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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25027 times)
NewBet
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November 18, 2017, 08:50:27 PM
 #1021

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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darewaller
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November 20, 2017, 06:49:50 AM
 #1022

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 20, 2017, 01:39:53 PM
 #1023

Like every forex, you will find drawbacks associated with utilizing Bitcoin:- bitcoins aren't broadly recognized- wallets could be lost- bitcoin value changes- no buyer protection- risk of unknown technical flaws- built in deflation- no bodily form- no value guarantee
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November 21, 2017, 04:01:08 AM
 #1024

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
 #1025

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
 #1026

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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Himanshu111
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November 21, 2017, 05:09:26 AM
 #1027

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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November 21, 2017, 06:37:27 AM
 #1028

I think the biggest disadvantage of bitcoin for me First is the value price of Bitcoin unsteady or not stable or else the value price always changeable it is not good to the invistor and makes it very risky to us to invest, and Second there are few number of  stores or establishment accepting this digital cryptocurrency and that technical of using BTC.

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November 21, 2017, 07:04:49 AM
 #1029

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

Thank you!
For me, the biggest disadvantage of bitcoin is it's popular and have a high value but there is no stores that accept bitcoin as payment. Also the slow and high fees in every transactions.

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November 21, 2017, 07:13:55 AM
 #1030

It's not as friendly to regular people. The average non technical people. That's one of its biggest disadvantage in terms of it becoming the absolute norm.

Also, once you make a mistake, you can't get those Bitcoins back. Regular folks will make mistakes, more so than the people who were originally drawn to Bitcoin and can follow the logic of how it works and all.
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November 21, 2017, 07:16:16 AM
 #1031

The very disadvantage of bitcoin has is its volatility of market value because of its limited amount of supply and the demand is high as time goes by and this also what makes bitcoin's value very expensive.

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November 21, 2017, 03:46:30 PM
 #1032

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.
that is one many reasons why some countries are baning bitcoin. people also use bitcoin such a tool for money loundering and any illegal transaction. there is also a bad news about scalability of bitcoin, I prefer like to choose gold as long term invesment rather than bitcoin.

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November 21, 2017, 03:53:09 PM
 #1033

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 disadvantages of bitcoin is it is very volatile! The price of all cryptocurrencies can easily manipulate by many whales! They can influence the price of all cryptocurrencies if they buy or sell their coins. 

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November 21, 2017, 09:26:42 PM
 #1034

payments made with Bitcoin are irreversible
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November 22, 2017, 04:57:38 AM
 #1035

Isthis mined having a GPU? Or there is only CPU miner? Just how much hash power must you my own on your own?
i think there are many advantage and disadvantages of bitcoins but There are three things that bother from bitcoin, one is the speed of confirmation, but this is being addressed with segwit already, the second is the lack of adoption but it is going to take some time for that to change and finally is the drama, there is a lot of drama in the community, there are forks coming everywhere, the miners want to get their way and also the big disadvantage is that it consumes alot of time to work .due to which we can,t manage over relation with peoples.

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November 22, 2017, 05:23:32 AM
 #1036

Isthis mined having a GPU? Or there is only CPU miner? Just how much hash power must you my own on your own?
i think there are many advantage and disadvantages of bitcoins but There are three things that bother from bitcoin, one is the speed of confirmation, but this is being addressed with segwit already, the second is the lack of adoption but it is going to take some time for that to change and finally is the drama, there is a lot of drama in the community, there are forks coming everywhere, the miners want to get their way and also the big disadvantage is that it consumes alot of time to work .due to which we can,t manage over relation with peoples.
We'll see soon, maybe the bitcoin developer team will find a way to solve these scalability problems that has been bothering us as bitcoin users since then.
After the peaking of bitcoin's popularity, this problem indeed becoming bigger and just can't be handled by ordinary bitcoiners. Just hoping that all these issues can be sorted out in the future.

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November 22, 2017, 05:49:41 AM
 #1037

The biggest disadvantage of bitcoin is very unstable and the price of it keeps changing rapidly compared to other currencies which are very stable.
Also many people were not totally aware in bitcoin due to lack of Technology in different parts of the world that makes bitcoin difficult to accept as Global currency.
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November 22, 2017, 05:58:56 AM
 #1038

To me the lack of wide acceptance of Bitcoin is a major disadvantage because it is still being utilised by a small group of online merchants and generally, this makes it difficult to completely rely on Bitcoin
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November 22, 2017, 06:07:02 AM
 #1039

Unique features of bitcoin making it more and more popular. But still it has a long way to go, to become a widely acceptable currency. Its grown is restricted by some of its own features. Bitcoin is a decentralised & independent currency backed by no authority or government. Because of this advertisement of bitcoin is not possible on any media like social networking sites or in newspapers & television. Lack of backing by any central authority is creating a drought/unsafe  in the minds of investors. In absence of regulating authority criminal minds are using bitcoins in activities like drug trafficking, money laundering etc. As a result many countries are putting a ban on bitcoin transactions.


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November 22, 2017, 06:08:48 AM
 #1040

Isthis mined having a GPU? Or there is only CPU miner? Just how much hash power must you my own on your own?
i think there are many advantage and disadvantages of bitcoins but There are three things that bother from bitcoin, one is the speed of confirmation, but this is being addressed with segwit already, the second is the lack of adoption but it is going to take some time for that to change and finally is the drama, there is a lot of drama in the community, there are forks coming everywhere, the miners want to get their way and also the big disadvantage is that it consumes alot of time to work .due to which we can,t manage over relation with peoples.
We'll see soon, maybe the bitcoin developer team will find a way to solve these scalability problems that has been bothering us as bitcoin users since then.
After the peaking of bitcoin's popularity, this problem indeed becoming bigger and just can't be handled by ordinary bitcoiners. Just hoping that all these issues can be sorted out in the future.
Confirmation problems would really be the big hindrance why bitcoin wont able to reach the state of being adopted majorly on globally because people would really see this as a big disadvantage on using it and people would rather choose up on using tradition online or offline banking system since they know it is much more faster than using bitcoin. This issue should really be resolve since the adoption rate is inflating as the years goes by.

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