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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25542 times)
gigatux
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December 15, 2017, 04:33:01 PM
 #1121

One of the disadvantages of Bitcoin is the security in money. It is still risky to trust your money to websites nowadays cause hackers and computer geeks are everywhere. I'm not saying they are all bad but it is still risky. Another thing, Bitcoin spread rumors about me. (I dont know if this applicable to others but this is base on my own experience) because of my weekly income people starts spreading rumors about me saying that I was doing something illegal such as stealing,gambling and many stuff.It was a hard moment for my parents.they were really worried sick about me but I manage to smile at them(my haters) and be a blessing to my family.
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December 16, 2017, 01:23:31 PM
 #1122

One of the disadvantages of Bitcoin is the security in money. It is still risky to trust your money to websites nowadays cause hackers and computer geeks are everywhere. I'm not saying they are all bad but it is still risky. Another thing, Bitcoin spread rumors about me. (I dont know if this applicable to others but this is base on my own experience) because of my weekly income people starts spreading rumors about me saying that I was doing something illegal such as stealing,gambling and many stuff.It was a hard moment for my parents.they were really worried sick about me but I manage to smile at them(my haters) and be a blessing to my family.
Brother leave them these people are always unthankful to everything that even tends to give them more than their expectations. Bitcoins are helping these people with most secure and healthy profitable network. Still there come some reservations from such people. They are not eligible of bitcoin. You are right how can they deny this fact that bitcoins are secure and prevent your account from hacking.

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December 28, 2017, 04:35:11 PM
 #1123

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 .

Agree. Rising fees are a huge disadvantage of Bitcoin. It makes micropayments impractical as users would need to pay expensive fees just to transfer a small amount of money. Thus, if they specify a cheaper fee when making a transaction, the same will take hours to confirm. In contrast, adding a higher fee will ensure that your transaction gets the highest priority among miners to reduce the time needed for your transaction to confirm.

However, I believe that there could be a drastic change in Bitcoin's fees if people start using the SegWit feature on the network. Although not the perfect solution, it alleviates the fee issues for a little while to make transferring money practical once more. In this case, Bitcoin Cash has quite an advantage with bigger blocks, as fees are reduced to a minimum. Last time, I've made a transaction using BCH and it only cost me $0.05 in fees. When you compare it against Bitcoin, BCH is more attractive to use for micropayments. Just my opinion Smiley



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BlackRock
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December 28, 2017, 04:50:08 PM
 #1124

According to me,  bitcoin has few disadvantages ,but many advantages. The biggest disadvantage for now is the transaction fee and confirmation time

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December 28, 2017, 04:58:36 PM
 #1125

The dis advantage of bitcoin is that, it is decentralized and if you have bitcoin losses or a victim of scam, You don't have assurance to recover your money. There's no third party to assessed you to retrieve all your losses.

Iqram fahmisyi
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January 03, 2018, 01:11:12 PM
 #1126

the biggest weakness of bitcoin In my opinion is to be a money laundering place, because it is not controlled by the government, Bitcoin become an easy target of money laundering crime and avoid taxes. the lack of this government role seems to assume that the Bitcoin currency is worthless and does not make the Bitcoin currency illegal.

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January 04, 2018, 02:04:02 AM
 #1127

According to my opinion,  bitcoin has few disadvantage and a lot of advantages. Its transaction is simple but since its price goes up, spamming and hacking increases, also a lot of new website created for ponzi, spamming, and hacking spread for a chance to steal a lot bitcoin and earn more. But this community helps to identify the real ones to fake one through trial and error. Means that there is still few individuals who are getting scammed before others know so it indicates that the site still benefit from it. As for now, business man eyed on bitcoin since it increases much and a lot of individuals are getting richer than them. Thus, making them say and spread news that it is bad and used for illegal purposes.

Sadly, those are the many inherent disadvantages within the Bitcoin currency. Hacks, scams, and rising fees are all around it, and the more its value rises, the worst it will be. Criminal activity will be increased because of Bitcoin's rising value, and exchanges will get hacked with more frequency than ever. Of course, there are solutions to remedy with these issues, but up to this point Bitcoin hasn't made good use of them. If Bitcoin were to be traded at decentralized exchanges, and it would've implemented a safe, and secure scalable solution, then it wouldn't have too many disadvantages.

