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ekoice
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March 19, 2017, 12:21:29 PM |
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1.Bitcoin's high volatile nature.
2.Long time taken for transactions
3.pseudo anonymity
These are some reasons for which bitcoin has not been yet accepted as mainstream payment.
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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sunsilk
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March 19, 2017, 12:38:11 PM |
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Lack of government control also makes bitcoin seemed worthless. In addition, some financial analysts consider bitcoin currency as illegal because it is not pushed legislation legitimate in the eyes of the law
Yes this is one of the disadvantage of bitcoin, there's lack of control by the government. But it doesn't mean that bitcoin seems to be worthless. This will just make bitcoin more popular and get a lot of investor and give the people assurance that bitcoin is a real deal. Though this thing is not actually needed by bitcoin. |
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g2com (OP)
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April 21, 2017, 08:15:22 PM |
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Now Bitcoin is facing a possible fork between Bitcoin Unlimited and Bitcoin Core. The uncertainty about future is also one of the disadvantages
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Pearls Before Swine
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April 21, 2017, 08:23:35 PM |
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1.Bitcoin's high volatile nature.
2.Long time taken for transactions
3.pseudo anonymity
These are some reasons for which bitcoin has not been yet accepted as mainstream payment.
The "pseudo-anonymity" part I don't agree with, because most people could care less about hiding their transactions. Sure, the drug pushers and criminals want this, but your average turd at Starbucks doesn't. It's the fees and the stupid, crazy-long transaction times that make bitcoin just an awful form of money. Those are the reasons why there aren't actually people in line at the coffee shop wanting to pay with bitcoin, in addition to the fact that people are more than happy to use fiat. There isn't a good reason to choose bitcoin over that for the vast majority of people. |
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Mumbeeptind1963
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April 22, 2017, 06:30:48 AM |
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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  we cannot see it and we cannot hold it and withdraw it instantly and it can have a transaction fee every withdrawal, thats is all I think that can be a problem , but all in all , bitcoin is good and be the best. |
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AjithBtc
Sr. Member
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Activity: 1666
Merit: 276
Vave.com - Crypto Casino
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April 22, 2017, 06:37:07 AM |
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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 we cannot see it and we cannot hold it and withdraw it instantly and it can have a transaction fee every withdrawal, thats is all I think that can be a problem , but all in all , bitcoin is good and be the best. Try to be fulfilled with what bitcoin provides, because all that's been mentioned were not acceptable. You can see it in terms of at least a numeric value. You can feel it storing in a paper wallet or a hardware wallet. Transaction fee is there with every form of transaction, but with bitcoin the transaction fee is very low. |
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summer68
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April 22, 2017, 09:56:26 AM |
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Bitcoin trading confirmation time is relatively long. Bitcoin wallet installed for the first time, it will consume a lot of time to download historical transaction data block. Bitcoin transactions, in order to confirm the accuracy of the data, it will take some time to interact with the P2P network, the whole network is confirmed, the transaction is completed.
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BigBos
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April 22, 2017, 10:03:13 AM |
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Well maybe I think about the issue of fee on each transaction. It will probably slowly make people not use bitcoin, because even small transactions have large chunks. I think that's the only disadvantage of bitcoin
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romero121
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April 22, 2017, 10:10:21 AM |
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Well maybe I think about the issue of fee on each transaction. It will probably slowly make people not use bitcoin, because even small transactions have large chunks. I think that's the only disadvantage of bitcoin
For the same transaction volume if you go with some other service provider sure you will pay more than what you pay as transaction fee for a bitcoin transaction. Sometimes with increased transaction fee to confirmation delay happens which were just temporary issues. |
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Capradina
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April 22, 2017, 10:19:57 AM |
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I think the biggest disadvantage of bitcoin is the long time to confirm one transaction
espicially nowadays, it almost takes 2 days. On the other hand Bitcoin is a good project and good idea but it will transform other project like ETH,other project in future. Becuase Bitcoin isn't produced ownself. It's supported by blockchain. Blockchain technology bigger than bitcoin. Bitcoin is just first coin that is created by blockchain technology. and so many companies,countries,people,devoloper dont know this. Every corporate knows this and they were already start create the new digital currency of their by forking the blockchain technology. Even some international banks planned and they inprocess to create the coins. After the updation of blockchain 2.0, bitcoin is so secured and anonymous now. I don't think anyone gonna attack it. Indeed for reserved power server bitcoin is a digital currency that is hard enough to smash it, because it is the power of servers is very high so the bitcoin will be difficult for hackers to launch the action. So, to the question of security is indeed bitcoin safe enough. but to the question of the popularity it will never happen all the time, for every technology will surely have time to continue popular unless bitcoin can revolution in accordance with change of time |
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Janation
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April 22, 2017, 11:06:28 AM |
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Well maybe I think about the issue of fee on each transaction. It will probably slowly make people not use bitcoin, because even small transactions have large chunks. I think that's the only disadvantage of bitcoin
I think the developers will do something about these matter, but we also need to help them what we can do to help. As a user there are also ways that we can lessen the traffic of these transactions. For example, making transactions minimize into one transaction. Mostly the traffic was made by spams sending small amount of bitcoin with smaller fee, but if we can reduce it to one transaction and woth big fees, that will be easy. And I think the another disadvantage of bitcoin is its acceptance by the stores. |
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Kotone
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April 22, 2017, 03:02:21 PM |
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Maybe the disadvantage of bitcoin is we are in new technology but haven't accepted into any payment form yes some of websites are accept bitcoins limited items only, all in all are good with bitcoin but i know time will come that will be accepted bitcoin from any merchant in the world.
