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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24955 times)
HasHe
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August 09, 2017, 11:18:09 AM
 #161

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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August 09, 2017, 12:25:35 PM
 #162

Disadvantage to who? Investors? Users? developers?

One of the characteristics of altcoins today (including bitcoin) is their volatility.
It could be an advantage for traders, but it's clearly a disadvantage for "normal" users (the public).
I think so too, anyway advantages and disadvantages are factors that also affect an industry, while bitcoin is considered as an industry we cannot avoid having those disadvantages. It is only a matter on how you handle your funds including your security on that particular aspects. This is also why we have this because we are revolving around an active market where bitcoin is the major foundation.

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August 17, 2017, 02:52:38 AM
 #163

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 biggest disadvantage of btc is it isn't stable enough to give a stable amount to those people who are depending on btc as their source of income. And also its safety, there are no assurance that our money is safe and if someone break into btc there is no someone who will take the responsibilities.

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August 17, 2017, 02:59:46 AM
 #164

Disadvantage
Its is digital, so you do not have it physically.(advantage and disadvantage)
Few people are aware about digital currencies and only some of them know how to use it.

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August 17, 2017, 05:52:18 AM
 #165

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 for me is not being accepted by all establishments because mostly the transactions you can have with bitcoin is online but when you go to malls, restaurants or other places, there are only few who will accept bitcoin as payment option but personally, I prefer to pay fiat than bitcoin for now for small value items mainly because of the high fee when you transact through bitcoin. If you buy something that is cheap and pay it through bitcoin, it would just make the item more expensive because of the fee.



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August 17, 2017, 05:54:04 AM
 #166

High price, but not able to use in common stores

Well most likely later many large store stores will receive bitcoin as a means of payment. Now this is not a lot of stores online and offline. I am sure later will many online stores receive btc payments

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August 17, 2017, 06:01:40 AM
 #167

High price, but not able to use in common stores

Well most likely later many large store stores will receive bitcoin as a means of payment. Now this is not a lot of stores online and offline. I am sure later will many online stores receive btc payments

I don't know how will you be able to use bitcoin in common stores, I mean you will be buying a gum using your bitcoin and you will be paying a fee more than the item you bought? That is just absurd.

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August 17, 2017, 06:07:22 AM
 #168

High price, but not able to use in common stores

Well most likely later many large store stores will receive bitcoin as a means of payment. Now this is not a lot of stores online and offline. I am sure later will many online stores receive btc payments

I don't know how will you be able to use bitcoin in common stores, I mean you will be buying a gum using your bitcoin and you will be paying a fee more than the item you bought? That is just absurd.
In present, Bitcoin not useful with small order, if you are people always sending huge money like me, you will understand really Bitcoin better than Banks or WU. I hope in future Bitcoin can fix this issue about fees and helps small order also use Bitcoin too.

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August 17, 2017, 08:03:59 AM
 #169

The biggest disadvantage of bitcoin is, it is working only on the internet. I said it because when the internet will go down then all the wealth in bitcoin will be useless also and we cannot depend on bitcoin to be used to pay all the things that we buy, bitcoin is also useless in war and we cannot transact to buy foods if we only have bitcoin so i think that is the biggest disadvantage.

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August 17, 2017, 09:35:21 AM
 #170

As a matter of fact  many people  are not aware of bitcoin and people need to be educated to understand the importance of bitcoin
Secondly, risk and volatility  is also a major concern.

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August 17, 2017, 02:39:37 PM
 #171

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

Thank you!
I think it is the volatility of Bitcoin or the lavk of stability in terms of its market value. This is the risk in investing and buying Bitcoin, risk that it won't always be high and expensive to the market. Even if the rate of the pump on its price is bigger than the dump, it will still be a risk if its market value is not stable.

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August 17, 2017, 02:46:00 PM
 #172

The biggest disadvantage of bitcoin is, it is working only on the internet. I said it because when the internet will go down then all the wealth in bitcoin will be useless also and we cannot depend on bitcoin to be used to pay all the things that we buy, bitcoin is also useless in war and we cannot transact to buy foods if we only have bitcoin so i think that is the biggest disadvantage.
I agree with you . That at this time there must be a guarantee of internet services to continue running well. The internet is a vital part of every bitcoin transaction. Without the internet then bitcoin will die. That is the current bitcoin inhibitors in rural areas. Bitcoin is more inclined and growing in urban areas that already have supporting infrastructure such as internet network.

