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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25027 times)
Glorious04
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August 28, 2017, 08:42:23 PM
 #261

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

Thank you!

Based in what i've heard, you would not need a capital to earn it. As long as you have the device and the internet, you can star earning and make your financial status better.

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August 28, 2017, 08:44:49 PM
 #262

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

Thank you!

Based in what i've heard, you would not need a capital to earn it. As long as you have the device and the internet, you can star earning and make your financial status better.
but the fact is that these advantages can all be the same drawbacks. Can you imagine the moment when it can happen So, that the world can not produce electricity and accordingly will not have access to the Internet? Thus it is possible to understand that if humanity will switch to full use of the crypto currency, then in such a situation it will be much more difficult.

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August 28, 2017, 08:55:56 PM
 #263

Price fluctuations, manipulations, rumors, hard forks and soft forks, market dumps, slow transactions, high fees. These are the negative things came to my mind.
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August 28, 2017, 09:02:27 PM
 #264

Price fluctuations, manipulations, rumors, hard forks and soft forks, market dumps, slow transactions, high fees. These are the negative things came to my mind.

I agree with you you on all but one, price fluctuations are actually the reason why a lot of people have been drawn into the Bitcoin ecosystem. They hope for an upward fluctuation so that they can make profits by trading on the margins and so it can't qualify as a disadvantage of Bitcoin.



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August 29, 2017, 02:30:23 AM
 #265

I think the biggest disadvantage of bitcoin is it's bad reputation in criminal transactions. It what makes people stay away from it and decided to have nothing to do with it. We can't do anything about it, people believe what they want to believe.

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August 29, 2017, 03:06:34 AM
 #266

I think slow confirmation and the recent huge transaction fees are the biggest disadvantages and disappointments of Bitcoin currently, I know plans are underway to resolve them but until it is done they remain the biggest disadvantages for me.

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August 29, 2017, 03:10:24 AM
 #267

The volatility of bitcoin is a great disadvantage for users of bitcoin. The expensive fee on transactions also matter greatly. Although it is better that bitcoin is decentralized, it's just that there is no fixed fee for a transaction.

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August 29, 2017, 04:15:38 AM
 #268

Given the fact that Bitcoin is very beneficial through a lot of ways it also has disadvantages such as high transaction fees and sometimes long confirmation time of transactions and maybe legalization issue and volatility of its price is a disadvantage as many people are discussing it here. I think it may be due to the low interest of people about it and it wasn't design to be accepted by the masses (such as stores).
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August 30, 2017, 02:55:24 AM
 #269

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.
Fluctuation is not hindrance dude. You guys are treating it as hindrance. Fluctuations are very important for massive pump in values. Dumps should be treated as chances of buying bitcoins at low prices. Why don’t you guys see the picture from the unusual aspect? Try to go out of box to discover good things.


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August 30, 2017, 11:51:03 AM
 #270

Given the fact that Bitcoin is very beneficial through a lot of ways it also has disadvantages such as high transaction fees and sometimes long confirmation time of transactions and maybe legalization issue and volatility of its price is a disadvantage as many people are discussing it here. I think it may be due to the low interest of people about it and it wasn't design to be accepted by the masses (such as stores).
At least don’t consider volatile nature as a disadvantage and legalization too is not the fault of bitcoins. Some governments are afraid to make them legal because clearly then they will not be able to control their people like puppets. Bitcoins are love and up till now, I have not come across any serious disadvantage.

Probably the hurdles we are facing with tx fees will get resolved along with segwit, after that finding a bitcoin accepting merchant may be a usual hurdle but for that bitcoin ecosystem has nothing to do.

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August 31, 2017, 03:13:28 PM
 #271

Given the fact that Bitcoin is very beneficial through a lot of ways it also has disadvantages such as high transaction fees and sometimes long confirmation time of transactions and maybe legalization issue and volatility of its price is a disadvantage as many people are discussing it here. I think it may be due to the low interest of people about it and it wasn't design to be accepted by the masses (such as stores).
At least don’t consider volatile nature as a disadvantage and legalization too is not the fault of bitcoins. Some governments are afraid to make them legal because clearly then they will not be able to control their people like puppets. Bitcoins are love and up till now, I have not come across any serious disadvantage.

Probably the hurdles we are facing with tx fees will get resolved along with segwit, after that finding a bitcoin accepting merchant may be a usual hurdle but for that bitcoin ecosystem has nothing to do.
I agree with you. I am also in favor of fluctuations. They make market interesting and keep circulating coins among investors. The stability of bitcoins will make them just like other real life investments. Bitcoins should be treated like investment but unique one. Bitcoins have introduced us to new mode of investments.

