YuginKadoya
Legendary
 Offline
Activity: 3038
Merit: 1169
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May 01, 2017, 08:19:29 AM |
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As many have pointed out the transaction confirmation takes too much times sometimes. Thats not the big issue but in the current state of being, but bitcoin can't afford to have a radically more adoption rate as it would create huge chokepoints in which confirmation time would take forever.
Happily widespread adoption is not yet in the near future so maybe the issue will be settled by then.
I would love to see this kind of issue have been settle right now, but I think it will take time and would take a lot of years so this kind of issue would not be an issue anymore! but even if some confirmation have taken forever to be confirm your bitcoin are still safe because even if they don't confirm it, it will eventually return to your wallet or the sender of that specific bitcoin so no worries, the real deal of disadvantage that I think are not all people has a guaranteed gonna use bitcoin because of certain issues they have regarding their connectivity with the internet, No internet No bitcoin. |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Aikonio
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May 01, 2017, 08:36:14 AM |
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For me the biggest advantage of bitcoin is the confirmation why we are waiting? I dont know why we need to confirmed transaction before use bitcoin.? I want instant like the other altcoin . Because sometimes many bitcoin user wait 1-2 days more before the transaction confirmed. Like me my last payouy in my signature campaign I wait 2 days before I use my bitcoin what if I need my bitcoin now. But sometimes the transaction is good but I want everyday.
Yes, this is the main drawback of bitcoin which appeared with the increase in the number of users. If you do not improve the system, then in due course because of the increase in users, the waiting time can still increase. |
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Bezobraznike
Sr. Member
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Activity: 1274
Merit: 261
★Bitvest.io★ Play Plinko or Invest!
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May 01, 2017, 08:47:35 AM |
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For me the biggest advantage of bitcoin is the confirmation why we are waiting? I dont know why we need to confirmed transaction before use bitcoin.? I want instant like the other altcoin . Because sometimes many bitcoin user wait 1-2 days more before the transaction confirmed. Like me my last payouy in my signature campaign I wait 2 days before I use my bitcoin what if I need my bitcoin now. But sometimes the transaction is good but I want everyday.
Yes, this is the main drawback of bitcoin which appeared with the increase in the number of users. If you do not improve the system, then in due course because of the increase in users, the waiting time can still increase. As a new member here I still didn`t made any transactions yet. I`m reading that speed of transactions depends on fee, bigger the fee faster is transaction, maybe this waiting time is made for miners to take more money if we wish transactions to be faster, we are conditioned. Can we count that speed of transactions with small fee will work ok one day? |
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Raven91
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May 01, 2017, 08:59:03 AM |
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Luck of partnership in many companies we know that we cant use bitcoin in many store and you need to convert or exchange it to dollar before it can get accepted so i think this is the reason why many people dont invest in bitcoin.
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Apened
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May 01, 2017, 09:21:46 AM |
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Luck of partnership in many companies we know that we cant use bitcoin in many store and you need to convert or exchange it to dollar before it can get accepted so i think this is the reason why many people dont invest in bitcoin.
The reason you think is too shallow , people dont think it as a big disadvantage .We know bitcoins adopting becomes fast nowadays day by day companies are getting interested in bitcoins and in blockchain for which they can use in faster transactions and system of payments in the future, its not lack of partnership . |
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TTMNewsK
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May 01, 2017, 11:55:04 AM |
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We all know that bitcoin is not completely implemented in every country and the price of bitcoin is not yet stable so I think these are the disadvantages of bitcoin.
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Capradina
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May 01, 2017, 12:56:07 PM |
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That you can't cancel a transaction you have made. I have lost money bcs of that, and that was the day that I realize that btc has disadvantages. I know that I had to be very careful, but we are humans and we do mistakes bcs we are tired etc. But foe me that's the biggest disadvantages of bitcoin.
Well that's a thing that should be a concern. Because when they could not do a deal with right then great loss will always be obtained. For every transaction we do in bitcoin can be small possibility to cancel, because the system in the bitcoin system does not recognize cancellations unless the people we invite to Transact want to understand or refund that has already delivered then it can be undone. So, this is indeed a bitch but if you look good then the system helps you to stay focused |
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paycum
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May 01, 2017, 01:47:05 PM |
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We all know that bitcoin is not completely implemented in every country and the price of bitcoin is not yet stable so I think these are the disadvantages of bitcoin.
Price volatility cannot be considered as an disadvantage of bitcoin rather its an opportunity to make quick profits and most of the users are taking advantage from the same by buying low and selling high which allows them to make regular profits. |
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Wesimon
Sr. Member
Offline
Activity: 406
Merit: 250
https://gexcrypto.io
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May 01, 2017, 05:09:37 PM |
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The only disadvantage of bitcoin at a moment is that it is not accepted at offline places like restaurants or malls where we can spend them to buy food or clothes and apart from that I don't see any disadvantages attached with bitcoins.
