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Author Topic: What do you think are the biggest disadvantages of Bitcoin?  (Read 76695 times)
Blitzboy
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January 19, 2017, 04:07:27 PM
 #341

there are a lot people that does not know anything about bitcoin yet, you can not buy whatever you want with bitcoins
and in my case, it is hard for me exchange it for fiat currency, most people use bitcoins as an investment, rigth now i am no doing it that way
Yeah one big disadvantage of bitcoin is that you can hardly use it in reality. Although I live in one of the most financially developed in my country, I've only seen two coffee shops that accept bitcoin and one of them seems to begin closing after a few months. But luckily, the other has a small corner for crypto exchanging and I just tried it recently. The rate was high but that's the only I have.

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January 19, 2017, 04:09:22 PM
 #342

there are a lot people that does not know anything about bitcoin yet, you can not buy whatever you want with bitcoins
and in my case, it is hard for me exchange it for fiat currency, most people use bitcoins as an investment, rigth now i am no doing it that way
I agree that first statement there are a lot of people doesn't know about bitcoin, so we can not easily buy whatever we want through direct bitcoin. But we have one option that is we can exchange BTC to fiat currency, and we can use that money to buy our needs. But In your case, this is also not easy, so I don't know what to tell. Better you can find more trusted people in this forum you can sell your coins to them and get money through PayPal.
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January 19, 2017, 04:10:53 PM
 #343

there are a lot people that does not know anything about bitcoin yet, you can not buy whatever you want with bitcoins
and in my case, it is hard for me exchange it for fiat currency, most people use bitcoins as an investment, rigth now i am no doing it that way
Yeah one big disadvantage of bitcoin is that you can hardly use it in reality. Although I live in one of the most financially developed in my country, I've only seen two coffee shops that accept bitcoin and one of them seems to begin closing after a few months. But luckily, the other has a small corner for crypto exchanging and I just tried it recently. The rate was high but that's the only I have.

There are a few companies out there that offer a bitcoin debit card so you could virtually use bitcoin anywhere debit is accepted. Hopefully more and more businesses accept it directly as they learn about it's benefits.
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January 19, 2017, 05:05:19 PM
 #344

there are a lot people that does not know anything about bitcoin yet, you can not buy whatever you want with bitcoins
and in my case, it is hard for me exchange it for fiat currency, most people use bitcoins as an investment, rigth now i am no doing it that way
Yeah one big disadvantage of bitcoin is that you can hardly use it in reality. Although I live in one of the most financially developed in my country, I've only seen two coffee shops that accept bitcoin and one of them seems to begin closing after a few months. But luckily, the other has a small corner for crypto exchanging and I just tried it recently. The rate was high but that's the only I have.

There are a few companies out there that offer a bitcoin debit card so you could virtually use bitcoin anywhere debit is accepted. Hopefully more and more businesses accept it directly as they learn about it's benefits.

Bitcoin debit cards are a great invention but I must say that the fees are not really friendly to me and the physical card is way more expensive than my card in our local bank and it is the reason why I just chose to continue using my regular card than having one of the bitcoin debit cards . It is really a disadvantage that's why merchants accepting it directly will help the whole bitcoin community to lower the fees .

Care to give us the name of the coffee shop? Do they have some social media sites cause most coffee shops have one .

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January 20, 2017, 08:31:27 AM
 #345

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


I've been thinking about Pseudonymous, this is what really all about, unknown identity for every transaction and that is not good for the company. Sometimes I've been thinking too if pump and dump is also one of the disadvantages of bitcoin.
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January 20, 2017, 12:35:44 PM
 #346

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


I've been thinking about Pseudonymous, this is what really all about, unknown identity for every transaction and that is not good for the company. Sometimes I've been thinking too if pump and dump is also one of the disadvantages of bitcoin.

Because of this reason, the Bitcoin become more popular in online gambling. If we can track the transaction, then there is no difference b/w credit card and bitcoin transaction. our IT people can easily catch us because of online gambling activity. And I agree with one point the confirmation is getting slow day by day this is also one big disadvantage of Bitcoin.
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January 20, 2017, 12:44:33 PM
 #347

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


I've been thinking about Pseudonymous, this is what really all about, unknown identity for every transaction and that is not good for the company. Sometimes I've been thinking too if pump and dump is also one of the disadvantages of bitcoin.

Because of this reason, the Bitcoin become more popular in online gambling. If we can track the transaction, then there is no difference b/w credit card and bitcoin transaction. our IT people can easily catch us because of online gambling activity. And I agree with one point the confirmation is getting slow day by day this is also one big disadvantage of Bitcoin.