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September 01, 2017, 01:34:04 AM
 #272

Price fluctuations, manipulations, rumors, hard forks and soft forks, market dumps, slow transactions, high fees. These are the negative things came to my mind.

Yeah. Those are the biggest disadvantages that Bitcoin and other cryptocurrencies have. They will greatly limit their ability to become used in the mainstream world. But, I believe that as Bitcoin matures in development, the rest of the altcoins will follow towards solving these issues that are key towards helping blockchain technology reach a wider audience.

Things aside, one of the worst things that Bitcoin has is the extremely high fees when making a transaction. With its inability to reach consensus to help it scale properly, it will have a hard time trying to reach people from the mainstream world, as anyone would prefer a cryptocurrency which could deliver faster payments at a cheaper cost.

Nevertheless, I hope that things will turn out for the better with Bitcoin, once it increases its block size to 2mb. While its not much of an improvement, it will greatly alleviate the underlying issues such as slow transactions and high fees for a short amount of time. Just my thoughts Grin

 

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September 01, 2017, 03:19:26 AM
 #273

If on my knewledge Bitcoin it's still legal or less official and its value is constantly changing from time to time. And i think that in general view, bitcoin can be said it's still in the process of maturity. But from what i said, i can't say it's the biggest disadvantages of bitcoin, cause i'm sure bitcoin will be better by over time.

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September 01, 2017, 12:27:20 PM
 #274

I think the biggest disadvantage of bitcoin is it's bad reputation in criminal transactions. It what makes people stay away from it and decided to have nothing to do with it. We can't do anything about it, people believe what they want to believe.
Yes, we cannot do anything about that thing, even here in my country, people are so afraid to use bitcoin because of that criminal stains that comes to people's mind. And also most disadvantage of this is the undetermined fluctuation of the coin, which is so bad to be honest. I hope someday these things will be solve by people.

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September 02, 2017, 03:53:28 PM
 #275

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
Yes, the transaction fees are too high and can't be affordable by everyone atleast by those who are earning small amount. If you are earning small amounts than more than half of your income will be lost in the transaction fees.

You can bypass the transaction fees by selling the bitcoins/altcoins directly from your trading account without really withdrawing it. You can send codes like yobi-codes, c-cex codes, etc. They will help you to bypass the transaction fees and you can easily sell them.

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September 02, 2017, 04:25:35 PM
 #276

The biggest disadvantage for me it's decentralized system, when you need some help with wrong transaction adress issue or you sent it with a wrong ammount or comission you only need to believe that system will transfer faster or ask miners to help you with that.   

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September 02, 2017, 04:31:13 PM
 #277

The biggest drawback of bitcoin is the lack of the ability to spend bitcoins directly, bypassing the exchange. This not only hinders the development of bitcoin but also endangers users of crypto currencies before the laws of the state.

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September 03, 2017, 02:06:14 PM
 #278

If on my knewledge Bitcoin it's still legal or less official and its value is constantly changing from time to time. And i think that in general view, bitcoin can be said it's still in the process of maturity. But from what i said, i can't say it's the biggest disadvantages of bitcoin, cause i'm sure bitcoin will be better by over time.
You rightly said that it is just the beginning of the concept known as “Digital Currency”. It might have some disadvantages at present like Transaction fee and process etc. But these are the issues which can and will be taken care of in near future. The future of Digital Currency will be very much bright.

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September 03, 2017, 02:37:59 PM
 #279

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 for me is we can't use it to purchase online shopping for buying stuff. We need to trade it first so that we can use it for buying stuff. Same as the altcoin, you need to trade it before you can hold your fiat. Bitcoin is decentralized compared to other currency and need the internet to earn bitcoin.

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September 03, 2017, 02:59:33 PM
 #280

Price fluctuations, manipulations, rumors, hard forks and soft forks, market dumps, slow transactions, high fees. These are the negative things came to my mind.
Yes, you're right, these are detrimental to Bitcoin. Price fluctuations are unavoidable because Bitcoin is a digital electronic money, which is a currency of technology, traded daily with a very large number of transactions, and its price is always quite volatile much. However, now I see the level of fluctuations are not too high. As for transaction fees and transaction speed, Bitcoin has received a lot of complaints and I too, but these things are gradually improving, in the future I think it could be better

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