Bitcoin Forum

Wow, I considered this topic interested because we should have clarity in the mist of sugar. You know sugar taste sweet but abuse of it can leads to diabetes. Cryptosystem is wide spread sugar that has good and bad effect, but how you approach it matters a lot.
Bitcoin in particular has put so many smiles and tears in the faces of so many people, to some is a loss investment, to some a great investment project, to some regrettable moment, to some most serene project.
From my little experience, knowledge, news and learning cryptosystem has it own advantage and disadvantages, we will be looking at them below:

Advantages of Cryptocurrency;
*it gives you choice
* it gives you money
* it gives you knowledge of trading
* it gives you risks management attitude
* exposure, links you to the world

Disadvantages;
* it can be time consuming
* the losses are irreversible
* it prone to scammers
* its discouraged seeking further career
* it can cause shocks and death

Choice to take risk, be degen and have loss.

None of them give you money. You have to work, get money and use money to buy them. If you buy Bitcoin, you gain. If you buy altcoins, you lose.

Knowledge must be learned from trading books, courses, not from cryptocurrencies.

Awesome crypto trading (https://github.com/SpiralDevelopment/Awesome-Crypto-Trading)

Any thing can be time consuming.  Any thing can be prone to scammers.  It can cause shock and death if you are not responsible and put in more than you can afford.  Losses are reversible if you have the right investment and do not exit desperately out of panic.

If you think these are the disadvantages.  You are probably investing in the wrong things or read too much news about hacks and scams.  If you invest in Bitcoin, hold on to your investment and keep your Coins stored safe, there is no time to waste, no scam to be a victim of, no death, no loss and after only a few market cycles the only shock you will have is how much purchasing power you have earned.

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Regards,
PrivacyG

Anything pertain of life has its own bad and good side, people may have experience worst aspects of trading experience does not make bitcoin of disadvantage except for those who wants quick profit or even trying to cheat the system.
Bitcoin project is not buying and selling products of quick returns, is long term with proper understand and patients.

Scammers are in every business, not really the business itself but the people involved. Bitcoin is not a scam project, only if you involved with wrong people

One of the disadvantages of investing on cryptocurrency is that it causes a high blood pressure to some people who have invested their entire life savings into crypto, thais is one of the reason we make it plain and clear that no one should ever use his entire capital or money on crypto investment, some shitcoins ended up looting away the entire investment from it investors without prior notice and people were left with no choice than to develop heart attacks, high blood pressure, or even sudden death as a result  of this huge lost at once.

With the so much advantages that Crypto-currency has its funny those are the once you choose to give out. Come to think of it Crypto-currency doesn’t actually give anyone the knowledge of trading you need to actually have that knowledge already by yourself.

One of the biggest Crypto-currency advantage is the simplicity it brings to the financial system where you can make transactions snappy, secured and have no government interference.

Cryptocurrency is not time consuming, I don't really know why you said it's time consuming, you can be anywhere and you will still be trading, to buy a coin or to sell a coin those not really take any time, so I don't know why you think cryptocurrency is time consuming if you can explain.
How those cryptocurrency causes shock and death? When investing in Cryptocurrency, don't take loan to invest and also always invest any amount you can afford to lose, don't invest all your money, if you invest any amount that won't really affect you when you lose it, how is it going to cause shock and death?

I don't believe most of the disadvantages you mentioned above, most of then are not really valid, but I will be glad if you can explain more better.

in the crypto world there are indeed many surprises because if we are involved in the crypto world, there must be a risk of profit and loss,

that's why if we dive into the world of cryptocurrency, we must have basic knowledge first, so we can control our emotions.

Almost all of these disadvantages are possible in any business not only in Cryptocurrency trading or investment.

I don't agree with you that cryptocurrency is time-consuming because someone needs to take his time on whatsoever he/she wants to do just to get it right, some people take years planning the type of business they will venture into is that also time-consuming.

I can see the advantage of cryptocurrency as less hassle and very convenient to do some transactions. Not on everything but probably makes the hard process easier.

Also you could learn some ways on how to earn online, and manage your skills on doing trading. Many ways on how to benefit on cryptocurrency like savings or foing staking that gives you higher % than banks.

