vikkyzenna
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June 20, 2017, 08:19:06 PM |
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Their throughput. And they are working on it.
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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squatz1
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Flying Hellfish is a Commie
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June 20, 2017, 09:25:21 PM |
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Biggest disadvantage at the moment is going to have to be how congested the market is and how expensive it is to actually use Bitcoin on a daily basis. When you compare this to using a credit / debit card, you're really going to be paying more for Bitcoin in TX fees then in credit card fees (Which would be 0 if you're paying your bill on time) In a time where the average fee is from $2-$4 it's really going to be tough to justify using Bitcoin for yourself, and to be able to spread this wonderful tech to people.
This is going to be a big one, and the other one is going to be following along with this as the miners aren't able to come to a conclusion to be able to fix this in a timely manner which is also upsetting to see. I hope this can all be fixed fast to ensure the growth of Bitcoin.
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Cofee.BLUE
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June 20, 2017, 09:45:22 PM |
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One of the biggest disadvamtage of the bitcoin is its legality.Though it is already used in many countries,there are still some that doesnt give the bitcoin the rights to become legal.Second is the indirect payment using bitcoin,you still need to convert it to buy something but converting it has also a fee.But I know that those disadvantages will improve.
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Azkabal
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June 21, 2017, 05:01:44 AM |
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The main advantage and as well the disadvantage of bitcoin is its instability. You do not know when there will be a new sharp jump in its value.
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erikmatik
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June 21, 2017, 05:36:22 AM |
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Bitcoins disadvantages is that not everybody knows about it, it became a hot issue just these days due to its hyper price hike. Also, bitcoin price is quite volatile, it changes from time to time so the equivalent value in physical currencies is erratic, you can use bitcoin to purchase something but bitcoin pricing can make your purchase too good or too pricey. lastly, the conversion fees/transaction fees on bitcoin to physical money is a bit too high, advantages is eaten by the huge fees. if those fees are reasonable in the first place maybe more and more people will use bitcoins to pay for goods and services.
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Finestream
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June 21, 2017, 07:18:22 AM |
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The main advantage and as well the disadvantage of bitcoin is its instability. You do not know when there will be a new sharp jump in its value.
Then learn to make disadvantage to favor you, when other people say it's the disadvantage it does not mean that you will see the same. For me as a trader who regularly do trades, the price volatility is what I am looking, I easily make money when the asset is volatile and because bitcoin is volatile that's why I am loving it, and I know it has disadvantages as well but I love the bright side. |
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Supercrypt
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June 21, 2017, 09:23:45 AM |
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There so many benefits of using bitcoin. It is very convenient for online transactions, it can be earn online, it can be used to invest or to trade in exchange of a good profit, it can be stored in an online wallet more secured than having it in cash and etc. Bitcoin is really useful and is going to more useful in the future.
For me, the biggest disadvantage of bitcoin is that it can used anonymously. I know how convenient it is to perform transactions over the internet but I believe that because of that many illegal transactions can be done. Tracing the people behind those illegal transactions would be harder since it had took place anonymously. No personal information have been exchanged in the messages because what they only need is the wallet address to perform such acts.
The ratio of the illegal transaction is more in the fiat as compare to bitcoin. The anonymity is basically a strength of bitcoin which is good in a sense that no one knows that you are the person holding how much wealth in the form of bitcoin and you are easy to go with your life. If it was then the international drugs and arms dealers may have chosen bitcoin but still if you look at some studies you will find that it is the US dollar mostly preferred for the illegal transactions. |
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NaruTorkai
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June 21, 2017, 09:26:56 AM |
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The thing I considered the biggest hindrance in BTC use is the small scale it's accepted in, both digitally and in real life, in real life it's more of a novelty thing from few shops which might be acceptable considering it's a digital payment in the beginning, but even online, allot of merchant websites online do not take BTC as a payment method at all.
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Harlot
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June 21, 2017, 10:02:34 AM |
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One of the biggest disadvamtage of the bitcoin is its legality.Though it is already used in many countries,there are still some that doesnt give the bitcoin the rights to become legal.Second is the indirect payment using bitcoin,you still need to convert it to buy something but converting it has also a fee.But I know that those disadvantages will improve.
