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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25013 times)
batang_bitcoin
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August 18, 2017, 11:53:09 PM
 #181

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

Just don't think about those people who doesn't have an idea about internet. We are in the modern days that everyone can easily learn about it so it's not totally a counted disadvantage of bitcoin and it's not the biggest. What majority is concerned of is the transaction confirmation, the delay, the fees sort of like those things.

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August 19, 2017, 06:46:03 AM
 #182

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

Just don't think about those people who doesn't have an idea about internet. We are in the modern days that everyone can easily learn about it so it's not totally a counted disadvantage of bitcoin and it's not the biggest. What majority is concerned of is the transaction confirmation, the delay, the fees sort of like those things.
That is what the developers of bitcoin should be focused on. They should focus in improving bitcoin into a better currency so they can have a great progress in bitcoin and because of that there is nothing necessary for the problem of adaptability because people will just adjust for bitcoin because they will see a good and stable progress in bitcoin compare to other coins.

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August 19, 2017, 12:56:06 PM
 #183

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

Thank you!
Probably its volatility. There are people who hesitate on investing to Bitcoin because they know that its market value is sometimes decreasing. Maybe it is because of the demand. All cryptocurrency including Bitcoin, depends on the market demand when it comes to each of its price. Its volatility is maybe also the reason why there are still countries where Bitcoin is not legal as a currency. But there's an aid to this, if the demand will continue rising, Bitcoin wil be less volatile.

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August 19, 2017, 04:20:03 PM
 #184

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 would be crypto's volatility. It's not stable, making investors hesitate to invest. It also makes the demand decrease.

It can also be the following:
*Transactions cannot be reversed which can cause scams.
*Bitcoins are not accepted by all.
*Wrong speculations about it are spreading making a person with bitcoin look like an illegal transactor.
*And it has no physical form, which makes it hard for us to use it urgently.

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August 19, 2017, 04:58:44 PM
 #185

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

Thank you!
IMO the greatest advantage is that you are profiting for just having money. Basically you are making money by holding onto money. That's what is best about BTC, all it has done till now is increase in price and I'm sure that's what is going to happen in future.

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August 19, 2017, 05:26:57 PM
 #186

Bitcoin is killing its own purpose as a currency. Bitcoin has largely became an investment asset today and not a currency for everyday transactions. Because of its deflationary currency people refrain from using it in everyday transactions and tend to hold it for future profits. Bitcoin wasn't only meant for investment and trading.

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August 19, 2017, 06:22:57 PM
 #187

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.
Most users who do not use bitcoin as an investment will surely think that fluctuations are a scourge for them and think it is possible to incur losses on them as it will make bitcoin prices up and down very quickly. Whereas if fluctuations can be exploited as what is done by the trader may be fluctuation is not a loss anymore for them. But as an advantage

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August 19, 2017, 06:27:02 PM
 #188

Maybe there are quite a few. It price is highly volatile with huge gains and at other times massive corrections. Therefore, it is not the best investment in the short - term.
At the moment, we have a problem with block-size. Transaction fees are increasing exponentially and confirmation times are also on a high. Developers are trying to fix this with SegWit, but personally, I don't think that it is efficient especially when new interest is sparked in Bitcoin. Another major problem is that not many merchants offer bitcoin as payment. Hence, making it very hard to actually use in the day life. It not supported by any government and the price of bitcoin might drop to the floor someday if something happen like if hacker csn hack on it someday.
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August 19, 2017, 07:11:10 PM
 #189

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

Thank you!
IMO the greatest advantage is that you are profiting for just having money. Basically you are making money by holding onto money. That's what is best about BTC, all it has done till now is increase in price and I'm sure that's what is going to happen in future.
If all investor choose this way like you, I think Bitcoin never growth because it not rare like Gold or Real Estate and is virtual value.
Marketplace is the tool helps transfer money from losser to winner, remember that rules.

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August 20, 2017, 04:39:37 AM
 #190

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

Thank you!
Probably its volatility. There are people who hesitate on investing to Bitcoin because they know that its market value is sometimes decreasing. Maybe it is because of the demand. All cryptocurrency including Bitcoin, depends on the market demand when it comes to each of its price. Its volatility is maybe also the reason why there are still countries where Bitcoin is not legal as a currency. But there's an aid to this, if the demand will continue rising, Bitcoin wil be less volatile.
I think volatility should be taken as an advantage. If the bitcoins will become stable, what would be the difference between bitcoins and other conventional currencies? People are highly attracted towards bitcoins because of its volatile nature. It is easy for new traders to invest into bitcoins when prices are low. Volatility leads to the circulation of bitcoins.