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FlamingFingers
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April 22, 2017, 03:07:35 PM |
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Three words – fees, fees, and fees. And I don't think SegWit will be making any progress on that matter (it might even make it worse). I hope the developers are thinking rationally about this before blindly applying anything that may hurt bitcoin in the long run.
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giveen
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April 22, 2017, 03:11:44 PM |
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The biggest disadvantage of bitcoin is it takes lot of time to receive the funds successfully, the network fees is really high nowadays, because of it's anonymity feature many people have started using it for illegal purposes , even though it is decentralised currency the price is still being controlled indirectly.
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Xenophoto
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April 22, 2017, 04:08:29 PM |
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Well maybe I think about the issue of fee on each transaction. It will probably slowly make people not use bitcoin, because even small transactions have large chunks. I think that's the only disadvantage of bitcoin
I think the developers will do something about these matter, but we also need to help them what we can do to help. As a user there are also ways that we can lessen the traffic of these transactions. For example, making transactions minimize into one transaction. Mostly the traffic was made by spams sending small amount of bitcoin with smaller fee, but if we can reduce it to one transaction and woth big fees, that will be easy. And I think the another disadvantage of bitcoin is its acceptance by the stores. Transactions with small fees don't matter that much since they are at the bottom of the priority list. The miners don't care about these flood of transactions. They will get their reward regardless. If you want to solve the problem by yourself, you simply have to add a much higher fee. You don't have to worry about the other users. They don't care about you anyway. At the same time, even when somebody amongst us do something about the problem, we will never be united because that's just how the world is. There's chaos everywhere especially here on the Internet where trolls lurks 24/7. By the way, your method of sending only one transaction instead of many is kind of tricky. If someone wants to send 0.1BTC to his friend, he will not send it in smaller chunks. He will send the exact amount that he wants. I don't know anyone who does smaller chunks since it will just be totally inconvenient in their part. |
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avikz
Legendary
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Merit: 1500
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April 22, 2017, 04:22:01 PM |
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As of now the biggest disadvantage of bitcoin is the slow transaction processing time and higher fees. Those who are holding a lot of bitcoins, they may be able to negate the fees, but for small bitcoin holders are having a tough time to pay the network fees, especially the signature campaign earners. Also the small traders are also finding it hard to move small amounts of bitcoin to their personal wallet.
However, I believe that, with time, it will be taken care and we will have smoother and faster bitcoin network as ever. But I can't see any adverse effect on bitcoin network for this issue as of now and people are gladly buying bitcoin as an investment.
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Dimelord
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April 22, 2017, 05:42:15 PM |
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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 Some disadvantages of bitcoin are as follows. 1.Some merchants may hesitate to accept bitcoin as payment as they may fear that government would track their transactions. 2.Since bitcoins are stored in a wallet,if the laptop gets damaged or if passwords lost,then those bitcoins would remain unused forever. 3.If a merchant accepts bitcoin for selling his product and if the customer returns that product after some time,the question arises whether he would refund the customer his paid amount as per today's rate or previous rate. 4.Since bitcoin is not governed by any central authority,no one could guarantee that what is its minimal value. 5.Latest problem,the time taken for transaction which is too late and the higher transaction fees. |
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akamit
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April 22, 2017, 06:07:03 PM |
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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.
I totally agree with Juggy. But I think that price fluctuation is the main reason for not having bitcoin as main payment system. Still, lots of peoples are left behind due to the difficulty of bitcoin. I spent my 1 year and 5 months in bitcoin technology, but still I don't understand lots of thing.. Still learning! |
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LeGaulois
Copper Member
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Activity: 2870
Merit: 4095
Top Crypto Casino
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April 22, 2017, 09:02:34 PM |
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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 Some disadvantages of bitcoin are as follows. 1.Some merchants may hesitate to accept bitcoin as payment as they may fear that government would track their transactions. 2.Since bitcoins are stored in a wallet,if the laptop gets damaged or if passwords lost,then those bitcoins would remain unused forever. 3.If a merchant accepts bitcoin for selling his product and if the customer returns that product after some time,the question arises whether he would refund the customer his paid amount as per today's rate or previous rate. 4.Since bitcoin is not governed by any central authority,no one could guarantee that what is its minimal value. 5.Latest problem,the time taken for transaction which is too late and the higher transaction fees. 1. Like, if the gov can't track their transactions paid using cards, checks or others. Otherwise it is called frauding. Something is called accounting... 2. Who is stupid for not backing up their wallet, they should use another type of wallet or simply stay away of cryptocurrencies. 3. There is no question, the merchant refund with bitcoin, not with fiat. If you bought something with a card and the merchant refund your oder, you are not refunded with checks |
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Sarah08
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April 22, 2017, 09:20:13 PM |
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I dont really see a disadvantages but i think its because of the bitcoin is popular in many people but not too popular all over the world there are still so many people didn't know about it and this technology is still not been proven in many countries in the world there are so many people not ready for change in this kind of technologies also lack of partnerships of bitcoin in many companies.
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