I don't think that legality is as of right now still an issue. With the recent news about developed countries changing views on Bitcoin I think its legality is not a disadvantage anymore. Even though it was illegal before I don't see any actions of the government stopping it like banning the use of Bitcoin in the dark web which has never been tried. Converting Bitcoin to Fiat for me is not a disadvantage or a burden in anyway because of my wallet which has an option to buy my Bitcoin and they will pay via Bank deposit. |
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bitbob82
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June 21, 2017, 11:25:56 AM |
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I think that the high fees are the main obstacle for the massive use of crypto currency. In some countries, you have to pay very large fees when buying a crypto currency or when withdrawing cash. This discourages business and makes it impossible to use crypto currency in everyday life.
the only disadvantage in the present time is the transaction fee, with the passage of time the transaction fee is increasing i hope that this problem will solve on preyority bases which is really creating confusion for the new users. |
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LeGaulois
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Top Crypto Casino
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June 21, 2017, 11:37:16 AM |
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The fees ! It becomes just crazy and with no sense to pay something like 5$ for a transaction. When you are sending 1BTC ok you can say who care (I do) but when you are sending 0.01BTC and pay 0.002 this is something else. Promoting bitcoin with a selling point "bitcoin is cheap to send" doesn't work anymore
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Nathland
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June 21, 2017, 12:46:23 PM |
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Biggest disadvantages of Bitcoin has to be its high transaction fees which makes its use impossible for small transactions. Then we have got the volatility issue of Bitcoin, it's price rise and fall everyday which makes it little unstable. Confirmation time of Bitcoin is also very high
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javalemcgee
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June 21, 2017, 12:52:08 PM |
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The fees ! It becomes just crazy and with no sense to pay something like 5$ for a transaction. When you are sending 1BTC ok you can say who care (I do) but when you are sending 0.01BTC and pay 0.002 this is something else. Promoting bitcoin with a selling point "bitcoin is cheap to send" doesn't work anymore
Exactly. The frees are just crazy for now. Imagine you're sending $50 and paying $5 as the fee. This is horrible. This should be solved. |
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choppork
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June 21, 2017, 12:55:55 PM |
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Bitcoin Valuation Fluctuates
No Buyer Protection
Built in Deflation
No Physical Form
I removed some of them but are you sure that these are disadvantages? I guess we can consider them as a double-edged sword but they are so easy to take advantage of. Bitcoin value fluctuation: A lot of people are making money from this. They trade bitcoins and if you become one of them, then you're going to make money as well. It's not that easy to counter this disadvantage since you can just hold when the price is going down. No buyer protection: You surely did get this idea from Paypal. This feature is being abused by scammers. Built in deflation: This means that the price will increase over time. No physical form: Our bank accounts also don't have any physical form yet we trust them as much as we trust fiat. And if you're going to argue that bank accounts can be cashed out as paper money, then so can bitcoin. |
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bitbunnny
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WOLF.BET - Provably Fair Crypto Casino
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June 21, 2017, 12:58:29 PM |
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Probably we all share the same opinion, fees and confirmation time are bigest issues at the moment. But the problem is also that Bitcoin still isn't widely adopted as a payment method and I would also add reduced anonimity for users. But these things could be improved and Bitcoin needs to adjust.
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Heyyyrenz
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June 21, 2017, 02:09:48 PM |
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For me i think it's their transaction fee, it's so expensive many people starting with just low investment and when they're going to transfer their money to other wallet it will cost i think 1/4 to 1/2 of the bitcoins that we'll transfer to other wallet (for low investment, no money at all) it's hard for us to grow our money because of the transaction fee and also the transaction time it took a while or i guess many days before it will arrive i think that's the bitcoins biggest disadvantages
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johnwest
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June 21, 2017, 02:20:22 PM |
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Probably we all share the same opinion, fees and confirmation time are bigest issues at the moment. But the problem is also that Bitcoin still isn't widely adopted as a payment method and I would also add reduced anonimity for users. But these things could be improved and Bitcoin needs to adjust.
I think the segwit integration will be a solution for most of our problems with BTC right now. An increase in Block size was really needed and it is a good decision in my opinion. I just hope people will understand the change and adopt BTC in life. |
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LesterD
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#SWGT PRE-SALE IS LIVE
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June 21, 2017, 03:09:20 PM |
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in our country the disadvantages of bitcoin is we cant still use it as payment method in market. we have to exchange it first to fiat and that's what i dont like, but i can resist all that if its price is still increasing, i can just think that im saving my money on a bank and waiting for it to grow till i need my money. but i know that bitcoin will soon be accepted as payment method in our country, since its demand is very high and bit by bit its becoming popular to the people nowadays.
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ladydark
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June 21, 2017, 03:11:38 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  The ever increasing transaction fee has become the biggest drawback for bitcoins.It has become an obstacle for bitcoin progress.Transactions with lower fee are stuck without being confirmed.The volatile nature of bitcoin has also made governments to think whether legalize it or not and companies to think whether accept bitcoin payments or not. |
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Pinkris128
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June 21, 2017, 03:13:27 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 agree that transaction fee was one of the big disadvantages of bitcoin because it turns down people to not trust them. Its like a big burden for every user whenever they transact to other because of its fee. |
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