EdenHazard
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Activity: 2674
Merit: 1048
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January 06, 2017, 06:41:16 AM |
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The biggest disadvantages from bitcoin in my opinion is still vulnerable hack and bitcoin is always used for the negative activities. That is seems to me that the weakness of bitcoin makes someone difficult to believe with bitcoin. That is one of the things that could prevent bitcoin to be accepted as payment. In addition, many scam it will affect my opinion. If bitcoin can be overcome, I believe bitcoin will be accepted as payment.
fiat also vulnerable , hackable. paypal and any other offline/online payment gateaway have been used for illegal activities too, a lot of scam attempts has been made everywhere . so i think nothing specific problem here. the only concern i feel are when bitcoin looks like a trifle , manipulatable. just look at the drop price up to 20% within a day. |
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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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Mydarksaviour
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Activity: 48
Merit: 0
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January 06, 2017, 06:43:26 AM |
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i think one of its disadvantages is its lack of mass information. that is why it leads to lack of mass adoption.
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diegz
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January 06, 2017, 06:48:08 AM |
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I think the biggest disadvantages of bitcoin is the internet connection. Once you don't have a data connection in the internet we cannot earn bitcoin, and if ever you have an internet which you can monitor what is going in the update about it, the fluctuation is the next problem into or transaction in bitcoin in any exchange sites.
Internet isn't really a problem, since it is understood that when we use bitcoin, we should have internet and it is one very important requirement. So I don't see it a problem. Different prices in different exchanges too isn't a problem since it is their rate and they are not stealing your bitcoin, it would only turn bad if after depositing your coins they slowly eat your bitcoin.  |
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Rooster101
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January 06, 2017, 07:07:12 AM |
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One of the biggest disadvantage of bitcoin like other cryptocrurrency is its high volatility or unstable value, more unstable than any other currency. Anytime the price can deflate in value or drop sharply whenever people seem to put less trust in it or some hacking incidence.
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pinoycash
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January 06, 2017, 07:09:23 AM |
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One of the biggest disadvantage of bitcoin like other cryptocrurrency is its high volatility or unstable value, more unstable than any other currency. Anytime the price can deflate in value or drop sharply whenever people seem to put less trust in it or some hacking incidence.
thats not a disadvantage, its part of the bitcoin ecosystem, price valuation happens on all commodity and not only bitcoins. and there no cons on using bitcoins in my opinion. |
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Diced90
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January 06, 2017, 07:23:59 AM |
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The number one disadvantage I see with bitcoin is not being able to reverse transactions as this would attract more investors, as they would want to extend their buyer/seller protection to them.
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Mr. Big
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While my guitar gently weeps!!!
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January 06, 2017, 08:35:58 AM |
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The number one disadvantage I see with bitcoin is not being able to reverse transactions as this would attract more investors, as they would want to extend their buyer/seller protection to them.
Actually it is not a disadvantage if you are a merchant and selling only good products, some buyers are just making a reason to return what they bought for no reason or for reason that they don't want the product. It will only be a disadvantage to buyers who really bought a defective product since they cannot just ask for a refund since there is no one to handle that dispute. But since escrows are there, as a mediator, they could serve as a buyer/seller protector too... So we must practice using escrow service when buying and selling... |
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bncbnc
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January 06, 2017, 02:54:37 PM |
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I think the biggest disadvantages of bitcoin is the internet connection. Once you don't have a data connection in the internet we cannot earn bitcoin, and if ever you have an internet which you can monitor what is going in the update about it, the fluctuation is the next problem into or transaction in bitcoin in any exchange sites.
in present advance time i think internet is not a problem, because the facilities of internet is present everywhere even in the most backward countries of the world. therefore internet is not such a big problem for bitcoin. |
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iqlimasyadiqa
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Activity: 1596
Merit: 1011
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January 06, 2017, 02:58:03 PM |
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one of the biggest disadvantages bitcoin is that the longer the time of confirmation. we have to use large amounts of fee for faster delivery. This should be kept for the future we will be using bitcoin regularly.
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Bitcoinsummoner
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January 06, 2017, 03:57:03 PM |
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one of the biggest disadvantages bitcoin is that the longer the time of confirmation. we have to use large amounts of fee for faster delivery. This should be kept for the future we will be using bitcoin regularly.
Well i think this is not a biggest problem or disadvantage in bitcoin since we can control what speed we want and even we are paying high fee or above default fee for every transaction if we compare the payment fee into other payment process it is still advantage of bitcoin.. i think the big disadvantage with bitcoin many people are scam by bitcoin and many illegal users abusing the use of anonymity of bitcoin .. |
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lukmandog
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January 06, 2017, 04:42:38 PM |
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one of the biggest disadvantages bitcoin is that the longer the time of confirmation. we have to use large amounts of fee for faster delivery. This should be kept for the future we will be using bitcoin regularly.
