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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25546 times)
Cangkeman Wae
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November 30, 2017, 10:44:22 AM
 #1101

I think is an anonymous feature, although many people are happy with the anonymous feature, but it is risky that bitcoin is used for illicit transactions such as drugs, money laundering and so on.

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December 01, 2017, 03:12:05 PM
 #1102

The biggest problem of bitkoin - its transaction fee and confirmation time. Another major problem with bitkoin - its price volatility, and thanks to this the probability that it may fall...I hope that it doesn't happen.



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December 01, 2017, 11:00:43 PM
 #1103

The biggest disadvantage of Bitcoin that I can see is it will use to store a huge amount of money by those corrupt politicians or those criminals. In order for them not to be tracked their wealth, they buy more Bitcoin and will hodl it for future use. Because Bitcoin's transactions is anonymous, and no one can know your identity, then this is a good way for Money Laundering.

Yeah imagine the devastation it would be if a corrupt country especially one with nukes was to acquire a lare amount of Bitcoin while it is extremely cheap to them ($10,000) and then it would grow to $1,000,000 or more and they would be able to use it to cause so much problems internationally by threateing to drop nukes and no one could stop them because of their Bitcoin reserves.
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December 03, 2017, 05:09:43 AM
 #1104

1. Too easily exposed to negative issues
2. Fee is very expensive
3. Too often Hargdfork but the speed of the transaction has not changed
4. Too easy to monopolize by whales

I only agree to you at number 4, yes bitcoin is being monopolized by whales as you can see in the market price of bitcoin right now.
They are the reason why bitcoin is so high and keeps increasing in value,for me its a good thing what the whales are doing as it profit me also.
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December 03, 2017, 05:18:23 AM
 #1105

I think the biggest disadvantage of Bitcoin lies in the transaction costs and the confirmation time is quite longer,but over the walking time I think this will be fixed and other Bitcoin weakness,is not yet a lot of payments that use Bitcoin because Bitcoin not yet legitimate.
transaction costs and confirmation time is long enough to be one of the weaknesses of bitcoin, but there are other things, bitcoin can not be used offline so should always connect using the internet network and the general public not all can benefit from the use of bitcoin because there are still many people who not knowing the existence of bitcoin due to lack of knowledge and internet service in most remote countries.

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December 03, 2017, 05:29:45 AM
 #1106

FOR INVESTOR:
  • Volatility or Price Fluctuations
  • Market Manipulation

FOR WORLD:
  • Power Consumption
  • Black Market and Terror Funding

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December 03, 2017, 05:50:37 AM
 #1107

FOR INVESTOR:
  • Volatility or Price Fluctuations
  • Market Manipulation

FOR WORLD:
  • Power Consumption
  • Black Market and Terror Funding

Every market have its own fluctuations, and with every market can be manipulated, investors have the same fears when ever they need to invest money into something. Terror founding, black market are not invented by bitcoin, that existed before and will exist after bitcoins. Its not the problem of the bitcoin its the society problem's!
Only power consumption from all your reasons is the real problem, I saw somewhere that now one bitcoin transaction spend more electricity then some house in a few days, that is a lot. If this power usage continue to grow, we will need a lot of energy to maintain bitcoin network.


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December 03, 2017, 06:18:01 AM
 #1108

I believed one of the biggest disadvantage of bitcoin is that it has a low degree of acceptability globally although many businesses had started accepting bitcoin but there numbers are small compared to the world population due to low literacy level, inaccessibility to internet, epileptic power supply in some countries and complexity in operation of bitcoin.

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December 03, 2017, 06:32:05 AM
 #1109

In my opinion the biggest disadvantage of bitcoin / Cryptocurrency is without internet connection it is nothing at least for that moment. Because of that technical reason only the rural areas of my country is not able to access bitcoin. I know it will be fixed with in few years. Compare with last five years in my country internet is very cheap and easy to access most of the places. Except that for me there is no disadvantage by bitcoin.