What I dont like are the growing pain the in ass of scammers which literally abusing the wonderful effect on blockchain just to earn money.

If you have stayed in the bank from morning till night because of a single transaction, you will know that cryptocurrencies transaction is not time consuming. To open an a bank account, you will need to fill different forms and go through many processes.

It is true that cryptocurrency transactions are irreversible, that is why we need to check and recheck before we click the send button. We should be extra careful before we carryout any transaction.

Banks are more prone to scams and attack than bitcoin. All we need to do is to used decentralized wallets and never keep your funds in exchanges because they are prone to attack of hackers and government.

I don't see how the cryptocurrency sector discourages people to seek opportunities in other areas. Most people in this sector use the cryptocurrency sector as a side hustle or part-time job. Apart from Bitcointalk I am not engaged in any other platform. If I can invest in the sector, hold my coins and sell them when the price goes high, then I am okay. I don't need to spend all my time in the sector. And it is also good to diversify your income source.

Please always invest what you can afford to loose. Don't borrow to invest in Bitcoin and don't put all your funds in Bitcoin because the sector is also unpredictable. Investors must also understand that losing funds is not the end of the world. As long as there is life, there is hope and more opportunities will also come.

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If by time consuming you mean the transaction period it takes to complete the transactions then I would tell tell you that there are method to fasten the transaction. There is a replace by fee method which is supported by some wallets or the double spending method. In each method you just need to increase the network fee higher for faster confirmation. This gives you the ability to control your transaction time and not the local fiat banks where you need to wait for the banks.

Cryptocurrency actually encourages diversification because people from other professions could easily venture into cryptocurrency and blockchain technology, and still keep practicing their other profession. Those who stick only to cryptocurrency trading only are even prone to make bad/panic investments since they relay on its profits only.

Almost investment kinds have each side from advantage and disadvantage exactly in cryptocurrency, have mistake mindset when some one investing in cryptocurrency know with advantage only and have mindset easy to earn profit soon. There are less mindset possibility losing investment in cryptocurrency when wrong time or wrong altcoin kinds for investing.

When have much experienced I think every one will face advantage only by investing in cryptocurrency because they have managed well with losing or mistake about investment kinds and right moment for entrying.

being in cryptocurrency (as a trader - developer or otherwise) is not time-consuming, rather cryptocurrencies open up new opportunities for anyone. besides that losses anywhere (not only in cryptocurrency) are things that cannot be irreversible, so what you say here is not correct.


scammers are not only in cryptocurrency, scammers have been in this world for a long time even long before cryptocurrency, it was just the trick - the era and also the targets were different.


discouraged seeking a further career? If you've heard the story of CZ (founder of Binance) then you wouldn't have thought he'd come this far and so far I have never heard of someone who died or committed suicide because of cryptocurrency but because of bank loans (non-payment of debt) I have heard a lot.

Kinda disagree that is stops people from furthering their careers. It is not like something that you would do every day 8 hours a day unless you're actively day trading which I do not really advice everyone to do so especially as a newbie.

I had a fair share of rough experience when I was still day trading back then. Right now I just turned back to the usual holding and everything just went well. I am now a software developer as well as a Bitcoin holder, so yeah I disagree with the last one.

 Well, every one is entitled to their own opinions about cryptocurrency and while the op mentioned some advantages, I'd like to also note that these cryptos have granted a sort of freedom from central banks as one can conduct transactions without it being monitored and transaction fees are low they can be ignored. Also, crypto transactions can be done night or day and no limit to withdrawals or purchases.

Thankfully your experience isn't advance yet because it would had been shocking that with your advance experience and you're coming up with this poorly structured points of yours.

Yes cryptocurency gives you choice since it offers a different kind of investment opportunity different from the traditional investment vehicles we know but cryptocurrency doesn't automatically gives you money. You have to know how to take advantage of the opportunity here and have the capital before you'll be able to make money from the industry. No the industry doesn't give you knowledge on trading although it could motivate you to learn since trading has been made very easy with the introduction of the cryptocurrency industry. Basically most of your advantages are what been engaged in the industry can motivate you to do.