That's true due to lot of transactions ,its confirmations becomes slower . Though still knowing that its transaction fees were not that high and sometimes free ,it is still worth it. Bitcoin still good in every services it offers.
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January 20, 2017, 12:48:44 PM
 #348

One of the  disadvantages of bitcoin is that the value of bitcoins is constantly fluctuating according to demand and bitcoins are still only accepted by few group of online merchants and worst is the possibility that governments might force merchants not to use bitcoins as a mode of payment.


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January 20, 2017, 12:53:45 PM
 #349

One of the  disadvantages of bitcoin is that the value of bitcoins is constantly fluctuating according to demand and bitcoins are still only accepted by few group of online merchants and worst is the possibility that governments might force merchants not to use bitcoins as a mode of payment.



Actually, to many, fluctuating price is an advantage and an opportunity to earn more. But for some, they fear it specially if they don't have proper knowledge about its price. I think one of the biggest disadvantage of bitcoin is it's internet use when transacting, without internet it's hard to have a transaction. But it's okay, it also happens in cards, so I think it's not really a hindrance.

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January 20, 2017, 12:58:46 PM
 #350

I have seen that one of the disadvantage is that the value fluctuates due to no central governing the value of bitcoin, they can rapidly increase or decrease in value based on the actions but at some point there is an advantage as what mentioned earlier. Because of it, more people gain more.

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January 20, 2017, 01:54:36 PM
 #351

I have seen that one of the disadvantage is that the value fluctuates due to no central governing the value of bitcoin, they can rapidly increase or decrease in value based on the actions but at some point there is an advantage as what mentioned earlier. Because of it, more people gain more.



Yes, bitcoin prices rise and fall very quickly be regarded as an advantage or disadvantage of bitcoin. But if suppose we are trading with a technique or let's say we have advanced so disanvatage of the bitcoin can we change into our advantage. Thank you
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January 20, 2017, 02:22:09 PM
 #352

there are a lot people that does not know anything about bitcoin yet, you can not buy whatever you want with bitcoins
and in my case, it is hard for me exchange it for fiat currency, most people use bitcoins as an investment, rigth now i am no doing it that way
You have spend a little time in bitcoin so you do not know much about bitcoin its uses and the way to exchange it that is why you are saying that but when you will spend some more time research about bitcoin and will learn more then it will not be a problem to buy any thing with bitcoin and you will also find a place to exchange your fiat to bitcoin and your bitcoin to fiat.
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January 20, 2017, 02:32:13 PM
 #353

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
ad. 1. It is not a problem at all. If you disclose your ID then bitcoin address can be attributed to you, effectively making bitcoin totally transparent for everyone who know that you own that address.
ad. 2. So is fiat money and no one is crying about illegal activities where criminals use fiat.
ad. 3. Again, everything that has value and can be used as form of currency will be used for illegal activities sooner or later.
ad .4. In theory confirmation should take only ~10 minutes, but a agree that this might be a deterrent for some users.
ad. 5. You list decentralization as negative trait?

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January 20, 2017, 05:36:48 PM
 #354

For me, one of the biggest disadvantage of Bitcoin is that not everyone knows it yet that it could be applied everywhere. Where you can buy something like groceries and pay with Bitcoin. In our country there's not much businesses yet to accept Bitcoin. It's not yet known but people would start acknowledging it

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January 20, 2017, 07:08:35 PM
 #355

For me, one of the biggest disadvantage of Bitcoin is that not everyone knows it yet that it could be applied everywhere. Where you can buy something like groceries and pay with Bitcoin. In our country there's not much businesses yet to accept Bitcoin. It's not yet known but people would start acknowledging it
i think it is not the disadvantage of bitcoin, actually majority of people do not know about bitcoin so we should try to introduce bitcoin to those people who do not know about it, and hope that when people will start using bitcoin then the offline shops will also start accepting bitcoin.
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January 20, 2017, 07:16:52 PM
 #356

Disadvantages of Bitcoin:

1) Big fees to trade them or exchange.
2) Many scamers use or will use it!
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January 20, 2017, 07:57:04 PM
 #357

I think that at this moment the biggest disadvantage of bits is the lack of popularity in society. Authorities must take care of promotion and commercials via internet and not only. When people at last understand the real meaning and purpose of cryptocurrencies then it will become mass and probably will substitute other forms of payment.
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January 20, 2017, 08:04:35 PM
 #358

I think I'm most tired of my friends and family asking: "Isnt that illegal?"
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January 20, 2017, 08:51:32 PM
 #359

I think I'm most tired of my friends and family asking: "Isnt that illegal?"

LOL, same situation here, it's why i even stopped to talk about bitcoin.

- "Hey do you know bitcoin ?"
- "Yes sure, it is the currency of the darkweb"

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January 20, 2017, 09:00:09 PM
 #360

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.
i think still no country has banned bitcoin although they also have not yet turn it as legal also. but  still people from all over the world are using bitcoin continuously. and hope that they will continue using bitcoin for ever.

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