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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25544 times)
Visbay
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November 17, 2017, 11:14:42 AM
 #1001

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
 #1002

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
 #1003

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
 #1004

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
 #1005

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
 #1006

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
 #1007

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
 #1008

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
 #1009

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
 #1010

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
 #1011

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
 #1012

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
 #1013

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, 08:45:08 PM
 #1014

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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Rainbot
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November 18, 2017, 08:50:27 PM
 #1015

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.

"whatever has an advantage must surely have a disadvantage"

Really? I don't think this is necessarily right, if you think about it from a logical perspective... does water have disadvantages? I mean in certain applications, maybe, but from an overall perspective we wouldn't be here without it, so in reality it doesn't have any disadvantages.

Now, when it comes to Bitcoin, I think there are disadvantages compared to other coins simply because the technology isn't fully developed yet.
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November 20, 2017, 06:49:50 AM
 #1016

In my part I could consider the disadvantage of Bitcoin is this is not yet widely acceptable in stores as a form of payment for good and services. But I think also, time will come that it will be possible to happen as long as people will continue to embrace and share bitcoins to others.
It has a lot of the services and the bitcoin is making value today I am very happy to use the bitcoin and this is the reason why almost all the people are ready to invest in the bitcoin, I hope the future of the bitcoin will be bright and a lot of the people are spreading the knowledge about the bitcoin through the different processes and the bitcoin is now very high value of the bitcoin and this is the disadvantage for the people who want to buy it is the advantage for the people who want to sell.
Yes, that’s true, I see lots of people complaining about Bitcoin having a slow network while other cryptocurrencies are fast. Another thing is paying fees, well the fees is not even a problems, cause I use even the highest transaction fees which is the high priority.

I’m still looking forward to the lightening network, let’s wait and see how much change it will bring. I see some cryptocurrencies that don’t even ask for any fees while carrying out transactions.

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November 21, 2017, 04:01:08 AM
 #1017

It depends. For example, if you are a buyer who is eager to pay for some goods at an online store, it might be challenging due to the fact that bitcoins cannot be refunded.
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November 21, 2017, 04:03:28 AM
 #1018

The biggest disadvantage of bitcoin is that it is highly unpredictable. Its value today is increasing but it may go down to a landslide any time.

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November 21, 2017, 04:54:02 AM
 #1019

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
I don’t know why, whenever people are asked what’s the biggest disadvantages of Bitcoin, they always go first to mention the transaction fees as the worst. But seriously, guys, if you all would keep on whining about fees, it doesn’t make sense.

Well, that’s what most of you will still, because at first it was given free to you all. Think about it, if you are using PayPal, won’t you be paying fees for every transactions you make? So take it as you see it– transaction fees are not the worst disadvantage of bitcoin.

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November 21, 2017, 05:09:26 AM
 #1020

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 the biggest disadvantages of Bitcoin would be its highly volatile nature. The fluctuations and unpredictable nature of value of Bitcoin makes it one of the most risky investments to invest in.
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
I don’t know why, whenever people are asked what’s the biggest disadvantages of Bitcoin, they always go first to mention the transaction fees as the worst. But seriously, guys, if you all would keep on whining about fees, it doesn’t make sense.

Well, that’s what most of you will still, because at first it was given free to you all. Think about it, if you are using PayPal, won’t you be paying fees for every transactions you make? So take it as you see it– transaction fees are not the worst disadvantage of bitcoin.
I think high transaction fees is another disadvantage of Bitcoin as high fees makes Bitcoin unsuitable for small transactions.

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