Bitcoin Forum

the advantage and disadvantage of Bitcoin  ???

Advantages :

- You can make any number of accounts you want (wallets/addresses)
- You can't get your wallet/addresses limited .
- You don't have to provide any real information's (like name etc ...) unless you decide to use a service like Coinbase of course. (your own fault).
- It's secure (Cryptography)
- You don't have to deal with Paypal shit anymore.
- It's a long-term investment .


Disadvantage :

- I don't like the fact that we need to wait few confirmations to fully trust that transaction.

Some disadvantages are the very small transaction capacity and slow payments, we reached the limit some time ago and nothing has been implemented in 7 years to increase capacity.

Lack of consumer protection is also a big disadvantage, at least for mass adoption with regards to online payments.

i think the people awareness about bitcoin still need more and more time. the online security are the disadvantages on other side the online shopping accepting bitcoin as legal currency but shopping mall and the earning money in such a systematic procedure but so easy are the advantages of bitcoins.  i hope the disadvantages as i mentioned can easily be overcome. because people are getting information about bitcoin. the security issues will also be solved very soon,

I still think the biggest obstacle is the wallets.

When I explain bitcoin most are not happy that if their computer
dies its a confusing process to get his coins etc.

think people just are so used to banks and being their own bank
scares them

i can say the disadvantage,sometimes bottleneck happening,too much-unconfirmed transaction when the blocksize only limited for 1mb,and it'll affect on your transaction,need to wait longer than usual and sometimes it'd took time about 1 hour or more,it's sure a problem i guess,i'm sure you don't want to wait about ~1hour when your client is waiting for the transaction

I can catch up your point dude, you are absolutely right that sometimes the transaction of bitcoin have been delaying even troubled. But i hoe that problem will fix by developers of bitcoin .

Ok let me tell you a few advantages of BTC.
1.Freedom of payment (With Bitcoin you're able to send and get money anywhere in the world at any given time)
2.Control and Security (bitcoins hold in your wallet are yours!No one else has any control.Just you!
   Bitcoin can be backed up and encrypted to ensure the safety of your money)
3.Information is Transparent (Every transaction can be watched and checked with the public ledger).The protocol cannot be manipulated
   by any person, organization, or government. This is due to Bitcoin being cryptographically secure.

Disadvantages
Scaling might be an issue for now.But we are working on it and solutions are alreasy in the pipelines.

The advantages of bitcoin is you can use it without your true identity so it can use in illegal transaction like in deepweb buying illegal drugs, illegal guns, and other illegal stuffs so for the policemen or in the government this bitcoin the disadvantage for them.

Disadvantages:
Long wait til confirmation
Ever increasing power required to mine


Advantage:
First in the field meaning there are lots of adopters already.

disadvantage is that bitcoin is still too far away from being a very decentralized project, but i guess truly decentralized project are not possible

the advantege is the fact that it still hold enough decentralization, in comparison with fiat

disadvantage: pseudo-anonymous
advantage: most known out of all cryptocoins

The advantages of bitcoin are that it is best payment method, it is decentralized and not controlled by Government and disadvantage it cannot be used everywhere.

I'm thinking exactly the same thing to be honest, the fact is that its nice that its self controllable but the big disadvantages that its still not accepted by a lot of stores online in in real.
I hope this will change soon or later.

Stores don't accept it due to the price fluctuations and it always needs to be converted into fiat. If there is a wallet that can store the BTC as USD directly, it would be better and useful for stores to accept it. Also, the other issue is the time the transactio takes to confirm. It delays the process of placing the order and it getting confirmed.

This is caused by spammers who try to create too many dust transactions and we have many times faced this in the past. Also, when one transaction doesn't get confirmed due to the inputs being unconfirmed, it can take upto 5 hours or more and hence the wait gets long. This is a major disadvantage of bitcoins but it is caused by those who don't want this currency to succeed.

To me the best advantage is that bitcoin is much safer, faster and convenient because
one can't get his limited wallets where as no need to use real information unless you choose to use a service.
one can create any number of accounts he wishes securely.

I love it as a currency and as a payment method and the best thing is its allowing me to earn some extra money from it which can be useful at the time of emergency.

