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decoder88
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July 08, 2017, 12:48:16 AM |
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Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.
Yah I agree with that.. Because of the low transactions fee, they use another way and this will be the illegal activities like gambling and what so ever.. But for my country, i think it is implemented now because we are trying to join other country with this.. |
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chocolah29
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July 08, 2017, 02:26:20 AM |
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I don't find anything that prevent major mainstream adoption which is happening day by day, the biggest original difficulty is the price of bitcoin but it doesn't matter since it can be broken to as many small pieces as necessary.
Even the confirmations isn't an issue IMO, Few minutes are within acceptable waiting time.
A few minutes is a lot if you are buying something in a vending machine, or when you are buying groceries at the store, bitcoin right now works very well for payments over the Internet where you have a few hours to get a confirmation, but it is not ready for the real world. Yeah also when you happen to go to some fast food chain and you ordered a meal and it just took so long before you can eat just because of long waiting of transaction. Like wth! Better to use cash instead of bitcoin. Maybe this is one of the hindrances that prevent bitcoin to widely be accepted. |
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kasna
Newbie
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Activity: 56
Merit: 0
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July 08, 2017, 03:14:03 AM |
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Internet network that has not got to the area of one of the causes, I dont really see a disadvantages but i think its because of the bitcoin is popular in many people but not too popular all the people there do not know about it And this technology is still not proven in many countries
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Makka
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July 08, 2017, 03:34:01 AM |
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Just look at the very high fees. That is already unreasonable. And sometimes more than 24-hour confirmation, that is another big disadvantage of using bitcoin. And sometimes it really is hard to buy the things you want when the shop, online or actual physical one, do not accept bitcoin as a form of payment.
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ModGirl
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July 08, 2017, 09:06:12 PM |
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No, there are no disadvantages with the Bitcoin. Somebody feels like that the code will be hacked by hackers, then our bitcoins will be stolen, like that. No worries at all, bitcoin is complete secure system.
"Explain the fact that you have to pay more than one dollar for a one dollar transaction." "Explain the fact that everyone's uncertain about what's going to happen to bitcoin after August 1." "Explain how mining bitcoin is only profitable to people that are already rich in real life." "Explain how we have to wait days before out transaction gets confirmed despite putting enough transaction fee." That's just the very limited questions that you will have if ever you make a thread out there saying that bitcoin has no disadvantage. Everything has a flaw and bitcoin is not an exception. I do agree with you that everything has flaws but what makes bitcoins special are their great advantages. The flaws are nothing compared to advantages. Crypto currency needs little more attention and patience to understand it than paper money. Soon their usage will become common. |
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betMaster
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July 09, 2017, 01:51:12 AM |
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The main problem of bitcoin is that he have not a phisical form. it can be lost if a technical problem come up or when you get hacked.
it's not a wide used currency and still not known well by people around the world.
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Chip-Dale
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July 09, 2017, 04:45:21 AM |
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The main problem of bitcoin is that he have not a phisical form. it can be lost if a technical problem come up or when you get hacked.
it's not a wide used currency and still not known well by people around the world.
The fact is that without blood is a currency and a means of payment only for a certain Circle of people. The user community of crypto currency is very limited, despite the fact that the popularity of crypto currency is growing every year. I think that there is no need to hope that Bitcoin will replace real money. |
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AiWanChu
Member
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Activity: 140
Merit: 10
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July 09, 2017, 04:48:57 AM |
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imo the biggest disadvantage of BTC is all the drama preventing them from moving ahead
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Boov
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July 09, 2017, 05:09:26 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  People are afraid of change. And this change is very risky since it involves wealth. People are afraid of things they cant control and since bitcoin is decentralized, although it says that everybody controls it, no one actually is in total control of it. Another thing, we are afraid of the unknown. The animosity feature of the bitcoin is also one of its drawbacks. You dont actually know who you are transacting with. It doesnt provide much information. It is not backed up by any security thus making the risk higher. Another thing, and it is more on technical matter. Bitcoin is an internet money. It needs an internet access and in some, i mean many countries, having access is still difficult and their government had other priorities in developingt thier country than that of internet access. |
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cyberChevan
Member
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Activity: 91
Merit: 10
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July 09, 2017, 05:16:10 AM |
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One of the disadvantages of Bitcoin is that not all major countries accept bitcoins. So it's market, though universally big, is somehow limited to those countries who consider it as currency. But in my opinion, in 5 years or so, bitcoin will double or triple its market since we are living in the internet era. Wouldn't you wish you had your hands in these bitcoins during the early years of it's existence? I wish I had!
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Kersh768
Sr. Member
Offline
Activity: 658
Merit: 256
Freshdice.com
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July 09, 2017, 05:22:47 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 Simply their mining system. It would br better if the confirmation won't take so long but in just minutes so traders and investors won't get interrupted so they can make more business. I hope this thing would be improved so fiat moneu users could shift in this currency. |
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Tipsters
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July 09, 2017, 05:26:38 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 I think the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down. Another thing is about is transaction it is so slow this is a big downfall because people now a days always want fast, always want instant. If this advantages were to be fix for sure bitcoin will rise to its peak. |
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KingdomHearts
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July 09, 2017, 01:09:50 PM |
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I believe it is in its infancy stage and needs many changes to be done. Such as improvements in blockchain technology. There are many holes in the tech and which is making the process very slow. Miners are getting difficulties. The disadvantage of this? Increased mining fees, increased transaction fees and drop in price time to time.
