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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25543 times)
mornabo
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July 21, 2017, 02:03:40 AM
 #141

I would hands down have to say that the biggest disadvantage to bitcoin is that it is not widely recognised just yet. This means that there are a limited number of places where bitcoins can be spent. However, this is improving drastically. I hope that in the future more and more local businesses will also start implementing the use of bitcoin as a transaction method.
Another drawback is the high transaction fees that come with the network at this current stage.
This is a classic problem for bitcoin, with this problem users still struggle to spend using their bitcoins. I think nothing needs to be blamed because this will be overcome with bitcoin development over time because of course bitcoin will be increasingly known and accepted

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July 21, 2017, 02:19:11 AM
 #142

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

Thank you!

Biggest disadvantage of cyptocurrency?
I can think of some but there is one thing that top on my mind, its value in the third world countries.
I mean yes cyptocurrencies are now in those countries but major establishments are not accepting any cryptocurrencies, in a mall in stores and most likely in small establisments, hopefully in the future we can buy on the spot at any stores using cryptoCoins, and o in my opnion based on the  information that Bitcoin is getting stronger, it will happen soon.. Smiley

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July 21, 2017, 04:57:13 PM
 #143

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

Thank you!
The biggest disadvantage of bitcoin is that its price is not stable and its highly volatile in nature.It essential for any currency to be stable in its price for it to be accepted as primary currency in any country.It is due to this volatile nature many retailers are not coming forward to accept bitcoin payments.
The biggest disadvantage of bitcoin is the risk, which all the bitcoin holders takes, because bitcoin is not a physical currency, but people trusted, whenever, unfortunately, there happened a case based on fraud then no one can claim his money, because bitcoin has not yet been legalized fully.

Although noting of the kind has happened yet, but if it happened no can approach other for asking a fraud because all is doing through bitcoin anonymously.



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July 21, 2017, 11:16:36 PM
 #144

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

Thank you!

Biggest disadvantage of cyptocurrency?
I can think of some but there is one thing that top on my mind, its value in the third world countries.
I mean yes cyptocurrencies are now in those countries but major establishments are not accepting any cryptocurrencies, in a mall in stores and most likely in small establisments, hopefully in the future we can buy on the spot at any stores using cryptoCoins, and o in my opnion based on the  information that Bitcoin is getting stronger, it will happen soon.. Smiley
to me i do not think that there is any such a big disadvantage of bitcoin, but in fact there are some minor errors in bitcoin that are needed to be removed and i think with the passage of time bitcoin will become more better that the present time.  we can expect that in future bitcoin will be more systematic and will have a very advance system and all the small issues may have sold in priority bases.
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July 21, 2017, 11:23:40 PM
 #145

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

Thank you!
The biggest disadvantage of bitcoin is that its price is not stable and its highly volatile in nature.It essential for any currency to be stable in its price for it to be accepted as primary currency in any country.It is due to this volatile nature many retailers are not coming forward to accept bitcoin payments.
The biggest disadvantage of bitcoin is the risk, which all the bitcoin holders takes, because bitcoin is not a physical currency, but people trusted, whenever, unfortunately, there happened a case based on fraud then no one can claim his money, because bitcoin has not yet been legalized fully.

Although noting of the kind has happened yet, but if it happened no can approach other for asking a fraud because all is doing through bitcoin anonymously.

Not the risk, high fee problem is the biggest issue of bitcoin. It's still okay but growing like that, it may be really high in near future.
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July 21, 2017, 11:35:19 PM
 #146

Before a month, i thought there is no disadvantage of bitcoins but now i see that biggest disadvantage of bitcoin is the uncertainty factor. You have a lots of bitcoins and suddenly a hard fork comes and make your coins less value or maybe even loss coins if not prepare for it properly.
yes you are right the uncertainty factor of bitcoin is the biggest disadvantage. I have some amount of bitcoin and expectation were to word high price but now bitcoin gone to words opposite to my expectation. I loss alot of money.
I don’t agree with you unfortunately. Uncertain nature of bitcoins makes them attractive and is the only reason they are much more profitable than any other currency. The fluctuations in the crypto market are the reason it is attracting masses. Sometimes prices dump but dumping itself assures you that soon a huge pump will be seen. It depends on you how you act in distressed situation.