I would not consider that as a disadvantage of bitcoin, that is a disadvantage for the owner of such businesses. It is the decision of the owner of the business whether to accept bitcoin or not. Another thing, why offline? Isn't bitcoin transactions are made online? I haven't seen nor heard about having bitcoin transaction offline. It is still a disadvantage especially for the bitcoin users . Money is meant to spend and bitcoin is money . What's the point of it if you can't spend it as much as you want . You see people have a limitation since most of the companies especially the big ones doesn't accept it . Yes you can convert it to your local currency but there will be an extra charge of fees . You can also use third parties i.e. bitcoin debit cards but there will also be an extra charge . The best choice will always be to use it directly . So why would this be a disadvantage for the owners of the said businesses? When even if they only accepts fiat not bitcoin but everyone has fiat so payment methods will not really affect them but their service and product will . Then it is still not a disadvantage of bitcoin. Would you even complain if you go to another country and pay products there using your local currency instead of theirs and they did not accept your payment? Of course not. Even if you say that money is meant to be spent as much as you want and saying that bitcoin is money. Your local currency is money and their local currency is also money. You must adjust to what type of payment the merchant wants and will not say that "this is also money." Do you get my point here?. I claimed that that was a disadvantage of the owner of the business because they do not accept bitcoin as payment or do not even know what bitcoin is. If they accepts bitcoin as payment then the bitcoin they received may increase in value over time so this is what I meant about that disadvantage. Bitcoin and local currency are two different things and you can't use the first one as an observation to conclude the other one. Your local currency might not be accepted in other countries but your own country will be always accepting it. Bitcoin, on the other hand, don't have a nation that will always accept it. No country use bitcoin as a payment method and the only way for you to ever use it directly for payment is to find the right store/shop. We are talking about the nonacceptance of bitcoin on some businesses/stores and I claimed that this is not a disadvantage of bitcoin at all. Well I agree that bitcoin and local currency are different things, however, they are both accepted in a transaction or as a mode of payment so it is legit to base my thoughts on local currency because they (btc & local currency) have the same principle, they have the same concept. So what if other merchants do not accept bitcoin at all, can you consider this as a disadvantage of bitcoin? Hell no. It is in the matter of choice and if they do not take bitcoin then that's it. Do not blame bitcoin for that. Find another store that accepts bitcoin, as easy as that. |
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flipstyle
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May 01, 2017, 05:15:20 PM |
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Delay in confirmation time is the biggest disadvantage of bitcoin at a moment as sometimes it takes too long even for transaction to get confirmed even after adding higher fees and its really frustrating to wait when you are in need of money instantly.
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RamBahadur.Gurung
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May 01, 2017, 05:23:55 PM |
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For me, the most pressing issue is the lack of government recognition and vagueness of the tax implementations. I am living in a third world country, and here none of the guys in the income tax department have ever heard about Bitcoin. I don't know how much tax I need to pay.
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ashour
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May 01, 2017, 06:32:32 PM |
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For me, the most pressing issue is the lack of government recognition and vagueness of the tax implementations. I am living in a third world country, and here none of the guys in the income tax department have ever heard about Bitcoin. I don't know how much tax I need to pay.
I think you should consult some good chartered accountant as he will be surely aware about bitcoins and he will guide you in the best possible way and will let you know how much tax you have to pay depending on the income that you have in bitcoins. |
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olarsson
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May 01, 2017, 06:56:13 PM |
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The establishment doesnt like it and tries to destroy it. By regulation or subvertion.
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nethead
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May 01, 2017, 07:15:04 PM |
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The only disadvantage I see in bitcoin at a moment is that the usage of bitcoin is very limited and it cannot be used at most of the places for shopping or paying at restaurants as bitcoin is still new to many countries and it will take long time to reach everywhere.
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Fatanut
Legendary
Offline
Activity: 1008
Merit: 1059
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May 02, 2017, 05:40:56 AM |
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The only disadvantage of bitcoin at a moment is that it is not accepted at offline places like restaurants or malls where we can spend them to buy food or clothes and apart from that I don't see any disadvantages attached with bitcoins.
