dobidobi88
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April 22, 2018, 04:09:57 PM |
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The weakness of bitcoin is low stability with high fluctuation range, but it is possible for this trade to be good. Then, bitcoin is very likely to be hacked so it needs to improve its security. To make bitcoin as a means of direct payment takes several years and still bumps into its legality issues.
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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Houseman
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Activity: 156
Merit: 10
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April 22, 2018, 04:23:29 PM |
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The biggest disadvantage of bitcoin is that it doesn't have the smart contract as ETH have. Then the second disadvantage is the transaction time is longer than ETH.
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cutecute
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April 22, 2018, 04:27:55 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 Wink
For me the biggest disadvantage of bitcoin is that you can use it for an illegal transaction or yoi can use it for criminality. Actually i read and hear about the criminilaty that using bitcoin because the transaction here is secured. |
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Bodik1710
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April 22, 2018, 04:32:46 PM |
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There are many big problems with Bitcoin.Main problem that all people in Darknet use Bitcoin to pay different bad things
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dorofee
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Activity: 30
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April 22, 2018, 04:36:47 PM |
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Biggest disadvantage is that one has to wait for few minutes to get the transaction considered. We already have options with instant transfer and thus it needs to be worked upon.
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adrianto1995
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April 22, 2018, 04:37:32 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 Wink
Hmm, I think biggest disadvantage of Bitcoin is High Fees and Slow transaction speed at this time. Also if you have lost the wallet private key your bitcoin cannot be covered forever. Make sure you have to keep your Private key in safe place... |
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Pujangga
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Activity: 1078
Merit: 12
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April 22, 2018, 04:53:42 PM |
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The security system is still a very important issue, I still often hear that bitcoin is easy to hack so various ways keep bitcoin even in offline wallet never make user feel calm like keep in banks.
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scrototeabaggins
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April 22, 2018, 04:55:40 PM |
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The biggest problem with Bitcoin is slow approval of transactions, so it is a matter of speed and also high transaction fees paid for transfers. Slowly these problems will solved, expected to improve, we will all see together.
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PhucS
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April 22, 2018, 05:00:31 PM |
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There are more disadvantages of Bitcoin. Which I think that's are below:
1. High fluctuation which keep it away for acceptance against another thing.
2. It can use for illegal activities.
3. Some countries has ban on it. Because of it people have not trust.
4. High fees on conversion.
There can more disadvantages according to area.
Volatility can also be considered a disadvantage of Bitcoin. However, I think that seems to be characteristic of both Bitcoin and other cryptocurrency. They are the currency of technology, traded every day so the volatility is unavoidable. The biggest disadvantage for me is the high fee and the slower transaction speed. There were a lot of people complaining about this, even some of the transactions were not confirmed and disappeared. But now, this problem is also being overcome |
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chrsjrcj
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April 22, 2018, 07:57:12 PM |
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The biggest disadvantage of bitcoin I consider expensive and long transactions compared to other coins! But bitcoin is endowed with a number of other advantages, which cover all its shortcomings!
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cmacwiz
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April 22, 2018, 09:19:48 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 Wink
Although Bitcoin is new advance thing but it has some disadvantage for which it is ban in many country. First of all it is not widely accepted. Due to this you can't access it anywhere. You can only use it in selected place only. And for its access Internet and electricity must needed. Another disadvantage of Bitcoin is its volatile nature, due to this many people looses hope upon it  . Due to its digital nature all the bitcoin related information store in a hard drive. If hardware crash or virus corrupt those data then their is no way to get it back. And it has no physical evidence too. Another thing is bitcoin is still too complicated to understand. |
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chalbinov
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April 22, 2018, 10:16:08 PM |
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the biggest disadvantages of bitcoin and others crypto is its legality status, because it is still not considered as a legal payment method by many government, so it gives a feeling of "underworld" situation. i guess that is the main issue, if it is legal worldwide, it's like curtain being removed and bitcoin is launched for everyone to use and enjoy
I do agree with the legality being one of the disadvantages we can find within BTC. But what would happen to the very nature of the currency if it were to be legalized. Would demands be made for more transparency of records transactions to fit within a more taxable traceable income? So could we even call it BTC in this case, as BTC was made to be decentralized and anonymous? In this case could the decentralized and unapproved form of BTC still live and thrive in rebellion to the institutions. |
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yonjitsu
Full Member
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Activity: 476
Merit: 100
www.daxico.com
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April 22, 2018, 10:22:40 PM |
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I think the biggest disadvantage of bitcoin is the fact of being unusable during offline time. How can anyone pay his pizza and beer if the bar is having a problem with their connectivity to the cyberspace?
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Drakula
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April 22, 2018, 10:33:10 PM |
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The security system is still a very important issue, I still often hear that bitcoin is easy to hack so various ways keep bitcoin even in offline wallet never make user feel calm like keep in banks.
Bitcoin has a good security system but its security is still matter to individuals ecpecially when it comes to hackers. There are a lot og hackers here, so Bitcoin as online is one of its disadvantages. |
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fokinlipat
Jr. Member
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Activity: 187
Merit: 2
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April 23, 2018, 04:42:46 AM |
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I think the biggest disadvantage bitcoin is that it can not be used for direct payments like credit cards or ATMs, and even now I've never found any stores or restaurants that accept bitcoin.
Yes, this problems is because the bitcoin payments are not instant and thus no seller will wait for the payment to get confirmed. Another issue with Bitcoins is that is not completely safe. A lot of successful hacking attempts had occurred on Bitcoin exchanges in the past. People have lost millions of dollars as a result of these hacks. However, a simple solution to this issue is buying a physical wallet and storing the Bitcoins there. This will reduce the chances of your Bitcoins being stolen. |
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Hotrod_88
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April 23, 2018, 05:07:03 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 Wink
The biggest disadvantage of bitcoins is of course them being volatile and as well as they are decentralized yest it is their advantages but those are also their weaknesses because not all the time it is a good thing especially in decentralization because if the government are not involved there are some bad people will took advantages to that thing and they will use the bitciins to be a currency in crime and illegal transactions because they are not traceable at all. Being volatile is not always good because the currency also fall down so how was that |
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boynamnhi
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Activity: 308
Merit: 10
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April 23, 2018, 05:22:19 AM |
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In my opinion, the disadvantage of Bitcoin is that the market is unstable, fluctuates frequently and unexpectedly ... Makes people suspicious and focused to find the reason for it to solve. It may be due to Bitcoin is non-governmental nature that users do not need to use real names in their transactions, which are easily affected by the surrounding elements, and are used for illegal purposes. Bitcoin itself :The speed of transaction processing, security ....
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Goldenprog
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April 23, 2018, 05:27:58 AM |
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Make a bitcoin loss, with its there in a country that is in an elegant bitcoin.dan its falling price bitcoin.people's charisma rarely for adaption in bitcoin. Much to its sell.
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campica
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April 23, 2018, 05:50:19 AM |
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Right now biggest disadvantage of bitcoin are that we don't use real personal information, so we sending bitcoin totally anonymously. It's good for avoid tax and buy illegal stuff , but for normal use it's not so good. One more thing what need to be solved are transaction speed, it should be instant.
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