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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25014 times)
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August 24, 2017, 10:44:03 PM
 #241

For me nothing bitcoin is perfect as long as i can use it no matter what people tell to bitcoin  the important is bitcoin helps me too much to rise again in living. Hoping also that bitcoin soon will be accepted in to local store and other online store so that we can use our bitcoin without exchaning it into fiat currency.

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August 24, 2017, 10:46:12 PM
 #242

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.

Western Union. If the recipient has picked up the money, you can't get a refund. If the money is still waiting for pick up you can get it back with the original paperwork but get hit with non refundable fees.

Paypal has some rather annoying procedures and there are plenty of horror stories about people not getting a refund.


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August 24, 2017, 10:49:28 PM
 #243

For me nothing bitcoin is perfect as long as i can use it no matter what people tell to bitcoin  the important is bitcoin helps me too much to rise again in living. Hoping also that bitcoin soon will be accepted in to local store and other online store so that we can use our bitcoin without exchaning it into fiat currency.

But a transaction can take hoursto confirm. Are you going to wait hours in the shop? Transactions are also irreversible and can only be reimbursed by the recipient. What if you have a problem while buying...
These limitations do not exist with conventional currencies, where debit and credit transactions are confirmed in a few seconds; Some operations may also be canceled for reasons that are valid by the shipper, without having to rely on the generosity of the beneficiary.

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August 24, 2017, 10:55:33 PM
 #244

For me, its disadvantages are its high fees. And also for its votality.  Smiley
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August 24, 2017, 11:47:20 PM
 #245

For me nothing bitcoin is perfect as long as i can use it no matter what people tell to bitcoin  the important is bitcoin helps me too much to rise again in living. Hoping also that bitcoin soon will be accepted in to local store and other online store so that we can use our bitcoin without exchaning it into fiat currency.

But a transaction can take hoursto confirm. Are you going to wait hours in the shop? Transactions are also irreversible and can only be reimbursed by the recipient. What if you have a problem while buying...
These limitations do not exist with conventional currencies, where debit and credit transactions are confirmed in a few seconds; Some operations may also be canceled for reasons that are valid by the shipper, without having to rely on the generosity of the beneficiary.
Nowadays maybe many bitcoin users will be less likely to spend their bitcoins. Imagine the price of bitcoin soaring higher and certainly will affect the high fee. But the expensive fee is not worth the facilities you get because you have to wait maybe a few hours for the transaction can be confirmed. Yeah right what you said dude. is it you want to wait a few hours in the store just to wait for confirmation lol

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August 25, 2017, 02:28:58 AM
 #246

For me nothing bitcoin is perfect as long as i can use it no matter what people tell to bitcoin  the important is bitcoin helps me too much to rise again in living. Hoping also that bitcoin soon will be accepted in to local store and other online store so that we can use our bitcoin without exchaning it into fiat currency.

But a transaction can take hoursto confirm. Are you going to wait hours in the shop? Transactions are also irreversible and can only be reimbursed by the recipient. What if you have a problem while buying...
These limitations do not exist with conventional currencies, where debit and credit transactions are confirmed in a few seconds; Some operations may also be canceled for reasons that are valid by the shipper, without having to rely on the generosity of the beneficiary.
Nowadays maybe many bitcoin users will be less likely to spend their bitcoins. Imagine the price of bitcoin soaring higher and certainly will affect the high fee. But the expensive fee is not worth the facilities you get because you have to wait maybe a few hours for the transaction can be confirmed. Yeah right what you said dude. is it you want to wait a few hours in the store just to wait for confirmation lol
The delays and fees were always in doubt in terms of btc transactions,it is perfectly designed for our benefits and convenience yet smdue to number of users it can't accumulate all the traffic that causes the delays and we hope that we get the right service for the fees we paid.

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August 25, 2017, 02:39:02 AM
 #247

For me, its disadvantages are its high fees. And also for its votality.  Smiley

Different I'm going to say that it is one of the disadvantage right now. I would say it because I have an experienced and did some transactions a while ago and I don't have choice as the recommended fee is 0.003 BTC damn that was too high and there's no adjustment with the fee and it's base on electrum.

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August 25, 2017, 02:45:47 AM
 #248

As other's have mentioned, learning curve. The largest feat Bitcoin (and cryptocurrencies in general) is/are going to have to overcome is getting the general public to understand and see value in cryptocurrencies to the point where they are willing to convert fiat to crypto.