I would not consider that as a disadvantage of bitcoin, that is a disadvantage for the owner of such businesses. It is the decision of the owner of the business whether to accept bitcoin or not. Another thing, why offline? Isn't bitcoin transactions are made online? I haven't seen nor heard about having bitcoin transaction offline. It is still a disadvantage especially for the bitcoin users . Money is meant to spend and bitcoin is money . What's the point of it if you can't spend it as much as you want . You see people have a limitation since most of the companies especially the big ones doesn't accept it . Yes you can convert it to your local currency but there will be an extra charge of fees . You can also use third parties i.e. bitcoin debit cards but there will also be an extra charge . The best choice will always be to use it directly . So why would this be a disadvantage for the owners of the said businesses? When even if they only accepts fiat not bitcoin but everyone has fiat so payment methods will not really affect them but their service and product will . Then it is still not a disadvantage of bitcoin. Would you even complain if you go to another country and pay products there using your local currency instead of theirs and they did not accept your payment? Of course not. Even if you say that money is meant to be spent as much as you want and saying that bitcoin is money. Your local currency is money and their local currency is also money. You must adjust to what type of payment the merchant wants and will not say that "this is also money." Do you get my point here?. I claimed that that was a disadvantage of the owner of the business because they do not accept bitcoin as payment or do not even know what bitcoin is. If they accepts bitcoin as payment then the bitcoin they received may increase in value over time so this is what I meant about that disadvantage. Bitcoin and local currency are two different things and you can't use the first one as an observation to conclude the other one. Your local currency might not be accepted in other countries but your own country will be always accepting it. Bitcoin, on the other hand, don't have a nation that will always accept it. No country use bitcoin as a payment method and the only way for you to ever use it directly for payment is to find the right store/shop. We are talking about the nonacceptance of bitcoin on some businesses/stores and I claimed that this is not a disadvantage of bitcoin at all. Well I agree that bitcoin and local currency are different things, however, they are both accepted in a transaction or as a mode of payment so it is legit to base my thoughts on local currency because they (btc & local currency) have the same principle, they have the same concept. So what if other merchants do not accept bitcoin at all, can you consider this as a disadvantage of bitcoin? Hell no. It is in the matter of choice and if they do not take bitcoin then that's it. Do not blame bitcoin for that. Find another store that accepts bitcoin, as easy as that. Because they have the same principle? How long of an argument this would be?  Bitcoin is so different than fiat when it comes to principle/concept. This is the basic apples and oranges are both fruits but they definitely are two different things. (You should read about it) How come that bitcoin not being accepted by the merchants isn't a disadvantage? It definitely is a disadvantage since you have to convert your bitcoins to digital fiat first and then convert them to paper money before you can ever use it. "Find another store" is an absurd solution since there's not that much stores accepting bitcoins around. If you already gathered the stuffs that you're going to buy then you saw that they are not accepting bitcoins, are you going to find another store, gather the same stuffs again, and then pay with bitcoins? And if you're going to say "check the store first if they are accepting bitcoins", well, good luck with that. You'll reach USA before you can ever find one. It's causing you problems/hassles, thus, it's a disadvantage. |
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SingAlong
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May 02, 2017, 09:28:00 AM |
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Delay in confirmation time is the biggest disadvantage of bitcoin at a moment as sometimes it takes too long even for transaction to get confirmed even after adding higher fees and its really frustrating to wait when you are in need of money instantly.
Yep it is one of the disadvantages of Bitcoin. In addition, the disadvantage of Bitcoin is its questionable things it possess which some people might just move backward maybe they are scared that Bitcoin might just be a scam but this ignorance can be treated actually by educating thyself. |
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DoublerHunter
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May 02, 2017, 10:14:03 AM |
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Delay in confirmation time is the biggest disadvantage of bitcoin at a moment as sometimes it takes too long even for transaction to get confirmed even after adding higher fees and its really frustrating to wait when you are in need of money instantly.
Yep it is one of the disadvantages of Bitcoin. In addition, the disadvantage of Bitcoin is its questionable things it possess which some people might just move backward maybe they are scared that Bitcoin might just be a scam but this ignorance can be treated actually by educating thyself. That delay in confirmation will be fixed soon i think because bitcoin now is getting bigger and i'm sure those miners who left bitcoin will comeback and mine bitcoin again, the temporary slow transaction is just a sign for bitcoin that it is growing because the transactions are getting bigger and bigger because of the people who are starting to adopt bitcoin but it will be fix soon. |
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Rostadom
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May 02, 2017, 01:15:23 PM |
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Delay in confirmation time is the biggest disadvantage of bitcoin at a moment as sometimes it takes too long even for transaction to get confirmed even after adding higher fees and its really frustrating to wait when you are in need of money instantly.
Yep it is one of the disadvantages of Bitcoin. In addition, the disadvantage of Bitcoin is its questionable things it possess which some people might just move backward maybe they are scared that Bitcoin might just be a scam but this ignorance can be treated actually by educating thyself. If bitcoin is questionable, then what about the government's currency. They get a good part of your income. They get even more money from you buying stuffs anywhere. Tax is everywhere and only a few people knows how to evade taxation. Most of them are rich people. If people are going to educate themselves, might as well educate themselves about the absurd/obsolete fiat system. Everyone's working for the government and most government just put the tax collected in their own pockets. PS: Almost everything can be looked as a scam if you wanted to, especially when it's about money. People just can't be convinced that this thing is legit because of the abundant scam going on online. |
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Kamarah
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May 02, 2017, 04:27:17 PM |
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It is apparently the confirmation times. No one wants to wait for the pending status or the transaction to be approved by miners for an hour. We are facing with the most important and innocent issue in Bitcoin.
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Harlot
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May 02, 2017, 04:40:28 PM |
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The only disadvantage I see in bitcoin at a moment is that the usage of bitcoin is very limited and it cannot be used at most of the places for shopping or paying at restaurants as bitcoin is still new to many countries and it will take long time to reach everywhere.
Your so called disadvantage or personal problem can be solve easily. By simply converting your Bitcoin into Fiat you are not only solving your but also will make you save a lot of time. Because the confirmation time of sending Bitcoin as a payment is long in which you will also consider a problem. If you convert your Bitcoin to Fiat you are hitting two birds with one stone. |
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