Nevertheless, I believe that as time passes by, Bitcoin's disadvantages would become reduced, as soon as improvements start rolling in to address its underlying issues. Therefore, the older Bitcoin becomes, the stronger it will be against hacks, theft, and expensive fees. Just my thoughts Grin



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January 04, 2018, 04:39:19 AM
 #1128

The bank that are so legitimate will make sacrifices in bitcoin because if all people know about bitcoin for sure they will pull out almost all of their money in the banks and put it all in bitcoins if that happens banks and governments will not get taxes in short bankruptcy.

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January 04, 2018, 04:50:38 AM
 #1129

The biggest disadvantage of bitcoin is its fluctuating prices. However, this also makes it more interesting. Besides, in investments, the riskier it gets the better profits you may attain. The fluctuation of prices in bitcoin is understandable since there are no regulating bodies which is the second disadvantage of it.
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January 06, 2018, 12:24:01 PM
 #1130

For me the advantage of Bitcoin is the paying of Bitcoin provide us utmost freedom.It can be sent to any person in any part of the world.No bank holidays and no payment limit.

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January 11, 2018, 02:18:27 AM
 #1131

One of the biggest disadvantages of bitcoin is the lack of a central bank. It is not well regulated and no central bank could approve its usage which will be difficult for businesses and transactions to accept it as a form of payment. Sometimes, it is an advantage but most of the time, it is a con because of its illegality.

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January 12, 2018, 09:06:46 AM
 #1132

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.

Bitcoin has practically no flaws. But the high price of Bitcoin is possible if people believe in it. If the belief in Bitcoin disappears, the price will fall. This is the weakness of Bitcoin.

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January 12, 2018, 09:38:30 AM
 #1133

1. votality (can only be a disadvantage, for me, if its value decreased at a high percentage.)
2. transaction fees

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January 12, 2018, 10:51:06 AM
 #1134

I think the biggest disadvantage of the bitcoin is the price that is too volatile, we all know that bitcoin marketcap has been more than $ 250 billion but every day the price fluctuations can reach thousands of dollars.

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January 12, 2018, 12:03:42 PM
 #1135

Unfortunately until now I have not found disadvantage of bitcoin, as we know that bitcoin is the revolution of the world payment system that immediately replaces the traditional economic system of banks.



               
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January 12, 2018, 08:19:29 PM
 #1136


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.
There are only two disadvantages of bitcoin first of all bitcoin have no physical shape or any logo since I join bitcoin I have almost four years that I’m using bitcoin but still I did not see bitcoin and every one want to see bitcoin because they love bitcoin and they want to see it and secondly bitcoin is only available on internet if you have internet then you can use bitcoin and if you don’t have internet then there is no chance.

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January 12, 2018, 09:20:47 PM
 #1137

Yes! Bitcoin is not physical and it is only used on Internet, and it does have many advantages that physical currencies do not provide its users; some disadvantages includes:
1.Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day.However, it is expected that the volatility will decrease as more time goes on.
2.Currently, Bitcoin’s price fluctuate everyday mainly due to current events that are related to digital currencies.
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January 12, 2018, 10:06:41 PM
 #1138

I believe that bitcoin has no dis advantages ,or maybe if theres any disadvantagesi think it will dpend on how people use it in a right or wrong way in short it depend on us because if we say that the dis advantages of  bitcoin is the internet because we cannot use eit witbout internet connection i don t agree on that because internet today is part of modern life nad it cant be perish.I tjink it depend on us on how we used btc.

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January 12, 2018, 10:16:41 PM
 #1139

I think that some disadvantage of bitcoin are its volatility, the few number of stores accepting this digital currency, and the technicality of using bitcoin. I think that disadvantages can be different depending of whether it is for the general public, the economy, the society, etc. thank's
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January 12, 2018, 11:44:47 PM
 #1140

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 weakness of bitcoin is the fluctuating price so that the purchasing power of investors becomes less, except people who already know bitcoin world more deeply.

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