Adv : free to use without autorisation.
Dis : need learn tech.

But, it's a real alternative to the banks ... specialy on this year of monkey central bank no brained persons.

Advantage is that I can convert it to fiat whenever I want and there are no bank holidays in bitcoin transactions, only bad thing is that I cannot spend it physically anywhere.

If I remember quite correctly, there was some kind of a somehow similar thread and I've pretty much said the same thing over and over again. And I'll just quote this one because it's pretty much what I was about to say either anyway.

The biggest advantages is that you can store wealthy outside of the system without 0 possibilities of anyone else ever finding out if you know what you are doing. Also the fact that you can store trillion of dollars inside a pendrive in an undetectable way.

The disadvantage is that the price fluctuates a lot, but that is a given under free market conditions, so it's not really a disadvantage.

Price fluctuations allows traders to earn profits and I don't think it as an disadvantage, the biggest disadvantage is that it is not yet accepted everywhere.

another advantages:
you can buy things around the world using bitcoin (as long as the shop accepts bitcoin), but you can wait for openbazaar

disadvantages:
bitcoin can be stolen if you don't keep it secure, for instance you use online wallet you don't use 2fa on it, or you use paper wallet and download "hacking virus".

I think a lot the advantage and disadvantage of Bitcoin. but I'll just give one example.
Advantage : Bitcoin could be the land of your profits if you can manage it well, you can trade maybe.
Disadvantage : Many bitcoin to use it for negative purposes, and this makes some countries prohibit bitcoin
thank you.

Even though it takes a long time for confirmation, it's still faster than Bank payments. It's also safe to use and mining should only be done by those who have low electricity costs as it can be expensive then.
I wouldn't consider this as a disadvantage as of now as bitcoins are still new and miners are rewarded from time-to-time.

i think so many other advantaged but a little disadvantage. bitcoin can be use a single valued currency in any part of the world. it can be easily be convert to flat currency. is also provide opportunities equally to become a rich person.it also provides opportunities to earn livelihood if you have not a sing bitcoin. the disadvantage is that still its not legalize by any state. if this problem solved then i think there will remain not a single disadvantage regarding bitcoin.

the only disadvantage that i can think for bitcoin is that it is not yet adopted by everyone so it is hard to find places that accept bitcoin as payment.

but advantages are a lot: the anonymity, decentralization, speed of transaction, super low fees, price,...

I find it difficult to understend what you mean by it is hard to find places accepting bitcoin. There are  many stores accepting bitcoin in Russia, and America, etc. where do you live anyway?

so I think it's both of advantage and disadvantage of bitcoin that it is accepted in some places and not accepted in other places.

Yup, it does become one of the factors that cause bitcoin less popular because it's still very few who use the Bitcoin, for their thoughts about bitcoin has not been as good as other currencies

Advantages: Anonymity, be your own bank, no chargebacks, fastest method of sending/receiving money.
Disadvantages: illegal activities are performed, theft, fraud --no laws can help you in case of btc fraud.

I don't know how the 'speed of transaction' is an advantage for now. I mean, compared to online paying platforms, the speed of transaction is quite better (PayPal, etc) than bitcoins.
However, personally, the advantage of anonymity overpowers that little flaw.

Anonymity of what? Of transactions? bitcoin is not anonymous (http://www.bitcoinisnotanonymous.com/) by its nature. Though certenly if you try and know what how to use btc to cover your bitcoin tracks, then you can be more "anonymous" than avarage users.

Advantage - best currency/investment/best for money transfer with minimum fees
Disadvantage - cannot use and spend everywhere.

It's personal for everyone as each person uses Bitcoin in their own way.

Advantages for me:
It's an investment which allows me to hold it for a long time and to use it for trading purposes.
It can be a store of wealth as it allows me to store money outside the banking system.
It allows me to send money from place A to place B in a matter of a seconds anywhere in the world 24/7 365 days a year.

For me personally there are no disadvantages. Even not the block times that some people see as "very slow".

