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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 21819 times)
franco123
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July 07, 2017, 03:43:28 PM
 #1

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!

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July 07, 2017, 04:06:07 PM
 #2

Disadvantage to who? Investors? Users? developers?

One of the characteristics of altcoins today (including bitcoin) is their volatility.
It could be an advantage for traders, but it's clearly a disadvantage for "normal" users (the public).

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July 07, 2017, 04:10:34 PM
 #3

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!

I think the biggest disadvantage of bitcoin is the way it has a high price but it is still not that popular or not properly accepted by stores. I think it is also because of the volatility of bitcoin. And also, it's transaction is so slow making the users irritated.


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July 07, 2017, 04:29:10 PM
 #4

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!

Possibly the biggest disadvantage is that it relies on miners to transfer bitcoins and for a fee. This fee is not a set amount or a set percentage and could change over time. Fees could get very large as fewer coins are mined and miners rely almost completely on fees to make mining worth it.

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July 07, 2017, 04:32:21 PM
 #5

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!

I think the biggest disadvantage of bitcoin is the way it has a high price but it is still not that popular or not properly accepted by stores. I think it is also because of the volatility of bitcoin. And also, it's transaction is so slow making the users irritated.

It wasn't design to be accepted by the masses (such as stores). Today, and in the near future, the network won't be able to handle the amount of transactions needed for that.

Anyway, the slow transactions and the high fees are a big issue for many people.

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July 07, 2017, 04:42:15 PM
 #6

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!

of course the fees , long transaction confirmation i dont what else oh yeah the biggest disadvantages of cryptocurrency is probably scam crypto , failed ICO and fake devs , oh also dont forget low interest on market so you will take an ages to sell it , i heard segwit also start on mid august so it will split between bitcoin core and bitcoin unlimited so its a disadvantages as well

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July 07, 2017, 04:53:18 PM
 #7

The disadvantages of bitcoin are two. The outrageous fees at the moment and the big volatility in price which is very common in all cryptos including bitcoin. Regarding the price, we are seeing that is being stable from some weeks in the 2500 dollars area.




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July 07, 2017, 05:03:32 PM
 #8

There are challenges while there are disadvantages. The issue of high fee and longer conformations time is what I see as challenges but when it come to disadvantages, then I will go for the fact that the moment  you are scammed of your coins whether by your own fault or by hacking or even your service providers, its gone and there is possibly nothing can be done o reverse it no and there is no one to report such anomaly to for correction. That is the greatest disadvantage of all.

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July 07, 2017, 05:05:54 PM
 #9

The disadvantages of bitcoin are two. The outrageous fees at the moment and the big volatility in price which is very common in all cryptos including bitcoin. Regarding the price, we are seeing that is being stable from some weeks in the 2500 dollars area.

Aside from outrageous fees and unstable price, there is blockchain traffic which causes very long confirmation. But with all these problems taken cared of perhaps bitcoin would become more famous.

I really hope it would be addressed soon. Perhaps this coming August 1.

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July 07, 2017, 05:06:36 PM
 #10

I think, there is a disadvantage in the bitcoin which is the legalization. when it is not legal in your country then it can not be used freely, even you can not able to transact at your near area, so legalization of bitcoin will bring more positive value among the monetary world...but day by day this problem getting solved....

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July 07, 2017, 05:11:02 PM
 #11

Before it was the transaction time and fees. But I think it is getting fixed now.
The new problem would be on how it could be spread more or being legal to different countries.
Yes, there have been countries who made the next step into accepting it as a legal way of transaction but still those are just a few country out of many.

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July 07, 2017, 05:41:19 PM
 #12

The disadvantages of bitcoin are two. The outrageous fees at the moment and the big volatility in price which is very common in all cryptos including bitcoin. Regarding the price, we are seeing that is being stable from some weeks in the 2500 dollars area.

Aside from outrageous fees and unstable price, there is blockchain traffic which causes very long confirmation. But with all these problems taken cared of perhaps bitcoin would become more famous.

I really hope it would be addressed soon. Perhaps this coming August 1.

I don't believe it will be addresses that soon. I hope it does because once the problems of bitcoin are solved then there is nothing in bitcoin way for the bitcoin price to really rise up in price. I will buy bitcoin only if the price goes down significantly during the August early days.




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July 07, 2017, 05:43:28 PM
 #13

Biggest disadvantage of bitcoin is high transaction fees and sometimes long confirmation time of transactions. I don't think so that legalization issue and volatility of its price is a disadvantage as many people are discussing it here.


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warrior333
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July 07, 2017, 05:47:30 PM
 #14

For me the biggest disadvantage of bitcoin is its price volatility. A lot of people will disagree with me because you expect a large increase in the price of it, but they forget that after the big growth is always a great fall, and I don't want to.

Loepuenkyou
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July 07, 2017, 06:35:23 PM
 #15

general crypto curency, until now still not yet regulation, so can't masive use in online store
about bitcoin sending fee is high, so every bitcoin price incraese very high, sending fee compare use fiat money incraese very high too

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July 07, 2017, 06:54:16 PM
 #16

High volatility
Lack of regulation
Now it's for geeks, need more simplicity

BitMaxz
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July 07, 2017, 07:03:58 PM
 #17

Obvious that you are not using the search button above before you ask this repeated question..
You can refer in this thread and read all comments there you can see what will be the disadvantage of bitcoin..
https://bitcointalk.org/index.php?topic=1698934.0 And the other one here
https://bitcointalk.org/index.php?topic=1486978.0
The rest you can you use the search button..

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July 07, 2017, 07:34:23 PM
 #18

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!

I can tell you with 100% certainty what is the biggest Bitcoin disadvantage as of now

Rogue and evil miners are that disadvantage or problem, obviously. I guess I can safely assume than many people are going to say that high fees and slow confirmation times are the biggest problems of Bitcoin today, and they will be certainly right. But this is not the root or source of the evil. Miners, or rather the current mining paradigm, is the cause of all current Bitcoin misfortunes (let's face the facts). And if Bitcoin doesn't resolve these issues as soon as possible (read get rid of the types like Jihan Wu and his agents), it will likely bite the dust eventually (and probably sooner than everyone expects)

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July 08, 2017, 06:41:50 AM
 #19

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!
I do not see any disadvantage to bitcoin because bitcoin is very beneficial to me because it helps me to pay all my expenses and it helps me to pay my tuition for my college. That's why i do not see any disadvantages to bitcoin.

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X-ray
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July 08, 2017, 07:14:56 AM
 #20

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!
The slow block of bitcoin makes the transaction will be take a lot of the time to be confirmed, and a lot of the greedy politician try to dominate the bitcoin. You can see the blocksize debate and that will never be ended in my opinion. That's the disadvantages from bitcoin.  Roll Eyes


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