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Author Topic: What do you think are the biggest disadvantages of Bitcoin?  (Read 65427 times)
iTradeChips
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January 11, 2017, 12:46:50 PM
 #301

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

high fees and slow transactions. also im not sure if its true but some say transactions can be reversed now which means fraud is possible? until these things are adressed bitcoin will not go mainstream IMHO. there is also a lot to be improved in term of anonymity thats why coins like monero came to be

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Skarner21
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January 11, 2017, 01:03:40 PM
 #302

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

high fees and slow transactions. also im not sure if its true but some say transactions can be reversed now which means fraud is possible? until these things are adressed bitcoin will not go mainstream IMHO. there is also a lot to be improved in term of anonymity thats why coins like monero came to be
I did not heard that bitcoin transaction right now can be reverse. so you mean they are added a reverse payment right now just like in paypal?
The speed of transaction i think its fine and it is depends in your fee how much you want to to pay. if you are paying a small amount below default fee it your transaction can be slow.. so better to always pay above the minimum fee.. so that you can speed up your transaction..

daringdiscovered
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January 11, 2017, 01:25:10 PM
 #303

The biggest disadvantages of bitcoin as of now, for me, wallets can be lost because it is not connected from bitcoin producer. It is trusted but not 100 percent you give to them and it will lost all your money. And also the bitcoin not accepted in other country because as we could see the bitcoin is a cryptocurrency so that's the reason why other country banned bitcoin. If that two disadvantages will remove, their is no other disadvantages in bitcoin.

Wallet can be lost? Yup, If you forgot your password. Your money will lost if you didnt secure your wallet, you didnt activate 2FA ofcourse many hacker can easily hack your wallet. They banned bitcoin because they knew that this coin is usually using in illegal transaction.

It is not the fault of bitcoin itself if someone loses his wallet. It is the owner's fault why he lost his wallet. He didn't secure enough his wallet and the email associated in that wallet. Hackers can easily access our wallets if our email is not well secured. So to be sure safe we must secure well both our email and wallet and keep it to ourselves and not share it even to our friends or family.

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dreamer81
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January 11, 2017, 01:36:24 PM
 #304

the volatility is a problem.

The increasing transaction queue size is a problem.

The world does not understand the algorithm is a problem.

The thousands of other alt coins is a problem.

                               
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kumax
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January 11, 2017, 01:56:45 PM
 #305

high fees and slow transactions. also im not sure if its true but some say transactions can be reversed now which means fraud is possible? until these things are adressed bitcoin will not go mainstream IMHO. there is also a lot to be improved in term of anonymity thats why coins like monero came to be

It's funny, that what was meant to be bitcoin's advantage - low fees and quick transactions - happened to be in real use what you say..  Cheesy

About the reversed payments, I didn't think it is even possible, can you name the source of the information or something?
I would like to read about it more if it's true. Huh
BitHodler
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January 11, 2017, 02:03:13 PM
 #306

the volatility is a problem.

The increasing transaction queue size is a problem.

The world does not understand the algorithm is a problem.

The thousands of other alt coins is a problem.
Volatility isn't that big of a deal as it allows traders to benefit to the max where the volatility also attracts money from all kinds of people. Volatility is exciting.

Your second point has somewhat of a point where I tend to agree with, but as soon as segwit gets implemented it will take away a huge load of weight if you understand what I mean.

Third point is a relative problem since the majority of the people are here only to earn a few bucks. It's not in their priority to go in dept where they understand what Bitcoin really is with all other advantages.

Fourth point is not really a disadvantage of Bitcoin as altcoins serve solely as an alternative/speculative investment opportunity. Demand is there so the supply of shitcoins is trying to keep up.

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January 11, 2017, 02:21:56 PM
 #307

high fees and slow transactions. also im not sure if its true but some say transactions can be reversed now which means fraud is possible? until these things are adressed bitcoin will not go mainstream IMHO. there is also a lot to be improved in term of anonymity thats why coins like monero came to be
If you're paying "high fees" then you should be having fast transactions since your transaction would be processed first before the ones with lower fees. I really don't understand this "high fees and slow transactions" ideology of most people here. I've never had any problems with bitcoins when it comes to these things. The fees are just a couple of cents and we all make good amount of money in the bitcoin world. What's the problem with that? Maximum 10 minutes of waiting. Again, what's the problem with that?