As for the disadvantage, the industry is even less time consuming compared to other financial markets and I doubt how your involvement in the industry will hinder your educational career instead it could motivate you into picking interest in other careers related to the industry. Everything can cause shock or death so I don't see that as a disadvantage to the industry. Using general disadvantages of life that has nothing to do with the industry directly doesn't qualify to be a disadvantage to the industry.

- It is not time-consuming if people would just HODL their bitcoins for the long term.
- All losses are irreversible either in betting or trading. All l losses are irreversible either in investing in stocks, bonds, and establishing businesses.
- There are more scammers in the old fiat system than in decentralized cryptocurrencies.
- Some people are discouraged upon hearing big names telling us to avoid cryptocurrencies.
- People are shocked and are dying of any causes. Is there a high chance of dying when you are a crypto believer? ;D 

Crypto doesn't give knowledge, it's not a knowledge ORB sent down from heaven, everything about Crypto must be acquired through learning only, this is the only way to know how to manage risk and make money out of your investments.

* Is there any money making ways that's not time-consuming? Every human in the world will be rich if it's easy to make money.

* Once you lose your key or fall victim to scam traps your fund is gone forever, but you can still make back all you've lost, I fell for scam years ago and I lost all my ETH but as time goes on I earned more than I've lost.

* You are right about how easy it is to lose your private key to scammers, but it still all comes down to your knowledge, learning is the most important part of cryptocurrencies, you need to know how to keep your private keys safe or just buy a hardware wallet instead.

* Crypto doesn't stop anyone from furthering their career, this is a wrongful thought, I have my own business, and I'm into crypto investment too, I do trading twice a week and I take my business very seriously.

* Crypto investment can only cause shock and death if you invest all your life savings, investing money in crypto is very risky because of the volatility aspect, a smart investor only invest with what they are ready to lose, if you lose five percent of all the money you have in this life to crypto it won't kill you, because you still have 95% left.

It cannot be time consuming when you are doing a proper research.
With proper research you can avoid Scam coins.
In Crypto you can gain and lose both are reversible, but there are higher chances of gaining when you focus on what works for you best.
The reason why one is advice to invest what they can only afford to lose is to avoid Mental unrest which may lead to death or any other health issues.
Cryptocurrency has some advantage and disadvantage but your point are not properly stated

Some Advantages are :
1 Transaction Speed
2 Transaction Fee
3 Privacy and Security
4  Accessible to all

Some Disadvantage are:
1 Volatility
2 Lost Wallet Pass key cannot be retrieve
3 Crypto Exchange security
4 Retrieval of stolen coin is hard

A person with zero/low knowledge about investment or the thing they are investing will be more likely to fail in the end and it's their fault for not doing their own research. Investment is different from gambling and these people who failed are probably gambling because they risk everything hoping it will change their future but unfortunately, only few people was lucky enough to surpassed this.

There's a lot of pros and cons of investment especially in cryptocurrency since it's too volatile it's hard to predict the price but one thing I'm certain is that once it's bull run it's time for a profit and bear market is for accumulation period.

Most of the advantages here are not convincing enough, how does it gives money? I’d rather you say it generates possible returns. Perhaps you ought to have gone into more detail so that we could understand your point here. It does not impart knowledge you must have knowledge in order to advance in cryptocurrency trading, and you cannot learn the fundamentals of cryptocurrency through your trading experience.

For the disadvantages its not time consuming, every work that involves making money need time and trading crypto does not stop you from your daily activities. To earn money you have to work and dedicate some time no matter the kind of work you are into so it doesn’t necessarily mean you stop doing other activities. I agree the losses are irreversible but I don’t see how it can cause shock and sudden death because anyone going into crypto trading shoud be fully aware of the risks involved and be ready to accept losses.