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August 20, 2017, 08:05:19 PM
 #191

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

Thank you!
One major disadvantage :-people.  And here's why:
When ever something new comes up, people think that they are obliged to know all the disadvantages so that they won't get into a loss. Now what can people think wrong about cryptocurrency?  Well here is some of em that people have told me till now:
"It's price is very high,I'll end up getting scammed."
"It doesn't even exist physically aka it's intangible so I won't trust that it exists and I can't even see whether or not  I have it."
"Dude, are you doing illegal stuff? "
"I don't want to make my hands dirty, it's not even official."
"Are you saying if I use bitcoin, people can see my money and how much I have it? "
"If it's price keeps on changing, how will I get profit?  Also man don't get into this you will get into trouble because it is bull shit and please don't tell me about this ever again."
These are a very few sentences of many heard, so I just narrowed it down .

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August 20, 2017, 08:34:11 PM
 #192

In my opinion, bitcoin does not reach any popularity on TV and in government sectors. The bitcoin still in a silent mode because it is still not gain popularity on people, because it is hard to explained  the advantage of it.  They think that it gives a negative learning to us because of investment.

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August 21, 2017, 09:10:27 AM
 #193

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.

It's not a disadvantage, it's a feature.

At the moment, it's the fees that's killing this BTCBTCBTC economy. Imagine transferring $10 with a $1.5-$2 fee just for decent confirmation.

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August 21, 2017, 09:33:00 AM
 #194

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, in my opinion, is its volatility. Also, it don't have physical value unlike Bitcoin. Maybe these reasons are making countries where bitcoin is not yet legal, to doubt about its legalization. But if the demand will continu rising, there's a chance that its market value will become highly stable.

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August 21, 2017, 09:50:24 AM
 #195

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, in my opinion, is its volatility. Also, it don't have physical value unlike Bitcoin. Maybe these reasons are making countries where bitcoin is not yet legal, to doubt about its legalization. But if the demand will continu rising, there's a chance that its market value will become highly stable.
Volatility is not a disadvantage that is the factor that is good for bitcoins and its make a profit if bitcoin was stable it will be not to profitable. In legalization and the demand it will happen and the demand is continuously increasing don't need to question it.

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August 21, 2017, 10:56:05 AM
 #196

One of its advantage is its, volatility. The value is unpredictable and unstable, we can never say when will it get high and when will it get crash. It demands really careful handling of bitcoins, but at the same way it is also an advantage because it has a big potential to really hit a high value. Another advantage is its high transaction fee, unlike before you’ll have to pay small amount of transaction fee but now it’s getting more and more higher. Moreover, it’s becoming slower when transacting.

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August 21, 2017, 11:01:01 AM
 #197

The biggest drawback of bitcoin is too high fees and because of this it can no longer be considered a currency for everyday purchases. It is good, but only as an asset, not as a currency.

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August 21, 2017, 12:45:08 PM
 #198

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 advantage of bitcoin nowadays is that even it has already been widely used worldwide, there are still countries that do not yet legalize bitcoin usage and as a result, the establishments in the vicinity do not accept bitcoin usage yet and also they do prefer fiat than bitcoin as a term of payment. Also even though bitcoin can be accessed online, there may be hard times that internet connection might be abundant so how can we access bitcoin.

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August 21, 2017, 01:08:11 PM
 #199

To me the biggest disadvantage are split chains.
Dividing up one big community into two ore more different parties is never a good thing.
It always opens the door a little bit furter for a third party to become the new leader.
In case of bitcoin: if more chain splits will happen, the industry might consider Ether or Ripple to be a substitute for bitcoin as the offered payment option.

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August 21, 2017, 01:16:44 PM
 #200

As a Bitcoin user, the disadvantage that I have experienced so far is the very high risk of it from being stolen or used illegally. I've seen how hackers cleverly try to phish information or get into your account. I also experienced how volatile the price can be. It is very unpredictable in such a way that a lot can change in a span of a month.  Also, it not yet very known in my country. It's not easy to convert our currency to Bitcoin and vice versa. There is only one reliable platform. Others, I haven't yet explored and won't even bother due to a lot of shady reviews.

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