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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24994 times)
Dontme
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July 17, 2017, 01:00:38 PM
 #101

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

Thank you!
Nice question. I think one of the biggest disadvantage of bitcoin or any cryptocurrency is that you can only transact or buy and sell them online online and has no physical appearance, bitcoin can not be used without internet. And also not all the levels of economic life can use it and many people are still ignorant about it.

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July 17, 2017, 01:08:33 PM
 #102

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

Thank you!

I think that's the lack of regulation.

Some fear to join this crypto world because it's not regulated.
Some don't invest because it's not regulated and may have difficulties getting out their gains.
Some do scams and nearly scammy businesses because in many cases they cannot be found guilty (again, because of the lack of regulation).

I feel that even this fork-bubble pop "business" could have been avoided if Bitcoin would have been regulated. Because bigger companies would have had bigger exposure in Bitcoin and may have prevented such volatility.
But maybe I am too "green" about financial businesses...

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July 17, 2017, 01:35:20 PM
 #103

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

Thank you!

I think that's the lack of regulation.

Some fear to join this crypto world because it's not regulated.
Some don't invest because it's not regulated and may have difficulties getting out their gains.
Some do scams and nearly scammy businesses because in many cases they cannot be found guilty (again, because of the lack of regulation).

I feel that even this fork-bubble pop "business" could have been avoided if Bitcoin would have been regulated. Because bigger companies would have had bigger exposure in Bitcoin and may have prevented such volatility.
But maybe I am too "green" about financial businesses...
And in addition with that the bitcoin also is not yet that popular and many markets in the real world didn't know the bitcoin itself and the system how it works so with the mindset of the people with online business in "scam" it's result a losing of investors of bitcoin but I think now several countries are recognizing and adopting bitcoin now.

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July 17, 2017, 02:04:46 PM
 #104

Before a month, i thought there is no disadvantage of bitcoins but now i see that biggest disadvantage of bitcoin is the uncertainty factor. You have a lots of bitcoins and suddenly a hard fork comes and make your coins less value or maybe even loss coins if not prepare for it properly.
yes you are right the uncertainty factor of bitcoin is the biggest disadvantage. I have some amount of bitcoin and expectation were to word high price but now bitcoin gone to words opposite to my expectation. I loss alot of money.

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July 19, 2017, 01:20:27 AM
 #105

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

Thank you!
The biggest disadvantage of bitcoin are we can transact only in online. If you do not have internet we can not used our bitcoin or even we can not cash it out if we have no internet connection. And the coming hard fork some says that bitcoin split hope its not happen because many investor are affected to this spliting.

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July 19, 2017, 01:37:28 AM
 #106

Before a month, i thought there is no disadvantage of bitcoins but now i see that biggest disadvantage of bitcoin is the uncertainty factor. You have a lots of bitcoins and suddenly a hard fork comes and make your coins less value or maybe even loss coins if not prepare for it properly.
yes you are right the uncertainty factor of bitcoin is the biggest disadvantage. I have some amount of bitcoin and expectation were to word high price but now bitcoin gone to words opposite to my expectation. I loss alot of money.

Uncertainty is not an disadvantage but an advantage of bitcoin if you know how to deal with it smartly and it was your mistake for not selling your bitcoins at a right time even when you were making profits and I am sure most of the people are investing in bitcoins only because of its volatility factor which gives them a chance to make regular profits.

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July 19, 2017, 01:43:25 AM
 #107

The biggest disadvantage of Bitcoin according to me is it has largely became an asset than a currency which was the main reason of its invention. This is all because of its inbuilt deflation. People are hoarding bitcoin and they are less in circulation which destroys its overall meaning of currency. This prevents merchants and sellers from accepting bitcoin. It has no solution as well because in future we will see more increase in price with increasing demand and limited supply.

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July 19, 2017, 01:47:46 AM
 #108

The biggest disadvantage of Bitcoin according to me is it has largely became an asset than a currency which was the main reason of its invention. This is all because of its inbuilt deflation. People are hoarding bitcoin and they are less in circulation which destroys its overall meaning of currency. This prevents merchants and sellers from accepting bitcoin. It has no solution as well because in future we will see more increase in price with increasing demand and limited supply.

I do think that will happen only after all bitcoin will be mined.
But now, surely it is only an asset for most of us.
I didn't even see one person who made it a currency and used it for his everyday needs.
The lack of acceptance by shops prevents that from happening.
And like you ssid, it doesn't look inviting for most merchants so why open a bitcoin accepted transaction.

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July 19, 2017, 04:34:55 AM
 #109

The biggest disadvantage of bitcoin is that it cannot be used at local stores for buying something and its usage is limited only to online world and even there are not many sites that accepts bitcoin as a mode of payment and that is really disappointing.