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August 25, 2017, 09:31:48 AM
 #249

Bitcoin's biggest disadvantage is its value fluctuates according to its demand. This fluctuation of value will cause a big confusion. The other disadvantage is that bitcoin is not accepted by all places. Bitcoin is not that popular. Not all people know what bitcoin is. And since bitcoin is a digital currency, wallets storing bitcoins may be lost because datas may be corrupted.

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August 25, 2017, 04:22:35 PM
 #250

But a transaction can take hoursto confirm. Are you going to wait hours in the shop? Transactions are also irreversible and can only be reimbursed by the recipient. What if you have a problem while buying...
These limitations do not exist with conventional currencies, where debit and credit transactions are confirmed in a few seconds; Some operations may also be canceled for reasons that are valid by the shipper, without having to rely on the generosity of the beneficiary.

Sadly, that is the harsh truth that exists within Bitcoin and many cryptocurrencies on the market today. With issues such as scalability, it will limit their ability to become used in the mainstream world anytime soon.

Centralized payment systems still have the lead, since they're able to handle lots of transactions per second, allowing them to become used at a large scale. While it may take hours for us to buy a cup of coffee with Bitcoin, with Visa it takes only seconds making it the top choice among merchants and retailers worldwide.

However, this may subject to change as the blockchain technology matures enough, to be able to handle payments at a large scale, allowing it to step into the mainstream world. When this day comes, many traditional payment processors will become obsolete as people will prefer to use decentralized cryptocurrencies which give them control over their own money.

It is only a matter of time before the cryptocurrency space fully matures, to become a stronger rival against well-established payment solutions. Just my opinion Smiley

 

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August 26, 2017, 10:56:25 AM
 #251

Lower fees used to be a huge advantage of BTC a couple of years ago, when I started using BTC, but now due to the increasing difficulty rate in mining, and as less blocks get mined over a period of time, miners almost completely depend on the transaction fees of BTC to make mining worth it, and thus the transaction fees has been increasing pretty big time. That, for me seems to be the biggest problem of BTC, and there is no telling how much the transaction fees will increase over time as the market value and difficulty rate of BTC itself increase.

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August 26, 2017, 03:46:23 PM
 #252

There are several disadvantage related with using bitcoin, lets face the fact that bitcoin are still not widely accepted, only few merchant/physical store accept bitcoin as payment plus the high fee in every transaction are unreasonable,this disadvantages can really affect the growth of bitcoin.
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August 26, 2017, 03:54:47 PM
 #253

For me nothing bitcoin is perfect as long as i can use it no matter what people tell to bitcoin  the important is bitcoin helps me too much to rise again in living. Hoping also that bitcoin soon will be accepted in to local store and other online store so that we can use our bitcoin without exchaning it into fiat currency.

But a transaction can take hoursto confirm. Are you going to wait hours in the shop? Transactions are also irreversible and can only be reimbursed by the recipient. What if you have a problem while buying...
These limitations do not exist with conventional currencies, where debit and credit transactions are confirmed in a few seconds; Some operations may also be canceled for reasons that are valid by the shipper, without having to rely on the generosity of the beneficiary.
Nowadays maybe many bitcoin users will be less likely to spend their bitcoins. Imagine the price of bitcoin soaring higher and certainly will affect the high fee. But the expensive fee is not worth the facilities you get because you have to wait maybe a few hours for the transaction can be confirmed. Yeah right what you said dude. is it you want to wait a few hours in the store just to wait for confirmation lol
The delays and fees were always in doubt in terms of btc transactions,it is perfectly designed for our benefits and convenience yet smdue to number of users it can't accumulate all the traffic that causes the delays and we hope that we get the right service for the fees we paid.
- Yeah, the transaction confirmation time is very long although the transaction fee is quite high, sometimes our transactions are mysteriously disappeared, this is indeed the biggest disadvantage and also a wall that blocks the development of bitcoin in the future. If bitcoin can improve these issues in the best way possible, I think bitcoin will be very perfect in the eyes of many users.

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August 26, 2017, 04:00:54 PM
 #254

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 disadvantage of the bitcoin is the high fees. That is my main problem. The fees is really expensive. I only earning small amount of bitcoin in trading and the transaction fee their is so expensive

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August 28, 2017, 06:36:21 AM
 #255

There are two disadvantages in my opinion:
-Transactions are not reversible
-If you lose the key, you lose the money

I think these are the biggest disadvantages because people are used to have a way to fix errors: you can always reset your password, call the support service, go to your bank office, etc...in Bitcoin, there is no second chance, and that's a big responsibility that many people may not understand untill it is too late for them.

