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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24998 times)
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September 03, 2017, 09:58:09 PM
 #281

In my opinion an important disadvantage of being irrevocable is that especially those who are inexperienced are experiencing too much loss, often the eyes of the elderly do not look good, and they can send the wrong adrese money. Recently, viruses came out, these viruses can change the address.



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September 03, 2017, 10:21:11 PM
 #282

As I can see to it the biggest disadvantages of bitcoin is we cannot use it in buying commodities, goods and exchange of services. Means no merchants available here even in my country and not yet legalized. Maybe in the future because many things to consider. Also, the fluctuation of the value that tends to develop the bitcoin into modernazation and can't easily be use by oldies.

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September 06, 2017, 06:44:03 PM
 #283

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.

Exactly. The dependency of Bitcoin over being traded on central exchanges, kills its true value proposition. Bitcoin was meant to be a decentralized medium of exchange eliminating third parties or middlemen. Heading back towards using centralized exchanges, will leave the control over governments to cancel trading at anytime.

But, if Bitcoin becomes actively traded on decentralized exchanges, then it will eliminate huge risks such as single point of failure, reduce chances of hacks, and take out government manipulation for good. However, this may take quite a long time to become a reality since one underlying problem of decentralized exchanges is lack of liquidity.

Therefore, Bitcoin relying on centralized exchanges will be one of the most biggest disadvantages that it will have for many years to come. Hopefully, this may change as people become more interested into trading in decentralized exchanges to reduce counterparty risk. Just my opinion Smiley

 

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September 06, 2017, 10:56:08 PM
 #284

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.

Well I think thats true and volatility makes people think twice about imvesting here since the value is not yet sure if will going to be successful especially if someone is expecting something for it and outrageous fees may be also a fact that it may be a disadvantage since new forum user may not afford it that it may be a good way to be successful here and since their new the ability to grow fast is shortened .

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September 07, 2017, 12:30:53 AM
 #285

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

Thank you!
We do have different opinions on that matter because not all of us experience the same thing but for me, the biggest disadvantage of bitcoin is it costs too much time and effort for you to earn and gain money. We should exert more effort to it in order for us to be successful thats why we should spend more time to it than any other things.

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September 07, 2017, 08:01:56 AM
 #286

As I can see to it the biggest disadvantages of bitcoin is we cannot use it in buying commodities, goods and exchange of services. Means no merchants available here even in my country and not yet legalized. Maybe in the future because many things to consider. Also, the fluctuation of the value that tends to develop the bitcoin into modernazation and can't easily be use by oldies.

Yes, it's still the only big disadvantage of Bitcoin that I can find. Unfortunately, in my country, it has not been legalized either. And although I have bitcoin it turns out that I do not have real money that I can use. Therefore, I must exchange it for the national currency every time that I need money.
But I think that in the near future the situation will change.






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September 07, 2017, 10:54:02 AM
 #287

What I see as a disadvantage is the issue of having to take extra measure in being safe in the sense that an agreement between two parties, another individual needs to be in the middle to act as escrow in other to ensure both parties are protected but not in the case of banks or paypal. If I send you money and you are not fulfilling your own end of the deal, I report your account and its flagged and for PayPal, I get a charge back with opportunity for dispute resolution but for bitcoin, all this are lacking.
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September 07, 2017, 11:34:52 AM
 #288

Yes the slow confirmation time seems to be the disadvantage, but many ways are there to scale securely without increasing the blocksize, for this Improvements the miners have to support but they are selfish, as you said it looks certain the blocksize debate tend to continue beyond 2017.

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September 07, 2017, 12:32:13 PM
 #289

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 that bitcoin is popular with is his ultimate advantage ,decentralization. Why? we love to have freedom and no restrictions, like anonymous we care about our privacy. But the disadvantages that I'm talking about is the abuses that taking place this past few months. ICO scamming, we can't even sue them because we don't know them. Many have done much to make fool of others. That's why china banned them all.
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September 07, 2017, 12:37:13 PM
 #290

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).
You maybe right on that things, But if they will deeply understand the beauty of bitcoin, perhaps to their sight volatility will no longer a disadvantage things to their mind. In fact, because of this many of the traders get their profit on this matters.


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September 07, 2017, 12:49:47 PM
 #291

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).
You maybe right on that things, But if they will deeply understand the beauty of bitcoin, perhaps to their sight volatility will no longer a disadvantage things to their mind. In fact, because of this many of the traders get their profit on this matters.
Volatility will be termed as a disadvantage by the people who are new to the bitcoin. This thinking gradually fades off when people start profiting through the price volatility. Periodically some disadvantages arise, one of which is the confirmation and fee, but this has got solved to a higher extent.

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September 07, 2017, 12:54:53 PM
 #292

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).
You maybe right on that things, But if they will deeply understand the beauty of bitcoin, perhaps to their sight volatility will no longer a disadvantage things to their mind. In fact, because of this many of the traders get their profit on this matters.
Volatility will be termed as a disadvantage by the people who are new to the bitcoin. This thinking gradually fades off when people start profiting through the price volatility. Periodically some disadvantages arise, one of which is the confirmation and fee, but this has got solved to a higher extent.
If you do have a business then you would really see this thing as an disadvantage since you wont really like to recieve bitcoin as a payment since you can possibly lose money instead of earning because of its price volatility but same as you said if people do already experiencing on having profits on those price fluctuation i would really say that they would really love it for sure.

