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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25014 times)
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November 22, 2017, 10:25:32 PM
 #1061

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.
There is nothing we can do to avoid that, bitcoin is a new technology and like any new technology at first there are many errors and bugs in a way we are the beta testers of bitcoin then finally when bitcoin is able to perform its original functions then everyone else will get in.



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November 23, 2017, 10:15:35 PM
 #1062

It's its PRICE.It will by no means go down, just increase due to its shortage.So you don't know whether it's really worth buy something now or you could purchase it twice a month later on. Then you just hold.If so we don't possess a electronic curriency because we don't utilize it being fear of its value I think
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November 23, 2017, 10:22:51 PM
 #1063

For me the biggest disadvantage of bitcoin is the security issue because there is no binding contract between you and bitcoin.
if I think it is a weakness bitcoin it in account security, that's why with a lot of bitcoin thieves it's a sign for us all it should strengthen the security of our account and avoid the wifi network and do not click any link is the most important

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November 23, 2017, 10:26:26 PM
 #1064

The biggest disadvantage is it has been involved many mining factories and easy too much electricity to mine it. Bad for our environment, so it is a digital currency but have a very high CO2 elimination,. Cry

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November 23, 2017, 10:53:31 PM
 #1065

It certainly grows extremely fast and that is a large issue.
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November 24, 2017, 03:23:04 PM
 #1066

Due to the unique nature of virtual currencies, there are some inherent advantages to transacting through Bitcoin that users of other currencies do not get. Digital currencies are a relatively new and untested medium of exchange, and users should be careful to weigh their benefits and risks.
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November 26, 2017, 07:57:10 AM
 #1067

The biggest disadvantage of Bitcoin is that is relies on the internet, which unfortunately makes it questionable as to whether it is better than gold (or not).

Gold does not rely on anything. It is a physical item, and that is it. However, if governments were to shut off the internet, or you did not happen to have internet at any given time, then Bitcoin would be useless.
There are none, since it is preposterous to consider detriments of bitcoin. Bitcoin's value, achievement and its acknowledgment by the online world are the upsides of bitcoin. It has many including tending to the constant issues that can happen in exchanges. It is secure and decentralized which mean it is sheltered to have and isn't controlled by single government, association or a man.

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November 26, 2017, 08:43:57 AM
 #1068

I think the advantage of bitcoin is increasing your income here every rank up you, it's not just popular with other people so nobody does not have the bibitcoin. and I also believe that you can earn a great deal of money on other sites.

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November 26, 2017, 11:05:44 AM
 #1069

for me it is the illegal use of the currency. anyone with bad idea can use it and there will be no track record of the transaction.

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November 26, 2017, 11:14:14 AM
 #1070

Biggest advantage of bitcoins for me is it very prone to hacking and can ba stealed forcely by good hackers out there.Its not that secured at all so hackers specially those who have very good knowledge can easily access to your account

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November 26, 2017, 11:20:18 AM
 #1071

Biggest disadvantage of bitcoins, No Valuation Guarantee, Since there is no central authority governing Bitcoins, No one can guarantee its minimum valuation. If a large group of merchants decide to "Dump" bitcoins and leave the system, its valuation will decrease greatly which will immensely hurt, users who have large amount of wealth invested in Bitcoins. The decentralized nature of bitcoin is both a cursed and a blessing.

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November 26, 2017, 11:33:30 AM
 #1072

Probably, the person itself or jusy say hackers. Bitcoin is not that highly secured. Once you've made a transaction into wrong person you will be devastated or once your virtual wallet is not secured enough, there are some hackers are highly skilled enough to get your information in bitcoin. Make sure that everything is secure because of the high price today of bitcoin, it is prone to hackers

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November 26, 2017, 11:38:08 AM
 #1073

Probably, the person itself or jusy say hackers. Bitcoin is not that highly secured. Once you've made a transaction into wrong person you will be devastated or once your virtual wallet is not secured enough, there are some hackers are highly skilled enough to get your information in bitcoin. Make sure that everything is secure because of the high price today of bitcoin, it is prone to hackers
But several solutions have been immerged to keep your bitcoins safe. Instead of storing your bitcoins in a low security wallet, you can simply store them in a hardware wallet or paper wallet or you can try using 2FA security for your wallet. Bitcoins can not be hacked that easily unless you share your private key with any unknown person. Also if you send bitcoins to a wrong address, they are lost eventually so mostly try to recheck the wallet address to keep yourself safe.

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November 26, 2017, 11:42:55 AM
 #1074

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.
There is nothing we can do to avoid that, bitcoin is a new technology and like any new technology at first there are many errors and bugs in a way we are the beta testers of bitcoin then finally when bitcoin is able to perform its original functions then everyone else will get in.
But precisely this unpredictable price becomes a challenge for traders. fluctuations make many users become confused and sometimes wrong in their choice so that what happens is they get loss. but if you already understand the fluctuations and know how to utilize fluctuations then the benefits you will get



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November 26, 2017, 11:59:50 AM
 #1075

There are two disadvantages ,first its pow,thus transaction speed take lot of time and hence fee is high .second there is no transactions records just anonymous transfer which has led to late acceptance of bitcoin by countries.and using of bitcoin is not possible for everyone only IT related person can understand it .


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November 26, 2017, 12:04:12 PM
 #1076

There are two disadvantages ,first its pow,thus transaction speed take lot of time and hence fee is high .second there is no transactions records just anonymous transfer which has led to late acceptance of bitcoin by countries.and using of bitcoin is not possible for everyone only IT related person can understand it .
The statements you have given are completely false,you do not need to be a tech savvy to start using bitcoin,people are used to transfer online with different other wallets and there are a ton of tutorials on how to purchase and store your coins securely and it is not a big hurdle to start using bitcoin and the other thing is it is not anonymous,it is a public ledger and anyone can monitor any transactions. Tongue The higher transaction fees are a disadvantage.

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serverus
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November 26, 2017, 12:14:13 PM
 #1077

its biggest disadvantage i guess is its price fluctuation through time, but  some consider it also a big advantage ...
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November 26, 2017, 12:22:48 PM
 #1078

Their biggest disadvantage is their security to the government. Also a big disadvantage is the volatility of its price.

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November 26, 2017, 01:00:47 PM
 #1079

The biggest disadvantage of btc or cryto currency is being use to crimes because of its feature of anonimity which is so good in good way but really bad in crime use. Also the unpredicted fluctuation of it. Also the transaction time and fee as of the monent because it is so very huge and slow.

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xvids
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November 26, 2017, 01:10:41 PM
 #1080

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

Thank you!

The way I see it, the only disadvantage that bitcoin has is it' limitation, and that is being only accessible with the use of internet. Just imagine when one day you woke up, and suddenly you'll find out that the internet around the world was down, what would you do if you had invested your life time savings in bitcoin?

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