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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25312 times)
iluvpie60
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September 07, 2017, 06:22:50 PM
 #301

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.

It wasn't design to be accepted by the masses (such as stores). Today, and in the near future, the network won't be able to handle the amount of transactions needed for that.

Anyway, the slow transactions and the high fees are a big issue for many people.

That is my main point. over the last few weeks Ididn't even want to try to move my bitcoins or use them. The fee was going to be like 5 to 10 USD. Now that it has gone down I am happy, but it could just as easily come back up.

I have a strong feeling that miners want higher fees and do not want LN, because the fees wouldn't go to miners on LN.

Fulyl expect miners to continue to spam the network so that their fees they receive go up. That is my theory, as it is their incentive to spam transactions to drive fees up so they get more.

That is an oudated model.



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September 07, 2017, 07:12:28 PM
 #302

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.
That's the case most of the time particularly the value reaches 3oo US dollars. And, thesedays,I have no issue regarding bitcoin's system. Only that it makes me more determined in updating my status as a bitcoiner. Since the rate of it is getting higher so the big chances that maybe if it's a luck,I would get higher pay too.

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September 08, 2017, 02:45:52 AM
 #303

I think that some disadvantage of bitcoin are its volatility, the few number of stores accepting this digital currency, and the technicality of using bitcoin. I think that disadvantages can be different depending of whether it is for the general public, the economy, the society, etc.

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September 08, 2017, 03:38:12 PM
 #304

Altcoins i did make really good profits from altcoin in past whether it is bcc , neo , waves , siacoin and many more it's still a disadvantage for bitcoin if we can imagine that bitcoin would be as famous as it is today but no altcoins existed the price would be way more than we can expect and countries would not have much problem as ico won't exist
And also the fact no one develops it there are many flaws in the system which can be fixed but there is no one except satoshi who can do this

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September 08, 2017, 03:47:12 PM
 #305

Bitcoin is a wonderful crypto currency, but too high fees make it unsuitable for small purchases. Recently, due to a large commission, I regard it only as an investment.

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September 08, 2017, 04:54:49 PM
 #306

I think the bitcoin's weakness is the bitcoin legalization itself. if the bitcoin is official it will be accepted in all circles of public and easy to transact. but if it is illegal it is certainly difficult and even terrible because it is not recognized.
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September 08, 2017, 05:06:41 PM
 #307

I think the bitcoin's weakness is the bitcoin legalization itself. if the bitcoin is official it will be accepted in all circles of public and easy to transact. but if it is illegal it is certainly difficult and even terrible because it is not recognized.
it looks like australia is looking good with the presence of bitcoin atm in their country so bitcoin seems to be legal in australia because there's already atm for bitcoin.
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September 09, 2017, 04:15:04 AM
 #308

It can be used in money laundering and illegal transactions--a kind of backfire of it being anonymous. Also, even though it has properly established its name in the world of cryptocurrencies, it is not yet adequately popular in the society.

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September 09, 2017, 08:24:08 AM
 #309

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.
Biggest disadvantage of bit coin is that they are not widely accepted all over the world. If your hard drive or digital wallet crashes or corrupted you will have nothing insured for that loss.

There is no physical form that can be treated as backup. Since it is a digital currency so there will always be risks of technical flaws.


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September 10, 2017, 11:58:39 AM
 #310

I think the bitcoin's weakness is the bitcoin legalization itself. if the bitcoin is official it will be accepted in all circles of public and easy to transact. but if it is illegal it is certainly difficult and even terrible because it is not recognized.
I won't deny this point as legalization is a big concern for many country people. Other than that, bitcoins cannot be used for micro payments because sometimes the tx charges are even higher than the actual buy. So it does not make much of a sense to use bitcoins that way. However, things are getting better with time. One day, we will be able to purchase usual stuff with ease also. But all these, has nothing to do with legalization.

