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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 21073 times)
syaripudin
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July 08, 2017, 09:54:47 AM
 #21

Bitcoin is a digital transaction tool that is currently already many people start using it but there are some weaknesses of bitcoin. Because bitcoin is a digital transaction tool of course we must have a very strong internet connection but sometimes internetpun network is not always support. It also needs legality to bitcoin transaction tool so that bitcoin user will be comfortable. And other weaknesses we can not give directly in the transaction

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July 08, 2017, 10:08:49 AM
 #22

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

Thank you!

Bear with me when I say an advantage is the ease of use, but I think it really is once you get a general understanding it can be quick and easy to use, the disadvantage is that it is hard to start using it for transactions and usage without spending some time learning the system. It kind of like a new Windows operating system you need to know where the buttons are or revert to an old design.
So in my opinion its best advantage is that it is a disruption that brings forth more innovation and design.
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July 08, 2017, 10:21:37 AM
 #23

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

Thank you!

Well disadvantages of bitcoin include

1. The sudden price changes, which make it an impossible everyday payment method. No one wants to buy milk for 0.0005 one day and the next day 0.0003. It would cause too much confusion for merchants who are new to bitcoin.

2. An internet connection is always required to make transactions with bitcoin, which could make it very hard to use in places with barely any internet, such as 3rd world countries, while fiat currencies would be easier to use.

3. High fees and slow confirmation times, which make it annoying to use, which may cause users of bitcoin to swap to another payment method, and will also not be as attractive as other payment methods.

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July 08, 2017, 11:36:55 AM
 #24

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

Thank you!
I do not see any disadvantage to bitcoin because bitcoin is very beneficial to me because it helps me to pay all my expenses and it helps me to pay my tuition for my college. That's why i do not see any disadvantages to bitcoin.
Yes I also can not see any disadvantages of bitcoin because bitcoin can help improve all the people of economy conditions those people use it, and also in future it will be more develop and improve the world economy because in future bitcoin will be very establish. And I hope in future bitcoin will very more improve our life and solve all over the financial difficulties.

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July 08, 2017, 11:45:50 AM
 #25

For me, the biggest drawback of crypto currency is that they can not be used without the Internet, without the Internet they simply do not represent any value.

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July 08, 2017, 11:47:05 AM
 #26

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

Thank you!
I do not see any disadvantage to bitcoin because bitcoin is very beneficial to me because it helps me to pay all my expenses and it helps me to pay my tuition for my college. That's why i do not see any disadvantages to bitcoin.
Yes I also can not see any disadvantages of bitcoin because bitcoin can help improve all the people of economy conditions those people use it, and also in future it will be more develop and improve the world economy because in future bitcoin will be very establish. And I hope in future bitcoin will very more improve our life and solve all over the financial difficulties.

Sure, I myself am a person who experiences it. I was a poor person, my family is also extremely difficult economic conditions. However, thanks to bitcoin, everything in my life became better.

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July 08, 2017, 11:49:52 AM
 #27

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 bitcoin is the number of users is not much, not easy to use bitcoin as other currencies, the price of bitcoin often volatile can rise and fall high abnormally high, finally The danger from hackers.

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July 08, 2017, 11:57:48 AM
 #28

For me, the biggest drawback of crypto currency is that they can not be used without the Internet, without the Internet they simply do not represent any value.

   I do don't see that as disadvantage, without internet I feel like I am cut from the world. My bills I pay with e-banking, so when I do not have
internet I wait to come and only then I pay, I do not bother to go around and pay bills.
   There is many articles, forum thread that point out pros and cons of bitcoin, more or less they are all the same, and they are repeating each
other, for me most important ones are:
-Bitcoins Are Not Widely Accepted
-Bitcoin Valuation Fluctuates
-No Buyer Protection
-Risk of Unknown Technical Flaws
   The last one is most interesting for me, bitcoin system could contain unexploited flaws. And as user without big technical knowledge I do not
know how much is possible for some flaws to be detected in future when bitcoin become adopted in most countries. One little flaw can ruin
entire system.

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July 08, 2017, 12:07:14 PM
 #29

This is one of the disadvantages because As a virtual currency, bitcoin stored in the form of digital files or known as wallet.Sedang used, wallet files similar to the cash register function.
However, wallet files stored on the hard disk of your electronic equipment are very vulnerable to damage.Besides, a virus that attacks your hard disk can also make the stored bitcoin just disappear.
Digital wallets can also be hacked and stolen through malware. Not to mention the risk of hard disk content of bitcoin owners being erased accidentally.More painful than cash, you lose all the contents of the wallet without being traceable where the losses.
In addition, people with computer skills potentially steal money.

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July 08, 2017, 12:37:34 PM
 #30

Right now, the biggest disadvantage with the Bitcoin is the slow confirmation and limited block size. Yesterday, I transferred some of my coins from Blockchain.info to Localbitcoins. I paid a fee of around 65 Sat / Byte, and even then, the transaction didn't got confirmed for 3-4 hours. Finally I had to accelerate my transaction through viaBTC.

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July 08, 2017, 12:41:06 PM
 #31

Due to the ability of hiding one’s identity, Bitcoins have been used as a gateway to illegal activities. Its characteristic of being unable to be tracked and its lack of government intervention may attract the proliferation of criminal or illegal activity. Several cases on illegal transactions have been linked with Bitcoin - some of which are the notorious cases of Silk Road Drugs and Mt. Gox. Due to the lack of government intervention, Bitcoin’s value is highly volatile. This means that its value can substantially increase or decrease in a short period of time without notice.