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July 22, 2017, 12:18:15 AM
 #147

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

Thank you!
The biggest disadvantage of bitcoin is that its price is not stable and its highly volatile in nature.It essential for any currency to be stable in its price for it to be accepted as primary currency in any country.It is due to this volatile nature many retailers are not coming forward to accept bitcoin payments.
The biggest disadvantage of bitcoin is the risk, which all the bitcoin holders takes, because bitcoin is not a physical currency, but people trusted, whenever, unfortunately, there happened a case based on fraud then no one can claim his money, because bitcoin has not yet been legalized fully.

Although noting of the kind has happened yet, but if it happened no can approach other for asking a fraud because all is doing through bitcoin anonymously.

Not the risk, high fee problem is the biggest issue of bitcoin. It's still okay but growing like that, it may be really high in near future.
High transaction fees are certainly very disturbing if you have the intensity of the transaction quite often. Because at least you need to pay about $ 0.4 for one transaction in bitcoin. And that's a very expensive fee to me? Let alone the longer the confirmation of course it will be more losses

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July 22, 2017, 03:08:28 AM
 #148

The slower the transaction, if we use the regular or cheap cost then it can be guaranteed that it took more than a week bitcoin that we send just received.

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July 22, 2017, 03:20:16 PM
 #149


I would hands down have to say that the biggest disadvantage to bitcoin is that it is not widely recognised just yet. This means that there are a limited number of places where bitcoins can be spent. However, this is improving drastically. I hope that in the future more and more local businesses will also start implementing the use of bitcoin as a transaction method.
Another drawback is the high transaction fees that come with the network at this current stage.
Yeah bitcoin is still not too popular among the community so bitcoin has not been received in many places but you do not have to worry about this, because everything will change in the future because bitcoin continues to grow and certainly will be more accepted by the passage of time

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July 23, 2017, 03:10:43 PM
 #150

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

Thank you!
The biggest disadvantage of bitcoin is that its price is not stable and its highly volatile in nature.It essential for any currency to be stable in its price for it to be accepted as primary currency in any country.It is due to this volatile nature many retailers are not coming forward to accept bitcoin payments.
The biggest disadvantage of bitcoin is the risk, which all the bitcoin holders takes, because bitcoin is not a physical currency, but people trusted, whenever, unfortunately, there happened a case based on fraud then no one can claim his money, because bitcoin has not yet been legalized fully.

Although noting of the kind has happened yet, but if it happened no can approach other for asking a fraud because all is doing through bitcoin anonymously.

Not the risk, high fee problem is the biggest issue of bitcoin. It's still okay but growing like that, it may be really high in near future.
For users who use bitcoin to buy something and currency would be very concerned about fee fees. How not bitcoin transaction fees are very expensive. The default fee is now 0.0003 btc and that's the equivalent of $ 0.7? Lol is it a very expensive fee for one transaction?


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July 23, 2017, 03:15:36 PM
 #151

The biggest problem of bitcoin is its transaction fee and confirmation time. Another main problem with bitcoin is its price volatility and due to which it is the possibility that it may crash, i am hoping it will not.
Transaction fees and confirmation time would be finish after segWit2x. This is the real reason of 1 August which is implementing by bitcoin. So we would easily transfer our bitcoin everywhere with high speed of conformation. There would be less taxes on bitcoin. Now a day as well as less taxes if you are having more knowledge to withdraw there would be very less taxes on bitcoin.
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July 23, 2017, 04:14:07 PM
 #152