Also, these disadvantages are by-design. Some other Bitcoin problems like transaction fees or confirmation time will probably improve in the future as new developments are deployed. However, the problems I mentioned will require a full re-design of the coin.
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August 28, 2017, 06:46:16 AM
 #256

The biggest disadvantage of bitcoin is the high transaction fee and the large number of transactions getting stuck due to miners.After segwit activation,it was expected that all transactions could get solved and result was not found.But it was said that segwit would get completely locked in in november and after that,transaction fee would get reduced much and transactions would be confirmed soon.But now,new issue has arised that another hard fork is going to occur in november and miners are going to follow segwit 2x.We have to just wait and see whether this transaction problem gets solved at that time or not.

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August 28, 2017, 07:31:30 AM
 #257

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.
I can’t really tell if having no physical form is a disadvantage or advantage. But, in a way, it’s kind of a disadvantage because that makes it not to be accepted in retail shops; same thing applies to online, there are not much shops accepting it online. Another thing is the volatility, it can be of disadvantage sometimes.

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August 28, 2017, 07:41:30 AM
 #258

But a transaction can take hoursto confirm. Are you going to wait hours in the shop? Transactions are also irreversible and can only be reimbursed by the recipient. What if you have a problem while buying...
These limitations do not exist with conventional currencies, where debit and credit transactions are confirmed in a few seconds; Some operations may also be canceled for reasons that are valid by the shipper, without having to rely on the generosity of the beneficiary.

Sadly, that is the harsh truth that exists within Bitcoin and many cryptocurrencies on the market today. With issues such as scalability, it will limit their ability to become used in the mainstream world anytime soon.

Centralized payment systems still have the lead, since they're able to handle lots of transactions per second, allowing them to become used at a large scale. While it may take hours for us to buy a cup of coffee with Bitcoin, with Visa it takes only seconds making it the top choice among merchants and retailers worldwide.

However, this may subject to change as the blockchain technology matures enough, to be able to handle payments at a large scale, allowing it to step into the mainstream world. When this day comes, many traditional payment processors will become obsolete as people will prefer to use decentralized cryptocurrencies which give them control over their own money.

It is only a matter of time before the cryptocurrency space fully matures, to become a stronger rival against well-established payment solutions. Just my opinion Smiley

Level of acknowledgment

Many individuals are as yet uninformed of Bitcoin. Consistently, more organizations acknowledge bitcoins on the grounds that they need the upsides of doing as such, however the rundown stays little and still needs to develop keeping in mind the end goal to profit by arrange impacts.

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August 28, 2017, 08:42:05 AM
 #259

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.
I can’t really tell if having no physical form is a disadvantage or advantage. But, in a way, it’s kind of a disadvantage because that makes it not to be accepted in retail shops; same thing applies to online, there are not much shops accepting it online. Another thing is the volatility, it can be of disadvantage sometimes.
that's my position mate the fluctuation this is one of the biggest hindrance for business established to create system that cater the transaction of btc
who knows what will happen after accepting bitcoin as a payment fee and no one wants to lose so its still a discussion about that.

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August 28, 2017, 08:06:51 PM
 #260

Different I'm going to say that it is one of the disadvantage right now. I would say it because I have an experienced and did some transactions a while ago and I don't have choice as the recommended fee is 0.003 BTC damn that was too high and there's no adjustment with the fee and it's base on electrum.

It is quite disappointing to see the extremely high fees when making Bitcoin transactions. With its current rates, it will make it difficult for anyone to adopt it as a currency for their daily payments.

However, all of this may change once Bitcoin scales with the implementation of a 2mb block size on November. If sucessful, then it will have a great impact over its fees, reducing them to near original levels, making it great again towards daily usage.

While Bitcoin's future is uncertain, we could be confident that it will become improved over time as it takes its scaling issues into consideration. And better yet, if the Lightning Network becomes active, then it will open up the way for endless scaling on the Bitcoin network. The only thing that may concern us with this solution is the reduction of decentralization, but as long as, Bitcoin grows in miner interest, then it should be nothing to worry about.

Nevertheless, that is one of the biggest disadvantages Bitcoin is currently facing, and may limit its ability to become used in the mainstream world if it stays as is. Just my opinion Smiley

 

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