To me the advantage and disadvantage are same and that is unstable bitcoin price.The advantage is that due to its constant price changes,one can make profit with holding coins.The disadvantage is the unstable price is a hindrance in bitcoin usage as people want to keep it in cold storage rather than spending like other currency

Bitcoins are accepted by many stores. Microsoft and Steam had already adopted bitcoins as a payment method and even Amazon is thinking to adopt it soon. It is surely going to change soon and hope everything is good for bitcoins. Till we have websites like gyft and purse, we can shop anywhere with bitcoins.

This companies have started to accept bitcoin but we also need to keep in mind the shipping cost attached with it, it can be an expensive affair.

bitcoin have more than that six advantage,and i have list some of my opinion.
Advantages :
- fast payment,just scan barcode and dont need wai confirmations.
- can use as currency and investment
- can earned with free,more simple that earn money.

Everyone here will mostly provide the advantages of bitcoin as there is a lot of advantages of bitcoin rather than disadvantages( or I will say for me there is no any disadvantage in bitcoin as there is no any lose for me in bitcoin)

By the way the more popular and attractive advantages of bitcoin are:
1. It si a currency which allow the world to connect, I mean everywhere in the world it is easily used without any restriction.
2. Its transaction is anonymous so you can send money to anyone in any part of the wrld, o matter they are hostile to each other.
3. It is providing a lot of opportunities for the people to earn money online, means more of the paid tasks are available on internet with this currency.
4. Its value is increasing every days so with that your money invested in it is also increased.

These are the advantages which I have found in it.

Well the price can be a disadvantage too, since you don't know how much it will be worth tomorrow.
But yes overall bitcoin has way more advantages then disadvantages, speed and anonymity being the major ones.

Too many advantages and disadvantages when it comes to bitcoin.First advantage is you can make infinite number of money if you have a big or even small amount of capital.Second is you can earn money anytime anywhere and for free as long as you have internet.Bitcoin can be use as mode or payment on some internet shops.Disadvantage of bitcoin for me is the transactions that taking over an hour to be confirmed and aside of that no more disadvantages for me.

For me, bitcoin has more advantages than disadvantages and this is what I like about it. The only thing I do not like are the wallets. They are not that really secure. Bitcoin can still be stolen. It is hard to hold so much bitcoin. :)

Ugh.  The main advantage, perhaps the only one that matters to me at all, is the fact that bitcoin is not controlled by government.  And that advantage has already been stated.  All of this other crap matters not one whit to me.  I don't care all that much about anonymity.  I can use dollar bills to buy drugs and TV sets and all that other stuff and that's anonymous.  I don't care about sending money across borders easily.  Those aren't problems for me that bitcoin solves.  I still can't find a good reason to go out of my way to buy bitcoin just to spend it.  No one has come up with one I can get behind.

On the advantages already mentioned and they populyarnyy and familiar to all. I will not repeat, so talk about the disadvantages.

- Insufficient dissemination and recognition.
Despite all its advantages, Bitcoin payment system has not yet been large-scale distribution.
- Government bans.
Different states have different attitudes to the Bitcoin payment system, and at any moment can enter all sorts of restrictions on its use, for example, as a means of payment for goods and services. In particular, the ban Bitcoin risks are very high in Russia. Loss of monopolizing the role of emissions for the state money will mean a loss of power over the people, so they will try to prevent it, or somehow take the Bitcoin system under its control.

Advantages :
- You can make any number of accounts you want (wallets/addresses)
- You can't get your wallet/addresses limited.
- You don't have to provide any real information's (like name etc ...) unless you decide to use a service like Coinbase of course. (your own fault).
- It's secure (Cryptography)
- It's a long-term investment.


Disadvantage :
- though bitcoins blockchain is secure, how humans use and treat it is not secure. you can fool proof bitbut, but can't fool proof a fool
- some services need to wait few confirmations to fully trust that transaction.
- there is no guarantee, fees change, confirmation times are different and not set to exact times(only averages)
- requires a internet connection
- still not 'grandma friendly'
- bitcoin doesnt have natural growth capacity increases, requires humans to bicker and argue about how and when to increase capacity
- new capacity increases are not implemented by several different code bases forming a majority consensus. or automated by bitcoin itself.. but by one code base that people then blindly follow

The advantage and disadvantage of bitcoin is the same thing in my opinion. IRREVERSIBILITY.