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September 07, 2017, 12:59:43 PM
 #293

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

Thank you!
Maybe , it's Bitcoin's volatility. Although there are still people that are making profit of of its volatility especially those who are Bitcoin buying during the dumps, and selling during the pumps. But in an investment, stable market price is a must. If the market value of something is volatile, it will be risky so if it's not, it won't be. A good example is gold which is a good investment for decades because it has a physical value and stable market price.

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September 07, 2017, 01:09:48 PM
 #294

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).
You maybe right on that things, But if they will deeply understand the beauty of bitcoin, perhaps to their sight volatility will no longer a disadvantage things to their mind. In fact, because of this many of the traders get their profit on this matters.
Volatility will be termed as a disadvantage by the people who are new to the bitcoin. This thinking gradually fades off when people start profiting through the price volatility. Periodically some disadvantages arise, one of which is the confirmation and fee, but this has got solved to a higher extent.

Since from the start of bitcoin advantages and disadvantages is more like that similar to it's current fluctuating price and if we talk about it's price volatility, yes it's the character of bitcoin which differs from fiat currency economy impact. I just wonder how people view it in the same manner that when bitcoin price arises due to demand increase they always thought for an entire advantage, but price showed negative response behind it's unpredictable market value most investors were really shaking their feet and turned out panic sellers and couldn't handle emotions. Basically my observations to that is both advantage and disadvantage is a balance perceptions and it depends on how a person can judge bitcoin whether how deep is their fate towards digital currency, and as we can see today price isn't that disappointing for several months it take this year.

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September 07, 2017, 01:45:33 PM
 #295

Prone to loss, the bitcoin security system is so high that it keeps us alert and all the information associated with the account should be noted and understood, because the bitcoin weakness is bitcoin can be lost.

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Lenzie
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September 07, 2017, 03:01:04 PM
 #296

First of all if you will weight the disadvantage of bitcoin from all the benefits it has, the advantage is a lot more greater. The disadvantage that I can think that bitcoin have is it is unregulated. Most specially in the feild of trading co.pared to stock market that we invest on banks. If we try to look at it when an alt coin that we invested did not earn that much or did not reach its target at a certain point or even gets bankrupt and become thrown in the trash like other shitcoins. There is no way we can get all are investment back.
Another one is its volatility. Though it is really the nature of bitcoin and what's make it more exciting. The FUD is really what it is. It is uncertain and inconsistent to be an investment.

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September 07, 2017, 03:24:36 PM
 #297

For me the biggest disadvantage of bitcoin is its being volatile time will come the demand in bitcoin will probably cannot accomodate by the supply circulated in the market because we all know bitcoin has only specific numbers in the circulation and as we can see the demand continue to grow and more people world wide find bitcoin interesting

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September 07, 2017, 04:55:27 PM
 #298

Well I think thats true and volatility makes people think twice about imvesting here since the value is not yet sure if will going to be successful especially if someone is expecting something for it and outrageous fees may be also a fact that it may be a disadvantage since new forum user may not afford it that it may be a good way to be successful here and since their new the ability to grow fast is shortened .

I agree with you, mate. The high fees and volatility of Bitcoin, will greatly reduce its ability to become used in the mainstream world. Nobody would want to pay high fees just for sending a couple of bucks or buying a cup of coffee.

Also, the volatility of Bitcoin may render it quite unstable for investments as the value per coin might not be guaranteed over a long period of time, unlike Gold which has managed to remain stable in value over the course of time.

Therefore, if Bitcoin remains as is, it will have a hard time trying to reach the masses at a large scale. But, if issues like the ones mentioned previously become addressed, then it will make a major shift towards its long term standing position on market dominance. Just my opinion Smiley

 

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September 07, 2017, 05:05:33 PM
 #299

Prone to loss, the bitcoin security system is so high that it keeps us alert and all the information associated with the account should be noted and understood, because the bitcoin weakness is bitcoin can be lost.

Yeah.. bitcoin based on internet so imagine if one day that internet is being shut down for some country, they will experience major loss
But for now, some country decide to forbid bitcoin because security reason  ( bitcoin can be use for money laundry for example )

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September 07, 2017, 05:23:25 PM
 #300

For me the biggest disadvantage of bitcoin is its being volatile time will come the demand in bitcoin will probably cannot accomodate by the supply circulated in the market because we all know bitcoin has only specific numbers in the circulation and as we can see the demand continue to grow and more people world wide find bitcoin interesting

Volatile is one of the point which is true. Considering little volatility is fine but in bitcoin easily 300$ can move within few minuets here and there and this may cause huge risk to many people. Also another thing is that all countries are not on the same page regarding bitcoin. Few countries have banned it and many are undecided about its usage and laws.

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