I would hands down have to say that the biggest disadvantage to bitcoin is that it is not widely recognised just yet. This means that there are a limited number of places where bitcoins can be spent. However, this is improving drastically. I hope that in the future more and more local businesses will also start implementing the use of bitcoin as a transaction method.
Another drawback is the high transaction fees that come with the network at this current stage.
Yeah bitcoin is still not too popular among the community so bitcoin has not been received in many places but you do not have to worry about this,
 because everything will change in the future because bitcoin continues to grow and certainly will be more accepted by the passage of time

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July 23, 2017, 04:17:35 PM
 #153

The biggest disadvantage of bitcoin is price fluctuation. It's still very volatile and after an investment you can't feel safe, you always check the price via your cell phone and make sure it didn't drop today. The rest is technical and can be solved with implementations.
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July 23, 2017, 04:28:27 PM
 #154

The biggest disadvantage of bitcoin is that it is less widely acknowledged by the public and bitcoin can only be used on online transact without bitcoin internet can not be used
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July 23, 2017, 05:23:45 PM
 #155

The biggest disadvantage of bitcoin is price fluctuation. It's still very volatile and after an investment you can't feel safe, you always check the price via your cell phone and make sure it didn't drop today. The rest is technical and can be solved with implementations.
Always checking the price with smartphone can make you will have some wrong decisive when the price crash fast. With me when starting an order margin trade, need always checking the price with small time frame on PC and set stop loss before log out exchange if this order still wait.

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Bestwishes745
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July 31, 2017, 11:20:10 PM
 #156

Before a month, i thought there is no disadvantage of bitcoins but now i see that biggest disadvantage of bitcoin is the uncertainty factor. You have a lots of bitcoins and suddenly a hard fork comes and make your coins less value or maybe even loss coins if not prepare for it properly.
yes you are right the uncertainty factor of bitcoin is the biggest disadvantage. I have some amount of bitcoin and expectation were to word high price but now bitcoin gone to words opposite to my expectation. I loss alot of money.
I don’t agree with you unfortunately. Uncertain nature of bitcoins makes them attractive and is the only reason they are much more profitable than any other currency. The fluctuations in the crypto market are the reason it is attracting masses. Sometimes prices dump but dumping itself assures you that soon a huge pump will be seen. It depends on you how you act in distressed situation.
actually The stress is horrifying everyone at present but taking support of rare comity patience can help to pass this stressful wave easily. As far as the volatility of bitcoins is concerned, it is not a big problem. One should just be little sharp while converting bitcoins into fiat.
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August 01, 2017, 04:18:49 AM
 #157

Legalization is a weakness of bitcoin if it is not in your country eat you can not use freely. Even if you trade your own home, bitcoin legalization brings a positive value for the monetary world
Smarty14392
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August 01, 2017, 04:21:35 AM
 #158

According to me the most disadvantage of bitcoin is its high fees and more confirmation time. Of they are solved, bitcoin will ultimately be the best currency. Transaction fees has increased a lot during these days and that what im affraid of. One of the another disadvantage of bitcoin is its illelegal use in the deep web. These should be shut down.

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August 01, 2017, 07:35:53 AM
 #159

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

Thank you!
High transaction fee and volatility were the two main disadvantages of bitcoin.Now,after segwit activation,transaction fee problem has been almost solved leaving volatility problem alone.But the truth is that it could not be solved.Bitcoin is a decentralized currency uncontrolled by any central authority and so its price increases or decreases with difference in demand.So volatility is its basic nature and it could not be solved.
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August 09, 2017, 11:18:09 AM
 #160

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

Thank you!
Just before the segwit activation,higher transaction fee was the major problem of bitcoin.But now,it has been almost resolved and transaction fee has once again come back to the normal stage.But,volatilty in bitcoin price continues to exist.It is the nature of bitcoin since it is a decentralized currency and so it could not be solved.It is due to this volatility,most retailers donot come forward to accept bitcoin payments.

       


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