If you are a seller of some goods, irreversibility is good for you because you do not want someone to chargeback on you and you lose all your money.

But if you are a buyer, if you get scammed by the seller you will not be able to chargeback and therefore also losing all your money.

In my opinion though, the goods outweigh the bads.

because wallets are softwares and apps. it is not bitcoins fault basically. but people still consider it a disadvantage of bitcoin (actually they are also right in their point of view)..
bitcoin have lots of advantages and lots of disadvantages as well,
but the good thing is bitcoin still accepted and adopted by majority with its disadvantages, because advantages are bigger then disadvantages...
Security issue is everywhere. your money not even  100% safe in a bank or anywhere.

Advantage that it is a fast transaction because of the technology we have just like  throwing trash on the trash can. Just sent it and wait for the confirmation to put thru.

Disadvantage of this that its a technology yes it is. But always remember when you say technology it is a software  a virtual that we can't see knor we can't touch. it can disappear on a blink of an eye so be very careful if you have full funds on it. 

Advantages
-Easy to use
-You can create more than 1 wallet
-Too many source of bitcoins
-You can gamble it

Disadvantages
-Very long confirmations
-Many scammers

The advantages are easy to use especially you want to do global transaction, the anonimity feature makes you stay anonymous when you gamble
The disadvantages are not all store accepting bitcoin, also bitcoin got a bad reputation due to a lot of people scamming using bitcoin

You have obviously not used Remittance services or international bank transfers yet, because some of these can take days. You also cannot blame the Bitcoin currency for the people who misuse it for scam purposes. If you look deeper into this, you will see most scammers operate with cash and credit cards, not with Bitcoin. ^hmmmmm^ 

you posted more disadanvtage of bitcoin than it advantage,thanks franky1 now i get some information and facts that bitcoin have many disadvantage.
and most than it coming up from human error,this is major problem for me and many people for looking for how to become good bitcoin holder.

Disadvantage for me in bitcoin is the slow transaction that it needs confirmation from the miners before you can receive the trasacted bitcoin..
And the advantage for bitcoin i think bitcoin don't need your real identity..

Advantages of bitcoins include the anonymity factor, easy of transferring bitcoins from one wallet to another, transfer fee is less and price is volatile.

Disadvantages include the risk factor, bitcoin address are difficult to memorize, irreversible/non-traceable wallets and confirmations not having a fixed time.

The throwing trash into the trashcan did not make much sense.Transactions are fast in IMPS and National Bank Transfers too.Actually with low fees,even bitcoin transactions take quite a lot of time these days.Pay more tx fees if you wish to have it confirmed fast.So the point you mentioned is not really an advantage worth listing out.Maybe saying it is anonymous and fast would make sense.

No,when we say technology its not always software .So you mean hardware is not part of technology because we can tough it ?This point didn't make sense either.

Advantage
-Anonymous transaction
-Low transaction fees
-Can send or recieve instantly
-Can be use at different things like top-up moblie phones, etc.
-No age restriction or don't need any requirements

Disadvantage
-Can be used in illegal ways

One of the advantage of bitcoin is you can earn and use it to buy or pay some bills and one of the worst disadvantage of bitcoin (for me) is anonymity because many criminals taking advantage of it and using that feature to make an illegal transaction like selling drugs and illegal firearms online.

Crime also uses conventional money or electronic means of payment. I would even say that they use it to a greater extent than Bitcoin.
It's like anonymizer and tor network.

Moreover, the anonymity of owners of Bitcoin wallets is such only until such time as there is no exchange Bitcoins for traditional currency Bitcoin or implementation of goods and services outside the Tor network, in other words, law-abiding sector of the economy the vast majority of Internet and traditional shops exchanger network on the stock exchanges, banks, etc.

The Advantages. - Low fees on every transaction. - More secure than use the other currency or another way to save your money like Paypal etc. - You can grow your bitcoin to make more profit.

Disadvantages. - Unstable value. - Take a long time to wait block confirmation. - Many scammer in bitcoin.