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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25027 times)
Sled
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August 21, 2017, 02:22:03 PM
 #201

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.

The split on the chain doesn't mean that it will divide the community into two, the chain is the only who splits and not the users or community of bitcoin. It is still up to the people if they will go into bitcoin cash community or if they are going to stay here in bitcoin community. It is all up on us so there is nothing to worry about the community.

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August 21, 2017, 02:33:14 PM
 #202

I tried to stress my brain but there are none really! If you start pulling the disadvantages of bitcoin then there will be no time for earning profits from it! Let's keep our bitcoin more advantageous by investing in it as fully perfect currency of the era.  Cool
There is no reason to hate bitcoin after all these years it has given us big profits and set up our lives in perfect sense. Just love it and don't really care if there are any disadvantages of bitcoin because for me it's working properly.

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August 21, 2017, 02:50:05 PM
 #203

for me the biggest disadvantage if its been hack they said bitcoin will be safe until 2030-2040  but if large group and large company will combine together bitcoin will end second if the bitcoin price  will down so much and never kick back again. but this is only will happen on future no one know

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August 21, 2017, 02:50:34 PM
 #204

I'd say that the high fees and the delayed confirmations are the biggest disadvantages with Bitcoin. And that is the reason why some of the altcoins (such as Bitcoin Cash and Ethereum) are going up against BTC now.

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August 21, 2017, 02:54:09 PM
 #205

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

Thank you!
one of bitcoin disavantages as a currency is scalability. BUT it can turn out to be whats keeps BTC going if newer Currency tech develops BTC can stay and be a good store of value asset.

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August 21, 2017, 03:02:35 PM
 #206

The biggest disadvantage is Unpredictability.

Bitcoin costs are exceptionally unstable and up/down at a high pace. Examiners wish to exploit it yet honest to goodness financial specialists considers it excessively hazardous and in this way every one of the speculators does not put funds into Bitcoins.
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August 21, 2017, 03:15:03 PM
 #207

      One of the biggest disadvanyage of bitcoin is the lack of any central body to control its price as well as provide assurance to its value.Due to this,there is high volatility in price of bitcoin.Bitcoin price has risen almost from $1850 last month to around $4100 today and there is also a chance for the price to go in reverse to $1850.
    
      Pseudo anonymous nature of bitcoin is also a disadvantage for users who do transactions of huge amou nts because government authorities could easily trace their transactions.

      Scalability of bitcoin is also an issue for users who hold it for long terms.As bitcoin infrastructure has not developed that much,in future,a huge conjestion may occur in transactions.For that reason only,segwit has been recently implemented.

      Bitcoin users must have to check the authenticity of the websites which they are going to use for their transactions as we have recently heard many scam accusations against some websites.

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August 21, 2017, 03:18:25 PM
 #208

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

Thank you!
the disadvantage of bitcoin for me is, bitcoin as of today is the most valuable token/coin right but if all the people will use this the transaction will get slow then people will not get satisfied if that happen many business will affect, also bitcoin uses as mode of transaction of illegal activities because it is untraceable.

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August 21, 2017, 03:31:04 PM
 #209

Since cryptocurrencies are in development phase I wouldn't call it a disadvantage but let's mention it as the areas where we have room for development.

* Fees - Currently cryptocurrency is the best option to send or receive funds on the international level, it is fast, cheap and easy to use as compared to that of other payment processors. However, it is not such user-friendly for the micro transactions. We should work on that issue and if we could find a sustainable practical solution then it will tremendously boost the user base. If the things of daily use are available at an equal price of Bitcoin transaction fees then why would someone choose to pay with Bitcoin instead of cash?

* Volatility - let's accept the fact that many companies and even individuals are staying away from seriously using Bitcoin because of uncertainty in the price. We can't do much about it at this stage because we are rapidly growing day by day and volatility will be there at any stage of time during this growth.

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August 21, 2017, 05:17:45 PM
 #210

There are advantages there must be a weakness ..
I think the biggest weakness of bitcoin is very risky lost because the files stored wallets are very susceptible to damage, let alone virus that attack the hard disk, which makes bitcoin lost just so.
And bitcoin is speculative so everyone who invests bitcoin Will be worried because the price is unstable.

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August 21, 2017, 05:24:01 PM
 #211

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 price fluctuation, and it's also hard to change to fiat some third world countries.  