I think he was referring to double spending. You should check it out, you would learn a couple of things about bitcoin.

I'm not sure if you're trolling or not but almost all of what you said are false. Anonymity? Really? Did blockchain ask for your ID when you signed up? It didn't, right?





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Barbut
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January 11, 2017, 02:30:31 PM
 #308

high fees and slow transactions. also im not sure if its true but some say transactions can be reversed now which means fraud is possible? until these things are adressed bitcoin will not go mainstream IMHO. there is also a lot to be improved in term of anonymity thats why coins like monero came to be
If you're paying "high fees" then you should be having fast transactions since your transaction would be processed first before the ones with lower fees. I really don't understand this "high fees and slow transactions" ideology of most people here. I've never had any problems with bitcoins when it comes to these things. The fees are just a couple of cents and we all make good amount of money in the bitcoin world. What's the problem with that? Maximum 10 minutes of waiting. Again, what's the problem with that?

I think he was referring to double spending. You should check it out, you would learn a couple of things about bitcoin.

I'm not sure if you're trolling or not but almost all of what you said are false. Anonymity? Really? Did blockchain ask for your ID when you signed up? It didn't, right?

Not almost, everything he said is not true. He can choose do he wish fast or slow transaction, according to that he will pay fee. Reversing bitcoin payment is not possible, and this is the first time I hear that transactions can be reversed, where he heard about that I don`t know. About anonymity, for now we are anonymous as we can be, but it`s question for how long we can stay that way. Some companies and shops insist on ID verification, that will happen with btc one day.
Well there will be always be some alt coin that will ave some speciality more developed then bitcoin have, but bitcoin is unique cause bitcoin synthesize all qualities on one place.

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January 11, 2017, 03:53:27 PM
 #309

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

high fees and slow transactions. also im not sure if its true but some say transactions can be reversed now which means fraud is possible? until these things are adressed bitcoin will not go mainstream IMHO. there is also a lot to be improved in term of anonymity thats why coins like monero came to be
Where did you heared that Bitcoin transaction can be reversed? But if you heared this news somewhere on internet than it totally false news. If Bitcoin transaction become reversible than there would be lot of frauds around the word and than less people will use Bitcoin.

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bitllionaire
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January 11, 2017, 05:55:57 PM
 #310

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

high fees and slow transactions. also im not sure if its true but some say transactions can be reversed now which means fraud is possible? until these things are adressed bitcoin will not go mainstream IMHO. there is also a lot to be improved in term of anonymity thats why coins like monero came to be
i think we cannot consider it as disadvantage, i think it is a problem that can be overcome and i am hopeful that very soon we will overcome that problem and then we will be able to get a fast transaction and the hope that the exchanges fee will also be monitor after some time.

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millgates
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January 11, 2017, 09:42:01 PM
 #311

the volatility is a problem.

The increasing transaction queue size is a problem.

The world does not understand the algorithm is a problem.

The thousands of other alt coins is a problem.
You thinking about a lot of problem friend. Let's think in other side that could be possitive. Volatility gives the the trader chance to get high profit. Thousands of altcoin proof that the advance of technology is good. I don't really understand about transaction queue size and alghorithm, just find the possitve side by your self.


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January 12, 2017, 05:09:29 AM
 #312

The biggest disadvantages of bitcoin is only few people that know about bitcoin. When you want open a business about bitcoin, it will be hard to be accepted on your area. Because not many people know about bitcoin, like in my area, i think only me that know about bitcoins.
That mean the disadvantage of bitcoin is not forever, because bitcoin user is increase everytime. It is so hard to find bitcoin disadvantage because the benefit of using bitcoin is to much.
Bitcoin is a great currency but it is not like it is perfect, it would be nice if we could get faster and cheaper transactions, and it would be nice if the miners were in places other than china.