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December 04, 2017, 12:50:36 PM
 #1110

1. Too easily exposed to negative issues
2. Fee is very expensive
3. Too often Hargdfork but the speed of the transaction has not changed
4. Too easy to monopolize by whales

I only agree to you at number 4, yes bitcoin is being monopolized by whales as you can see in the market price of bitcoin right now.
They are the reason why bitcoin is so high and keeps increasing in value,for me its a good thing what the whales are doing as it profit me also.
As the system get updated and the price will go more up transaction fee will become low and all this is just the beginning and late confirmation is not disadvantage there are a lot of transactions that are carried out daily and this thing is obvious load on server is high that’s why it takes time to respond and the volatility is not disadvantage mate the profit you enjoy is just because of volatility and without volatility there is no profit.

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December 05, 2017, 03:21:53 PM
 #1111

the government may not take your Bitcoins away but can ban it in the country, which forces bitcoin wallets and companies to shut down. The bitcoins in these wallets are freezed and access to them becomes difficult.
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December 08, 2017, 05:30:11 AM
 #1112

I think the disadvantages of BTC are transactions, fees, internet connection and the volatility. Just ike paying for a cup of coffee using bitcoin the transaction is very slow and with high fee.

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December 08, 2017, 07:36:35 PM
 #1113

1. Too easily exposed to negative issues
2. Fee is very expensive
3. Too often Hargdfork but the speed of the transaction has not changed
4. Too easy to monopolize by whales

I only agree to you at number 4, yes bitcoin is being monopolized by whales as you can see in the market price of bitcoin right now.
They are the reason why bitcoin is so high and keeps increasing in value,for me its a good thing what the whales are doing as it profit me also.
As the system get updated and the price will go more up transaction fee will become low and all this is just the beginning and late confirmation is not disadvantage there are a lot of transactions that are carried out daily and this thing is obvious load on server is high that’s why it takes time to respond and the volatility is not disadvantage mate the profit you enjoy is just because of volatility and without volatility there is no profit.
Not too much but there are only two disadvantages of bitcoin and the first one is that bitcoin have no physical shape and every one want to see bitcoin because it’s very loving currency and every one want to see and fell it secondly bitcoin is only available on internet if you have internet that its mean you much have bitcoin but if you don’t have internet then there will be no bitcoin with you and I hop bitcoin will find some other way to fix it.

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December 09, 2017, 07:49:06 AM
 #1114

The biggest disadvantage of bitcoin are being scam and the price itself. Lots of traders, investors and members will get discourage when botcoin decreases its price. But,  we must also know that if there is a great fall, big growth will always takes its place. So,  we must be patient when it comes to cryptoworld.

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December 11, 2017, 09:54:18 AM
 #1115

One big disadvantage is that as price goes up, transaction fees rise as well, reducing liquidity and penalizing small transactions.

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December 11, 2017, 10:00:53 AM
 #1116

The most significant disadvantage of Bitcoin is, in my opinion, the centralization of the Bitcoin blockchain.

Only a few mining pools are in control of the whole Bitcoin blockchain.

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December 11, 2017, 10:04:07 AM
 #1117

As of now the biggest disadvantage of Bitcoin is that you can't hold it since it is not tangible. You are not able to manage it within your hands but it is hold by wallet instead. Bitcoin is large in value today so that there will be criminals for sure and will make crimes to get some. This is a threat to us.

white.raiden
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December 15, 2017, 01:48:27 PM
 #1118


I think there are a lot of bitcoin disadvantages like high fees when you send bitcoin to another wallet. And more advantages than disadvantage just as bitcoin is becoming popular and the users is multipying and the value of bitcoin is increasing And the profit of investors and users is big.

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lestariptr
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December 15, 2017, 03:05:50 PM
 #1119

The weakness of bitcoin is when we sell a small fee for a small fee and a few hours later the fee fee goes up every person who sells bitcoin with the largest fee fee There is a current weakness and a very small fee fee takes several days to enter the confirmation which charged the largest fee that was preceded .

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December 15, 2017, 03:42:19 PM
 #1120

As of now the biggest disadvantage of Bitcoin is that you can't hold it since it is not tangible. You are not able to manage it within your hands but it is hold by wallet instead. Bitcoin is large in value today so that there will be criminals for sure and will make crimes to get some. This is a threat to us.

The fuck? How would you want to make bitcoins tangibles, the whole purpose of cryptos is not to be tangible but secure. Sure hackers can hack your computer but they can't hack the bitcoin network itself.
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