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Author Topic: What do you think are the biggest disadvantages of Bitcoin?  (Read 72110 times)
Kprawn
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November 30, 2016, 03:10:44 PM
 #21

The fact that Bitcoin can only be mined with large scale Asic farms and not with normal computers. Just imagine if everyone could mine something

like Bitcoin on a simple computer again, like back in the old days. Someone should find a way to make Bitcoin or another coin Asic-proof so normal

people could mine again. If computers or appliances could pay for their own electricity cost, it would enormous.  Grin

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November 30, 2016, 03:23:20 PM
 #22

The greatest disadvantage from what I have experienced is the fact that Bitcoin transaction is irreversible even after a mistake is being made regarding a transaction or even when it is a scam transaction another is the fact that there is even no way to report a user or an address so individuals can be warned about that person or address. If this has settled, I am good with everything about Bitcoin...



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November 30, 2016, 03:24:54 PM
 #23

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

Bitcointalk is probably one of Bitcoins biggest drawbacks. People get interested in Bitcoin then come to this shitshow and get put off from all the signature spammers and deluded wanna be rich assholes. Just get a job, you will never create a successful blockchain and further more, crypto doesn't need it.
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November 30, 2016, 05:31:42 PM
 #24

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

Not really will be use worldwide as over 80% population on this planet.
- As designed as alternative currency at first place.
- Have limited supply.
- Hard to track(this why government hate) but possible to tracked.
- Volatile, this why people who not have interest with geek technology considering hundred times.
- Decentralized (all government hated this so much). And some people can't protect their asset.
- Has been bad stamp since silk road.
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November 30, 2016, 05:37:33 PM
 #25

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
awareness and knowledge to technology is the biggest blockage on its adoption because people really lost their interest when we do tell them about. Bitcoin but If they don't have enough knowledge then the wil surely not bother to engage in it. Next, will be it's fluctuating price. People really don't like this thing in most cases.

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November 30, 2016, 05:52:34 PM
 #26

The single biggest disadvantage that Bitcoin has is by far the time it takes to confirm a transaction, either with one, two or three confirmations. There is no point when it comes to having more than one confirmation imo, but even then it can take between 10 to 30 minutes to confirm a single transaction, something not realistically possible for normal purchases.














 

 

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December 01, 2016, 11:50:36 AM
 #27

i think not stable price one of disadvantages and sometimes this is hurt for bitcoin users although huge price increase is happinest for user


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December 01, 2016, 12:48:02 PM
 #28

What's preventing Bitcoins from being accepted as mainstream payment forms?
Simple answer is mainstream wants bitcoin to have stable price like cash but bitcoin can't have stable price.

Why you think bitpay like third party are being used by majority of big merchants, because they don't like to loss any cents on price volatility. They are accepting bitcoin just to reach next bunch of potential buyers who want to pay with bitcoin.

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December 01, 2016, 12:52:47 PM
 #29

In my opinion, the biggest disadvantage of Bitcoin is the learning curve. It's hard to learn bitcoin especially when people has no clue what it is. This is, I believe, to be one of the hurdles bitcoin needs to surpass before it gets widely adopted by the public.
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December 01, 2016, 12:53:17 PM
 #30

I think the biggest disadvantage of bitcoin now is we can not spend it  locally yet but i am hoping that this will be available soon. Then also disadvantage is there is no physical coin that more people does not like it.
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December 01, 2016, 12:59:31 PM
 #31

IMO, the biggest bitcoin disadvantage is bitcoin can't be use as easy as fiat does because it's lack of adoption. Only few online/offline stores that accept bitcoin as payment also those stores are only available in few countries.
I hope bitcoin can be use for daily transaction in real life in future, therefore I don't need to bring cash and it makes me safer.

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December 01, 2016, 01:07:34 PM
 #32

IMO, the biggest bitcoin disadvantage is bitcoin can't be use as easy as fiat does because it's lack of adoption. Only few online/offline stores that accept bitcoin as payment also those stores are only available in few countries.
I hope bitcoin can be use for daily transaction in real life in future, therefore I don't need to bring cash and it makes me safer.

