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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24952 times)
Kurokonobasuke
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November 17, 2017, 04:40:45 AM
 #1001

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

Thank you!
I think it is its legalization problem. Bitcoin is a ceyptocurrenccy or a digital currency and it forbids the users to use it as an actual currency which it is supposed to be. There are still countries where it is not yet legal and it is only legal to some. And with that, only those users who are.living in countries where it is legal may be able to use it directly as a currency.

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November 17, 2017, 04:46:15 AM
 #1002

About the manipulation about bitcoin that the users ca do it if you have enough funds and can be profitable if you have the strategy well this feature is both good and bad though for now it is good as new for the recovery from few weeks back. I think it is good to have this kind of feature manipualtion by the users money can enhance the oconomy of bitcoin if many users will try it.

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November 17, 2017, 04:49:13 AM
 #1003

The only true disadvantage that I see is that if you lose your password, become senile, die, and you're the only one who knew it, because you never considered such possibilities, then that money is lost. And in the other hand. If you take the precaution, a family member, or someone who knows thanks to a family member might try to steal them from you.

An asshole recently robbed his great grand parents because he knew they had $5,000 in a safe. The grandfather died of a heart attack. All for $5,000 to be split 4 ways. And too stupid as to not be so obvious that he was the one who did it.

Life is such that you have to deal with very stupid criminal taking action that seem too stupid to consider.

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November 17, 2017, 05:02:28 AM
 #1004

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

Thank you!
Though bitcoins are accepted in some institutions and recognize it, the acceptance of general public may be considered as its biggest disadvantage. Unlike fiat money where we can use it anywhere, the burden of finding an institution that accepts bitcoin is present.

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November 17, 2017, 05:09:42 AM
 #1005

Volatility, which is beneficial for the trader, but for a simple user it is not.
The fact that it is almost anonymous, that promotes the use of the currency for illegal activities
Confirmation time getting slow
The lack of ways to easily get bitcoins in most countries





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November 17, 2017, 11:14:42 AM
 #1006

The biggest disadvantage of Bitcoin is anonymous, with bigger transaction value and marketcap more than $ 110 billion, then it's time for wallet providers to verify bitcoin owners so they can account for all transactions.
I think there are two disadvantages of bitcoin first thing is that bitcoin is only available on internet if you have internet its mean you can use bitcoin but if you have no internet so then there will be bitcoin and second one is bitcoin have no physical shape and people want to see bitcoin because they love bitcoin and they want to see bitcoin.

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November 17, 2017, 11:26:09 AM
 #1007

The biggest disadvantage of Bitcoin is anonymous, with bigger transaction value and marketcap more than $ 110 billion, then it's time for wallet providers to verify bitcoin owners so they can account for all transactions.
I think there are two disadvantages of bitcoin first thing is that bitcoin is only available on internet if you have internet its mean you can use bitcoin but if you have no internet so then there will be bitcoin and second one is bitcoin have no physical shape and people want to see bitcoin because they love bitcoin and they want to see bitcoin.
For internet, it is how it works today. But we'll be able to use soon in stores. Of course you need internet but well,  who don't today?
Regarding the fact that BTC hasn't physical shapes, the new generations are ready to accept that especially when you know that Bitcoin is finally safer .

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November 17, 2017, 11:30:48 AM
 #1008

For me the biggest disadvantage of bitcoin is it is not yet legal all over the world, and because of that many people are afraid to try bitcoin because they know that it is not yet legal in some countries and the other disadvantage of bitcoin is there are many scammer are also using it.

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November 17, 2017, 11:51:07 AM
 #1009

I think the biggest disadvantage of bitcoin is it is open for everyone, so many hackers and scammers are also joined here in bitcoin and they are using bitcoin in a bad way, So my advice is always think before we trust because there many scammers and hackers in crypto world.

