2016, 10:39:07 AM
 #1

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink
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November 30, 2016, 10:43:51 AM
 #2

Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.

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November 30, 2016, 10:59:01 AM
 #3

What's preventing Bitcoins from being accepted as mainstream payment forms?

people are used to their old ways of doing things, they don't usually want to change and give up using banks and third parties to do business. besides bitcoin is still new and it is not even capable of handling mainstream payment. we are having trouble handling transactions as it is, and apparently consensus can not be reached anytime soon.

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November 30, 2016, 11:01:20 AM
 #4

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

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November 30, 2016, 11:02:50 AM
 #5

For Bitcoin to become mainstream it should change the entirely current financial system and that is not easy and can't be done over night.
Bitcoin is stil considered to be something new and experimental, it's cryptocurrency which time is yet to come.
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November 30, 2016, 11:19:18 AM
 #6

I think a number of things.

  • The fact that nobody can control it.
  • The instability of the price.
  • The inability to charge crazy bank like fees for using it.
  • The fact that it is almost anonymous.
  • It wasn't created by 'them'.
  • Still a new technology, unproven.
  • Has received a lot of negativity, bad press & illegal happenings.

These are just a few that come to mind right now.


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November 30, 2016, 12:30:00 PM
 #7

I think the most important things is to accelerate the transaction speed, it can't be implemented by store if the customer need to wait hours to purchase a things and then there is still a lot of people doesn't know what is bitcoin and also the unstable price makes the store difficult to predict the profit
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November 30, 2016, 12:39:02 PM
 #8

I don't think something as the disadvantages of bitcoin or blockchain technology. People without experiencing the goodness indicate it as an failed technology but in reality everyone are in much temptation to implement blockchain technology into their working sectors. It is true that future technology development will grow with blockchain as the base.

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November 30, 2016, 12:43:04 PM
 #9

It needs time and improvement, for bitcoin to become a mainstream payment system and most of us believed that it is only a matter of time before this happens .

These are the reasons I can think of why most especially large companies still won't accept bitcoin as a payment method:

1). Pseudonymous, It will be hard to trace the person behind a transaction .
2). Its past involvement with illegal activities (ex. Silk road )
3). Has a potential to be use and still being used for illegal activities .
4). Confirmation time getting slow and slow
5). No one controls it

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bitbunnny
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November 30, 2016, 12:45:02 PM
 #10

The main things that are bitcoins advantages are at the same time its' disadvantages. Independency and decentralization. There is no central body to control and regulate it and in financial world that is almost impossible and not acceptable. Also the speed of transactions could be disadvantage, cause sometimes they are very slow.

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SheHadMANHands
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November 30, 2016, 12:45:21 PM
 #11

One of the big disadvantages of bitcoin is the price instability....

its good for the "investors" and those who believe in bitcoin, but for the normal average joe, it can be too much volatility.

Another weakness is the lack of ways to easily get bitcoins in most countries...
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November 30, 2016, 02:10:29 PM
 #12

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink

The aspects of Bitcoin that would need to be changed for rapid mainstream adoption are not necessarily the ones that I'd like to see being changed.

For example, Bitcoin is a pseudonymous currency. In my view this is a plus. But it would be even better if it were a truly anonymous currency, making financial surveillance by the ruling authoritarians impossible. That however isn't improving the prospect of mainstream adoption, because the governmental control freaks like to do surveillance and will harass and threaten corporations and individuals who do not comply.

So mainstream adoption at all costs is definitely not a desirable goal if it means that Bitcoin's core values are surrendered in the process.

Instead of starting the 1000th altcoin clone, consider contributing to Bitcoin Core if you really have some competence. We don't need yet another premine scam.

ya.ya.yo!
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November 30, 2016, 02:17:53 PM
 #13

It depends on how you use Bitcoin. I for example don't really experience anything negative to the point that it should/could be improved.

If I have to write down a less attractive feature anyway, then it would probably be the time it takes for a transaction to get confirmed.

Instead of 10 minutes block times I would choose for 1 or 2 minute block times. Mainly because of the fact that it would make it much more suitable for being used as currency.

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November 30, 2016, 02:19:26 PM
 #14

i personally have trouble with two things:
1) the volatility, which i believe is one of the reasons why bitcoin is not really seen as a currency but more of an asset to invest in and make profit and then leave to use the fiat profit you earned.

2) the fact that we need an upgrade (the block size) and we are having a very hard time coming up with a solution which everybody agrees on.

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Sir Alpha_goy
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November 30, 2016, 02:24:10 PM
 #15

The pizza to BTC ratio has dramatically changed.

http://lunaticoutpost.com/thread-713227.html

Now what?
davis196
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November 30, 2016, 02:31:44 PM
 #16

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink

It`s irreversible-in some cases it`s a disadvantage,in other cases it`s advantage.

The price isn`t stable sometimes-it`s an advantage and also a disadvantage sometimes.

For me the biggest disadvantage of btc is that i don`t have enough bitcoins Grin.

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November 30, 2016, 02:47:51 PM
 #17

The biggest disadvantages of bitcoin is that bitcoin can be stolen by anyone in many ways. Bitcoin service providers can be hard to trust, but even if it is, we must to trust bitcoin. You joined in the field of bitcoin then it means you trust it. There is a lack of acceptance, lack of protection because it is not considered as legal in most countries in the world.
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November 30, 2016, 02:59:42 PM
 #18

For me, the biggest dksadvantage of bitcoin is; it is not widely accepted. Infact, some countries are banned this kind of technology. If you want the list here https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country. Second, it has no physical form. You cannot spend it ti any physical stores. Only few stores are accepting bitcoin. You need to convert it to cash in able to buy. Third, bitcoin can be lost. Just like physical.money, it can be lost. For example. You have stored your btc at your pc, but the pc crashes. Your wallet is lost and also your btc.

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November 30, 2016, 03:04:35 PM
 #19

For me, the biggest dksadvantage of bitcoin is; it is not widely accepted. Infact, some countries are banned this kind of technology. If you want the list here https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country. Second, it has no physical form. You cannot spend it ti any physical stores. Only few stores are accepting bitcoin. You need to convert it to cash in able to buy. Third, bitcoin can be lost. Just like physical.money, it can be lost. For example. You have stored your btc at your pc, but the pc crashes. Your wallet is lost and also your btc.

For me the biggest disadvantage of bitcoin is fucking people like you deciding to use it as an excuse to scam people out of their fucking money instead of being a contribution to society that deserves the breath you take https://bitcointalk.org/index.php?topic=1439440.0
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November 30, 2016, 03:05:30 PM
 #20

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink

The fact that it is not controllable at first place, and secondly it is not yet known by everyone in the world, we are even not 2% of the world's population right now, so how come a government would bring something to a country where peope does not even know about it nor they know how to use it.

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