It's an obvious thing that every thing has it's advantages and disadvantages . As bitcoin has helped the public a lot , still there are some certain thing those needs to be changed. One disadvantage of a bitcoin is that it isn't accepted widely . some particular merchants provide such on online facility for users. we have to widen the circle of bitcoin if we we want to make bitcoin's future safe for long period of time. |
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stompix
Legendary
Offline
Activity: 2884
Merit: 6295
Blackjack.fun
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July 09, 2017, 01:40:59 PM |
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and anyone who knows how to use the internet will be able to understand bitcoin.
Really doubt that. I think that there are at least 5% of internet users who have no clue how to send a mail. And probably half of them don't know what cc and bcc means in a mail. You won't be able to teach everyone how to use bitcoin that easy. A few minutes is a lot if you are buying something in a vending machine, or when you are buying groceries at the store, bitcoin right now works very well for payments over the Internet where you have a few hours to get a confirmation, but it is not ready for the real world.
Those few minutes might translate in hours if there is a queue in front of the vending machine. This is some nice info: http://www.coindesk.com/6-cool-machines-accept-bitcoin/Almost all of them went out of business. |
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Shamie1002
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July 09, 2017, 05:19:44 PM |
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In my case, Bitcoins are not accepted widely, I think that would be the biggest disadvantage that I can see. Yes, Government is still in the process of adopting it but like myself, I could not fully feel its greatness that would also let me experience to understand more. This is one reason not to rely completely on Bitcoins.
Another thing is yes I agree that everything that was ever made has its flaws. I think that many for sure are insecure of the fame and wealth that Bitcoin have. What if a specific flaw is seen by someone who is willing to make it as a way in ? Scary right ? That is why it is also a disadvantage that it is digital currency.
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Qunenin
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July 09, 2017, 06:15:54 PM |
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The fact is that Bitcoin is what we wanted it to be, it is virtually uncontrolled and unmanaged and untampered with by our governments. That means that if you accidentally, purposely or whatever send X coins to a person, it is now theirs and whether they stand up to promises made prior to that or not, the money is theirs. We have all lost money to mistakes, issues or scams and we appreciate people sharing that there may be dangers, but no one cares what a member thinks or trusts just because they have some coins under their username.
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JohnBitCo
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July 09, 2017, 06:23:31 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 I think the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down. Another thing is about is transaction it is so slow this is a big downfall because people now a days always want fast, always want instant. If this advantages were to be fix for sure bitcoin will rise to its peak. For a normal user of bitcoin this can be a disadvantage that price is not stable and you never know if the bitcoin price will rise or crash, but for the trader point of view who is actually trading the coins, this is the best thing for them to gather instant profits by right time sell/buy of the coins. |
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Fatanut
Legendary
Offline
Activity: 1008
Merit: 1059
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July 10, 2017, 01:29:56 PM |
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In my case, Bitcoins are not accepted widely, I think that would be the biggest disadvantage that I can see. Yes, Government is still in the process of adopting it but like myself, I could not fully feel its greatness that would also let me experience to understand more. This is one reason not to rely completely on Bitcoins.
Another thing is yes I agree that everything that was ever made has its flaws. I think that many for sure are insecure of the fame and wealth that Bitcoin have. What if a specific flaw is seen by someone who is willing to make it as a way in ? Scary right ? That is why it is also a disadvantage that it is digital currency.
It actually doesn't matter that much that bitcoin isn't widely accepted because we have a exchanges. When you're going to buy something, simply use an exchange so your money can be then withdrawn via ATMs. After all, once bitcoin is widely accepted, the prices would still be based in fiat. It's basically the same thing. You're just indirectly spending your bitcoins as of now. Someone can be "insecure" about the fame and wealth of bitcoin but they can't do anything about it. Bitcoin isn't some entity like the famous people out there. For an instance, you got insecure or jealous of your friend because she is famous and wealthy. Then you can defame her by spreading humors and whatnot and that would directly affect her. In bitcoin, all these FUDs are common and irrelevant. People only base things on facts. PS: If bitcoin has a flaw that can lead for it being destroyed, altcoin devotees should have found it by now and spread it non-stop. |
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youdacapt
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July 10, 2017, 02:02:00 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 I think the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down. Another thing is about is transaction it is so slow this is a big downfall because people now a days always want fast, always want instant. If this advantages were to be fix for sure bitcoin will rise to its peak. For a normal user of bitcoin this can be a disadvantage that price is not stable and you never know if the bitcoin price will rise or crash, but for the trader point of view who is actually trading the coins, this is the best thing for them to gather instant profits by right time sell/buy of the coins. Many traders will agree with you, extreme price fluctuations can generate huge profits for speculators, the point is not to eliminate the value of bitcoin. In a trading business, if we want bitcoin price to go up, it must be ready with the opposite, no currency moves smoothly like gold. If price movements are stable, bitcoin will never reach its prime. |
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highlandknight
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July 10, 2017, 02:14:10 PM |
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Using bitcoin is essential in the present exchange market to save our time and money. Somebody arguing like that the price of the bitcoin varies. The way of thinking is wrong. For example, there are fluctuation is human life, we have to face, it is true & it is life. Similarly, we have to accept the technology as it's have more advantages compared to disadvantages.
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