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July 08, 2017, 12:47:15 PM
 #32

For me, the biggest drawback of crypto currency is that they can not be used without the Internet, without the Internet they simply do not represent any value.

Pretty much true for any sort of payments except for cash. Ever tried withdrawing money during a network outtage?

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July 08, 2017, 12:51:02 PM
 #33

For me, the biggest drawback of crypto currency is that they can not be used without the Internet, without the Internet they simply do not represent any value.

Pretty much true for any sort of payments except for cash. Ever tried withdrawing money during a network outtage?
correct can't do any transactions without the internet connection I think its should also be consider to have some ways to deal with crypto
without accessing the web, I'm not really sure if mobile apps can be develop to continue its progress.

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July 08, 2017, 02:43:53 PM
 #34

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

Thank you!

Well disadvantages of bitcoin include

1. The sudden price changes, which make it an impossible everyday payment method. No one wants to buy milk for 0.0005 one day and the next day 0.0003. It would cause too much confusion for merchants who are new to bitcoin.

2. An internet connection is always required to make transactions with bitcoin, which could make it very hard to use in places with barely any internet, such as 3rd world countries, while fiat currencies would be easier to use.

3. High fees and slow confirmation times, which make it annoying to use, which may cause users of bitcoin to swap to another payment method, and will also not be as attractive as other payment methods.



For me, the biggest disadvantage of bitcoin is that it can’t be used to pay for normal money transactions and can't be used without internet connection. We all know that it is very effective and useful in online transactions online, plus the fact that we can earn it also online, but it needs internet connection before it can be used. Not all of the people in the world knows how to used internet and there are countries who aren’t reached by the modern technology making it impossible for them to perform online money transactions.

Bitcoin is not made to be used in paying 5 pieces of candies that we bought at a store, or to pay for a branded shirt that we buy at a mall and etc.

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July 08, 2017, 03:17:25 PM
 #35

Bitcoin is not made to be used in paying 5 pieces of candies that we bought at a store, or to pay for a branded shirt that we buy at a mall and etc.

I strongly disagree with this stance

By saying that Bitcoin was not made "that way", you seem to be rationalizing the high fees that you will have to pay for buying small and casual things like candies and T-shirts. Bitcoin was conceived as money specifically, and money should equally well facilitate the exchange of even most insignificant things. Otherwise it can't be money since how are you going to exchange all these thingies for it?

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July 08, 2017, 04:12:09 PM
 #36

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 bitcoin is its price fluctuating strongly and its anonymity,
Bitcoin is being used as payment for all types of illegal activities and we all know that money could be used too but bitcoin has become famous because of it,
And it has been through the internet bitcoin has made it pretty easy to buy some illegal drugs because of its anonymity.

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July 08, 2017, 04:24:17 PM
 #37

The disadvantage is only for the miners. If you see the mining calculator if a person is able to produce 2.4 GH/S power he wouldbe able to earn only 0.006$ per month excluding the fees. If he mines ethereum he would earn 7400$ excluding fees witg the same 2.4 GH/S of fees. We all should be happy that bitcoin network still confirms transactions within a hour if it was you and me just imagine why would i even mine bitcoin

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July 08, 2017, 04:30:52 PM
 #38

The disadvantage is only for the miners. If you see the mining calculator if a person is able to produce 2.4 GH/S power he wouldbe able to earn only 0.006$ per month excluding the fees. If he mines ethereum he would earn 7400$ excluding fees witg the same 2.4 GH/S of fees. We all should be happy that bitcoin network still confirms transactions within a hour if it was you and me just imagine why would i even mine bitcoin

Well, you may want to learn about mining difficulty

Bitcoin is preset to get blocks every 10 minutes on average at the given mining difficulty and current hashrate. And this mining difficulty doesn't grow on its own. It grows exclusively because of miners competing among themselves and adding more hashpower to get a competitive edge over other miners. If there were no such competition (say, all miners decided to leave), the mining difficulty would readjust after some time, and you would be able to mine bitcoins and confirm transactions just like the most insane mining farm out there does right now

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July 08, 2017, 04:32:44 PM
 #39

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

Thank you!

Possibly the biggest disadvantage is that it relies on miners to transfer bitcoins and for a fee. This fee is not a set amount or a set percentage and could change over time. Fees could get very large as fewer coins are mined and miners rely almost completely on fees to make mining worth it.
Yes I consider the fact that bitcoin is vulnerable on miners specifically on the loss of bitcoin in many transaction series in block chain is mainly because of the mining. But this issues and cases is somehow just apart of development of bitcoin and if this will be going to b Reaves there is a possibility for a wider series of development and progress that might finally happened to bitcoin system on transaction and security.

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July 08, 2017, 04:35:40 PM
 #40

Bitcoin is not made to be used in paying 5 pieces of candies that we bought at a store, or to pay for a branded shirt that we buy at a mall and etc.

Lol, so how you justify the use of Bitcoin. Is it created to hide in your wallets and wait for others to crave for its supply and then you open you orders at higher prices?
What do you think bitcoin is, price manipulating tokens to earn profits?
I think bitcoin won't prosper to extreme bounties of society until it really comes handy to people for making any type of payment.

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