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September 10, 2017, 12:45:21 PM
 #311

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

Thank you!
The biggest disadvantages that I see in bitcoin was its limited on where you can used. You need to convert it first into fiat before you used it to buy things that you want. Unlike to real currency you can used it anywhere and it was accepted all over the world. Also in transaction I think it was one of a disadvantages of bitcoin because as far as I see many people are complaining about it and it maybe the cause of negative feature to other people didnt fully know what bitcoin is.

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September 10, 2017, 12:52:56 PM
 #312

Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked. If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.

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September 11, 2017, 07:36:57 AM
 #313

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
Indeed the values keep on changing but if the demand is increasing, that simply resulted incrementing the prices further. In this way, volatility is not an issue rather it is a great advantage for all the bitcoin holders. However, not sure what will happen when prices will become really high.

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September 11, 2017, 08:12:55 AM
 #314

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
Indeed the values keep on changing but if the demand is increasing, that simply resulted incrementing the prices further. In this way, volatility is not an issue rather it is a great advantage for all the bitcoin holders. However, not sure what will happen when prices will become really high.

If the price of bitcoins becomes stable then traders will never make good profits from it which they are making right now from price volatility and its not an disadvantage but an opportunity to make regular profits and we should make sure that we don't miss any single fluctuation and buy and sell at a right time.

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September 11, 2017, 11:04:19 AM
 #315

The biggest advantage of a bitcoin is the value,  this is greater than other coin, this coin is vary high value, And this coin is used in trading site like poliniex, hitbtc, bittrex, coinexchage, and other,  this is the advantage of this bitcoin
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September 11, 2017, 11:17:31 AM
 #316

The biggest advantage of a bitcoin is the value,  this is greater than other coin, this coin is vary high value, And this coin is used in trading site like poliniex, hitbtc, bittrex, coinexchage, and other,  this is the advantage of this bitcoin

How is it that the disadvantage of bitcoin is it's value? It's the advantage of bitcoin, why many people are starting to have itch with their hands to spend their money on bitcoin is because it's value it keep on pumping. We all know about it that we can trade bitcoin in different exchanges that you had mentioned.

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September 11, 2017, 11:35:35 AM
 #317

The biggest advantage of a bitcoin is the value,  this is greater than other coin, this coin is vary high value, And this coin is used in trading site like poliniex, hitbtc, bittrex, coinexchage, and other,  this is the advantage of this bitcoin

How is it that the disadvantage of bitcoin is it's value? It's the advantage of bitcoin, why many people are starting to have itch with their hands to spend their money on bitcoin is because it's value it keep on pumping. We all know about it that we can trade bitcoin in different exchanges that you had mentioned.
For some maybe the volatility is the problem but for majority they like it, in addition the price is increasing in overall.
The disadvantage maybe is it is risky and can fail anytime since it started from a small amount and it's possible it will drop and go back
to the old price, but that is only the worst case scenario.

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September 11, 2017, 11:36:32 AM
 #318

The biggest advantage of a bitcoin is the value,  this is greater than other coin, this coin is vary high value, And this coin is used in trading site like poliniex, hitbtc, bittrex, coinexchage, and other,  this is the advantage of this bitcoin

So what's the disadvantage there?

Anyway, I think, it's only the slow transaction. Nothing else. The price? well I can live with it and get used to it. It's almost normal now that I experienced the roller coaster many times. Who knows, one day all of this will be fixed and it would make bitcoin looks perfect compared to fiat.

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September 11, 2017, 11:58:14 AM
 #319

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
Indeed the values keep on changing but if the demand is increasing, that simply resulted incrementing the prices further. In this way, volatility is not an issue rather it is a great advantage for all the bitcoin holders. However, not sure what will happen when prices will become really high.
The volatility of the Bitcoin market just useful with traders, newbie and speculator are loser after the price of Bitcoin changes strongly. Therefore, when the price of Bitcoin reach to high price, you should consider careful before choose continue buy Bitcoin or take profit and keep safe your funds.

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September 11, 2017, 12:00:09 PM
 #320

I think the biggest disadvantage of bitcoin is its price. Its price is so high right now and because of that, it prevents people from spending bitcoin around. They tend to hold their bitcoin instead of spending it and It is not good at all. Bitcoin needs to be spent and used like a real currency

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