What do you think about the biggest disadvantages of Bitcoin?
Individuals are utilized to their old methods for getting things done, they would prefer more often than not to switch and surrender utilizing banks and outsiders to work together. other than bitcoin is still new and it is not by any means fit for taking care of standard installment. we are experiencing difficulty taking care of exchanges as it seems to be, and clearly, the agreement can not become to at any point in the near future.
At this point in time, I think that the biggest disadvantage of bitcoins is that it is not widely known or accepted. Say, if I used bitcoins, where would I pay? I can't pay my mortgage or my electric bill or my internet bill with those, because nobody accepts them.
Bitcoin is a new currency and it hasn't made its way around yet, so to speak.
Another disadvantage, if I understand this correctly, is that you can actually lose them if your hard drive crashes or your files get corrupted. Don't get me wrong, I'm not a pro here, but this is the way I understand it..
Not many people (including myself, really) don't fully understand bitcoin, and for that reason, not many use it.
on the plus side, in spite of the disadvantages, I believe it has great potential because of the ease of use in international businesses.
Time will tell whether it really takes off or not, but the first thing that needs to be done, imo, is to create awareness among the general public, and teach them what bitcoin is all about. Most people know it by name but are not familiar with it.
Time will tell..
The big disadvantage with Bitcoin these days is that there seems to be some kind of rift within the Bitcoin community. They're arguing over protocol and something they call "SegWit". Don't ask me what SegWit is other than that it stands for "Segregated Witness". (Maybe some kind of independent confirmation of which transactions are valid? IDK.) Plus the confirmation fees are skyrocketing. They're insanely high right now and the network's getting bogged down because of it. I have a feeling that people are starting to get a little disillusioned and jumping to another cryptocurrency if they aren't giving up on the whole thing.
I had to look up segwit and do a little reading up on it. Curious minds wanted to know.
Segwit apparently was designed to help speed up transactions time and to lower the fees. Thanks for segwit, more transactions can fit into a block.
From what I've read, like you said in your post above, it has divided the bitcoin community. There is Bitcoin Core, that part of the community that embraces segwit, and there is there is Bitcoin Unlimited, which does not embrace segwit.
One of the arguments against segwit is that it isn't enough to meet the growing needs of the bitcoin user base.
There is also a company called Blockstream, and apparently many of the people who work on segwit are employed by Blockstream which makes people think that there is a hidden agenda somewhere that they don't know of yet.
All in all, having a division of this nature at this point in time is not a good thing, in my opinion, because it will weaken the community, a community that needs to be united in order to achieve great things.
RocketRacoon, you know more about bitcoin that I do. How do you see its future?