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Author Topic: What do you think are the biggest disadvantages of Bitcoin?  (Read 71882 times)
trungnhatnguyen06
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November 10, 2017, 08:24:28 AM
 #1401

Due to the anonymity of bitcoin and uncontrolled crime, criminals can use this currency as a trading method. Hackers may be trying to attack multiple bitcoins to steal large amounts of money and money laundering can happen easily. Angry

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VladimirsV
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November 10, 2017, 08:25:24 AM
 #1402

As for me, btc is not approved by the state as legal currency, other than that btc is very likely to be misused for money laundering and illegal transactions  Sad
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November 10, 2017, 09:10:56 AM
 #1403

despite bitcoin has many advantages but it also has disadvantages like it can be used by bad person to do bad things, the amount of transactions are too many that make the process slow and heavy, moreover the fee charges  for bitcoin transactions are still very high, and finally bitcoin price is very unstable.

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Eugenar
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November 10, 2017, 11:15:43 AM
 #1404

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink
Being volatile and being not legal to most of the countries are factors which serves as the disadvantage of Bitcoin and ither cryptocurrency. But these problems are not permanent since by the time that Bitcoin is already legal to most of the countries, it will also be less volatole since the femand will be high and its market value will continuously rise making it highly stable. Let's just hope that things will b3 in favor for Bitcoin in the future.

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kinzey
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November 10, 2017, 11:29:39 AM
 #1405

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink

For investment side the time frame for transfers and fees is a turn down. Anounymousity is both good and bad. I understand why the goverment wants to regulate btc. As it is fairly easy to launder money. I think that is why it will be hard to make btc a mainstream currency.

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bitfornewbs
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November 10, 2017, 12:17:17 PM
 #1406

Bitcoin now is the first decentralized digital currency and due to everyone who became successful in earning using bitcoin some people now are encourage to try it also. Even other countries are implementing the bitcoin now as their one of payments. But there is also a disadvantages when in bitcoins. Bitcoins are somehow only accepted by few people even it is now in different countries. Also the value of bitcoin goes up and down, it doesn’t have fixed value. And it cannot use in physical store.

Jake Virus
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November 10, 2017, 12:31:54 PM
 #1407

Right now, the high charges and long time of verification.This way we can't use bitcoin to buy at some point-by-day time coffee.
For me the biggest disadvantage of bitcoin is its open for all the people, why it becames disadvantage? It becames disadvantage because there are many scammers have been known bitcoin and so in that way there are now many scammer have been scam many people here in bitcoin, particulary the newbie in crypto world.

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November 10, 2017, 12:37:11 PM
 #1408

Right now, the high charges and long time of verification.This way we can't use bitcoin to buy at some point-by-day time coffee.
The biggest disadvantage of bitcoin is its not yet legal, Eventhough bitcoin is running for many years there are still doubt for all of us, because anything can happend quickly, maybe bitcoin will be gone in the next years, and maybe the value of bitcoin will dump because there are a new crypto currency that is legal, for me thats the biggest disadvantage of bitcoin being not yet legal.

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Heyfive94
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November 10, 2017, 12:40:01 PM
 #1409

I think no way to track the transaction.Its safe for but its a security hole for bad organizations.They can transfer there founds in bitcoin and no way to track them down.Bad things happening on these days.I think that that will be biggest treat to bitcoin. Cry
heraldlazaro25
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November 10, 2017, 12:43:02 PM
 #1410

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink
I think it depends on the country itself because not all countries in the world support the idea of bitcoin in their own country. It prevents bitcoin from being accepted as a mainstream payment. Maybe it can happen to those countries that legalize bitcoin in their country because they can use bitcoin as a way of payment.
Gloria_16
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November 10, 2017, 01:59:30 PM
 #1411

long transactions, but this minus is not so strong, so bitcoin is a good coin.)

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sicparvismagna
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November 10, 2017, 02:04:02 PM
 #1412

It's hard for people to get out of their comfort zone because they only do things that they accept to do to which is why are still taking time to process and accept hitcoins, second people are scared of hackers which might access and steals their hitcoin, third most people are not expert in the hard to know details in computer which is making them lazy to study how the bitcoins works they luck as much as possible the simple way.

supandi wiharja
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November 10, 2017, 02:32:01 PM
 #1413

I think the biggest weakness of bitcoin lies in the price that always fluctuates very significantly, besides bitcoin is also vulnerable to hackers if we are not good at storing our wallets.
Another downside, bitcoin is not recognized by the government as a legitimate currency.
I am afraid the government is limiting the scope of bitcoin, because in my country the government has not made any regulation on the applicable bitcoin.

dynospytan
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November 10, 2017, 02:43:09 PM
 #1414

i believe one of the drawbacks impacting bitcoin right now is the higher fees  we need to spend if we want our transactions to become verified faster and their is also some division within the crypto on working out what is best for the cryptocurrency due to some personal daily activities tied to it
Since the value of bitcoin became so high the fees also went up and it is so expensive that we have no choice but to take it because it is the only way to process our transactions. We can consider this as a disadvantage because a lot of users are having a hard time because of these transaction fees.

jercess
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November 10, 2017, 02:44:13 PM
 #1415

I think its greatest disadvantage is it is not yet being legalized in most countries. It causes its unpopularity and make the people be ashame because they'll think it's just a sort of scamming.

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Chooroz
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November 10, 2017, 03:10:08 PM
 #1416

Right now, the high charges and long time of verification.This way we can't use bitcoin to buy at some point-by-day time coffee.
For me the disadvantage of bitcoin, is the campaign here in bounty, we all know that it will take too long before we can earn money, oh take a minute and we also know that here in bounty campaign, not all campaign will be successful, so thats the biggest disadvantage of it, because we will really work hard for the 50/50 campaign, it is just my opinion.

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hastag_80
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November 10, 2017, 03:29:58 PM
 #1417

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink


The biggest disadvantages of  bitcoin in my own opinion that not at all transaction it can be used,and mostly different country,different currency,i using the bitcoin is not familiar to the people especialy who belong to the third world country.in other instances bitcoin is not regulates by the goverment to be used in capitalization.

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androidpobeditel
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November 10, 2017, 03:50:17 PM
 #1418

High volatility. Since a relatively small number of bitcoins has been issued so far, any major transactions can have a significant impact on the currency rate. Non-recognition of the people. The advantage of using crypto currency is undeniable, but most people still refuse to take the currency seriously. Lack of guarantee. The owners of the bitcoins are in a suspended position, for it is not a fact that they will be able to return their money in case of unsuccessful circumstances. State bans. Part of the states recognize the prospects of the crypto currency, the other part is categorically against their adoption.

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November 10, 2017, 04:23:53 PM
 #1419

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink

Its good security is the reason why government dont accept them. It is hard or impossible to track transactions taken illegally. Also, it is not a stable as the local currency we currently have as bitcoin is based from people. Also, they cant capitalize and control the money within it. Bitcoin is decentralized and they don't like it. I hope that they will soon adopt it as it is a good step for a new generation of currency.

hiVe
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November 10, 2017, 05:20:34 PM
 #1420

I think the most advantage being also the most disadvantage of Bitcoin is anonymous. Most people choose Bitcoin by this feature. Otherwise, most governments also ban it by this feature.

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