3 PROBLEMS I NOTICED ABOUT BITCION

in #bitcoin6 years ago (edited)

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Bitcoin is a profound technology that is already changing the world — but it is not perfect. Most remarkable are its ease-of-use issues that may make easy endorsement difficult, if not impossible. Outlined below are some of the existing faults with Bitcoin and its practical usage.
•BITCOIN IS NOT EASY TO UNDERSTAND
Bitcoin’s solely digital existence, technical complexity and newness are impediment for most people. A lot of people (especially aged generations) brawl with the fact that you can’t hold a Bitcoin in your hands. Or that it doesn’t come from a company, bank, or government. Indulging in Bitcoin requires a computer or electronic device. And giving a deep explanation of how Bitcoin works to a non-technical listener can leave them with a lustrous eyed stare. These blockades to entry contribute to inexperience, false information, and the feeling that someone cannot be relied upon for those new to Bitcoin.faults-fi.jpg
•BITCOIN HAS NO BUILT-IN CONSUMER PROTECTION
Master cards enterprises and payment processing companies (such as Bitpay) can shield buyers from illicit sellers with chargebacks. If a consumer makes a purchase using the payment processor services, and is able to show that they’ve been ripped off by a deceitful seller, the payment processing company will often refund the buyer their funds.
Bitcoin offers no such protection: transactions are irrevocable, so the buyer must trust the seller to deliver. Many Bitcoin users say that this is a property, not a fragility, and simply requires the buyer to do their due diligence before sending a seller their money. Plus, irrevocable transactions protect sellers from fraudulent chargebacks.images (1).jpeg
•SLOW TRANSACTION
A 10minutes confirmation is very unmanageable and awkward for merchant who are in need of vast transaction
This also slows than the period taken for bitcoins to be stable between addresses thus it becomes less liquid
luckily, divergent payment processors and bitcoin trading websites can do such transaction(off the blockchain) thus enabling merchant to get their payment quikly and securely.images (2).jpeg
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@bluehearted

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