Well i think this is not a biggest problem or disadvantage in bitcoin since we can control what speed we want and even we are paying high fee or above default fee for every transaction if we compare the payment fee into other payment process it is still advantage of bitcoin.. i think the big disadvantage with bitcoin many people are scam by bitcoin and many illegal users abusing the use of anonymity of bitcoin .. For me, biggest disadvantage of bitcoin is about anonymous transaction. |
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noictib
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January 06, 2017, 04:57:34 PM |
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one of the biggest disadvantages bitcoin is that the longer the time of confirmation. we have to use large amounts of fee for faster delivery. This should be kept for the future we will be using bitcoin regularly.
Well i think this is not a biggest problem or disadvantage in bitcoin since we can control what speed we want and even we are paying high fee or above default fee for every transaction if we compare the payment fee into other payment process it is still advantage of bitcoin.. i think the big disadvantage with bitcoin many people are scam by bitcoin and many illegal users abusing the use of anonymity of bitcoin .. For me, biggest disadvantage of bitcoin is about anonymous transaction. I am fully satisfied with bulkmandog . Here many of the countries not accepting the bitcoin officially , is only the reason that anyone can send money to any person , without limit and without detail without verification of the user . So here I think there are some disadvantage of bitcoin which should be small change need to verify the user . |
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Harlot
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January 06, 2017, 05:22:06 PM |
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I can say that volatility is also one of the disadvantages of Bitcoin. From 1100$ last 3 days ago now it is price 912$ per Bitcoin. Almost 200$ lost in the last 3 days. I know traders are happy for the pull backs and corrections but in order for it to be accepted in the bigger market it needs to be stable that is when people will start accepting Bitcoin as payment and maybe some imvestment companies will do the same too.
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ewonardo
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January 06, 2017, 07:30:08 PM |
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Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.
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GMPoison
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January 06, 2017, 07:32:29 PM |
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Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.
I agree with you on volatility, but what do you mean by legal force? Assuming you're implying some sort of centralized organization that "owns" or "represents" bitcoin, that's the exact opposite of what it was intended to be. |
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mrbigmugs
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January 06, 2017, 10:59:12 PM
Last edit: January 07, 2017, 01:55:23 PM by mrbigmugs |
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Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.
i do not think that there is any big disadvantage of bitcoin. to me the only problem is that the transaction time is too long. some time when there is huge traffic, then the transaction take a lot of time which some time create panic like situation, hope that this problem will be solve very soon. |
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Positid
Sr. Member
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Activity: 378
Merit: 250
BULL RUN until 2030
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January 07, 2017, 03:22:46 AM |
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Biggest disadvantage of Bitcoin for me is rates are still very volatile. and has no legal force.
But for online payments, bitcoin be one solution. besides perfectmoney, paypal or others.
i do not think that there is any big disadvantage of bitcoin. There is, but it's based on experience. Think that no system is perfect and you shall understand. The longer you used, there comes a time you can see some disadvantage, like the delay of transaction, it's one. |
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Soros Shorts
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January 07, 2017, 03:34:27 AM |
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The biggest disadvantage of Bitcoin is that all transactions happen in a single ledger. That ledger may be physically distributed, but logically there is no partitioning of data and everyone sees the same copy. People don't realize this architectural limitation and think they can use Bitcoin for applications with a high number of transactions per second - "if only blocksize were increased". These people should just accept is for what it is. It is fine to increase the block size by a modest amount (maybe to 2MB, or even 8MB max) but it won't give you the high TPS rating that they seem to be hoping for. You will not get cheap transactions and instantaneous confirmations. Better to just learn work with it's limitations. Don't force big blocks, and when they do eventually come enjoy the modest increase in performance.
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GMPoison
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January 07, 2017, 03:41:44 AM |
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The biggest disadvantage of Bitcoin is that all transactions happen in a single ledger. That ledger may be physically distributed, but logically there is no partitioning of data and everyone sees the same copy. People don't realize this architectural limitation and think they can use Bitcoin for applications with a high number of transactions per second - "if only blocksize were increased". These people should just accept is for what it is. It is fine to increase the block size by a modest amount (maybe to 2MB, or even 8MB max) but it won't give you the high TPS rating that they seem to be hoping for. You will not get cheap transactions and instantaneous confirmations. Better to just learn work with it's limitations. Don't force big blocks, and when they do eventually come enjoy the modest increase in performance.
Is it futile to believe a TPS comparable to Visa - or much higher (100k-200k for economic transactions worldwide, including cash) - could ever be achieved, in the best of scenarios? |
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Omega Weapon
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January 08, 2017, 06:06:06 AM |
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I think the biggest disadvantages of bitcoin is the internet connection. Once you don't have a data connection in the internet we cannot earn bitcoin, and if ever you have an internet which you can monitor what is going in the update about it, the fluctuation is the next problem into or transaction in bitcoin in any exchange sites.
The bitcoin network runs over an even bigger network the internet, but the internet runs over and even bigger network too the electric grid, it is unfortunate but that is a weakness that cannot ever be improved upon. |
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