the advantage and disadvantage of Bitcoin

[karlperson]

So, what do you think the advantage and disadvantage of Bitcoin? what about people around you  think about Bitcoin ?

[knightkon]

Honestly, People around here are scared of Bitcoin.  I was just talking to a local business owner and he likes everything that I said to him, he is just scared of the fluctuation in the pricing.  Some of these business work on a small profit margin, so if this profit flexes in the (-) 10% after a customer pays for a product that day, they are out that money when they exchange.

[AtheistAKASaneBrain]

Honestly, People around here are scared of Bitcoin.  I was just talking to a local business owner and he likes everything that I said to him, he is just scared of the fluctuation in the pricing.  Some of these business work on a small profit margin, so if this profit flexes in the (-) 10% after a customer pays for a product that day, they are out that money when they exchange.

Yeah, the price fluctuations scare away the average merchant which is absolutely clueless about how the money creation works and doesn't understand the importance of Bitcoin, they just see a crazy price and tend to avoid it.

[The Sceptical Chymist]

Honestly, People around here are scared of Bitcoin.  I was just talking to a local business owner and he likes everything that I said to him, he is just scared of the fluctuation in the pricing.  Some of these business work on a small profit margin, so if this profit flexes in the (-) 10% after a customer pays for a product that day, they are out that money when they exchange.

Yeah, the price fluctuations scare away the average merchant which is absolutely clueless about how the money creation works and doesn't understand the importance of Bitcoin, they just see a crazy price and tend to avoid it.

Uh, yeah.  It's actually a very valid concern for the merchant that the currency he accepts remain stable--which bitcoin is not.  And because of that, Mr. merchant doesn't price things in bitcoin but USD or whatever other currency is convenient (and stable).  It isn't cluelessness at all but prudence.

[neochiny]

So, what do you think the advantage and disadvantage of Bitcoin? what about people around you  think about Bitcoin ?

In my opinion, the advantage of bitcoin is the very easy to use system of it.
less stress and cheap transaction fees. the disadvantage of it is the flactuation of it
in the market. we cannot know when will it really go down or go up.
so we are blind of it. and the people around me thinks that bitcoin is just like some
other scam scheme in the internet. well i cannot blame them. people are afraid of what they
do not know yet. and its because of they have less knowledge about it. even you explain and explain
to them if their minds are close to absorb and accept it. it will be non sense for them.
But i think in the future it will all change. so goodluck then..

[Quantus]

The worst part of Bitcoin is knowing that if anything goes wrong and you lose all your money maybe even your life savings its YOUR FAULT!
My life is already very stressful and knowing that the very long and complex passphrase I keep only in my head is the only thing connecting me to my savings dose not help.
I must repeat that passphrase 50 times a day. (to myself of coarse) Visualizing it in my head, burning it into my very soul.  

[Meuh6879]

Pros : fast, portable, electronic, backup, inox proof life money.
Cons : need learn before use.




you can learn at any age.

[Rabber]

The worst part of Bitcoin is knowing that if anything goes wrong and you lose all your money maybe even your life savings its YOUR FAULT!
My life is already very stressful and knowing that the very long and complex passphrase I keep only in my head is the only thing connecting me to my savings dose not help.
I must repeat that passphrase 50 times a day. (to myself of coarse) Visualizing it in my head, burning it into my very soul. 

You don't have to keep it only in your head. Even if you are afraid of someone finding it written down, you can write it down in a way only you can decipher. For example the numbers you write down don't have to be the actual numbers, but use a simple method like every  number written down is actually +1 or -2 for the real number and certain letters are substituted for others.

To not have a copy at all is also a problem, how could you leave your money to someone else when you die?

[Rubberduckie]

the biggest con/disadvantage is for sure the learning curve.
Especially if your not computer savy. Its hard to explain to
a lot of older people even how to check their email let alone
understanding what btc is and what to do lol.