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December 01, 2016, 01:38:09 PM
 #33

for me, i think the biggest disadvantages of bitcoin is the transaction process on blockchain because we've seen many people said that the transaction need too long to get complete or just to get 1 confirmations. but if the speed of transaction can be fix, then bitcoin user will be happy and don't have to wait to long, beside that it will make more people will be adopt bitcoin for the payments in future.

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December 01, 2016, 01:56:40 PM
 #34

In my opinion, the biggest disadvantage of Bitcoin is the learning curve. It's hard to learn bitcoin especially when people has no clue what it is. This is, I believe, to be one of the hurdles bitcoin needs to surpass before it gets widely adopted by the public.
You don't need to learn like pro, there are several bitcoin web wallets which offer similar user interface like usual payment methods other than long bitcoin address in place of normal emails or usernames.

The one who just like to buy bitcoin and store them safely can use trading platform available to his/her country, save it in paper wallet or in hardware wallet for years and sell them when they think they have earned enough profit.

Biggest disadvantage  Huh
There are few problems but that can solved with continuous update and development. Nothing to worry about...

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December 01, 2016, 02:10:38 PM
 #35

The greatest disadvantage from what I have experienced is the fact that Bitcoin transaction is irreversible even after a mistake is being made regarding a transaction or even when it is a scam transaction another is the fact that there is even no way to report a user or an address so individuals can be warned about that person or address. If this has settled, I am good with everything about Bitcoin...

I think this irreversible thing is solved thru multisig, but well we cannot deny the fact that many are not using this this feature of bitcoin.  
I think another biggest disadvantage of Bitcoin is the confirmation time.  It will never be in the mainstream if it will take 10 min. to several hours before the payment is credited.

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jeraldskie11
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December 01, 2016, 02:16:01 PM
 #36

To become the Bitcoin mainstream, the developer should be able to make an action. One of the disadvantages of Bitcoin is slow for transaction, I'll understand but they should update it.

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Fatanut
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December 01, 2016, 02:18:36 PM
 #37

The greatest disadvantage from what I have experienced is the fact that Bitcoin transaction is irreversible even after a mistake is being made regarding a transaction or even when it is a scam transaction another is the fact that there is even no way to report a user or an address so individuals can be warned about that person or address. If this has settled, I am good with everything about Bitcoin...

There's no point in reporting a bitcoin wallet address. He can make hundreds/thousands of them in just a couple of seconds. Good thing if the scam did happen in this forum, you can open a scam accusation against the user and his account will have a negative trust from DT members. But nonetheless, you're not getting your money back.

Irreversible bitcoin payment is actually a really good thing if you're the seller. You know the money can't be disputed and once you received it, it's yours.


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alexsandria
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December 01, 2016, 02:35:42 PM
 #38

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
I think, the biggest disadvantage of bitcoin they are using in illegal market pertaining dark market.

Most of investors are affraid of being scammed or being involved in the dark market yet it won't happen if they would not initiate in this kind of business.



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December 01, 2016, 04:11:53 PM
 #39

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
I think, the biggest disadvantage of bitcoin they are using in illegal market pertaining dark market.

Most of investors are affraid of being scammed or being involved in the dark market yet it won't happen if they would not initiate in this kind of business.




How would you stop people from using any technology/currency for criminal acts? Bitcoin is money and money has value. People want money,

and some people would do anything for it. { Even sell their organs } The only way for someone to stop this, is to strip all anonymity, so that

all transactions could be traced, and this will never be accepted by the public. You would not want everyone to know what you buying and how

frequently you are buying it.  Roll Eyes

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Hidemyname
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December 01, 2016, 06:03:43 PM
 #40

I think the biggest disadvantage of bitcoin is its whole idea of anonymity where you can pay someone without even knowing or tracking them thats why there are so many scam sites this days. But im not really against it I even like the idea of investing and earning without giving my real information Smiley happy earning guys

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