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wahb
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January 12, 2017, 01:25:46 PM
 #313

I think if we talk about the fees, fluctuating prices, acceptance and even, to an extent, confirmation times, these are not exactly challenges unique to bitcoin as a form of payment. What compounds access issues in crypto is the need for technology - at least a device is needed and internet.


fluctuation is only because that every more and more people are accepting bitcoin they are investing their money in bitcoin and this way the demand of bitcoin is increasing which cause the price also to increase. so we can say that the people interest is the main reason behind this.

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January 12, 2017, 01:35:37 PM
 #314

Considering recent market events: first huge pump and later Chinese's investors panic caused by their central bank attempt to curb bitcoin trading.
I have to say that the biggest bitcoin disadvantage is not some inherent bitcoin property or feature, these can be updated and upgraded, but rather lack of proper acceptance, laws and regulations.

It is not good when people start to panic at first sign of government interference.

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January 12, 2017, 02:43:46 PM
 #315

Considering recent market events: first huge pump and later Chinese's investors panic caused by their central bank attempt to curb bitcoin trading.
I have to say that the biggest bitcoin disadvantage is not some inherent bitcoin property or feature, these can be updated and upgraded, but rather lack of proper acceptance, laws and regulations.

It is not good when people start to panic at first sign of government interference.
if in my opinion the most weakness was in part due to transactions difficult to track, if there is clarity of valid data transparently between the receiver and the sender, then the bitcoin transaction to be trackable, so that the activities with bitcoin will be reduced

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January 12, 2017, 03:29:49 PM
 #316

At this time one of badly problem it is in my  place around me. until now I  search i never see that bitcoin accepted  in any stores since last years . Because in my region very difficult to see a store that adopt bitcoin so i feel i can not use bitcoin maximally

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January 12, 2017, 03:32:47 PM
 #317

The biggest disadvantages of bitcoin is only few people that know about bitcoin. When you want open a business about bitcoin, it will be hard to be accepted on your area. Because not many people know about bitcoin, like in my area, i think only me that know about bitcoins.
That mean the disadvantage of bitcoin is not forever, because bitcoin user is increase everytime. It is so hard to find bitcoin disadvantage because the benefit of using bitcoin is to much.
Bitcoin is a great currency but it is not like it is perfect, it would be nice if we could get faster and cheaper transactions, and it would be nice if the miners were in places other than china.
Lightning network will solve that problem, with lightning network we'll be able to send/receive bitcoin way more cheaper and faster. currently it's being worked on..

The biggest disadvantages of bitcoin as of now, for me, wallets can be lost because it is not connected from bitcoin producer. It is trusted but not 100 percent you give to them and it will lost all your money. And also the bitcoin not accepted in other country because as we could see the bitcoin is a cryptocurrency so that's the reason why other country banned bitcoin. If that two disadvantages will remove, their is no other disadvantages in bitcoin.
Which wallet are you using and what do you mean by "bitcoin producer"?  it would best if you used blockchain.info/electrum.


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January 12, 2017, 03:42:34 PM
 #318

At this time one of badly problem it is in my  place around me. until now I  search i never see that bitcoin accepted  in any stores since last years . Because in my region very difficult to see a store that adopt bitcoin so i feel i can not use bitcoin maximally
I don't know why Bitcoin being accepted directly is still a problem for us humans, while we can always convert it to Fiat which certainly can be use to in anywhere. Even a gold bar won't be accepted as a kind of payment. All countries have legal currencies that is why we need to use them because they are the ones which are highly accepted.

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January 12, 2017, 03:53:16 PM
 #319

I think bitcoin is decentralized cryptocurrency which can accessed via internet only. This is very important factor we have to consider as disadvantage of bitcoin.

Many developed countries are using high speed internet but what about poor or lower tier level countries. Peoples from such countries could be still far away from bitcoin.

Bitcoin have its own protocol which is called as qt. And it need only internet to access your own BTC wallet from any device.

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January 12, 2017, 05:04:09 PM
 #320

The biggest advantage of Bitcoin is it can be risky as once the money is gone you can't do anything to get it back even if u got scammed
It is attracting investment from people and became best performing assets.
Another problem is adding to a business as many people don't even know what it is so i guess it needs lots of awareness
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