Many people get the concept of cryptocurrency and especially bitcoin very wrong, indecencies that some people taught is that Bitcoin is highest and the last hope of human being ti earn a living, i think from my perspective such concept or ideology is weak one, i just want the newcomers in cryptocurrency to understand that Bitcoin or coming to forum to share the ideas of Bitcoin is not necessarily what will make you rich. And it's obvious that if you don't learn and comprehend the system of Bitcoin, it's when you will note that the disadvantages of Bitcoin is higher than the advantages. So before you will become more successful in Bitcoin you have peruse the system.

Why it is time-consuming?
Paying cryptocurrency is like paying from your digital wallet for some platform, you will always need an internet connection.
If both parties are ready and capable the seller can easily provide an invoice or a way to pay your payments, it's easy. Speaking of transactions getting approved, there are a lot of cryptocurrencies right now that can do this, even in Bitcoin using the lightning network.

The disadvantages you stated OP, is just the regular effect of one being passionate about something, which can most times leads to obsession and such ills follow.
No one is pressured into crypto business that doesn't have the idea of it, and it doesn't also mean the pressure that comes with trading crypto is engrossing mostly as these days digital phones and gadgets are made to keep one hooked in.
The pros far out weighs the cons and it can be controlled depending on what one uses it for.

I believe that the finest investing strategy a person can have is still bitcoin. Only when consumers expect immediate profits from bitcoin and choose to sell below their invested price can bitcoin make people cry. But they will undoubtedly recover their investment loss in bitcoin if they spend their spare funds and are willing to wait, be patient, and believe in the direction of the price.

*Choice: One benefit of cryptocurrencies is that they allow you the option of taking a risk or not. Whether to invest 100 percent in bitcoin or another cryptocurrency
*Gives money: Using bitcoin, yes. But, it will depend on the altcoin you bought in.
*Gives trading knowledge: I don't believe so. Cryptocurrency does not provide information on trading. It is necessary to study trading from those who have perfected it.

*You made up these two disadvantages, but they are untrue. Cryptocurrency cannot be characterized as time-consuming when anything you want to do can be accomplished with a single click, stress-free, and at your convenience.

*How is that possible? Nobody is prevented from being whatever they want to be in life by crypto. You can still engage in cryptocurrency trading while pursuing your professional aspirations.

Just like you've stated, "it's your little knowledge" as a newbie. Else, the points you've made doesn't mean much in the sense you presented them.
* It gives you choice,
Well, what choice is that. You've always got a choice in all you do. To invest in cryptocurrency or not, to look towards other fields of an investment for an opportunity. To invest wisely or not. You've always got a choice regardless of cryptocurrency.
* It gives you money,
I can say it doesn't give you money. The skill you master, offer and render to someone is what pays you or gives you money. Perhaps your investments too and not necessarily cryptos. Cryptos is just another currency for payments.
* It gives you knowledge of trading.
Well, goodluck with that. We've got several users on the forum and off the forum yet, they've got no clue of trading. You've got to study trading to get these ideas at least. It doesn't matter how basic you limit your studies to.

Let me just hang it there for the advantages.

On disadvantages;
* Time consuming,
In fact, this is the opposite as, transactions could be done across the working seconds or minutes.
* loses are irreversible,
That's in the event that you get scammed or you sent your coin to a wrong address and more of those.
* It discourages seeking other careers,
Really?!!!

I'll end here too. You need a lot more reading at OP. Nice trying!

How is it time consuming? Your assessment is ambivalent. I saw your account was registered barely four days ago and I believe this comment is contradictory. Perhaps, you should revisit this topic a year later to judge if you actually meant what you said here now. For all I know, apart from a few times in the past where the chains were congested and transactions were a bit lower, there are no financial transactions that are faster than doing it through cryptos. I've been waiting for two working days now to be credited for a fiat transfer I did to a trading platform. Were it a crypto transfer I'm sure it wouldn't have taken more than 1hr to reflect in my account. Now I understand why Satoshi said Bitcoin would cut off middlemen.

Really dear, I think here you are talking about Cryptocurrency trading.

Need to be careful while writing, Losses are irreversible in some cases as if you lost your wallet or your wallet got hacked. 


No not at all, if this is the case then dear what are you doing here...


Even crypto is a wider field than you've ever imagined


I am not sure is a joke or if you are serious, yes I know there were some reports of the suicides after the LUNA crash but I am not familiar with many incidents like that, and whether those were real or rumors is not clear to me yet.