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July 19, 2017, 05:35:14 AM
 #110

Some of the advantages of Bitcoin also stance as it's disadvantages. Bitcoin or crypto currency in general is a decentralized currency which cannot be control by the government or institutions, and that makes it difficult for its acceptance by public or individuals in a country. Bitcoin or crypto currency in general is volatile, today your bitcoin value will increase in your favour and tomorrow its value will decrease against you. Since it is not legalize by any government, it encourages transfer of capital flight from developing countries to developed nation's in the world without any government or institutions controlling the limit of such transactions.

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July 19, 2017, 05:49:51 AM
 #111

What about the world who have no access to the Internet. It probably will be the currency of the future but we would need to secure the Internet.

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farhaan
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July 19, 2017, 06:48:13 AM
 #112

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

Thank you!
Higher transaction fee was the major disadvantage of bitcoin until last month.But now,it has been almost solved since segwit is to be activated on august 1.Now,volatility is the biggest disadvantage due to which most countries donot legalize bitcoin.Also,due to this reason,retailers donot come forward to accept bitcoin payments.



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camelson
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July 19, 2017, 06:54:38 AM
 #113

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

Thank you!

In my opinion the major disadvantage of bitcoin is the destabilization in its price. Other like  conformation time and high transaction fee are also causing trouble and consider as the major problem.
But with all these problems bitcoin is continuously becoming famous and when these problems will be resolved bitcoin will face a complete new horizon of success.

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aRTyMK4
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NEGATIVE TRUST IS BECAUSE I WAS SELLING AN ACCOUNT


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July 19, 2017, 07:29:46 AM
 #114

Slow and expansive transactions (fees) AND very unequal wealth distribution. Very few people or companies hold 50% of all bitcoin. This means we, small players, are completely dependent on them. If they decide to sell their BTC to fiat, they will overflood the market with too much supply and supply >>> demand will cause instant colapse of BTC value bacause there will be not enough people willing to buy all the millions of bitcoins at current price.

█ █ █ I HAVE NEGATIVE TRUST JUST BECAUSE I WAS SELLING AN ACCOUNT, I DIDN'T SCAM ANYBODY. GO CHECK MY TRUST PAGE. █ █ █
yugyug
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July 19, 2017, 07:36:32 AM
 #115

the disadvantages are
- price votality
- still not widely used and accepted worldwide
- still prone to market crash
- it maybe too complicated for some others if the users are not techie
- still not secure scam prone transactions
- transaction process still slow
-higher transaction fee
- for miners high cost of electricity and high cost of hardware maintenance
- can't be transacted offline.

darkangel
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Proof-of-Asset Protocol


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July 19, 2017, 09:53:14 AM
 #116

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

Thank you!
Higher transaction fee was the major disadvantage of bitcoin until last month.But now,it has been almost solved since segwit is to be activated on august 1.Now,volatility is the biggest disadvantage due to which most countries donot legalize bitcoin.Also,due to this reason,retailers donot come forward to accept bitcoin payments.
True, transaction fees are the only disadvantage of bitcoin, it needs to be quickly resolved, so many people are complaining when they make high charges for slow transactions.

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Ronaldcoin2017
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July 19, 2017, 10:29:01 AM
 #117

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

Thank you!
Higher transaction fee was the major disadvantage of bitcoin until last month.But now,it has been almost solved since segwit is to be activated on august 1.Now,volatility is the biggest disadvantage due to which most countries donot legalize bitcoin.Also,due to this reason,retailers donot come forward to accept bitcoin payments.
True, transaction fees are the only disadvantage of bitcoin, it needs to be quickly resolved, so many people are complaining when they make high charges for slow transactions.
yes i agree it is the fees of the transaction is the great dis advantage of bitcoin.

kafiddrhman
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July 19, 2017, 11:00:50 AM
 #118

I think the weakness of bitcoin if in this world is no longer an internet connection and the power grid may be difficult to use bitcoin.

   
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radjie
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July 19, 2017, 11:24:28 AM
 #119

I think the biggest weakness of bitcoin is that most countries still can not formalize bitcoin as a valid buying and selling tool.

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hisuka
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INS Ecosystem


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July 19, 2017, 02:08:31 PM
 #120

I think the weakness of bitcoin if in this world is no longer an internet connection and the power grid may be difficult to use bitcoin.
I agree with you one of the biggest disadvantage of bitcoin is the internet connection. It cannot be use and cannot access anywhere. Also, its not yet accepted in any stores even in my country. Because if these would be implemented and legalized it will gradually be more popular.


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