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November 17, 2017, 12:04:19 PM
 #1010

the fact that it is much too slow and expensive for me are already two big drawbacks.
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November 17, 2017, 12:22:14 PM
 #1011

I was asking myself the same thing, and reading the replies I thought of a new disadvantage: how it's hard to bring new people to use bitcoin and explain to them how it works and why it's a good thing. (it is a good thing, right?)
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November 17, 2017, 01:33:07 PM
 #1012

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 there is no disadvantage in actual with the bitcoin Because in my full life I haven't faced any type of problem or seen any disadvantage of the bitcoin .
But still I heard something about this that few people in this world are using for bad purpose like illegal payment , and steal Money with bitcoin payment ( Ransomeware attack about 4 months ago is a better example of the bitcoin misuse ) .
And also few people are using bitcoin to put thier money in the bitcoin as much as they want without tax ( black Money ) and stealing tax of the government that is a big need for the country economical growth .
But still I don't think that these types of misuse will exist in the future because everything will be online and no one will be able to make.use of the bitcoin for the payment in cash , everything will remain in online record , so that will not be easy for people who are miss-using bitcoin


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November 17, 2017, 01:38:35 PM
 #1013

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 biggest disadvantage of bitcoin is
Bitcoin is not traceable thats why lot of investors and government dont want this because illegal transaction can be made by sending bitcoin to others.

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November 17, 2017, 01:42:51 PM
 #1014

the fact that it is much too slow and expensive for me are already two big drawbacks.


Totally agree with you !
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November 17, 2017, 06:29:17 PM
 #1015

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 biggest disadvantage of bitcoin is
Bitcoin is not traceable thats why lot of investors and government dont want this because illegal transaction can be made by sending bitcoin to others.

Bitcoin transaction is actually traceable, the user is kind of pseudo-anonymous, disguised identity. Still the user will not be hard to find I believe if the government want to until the user is using some extra security.
For me when I use Bitcoin for transaction converting from fiat the fees seems to be disappointing sometimes actually. Considering the fees against fiat seems to be a disadvantage. The speed was a disadvantage, but now not anymore unless huge congestion takes place in the network.   

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November 17, 2017, 09:36:33 PM
 #1016

the fact that it is much too slow and expensive for me are already two big drawbacks.


Totally agree with you !
The price of bitcoin is not really a drawback, if it was not for the high price people will not give bitcoin that much attention, but the issue of the speed of confirmation is real and it has been addressed already by the developers we are just waiting to see if their solution works.



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November 18, 2017, 12:38:00 PM
 #1017

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

Thank you!
I don't think that bitcoin have any disadvantage in big level .
People are using for right works and also making legimate earnings , and j think this is the way if spreading the money uniformly in the world and Make people worthful equally .
If we can see toward the negative factor of have bitcoin in our life then we can say that only limited no. Of People are in the world who are using bitcoin for illegal purpose like drugs dealing and another secret payments which are not allowed legaly .
But still I don't think that such types of misuse of the bitcoin will exists in the future because the world is going toward the digitisation and now one will use cash , so no one can use tmsuch things in bad works.
You can’t say that Bitcoin doesn’t have a disadvantage, cause whatever has an advantage must surely have a disadvantage, it’s normal thing.

And I don’t see how knowing or stating the disadvantages of it will affect or harm it. We must the advantages and also know the disadvantages. I have seen lots of people mentioning transaction fees as an disadvantage, but I don’t really see that as one.

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November 18, 2017, 01:00:31 PM
 #1018

Biggest one most of countries , government and Economics  have bad sign about bitcoin and many tell me to save my money and not start bitcoin risk invest
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November 18, 2017, 08:19:05 PM
 #1019

Isthis mined having a GPU? Or there is only CPU miner? Just how much hash power must you my own on your own?
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November 18, 2017, 08:45:08 PM
 #1020

After the fight between BTC and BCH some days ago, I think the biggest disadvantage is the dependency on the mining capacity. A group of high volume miners can simply leave mining bitcoin and the time to confirm transactions will also increase. After this lesson I hope that some helpful altcoins will succeed to keep the crypto market more balanced.
Unless bitcoin changes its algorithm or changes from POW to POS then we are going to be very dependent on the miners and they know it but at the same time the miners cannot do as they wish with the network as it was shown with the approval of segwit which was something they did not want.



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