After this take my advice dear if you want to go long way in crypto especially in BTC then need to be patient.

Yes it's true that it has advantages and disadvantages but you are wrong that it can be time consuming, cypto is one of the best,faster,easier and cheaper both in transaction and trading.
Eg' how about you went to a bank to make a transaction report and after filling the form and stress of going to the bank and they will still give you 7 working days before they refund your money, and you have important thing to use the money to do,they will delay you for a complete full week,
But in crypto you don't have to go through all those stress,
That's why crypto remains one of the best.

I thought this picture was very beautiful. It helped me to comprehend both the advantages and disadvantages of cryptocurrencies. Which I anticipate everyone, including beginners, will comprehend before trading in cryptocurrencies. Everything has both a good and a terrible aspect. When investing in cryptocurrencies, your point of view has a significant impact. You need to comprehend these two ideas if you want to invest in cryptocurrencies.

You're right, I'm sure he doesn't understand the specifics of bitcoin and there's no reason to say it's time consuming, crypto transactions are the fastest of any transaction because you can transfer btc to anyone anywhere in minutes. So when he finds out that time-consuming explanations are wrong, then I'm sure he will "strikethrough" that point.

That is indeed the advantages and disadvantages of cryptocurrency. About the losses that are irreversible, I think you know that there are ways where you can make your loses much less. This also work if you are holding your cryptocurrency by selling what you have and buy the crypto with a stable price which I am sure you know what it is. I think there is a disadvantage that you mentioned that I don't agree with and it's this one "its discouraged seeking further career". There people who got scammed and lose huge amount of money in crypto and yet they are still involved in crypto.

In fact, the main advantage of cryptocurrency and its disadvantage is its volatility, thanks to which a trader can both make a profit and lose his money. All the other points that you have indicated are just a means to achieve them.

You are correct, high blood pressure occurs when someone loses something very serious or shocks them, and the most affected part is financial losses, such as Cryptocurrency, As a beginner or an individual who wants to invest his or her money into cryto should think wisely before doing so, some people invest all of their savings and it's very risky, for a wise man to invest, you invest 70% or 80% of your 100% funds because no one knows when he or she will find themselves in pproblems.

Everything has advantages and disadvantages. Concerning bitcoin, advantages of bitcoin to individuals is larger than the disadvantages of bitcoin to individuals. But to government they will consider the disadvantages of bitcoin to be more because they believe bitcoin is the mother of all cyber crimes. There is no doubt, bitcoin is a means by which some online fraud transactions are made but still consider that there was crime before the time of bitcoin.
Another chameleon concern of the government is the green energy.

I believe two of the points from disadvantages shouldn't basically be there. Cryptocurrency trading can be a time-consuming process but I don't count that as a disadvantage if that's what I do full-time. And if I'm just a part-time trader, I wouldn't really be bothered by my career goals by the trading activities that I do in my free time.

So I don't really think that these two are disadvantages of cryptocurrency, but these are personal choices of a person if what he wants to do and how he should pursue his career, whether as a full-time cryptocurrency trader or a part-time trader pursuing their career in something else.

I don't know where you may have got all these merits and demerits of cryptocurrency from, but I must say that you are totally wrong on most of the points you listed above @ O.P, because cryptocurrencies do not in any way give you risk management attitude, nor does it give you knowledge of trading as those are special skills that can be learned and have nothing to do with crypto or Bitcoin.
And secondly, crypto has never been time-consuming, nor discouraged people from seeking a further career in whichever industry they wish to, or a factor that cause death. But it's just an investment asset whose price value fluctuates

As much as I want to agree with the OP it really depends on who you ask... If you are going to ask a government person they certainly will frown over crypto because this is an asset that the government has no control of, and users can use it however the like.

In other circles, if you are to ask sellers when it comes to incorporating btc as a mode of payment, they would actually prefer it as it's not prone to chargeback scams which protects the sellers money but buyers will of course not like it as it's irreversible...

So like I said, these pros and cons all depend on who you ask :)