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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25030 times)
ThunderCatSteve
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November 22, 2017, 07:01:14 AM
 #1041

At this point, centralization of mining, centralization of exchanges, more decentralization on these two will solve a lot of our current problems.
We are here at CommerceBlock set to build a second layer networks over public blockchains to allow more decentralized exchanges and commercial banking services. we believe this will push the bitcoin utility forward.
I disagree. If you are making assumptions on these basis then there is no single thing on this planet that can be claimed as good thing. No, every element have bad and good aspects. Some are more dominant in their badness and some are in their goodness. Bitcoin have same attributes, it is being used widely in underground matters but same level of use in society building.














 

 

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November 22, 2017, 07:32:46 AM
 #1042

I think bitcoin has no disadvantage because bitcoin is very useful to alot of people especially in paying.Cashless,Effortless and you dont have to worry if you have no money.Especially bitcoin in this site you can earn big and I believe that bitcoin has no disadvantage.
I think there are two disadvantages of bitcoin first thing is that bitcoin is only available on internet if you have internet so its mean you have bitcoin but if you have no internet there will be no bitcoin and secondly there is no physical shape of bitcoin or any logo because people love bitcoin and they want to use bitcoin any time any place.

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November 22, 2017, 11:38:30 AM
 #1043

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.
Most of the things I’m seeing here don’t even act as a disadvantage to me.Same thing with you said– Volatility. Volatility is not a disadvantage, without it, we won’t be earning anything by HODLING, which I believe most of the people do practice. By the way, if you think about it, volatility has never in anyway been a disadvantage cause if you can remember, Bitcoin as low as $0.cents, but now look at the current it’s already $8000+ plus. So it’s not a disadvantage. Transaction fees, is not quite a disadvantage, cause last time I used the Blockchain wallet to send about $200 worth of BTC, the fee was $1.50+ (something like that) though exchangers like Xapo will charge more than that. When I was using PayPal the transaction fee was more than that, about $2+. So it’s a normal thing everywhere, even in banks. There are main things that serves as disadvantage, but nobody is mentioning them.

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November 22, 2017, 12:00:45 PM
 #1044

I think the biggest disadvantage of cryptocurency is the safety of coin storage. So many coins can be stolen from the original owner and that's very detrimental to the original owner who worked hard to earn coins but could not enjoy the results.

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November 22, 2017, 01:27:15 PM
 #1045

I think the biggest disadvantage of cryptocurency is the safety of coin storage. So many coins can be stolen from the original owner and that's very detrimental to the original owner who worked hard to earn coins but could not enjoy the results.
It is possible but it will not be that easy if they will secure it and provide the best security recommendations that they can find in the internet. Security of the coins maybe one of the biggest disadvantage but there is a solution for that and that is by having a strong password and being conservative to the sensitive information of an account.

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November 22, 2017, 01:35:51 PM
 #1046

I think biggest disadvantage is bitcoin legalization. Due to the fact that many countries dont want legalize bitcoins because of this common people who want earn money suffer from it. Governments believe that through bitcoins laundered an incredible amount of dirty money which can not be tracked and therefore they block bitcoins and other cryptocurrencies. I also think that commission for transactions is too high, bigger course bigger commission, this also often rises many problems.
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November 22, 2017, 02:13:01 PM
 #1047

One of biggest disadvantage of Bitcoin is volatility, lots of stores stopped accepting bitcoin as payment because of that, also slow transactions (scalability issue) and high fees.


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November 22, 2017, 02:40:37 PM
 #1048

I think bitcoin has no disadvantage because bitcoin is very useful to alot of people especially in paying.Cashless,Effortless and you dont have to worry if you have no money.Especially bitcoin in this site you can earn big and I believe that bitcoin has no disadvantage.
I think there are two disadvantages of bitcoin first thing is that bitcoin is only available on internet if you have internet so its mean you have bitcoin but if you have no internet there will be no bitcoin and secondly there is no physical shape of bitcoin or any logo because people love bitcoin and they want to use bitcoin any time any place.
That is true we can access the bitcoin using internet, so if you have NO internet you cannot use bitcoin. Aside from that you may not know regarding all about bitcoin.
I think for now the one biggest disadvantages of Bitcoin is lacking of internet connection and another disadvantanges of bitcoin if this cryptocurrency goes down and down the value!. Many people has been affected.

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November 22, 2017, 02:42:20 PM
 #1049

well for me the biggest disadvantage is some public transfer money or money exchanger will get bankcrupt because of bitcoin some people may also will got no job anymore because of the fired in their work in the remitance like that.


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November 22, 2017, 03:15:55 PM
 #1050

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

Thank you!
after learning about minning you are probably wondering what the overall advantages and disadvantages of Bitcoin are accepting bitcoins because of the advantages but the list is retively small compared to physical currencies.This is mostly due to the fact that bitcoin is still retively young and new currency people are just beginning to become a more aware of it.

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November 22, 2017, 03:31:14 PM
 #1051

I think biggest disadvantage of Bitcoin is high transaction fee and it take too long to complete a transaction. Beside Bitcoin is easily taken advantage to commit guilty by crimes.

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November 22, 2017, 03:31:51 PM
 #1052

its slowness and its cost of operation, bitcoin has an outdated technology.

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November 22, 2017, 03:33:25 PM
 #1053

I think the biggest disadvantage of Bitcoin is its lack of Bitcoin acceptance and many stores that stop receiving Bitcoin as a means of payment,but do not rule out if Bitcoin,will be popular someday.
This requires a process whereby they start using Bitcoin again to make money and as well as a means of payment,and the biggest loss of Bitcoin others is the loss of Bitcoin users.

   
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November 22, 2017, 03:35:20 PM
 #1054

when electric power in your city is not available. keep in mind that BTC can only be mine and use with the use of technology. you cant signature campaign because of cute, little power. Smiley
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November 22, 2017, 08:52:19 PM
 #1055

Government cannot control it because it is decentralized so it does not have any government support.So this factor is still making some people to think before investing in it .This is the biggest disadvantage of Bitcoin.

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November 22, 2017, 09:27:00 PM
 #1056

In my opinion bitcoin disadvantage  knowing no internet we can't used bitcoin, no physical appearance, decentralized form no authority involved so no money back guarantee.

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November 22, 2017, 09:39:30 PM
 #1057

For me the biggest disadvantage of bitcoin is the security issue because there is no binding contract between you and bitcoin.
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November 22, 2017, 09:44:46 PM
 #1058

I'd say depends on miners to verify,
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November 22, 2017, 09:47:50 PM
 #1059

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

Thank you!

The time it takes to get to the next person is what concerns me the most. The fee is probably a close second though they need to scale bigger and better for it to be viable for everyday purchases.

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November 22, 2017, 10:00:39 PM
 #1060

For normal user like guy which wants to pay for daily things via bitcoin downs are the most disadvantage.

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