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August 17, 2017, 03:38:03 PM
 #173

Disadvantage to who? Investors? Users? developers?

One of the characteristics of altcoins today (including bitcoin) is their volatility.
It could be an advantage for traders, but it's clearly a disadvantage for "normal" users (the public).
I think so too, anyway advantages and disadvantages are factors that also affect an industry, while bitcoin is considered as an industry we cannot avoid having those disadvantages. It is only a matter on how you handle your funds including your security on that particular aspects. This is also why we have this because we are revolving around an active market where bitcoin is the major foundation.
I think anyone bitcoin users before joining and adopting bitcoin they must know fluctuations first, They must understand the fluctuations and must be prepared with all possible prices that will occur in bitcoin and if they already know and recognize fluctuations, it may be that the user can take advantage of the fluctuations to their advantages and not be a loss for them



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Peashooter
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August 17, 2017, 03:55:53 PM
 #174

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 disadvantages of bitcoin is you can't you use it in offline store and they don't consider it as a money. In addition to that, some store do not know what bitcoin is and I think without internet you can't access bitcoin. Lastly, I think the biggest disadvantages of bitcoin is fluctuation of supply and demand because it affect the price to change.

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August 18, 2017, 07:26:07 PM
 #175

Disadvantage
Its is digital, so you do not have it physically.(advantage and disadvantage)
Few people are aware about digital currencies and only some of them know how to use it.


well it is not it’s disadvantage, I think it is one of the biggest advantage of bitcointhat it did not exist in physical form, if it exist in physical form then we all are not secure, thieves do whatever they and steel your bitcoin from you now a days because they are so expensive, now they are in our wallets so we don’t need to be worry we just relax and sit back, whenever we want to sale we sale them and get money.

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August 18, 2017, 07:33:54 PM
 #176

Disadvantage
Its is digital, so you do not have it physically.(advantage and disadvantage)
Few people are aware about digital currencies and only some of them know how to use it.


well it is not it’s disadvantage, I think it is one of the biggest advantage of bitcointhat it did not exist in physical form, if it exist in physical form then we all are not secure, thieves do whatever they and steel your bitcoin from you now a days because they are so expensive, now they are in our wallets so we don’t need to be worry we just relax and sit back, whenever we want to sale we sale them and get money.
Having just the virtual appearance is not at all an big issue or a disadvantage in my view. What has happened with bitcoin is completely based in the speculative approach, if it has got physical appearance people could have started to duplicating. This seves as a flaw, so it's good to have only the virtual state.

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August 18, 2017, 08:57:15 PM
 #177

I can say pretty easily the biggest disadvantage of Bitcoin is the fact that transactions cannot be reversed.

See, with almost any other payment method transactions are reversible. Or at least disputable. Heck, even PayPal lets you dispute even though their judgement system is the worst.

Apparently the Lightning Network is going to solve this. I don't know. I have been scammed one too many times to trust people in crypto anymore.


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August 18, 2017, 09:06:46 PM
 #178

Disadvantage
Its is digital, so you do not have it physically.(advantage and disadvantage)
Few people are aware about digital currencies and only some of them know how to use it.
Do you really think that a digital currency is a disadvantage when the world is changing and we are talking about this in 2017 when everything is digital and majority of the world is making use of it,the only disadvantage i see is the transaction delays we have still even after the fork and i really think we would hit another bottle neck if we see more users coming in pretty soon.














 

 

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ajmapalo22
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August 18, 2017, 09:57:35 PM
 #179

The biggest disadvantage of bitcoin is it's ease of adaptability in the market...we all know not  everyone has the knowledge with internet which is the main reason why bitcoin cannot replace any currency in the market...the technology of bitcoin cannot be implemented to all levels of society

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August 18, 2017, 11:04:11 PM
 #180

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 price volatility.
And in some countries, people have to try harder before they can get someone one to buy Bitcoin in local currency.

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