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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25027 times)
coynedterm
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August 22, 2017, 03:27:34 AM
 #221

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

Thank you!
Luckily i didn't found any disadvantage in the bitcoin myself  and here i have posted about the bitcoin love that why i am bitcoin lover https://bitcointalk.org/index.php?topic=2073793.msg21085513#msg21085513 .
But still from those people i heard about the bitcoin who are saying it is not better for the economy of the country because unlimited flow of money from one country to another without much control , but I don't understand why they are not thinking that money is also flowing in our country and making people grow with money and getting also better joh opportunities where they don't need to work under any boss and they can do freely that what they want to do .
Second disadvantage that i heard about the taxation , but i don't think the all people not giving tax because there are many people who are paying tax for the earnings of the bitcoin , so government of every country needed to make strickt rule about the bitcoin tax only instead to ban or anything like because ban of bitcoin is not possible because every person who can use internet also can access bitcoin ( decentralised currency ) .


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August 22, 2017, 03:35:01 AM
 #222

The biggest disadvantage of bitcoin is very useful for criminals who want to hide money from the crime, and Bitcoin can also be abused by people who want to hide their income from the government, and avoid paying taxes. In addition, bitcoin has a shortage of currency in the form of unreal, Although the form is not real, does not mean Bitcoin free from theft but very vulnerable to crime, one of which is a crime committed by hackers who can steal all our data

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August 22, 2017, 07:28:31 AM
 #223

The biggest disadvantage of bitcoin is very useful for criminals who want to hide money from the crime, and Bitcoin can also be abused by people who want to hide their income from the government, and avoid paying taxes. In addition, bitcoin has a shortage of currency in the form of unreal, Although the form is not real, does not mean Bitcoin free from theft but very vulnerable to crime, one of which is a crime committed by hackers who can steal all our data

I also think of this, bitcoin is the decentralization of the currency and all things are entrusted to the user only, but we are not complex human beings and certainly require the security and comfort of the legality of state institutions, it is still ironic because many crimes can not be controlled from the use of bitcoin, The strongest point and turns out to be the point of disadvantages.

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August 22, 2017, 08:32:07 AM
 #224

The biggest disadvantage of bitcoin is very useful for criminals who want to hide money from the crime, and Bitcoin can also be abused by people who want to hide their income from the government, and avoid paying taxes. In addition, bitcoin has a shortage of currency in the form of unreal, Although the form is not real, does not mean Bitcoin free from theft but very vulnerable to crime, one of which is a crime committed by hackers who can steal all our data

I also think of this, bitcoin is the decentralization of the currency and all things are entrusted to the user only, but we are not complex human beings and certainly require the security and comfort of the legality of state institutions, it is still ironic because many crimes can not be controlled from the use of bitcoin, The strongest point and turns out to be the point of disadvantages.
well we cant avoid that because even centralized currency are also been use for criminalities so I guess we cant say that its a disadvantage meanwhile
I seen that as an advantage because we don't need to put our money inside the banks and allow them to take advantage of our money.

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August 22, 2017, 08:35:40 AM
 #225

The biggest disadvatage of Btc is that isn't legal so the banks can't make transactions with it.
In addition, it is used a lot in the dark net so its reputation is not that good.

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August 22, 2017, 12:41:23 PM
 #226

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.
Thank god! At least there is someone who thinks like me that volatility is not the disadvantage at all. It is the beauty of bitcoins and this factor is playing fundamental role in attracting new investors. Legalization can also not be associated with bitcoins as their disadvantage. They are doing their job very well; legalization is in hands of the people.

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August 22, 2017, 12:45:52 PM
 #227

The biggest disadvantage of bitcoin is the high fees for the transaction and the inability to recover the password, but the advantages of bitcoin are much greater than these small shortcomings.

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August 22, 2017, 12:52:15 PM
 #228

The biggest disadvantage of BTC is its age. Even though its about 8 years old right now, that is a very young age.

Then for newbie users, the biggest disadvantages are the complexity and old interfaces, technical terms, etc

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August 22, 2017, 12:56:40 PM
 #229

The biggest disadvantage of bitcoin is the high fees for the transaction and the inability to recover the password, but the advantages of bitcoin are much greater than these small shortcomings.
The fee per transaction is only relevant for trade. No reduction of fees we will not be able to develop trade with bitcoins. On the other hand, increasing fees for transaction encourages users to collect on account of the large amount and this increases the capitalization of bitcoin.

