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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25016 times)
Dannaey
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November 28, 2017, 01:15:56 PM
 #1101

I see some disadvantage of using digital money like Bitcoin. It is prone to hack. Since not all people knows how to keep safe of their Bitcoins and everyday those bad people are thinking of many ways how will they steal/hack other people's money. And also, it is not totally accepted by all country. It is very unfortunate if one day the government announces that they are no longer allow using Bitcoin. That would be the worst case scenario that may happen.

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November 29, 2017, 11:16:16 PM
 #1102

The biggest disadvantage of Bitcoin is its instability. Now there is nothing that can support bitcoin from market risks.
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November 29, 2017, 11:34:42 PM
 #1103

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 bigggest diadvantage of it is its being limited for now , which deprive us from beibg free for using it for every trsnsaction we can do , but I think soon , this problem is going to non-existent.

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November 30, 2017, 07:54:32 AM
 #1104

The biggest disadvantage of bitcoin is that this currency is not strong in law. Many people misuse Bitcoin as a payment such as buying drugs and terrorist financing. So many countries are banning Bitcoin.
There are two disadvantages of biotin first that its only available on inter net if you have internet so then its work but you don’t have internet it will not work secondly bitcoin have no physical shape and all the users of bitcoins they want to see and fell the bitcoin I myself wish that very soon there will be any physical shape of bitcoin.

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November 30, 2017, 09:32:19 AM
 #1105

I think the biggest Disadvantage of bitcoin is Non Anonymous System. Because all transactions are stored in publicly and permanently on the network, so anyone can see transactions of any Bitcoin Address.

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November 30, 2017, 09:34:35 AM
 #1106

I think it has a disadvantage for traders in forex who may have a big loss in the correction moves and then it goes up after it takes their money

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November 30, 2017, 09:38:17 AM
 #1107

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.

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November 30, 2017, 10:31:11 AM
 #1108

the biggest disadvantage is that it is difficult to follow and catch because of the rapid decline and rising levels. The bigger problem is that some producers and countries do not accept it. there are some infrastructure problems in the countries. the owned currency is not available.


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November 30, 2017, 10:44:22 AM
 #1109

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
 #1110

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
 #1111

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, 04:18:43 AM
 #1112

Follow Bitcoin information: for instance forks (cot mot likly rises) and vetoes (price most likely goes down).Also you can produce a spread sheet with forecasts functions. Furthermore I suggest to review Fibonacci's trading resources.sse
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December 03, 2017, 05:09:43 AM
 #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.

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December 03, 2017, 05:18:23 AM
 #1114

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
 #1115

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
 #1116

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
 #1117

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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JTASSOCIATES
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December 03, 2017, 06:32:05 AM
 #1118

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
 #1119

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, 12:05:38 PM
 #1120

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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