[justspare]

Bitcoin is cheap and fast that is why a lot of people love to use it. Some people are also scared to invest in Bitcoin because they think they will lose their money when the price drops.

[justspare]

the biggest con/disadvantage is for sure the learning curve.
Especially if your not computer savy. Its hard to explain to
a lot of older people even how to check their email let alone
understanding what btc is and what to do lol.

This is very true. I have tried to tell a couple of my friends and family members, but they never seem to understand what I am trying to say. You kind of have to learn it by yourself online because not many people know how to explain it in an easy to understand way.

[justspare]

Pros : fast, portable, electronic, backup, inox proof life money.
Cons : need learn before use.




you can learn at any age.

You can't really learn at any age. If you are like 0-9 or over 80 years of age, you will not understand the concept of Bitcoin. So you can't really learn how to use Bitcoin at any age.

[Pattart]

I think the biggest advantage for me is that it provides an easy way to spend money online without having to apply for a credit or debit card.

[MTBTT]

Advantage: Provides anonymity(the people's view)

Disadvantage: Provides anonymity(the government's view)

[zivone]

Advantage: I'm getting it for free
Disadvantages: It's hard to have it for free

                     

[Pattart]

Advantage: I'm getting it for free
Disadvantages: It's hard to have it for free

                     

Of course it is. Bitcoin is just like normal money, it isn't something you are going to get for free. You need to work for it, just like you do with fiat.

[franky1]

Honestly, People around here are scared of Bitcoin.  I was just talking to a local business owner and he likes everything that I said to him, he is just scared of the fluctuation in the pricing.  Some of these business work on a small profit margin, so if this profit flexes in the (-) 10% after a customer pays for a product that day, they are out that money when they exchange.

Yeah, the price fluctuations scare away the average merchant which is absolutely clueless about how the money creation works and doesn't understand the importance of Bitcoin, they just see a crazy price and tend to avoid it.

when a merchant comes up with the volatility remark.. your reply should not be the shady practices of the fiat inflation world in regards to money creation.

what you should do is tell them coinbase or bitpay swap it for fiat. at the value calculated at the point of sale, instantly

EG customer wants to buy $10 product via bitcoin.. merchant sends API to coinbase or bitpay with value $10.. then coinbase/bitpay shows a QR code with a bitcoin amount shown to represent $10 of bitcoins.. customer pays within 10 minutes and the merchant gets his $10 in the bank account within a few business days.

they can if they love bitcoin and they know the production cost of the $10 product was only $5 they can decide to only convert $5 back to fiat to buy more stock and keep the other amount as bitcoin.. which they can use instantly
volatility should never dissuade merchants to not accept bitcoin.. because its no loss to them

[Whosdaddy]

Bitcoin is not the first electronic money. So, it's basic format is very much familiar with all the Paypal users. So, by this time bitcoin should have been as adopted as equal as Paypal.
Due to bitcoin is treated as commodity (price changes based on supply and demand), many merchants fear to adopt. Otherwise bitcoin would have replaced Paypal by this time. Commodity nature is the advantage in long term, by now it seems as disadvantage.

[davinchi]

Bitcoin is not the first electronic money. So, it's basic format is very much familiar with all the Paypal users. So, by this time bitcoin should have been as adopted as equal as Paypal.
Due to bitcoin is treated as commodity (price changes based on supply and demand), many merchants fear to adopt. Otherwise bitcoin would have replaced Paypal by this time. Commodity nature is the advantage in long term, by now it seems as disadvantage.

Bitcoin has numerous advantages. No need to mention. All are obvious, already pointed out many times.
As you stated the unstable price are seeming disadvantages now. But prices will get stable in future then bitcoin will become flawless system in anyone's view.

[michietn94]

the advantage of bitcoin is a lot my most favourite part is fast transaction, it is very easy and really fast to send bitcoin to someone

and then the wallet is also quite secure with so many layers of protection

the disadvantage is, not every store accepting bitcoin yet, also the anonymous causing bitcoin can be used for money laundry and other criminal act