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August 22, 2017, 01:30:09 PM
 #230

A huge disadvantage of bitcoin is the high threshold in terms of getting familiar with it. It is so much more difficult to learn and use than fiat these days. Regular people are not interested in blockchains, blocks, seeds, inputs, outputs etc. Not everyone wants to know the mechanics behind the crypto currency.
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August 22, 2017, 02:19:59 PM
 #231

A huge disadvantage of bitcoin is the high threshold in terms of getting familiar with it. It is so much more difficult to learn and use than fiat these days. Regular people are not interested in blockchains, blocks, seeds, inputs, outputs etc. Not everyone wants to know the mechanics behind the crypto currency.
It just need time to make it fine. Familiarity requires time and experience, and interest on knowing it. When we used on it will be easy to explain it to others. But in time btc and cryptos will have their time and it will be acknowledged by many.

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August 22, 2017, 05:27:45 PM
 #232

The biggest disadvantage of bitcoin is very useful for criminals who want to hide money from the crime, and Bitcoin can also be abused by people who want to hide their income from the government, and avoid paying taxes. In addition, bitcoin has a shortage of currency in the form of unreal, Although the form is not real, does not mean Bitcoin free from theft but very vulnerable to crime, one of which is a crime committed by hackers who can steal all our data
Yes, I also agree with you about this. Bitcoin is apparently becoming a target for cyber-attacks. According to my understanding, in the past few years, especially in 2017, there have been many cyberattacks, stealing confidential information for Bitcoin ransom, highlighting is the wannacry virus. However, this is very hard to avoid, Bitcoin nature is decentralized, anyone can use it, it is not distinctive. However, Bitcoin has many benefits, helping the economy. I find it still very good

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August 22, 2017, 05:40:32 PM
 #233

For me it is definitely the transaction time. Sending money is taking too much time right now, and that make daily usage not possible as of today. I sincerely hope that will be enhanced in the future.
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August 22, 2017, 07:45:34 PM
 #234

The biggest disadvatage of Btc is that isn't legal so the banks can't make transactions with it.
In addition, it is used a lot in the dark net so its reputation is not that good.
Well let me tell you truth about why bitcoin is not legalized, it is because to hide transactions from government and central banks, if these transaction expose to any country’s government then they will start applying taxes and it makes out profit decrease and I think there is not any illegal in the features of bitcoin, and dark net is not a problem.

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August 22, 2017, 07:50:39 PM
 #235

The biggest disadvantage of Bitcoin is definitely the transactions cannot be reversed. Why is this a disadvantage? Name me one other method of payment which cannot be reversed if you click the wrong button or whatnot. Bitcoin deals with lots of money I think in the future there will be insurance companies or maybe not because how can you prove no one owns an address which the money was sent? You can't. See, this is why it is the biggest disadvantage in my opinion. And it helps scammers to.


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August 23, 2017, 09:12:41 AM
 #236

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

Yes, so far there is no disadvantage of bitcoins as such; the only thing that some people don’t like about bitcoins is their volatile nature. Nothing can be done about this. The volatile nature makes bitcoins special than other physical investments. Fluctuations as you said can be used for our advantage. All depends on us how we treat them.

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August 24, 2017, 07:07:39 PM
 #237

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.
Bitcoin can never be used as a currency. Bitcoin is a part of the digital world. Bitcoin will not be just used as a currency but it may be used as an global currency to purchase commodities or services outside the country. Bitcoin is a good and easy source to make transactions globally.

Bitcoin has some major drawbacks like the illegal use in black market. Also the heavy transaction fees is the main issue. It matters a lot for those who earn a small income and make small transactions.

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lixer
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August 24, 2017, 08:59:42 PM
 #238

The biggest disadvantage of Bitcoin is definitely the transactions cannot be reversed. Why is this a disadvantage? Name me one other method of payment which cannot be reversed if you click the wrong button or whatnot. Bitcoin deals with lots of money I think in the future there will be insurance companies or maybe not because how can you prove no one owns an address which the money was sent? You can't. See, this is why it is the biggest disadvantage in my opinion. And it helps scammers to.
So far, this is the only thing that makes me sad about bitcoins. Bitcoins are worth legalization but governments and banks are afraid of their own existences. Governments will no longer be able to snatch money from innocent people in the name of taxes an banks will no longer be able to entangle you in their sharp policies. 

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August 24, 2017, 09:29:43 PM
 #239

The volatility makes the buyers afraid, although theoretically, the latter should diminish as its use increases. In sum, the more people and households will use the BTC, the more stable the price. Moreover, the volatility of the currency is also due to the fact that the number of Bitcoins is still very low compared to the demand. This disadvantage is therefore temporary since we recall, the programming is made in such a way that the maximum number of currencies (21 million) is reached in 30 years.
 

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August 24, 2017, 10:41:54 PM
 #240

Cryptography is very complicated to understand, most people will be well not able to understand the precise function of this currency if it is democratizing. The principle of money is rather simple to consider.It has a limited acceptance so far and can not be used in many brick and mortar stores, even if it can possibly change if it continues to gain traction. The dollar, on the other hand, has almost universal acceptance as world reserve currency

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