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bitcoinmaniac52
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August 21, 2017, 05:32:54 PM
 #212

I can't see any other disadvantage bigger than the fact that transactions are 100% irreversible. This is hugely detrimental in many ways and as we see it allows scammers to get away with almost anything. It allows criminals to walk away free.

Back in the "Wild, Wild West" there were no cameras, heavy security, etc. for financial institutions. Criminals could do what they do not with Bitcoin by simply walking into a bank or store with a gun and then rise off into the next town to get away.

I feel in the coming decades technology should be introduced which will allow for safer transactions, like a major escrow company or something that would make it easy to do transactions online but also remain decentralized.


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August 21, 2017, 08:39:30 PM
 #213

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.
as you know it is just a start for bitcoin, as the time pass the bitcoin assistant work to minimize that fee, because they also want to make bitcoin as a currency, sooner the action will be taken against those who charge so much transaction fees, try blockchain they apply so less transaction fees and also, and deposit fees is less now a days, on $10 the fess is $0.2.

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August 21, 2017, 10:21:43 PM
 #214

      One of the biggest disadvantage of bitcoin is the lack of any central body to control its price as well as provide assurance to its value.

But that is BTCBTCBTC's main purpose, to get way from centralization and control of financial institutions.

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August 22, 2017, 01:56:37 AM
 #215

Bitcoin biggest advantage is that it has no physical form, It cannot be used in physical stores. It would always have to be converted to other currencies for us to buy some stuffs.

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August 22, 2017, 02:22:47 AM
 #216

Bitcoin biggest advantage is that it has no physical form, It cannot be used in physical stores. It would always have to be converted to other currencies for us to buy some stuffs.
maybe bitcoin can has physical form, there are some service that selling the coin that include private key inside, but if buy in store with physical form, what will be different with fiat? bitcoin is digital currency

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BCMB
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August 22, 2017, 02:31:22 AM
 #217

I'd say that the high fees and the delayed confirmations are the biggest disadvantages with Bitcoin. And that is the reason why some of the altcoins (such as Bitcoin Cash and Ethereum) are going up against BTC now.

I'd have to agree with this. Having not used Bitcoin for quite a while, then coming back after telling my friends how awesome/quick/cheap it is to use, it was a bit embarrassing when I needed to have a $5+ fee to send my Bitcoins to a different wallet (even then I had to wait 4+ hours).

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August 22, 2017, 03:00:51 AM
 #218

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 way it has a high price but it is still not that popular or not properly accepted by stores. I think it is also because of the volatility of bitcoin. And also, it's transaction is so slow making the users irritated.
I agree. Its volatility is a big factor why it is not yet legal to most countries and why it is not accepted by other retailers. The demand is not enough to make Bitcoin's value, highly stable. Maybe we need to encourage more people to use and invest to it, in that way the demand eill increase that will make it less volatile. And hopefully, it will be demanded by most of the people to make Bitcoin legal to most of the countries that will benefit the whole Bitcoin community as well as the countries where it will be legal.

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August 22, 2017, 03:06:05 AM
 #219

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 way it has a high price but it is still not that popular or not properly accepted by stores. I think it is also because of the volatility of bitcoin. And also, it's transaction is so slow making the users irritated.
I agree. Its volatility is a big factor why it is not yet legal to most countries and why it is not accepted by other retailers. The demand is not enough to make Bitcoin's value, highly stable. Maybe we need to encourage more people to use and invest to it, in that way the demand eill increase that will make it less volatile. And hopefully, it will be demanded by most of the people to make Bitcoin legal to most of the countries that will benefit the whole Bitcoin community as well as the countries where it will be legal.

I think it's not a Bitcoin disadvantage, but a countries and retailers disadvantage.  Cheesy

It's not Bitcoin fault if people don't accept it, they are fools, if they fear the volatility they can exchange Bitcoins to dollars or their local currency very often. Countries restrictions make this a bit harder, but it's not a Bitcoin problem anyway...

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August 22, 2017, 03:21:57 AM
 #220

Bitcoin biggest advantage is that it has no physical form, It cannot be used in physical stores. It would always have to be converted to other currencies for us to buy some stuffs.

I see this as a benefit, not a disadvantage. I hate carrying cash, and I know a lot of other people that do as well. Conversion can happen automatically.

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