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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24948 times)
wowanstrong
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September 11, 2017, 12:01:37 PM
 #321

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.

Volatility is not a drawback, but a feature that, on the contrary, makes it popular as other investment tools. Well, the number of shops I think will increase over time.

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September 11, 2017, 12:27:42 PM
 #322

it can be change and is user agnostic, which means it's available for the public and therefore is a public commodity which can be acquired by anyone

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September 11, 2017, 12:46:12 PM
 #323

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

Thank you!
For me, the biggest disadvantage of Bitcoin is its volatility compared to other investments that also affects the demand provided by the investors. There are investors that are still doubting on whether to invest or not because they are afraid that its value will be low and won't get profit out of their investment. Also, this is one of the factors that I think, countries wherein Bitcoin and other cryptocurrency are not legal, is afraid of in terms of legalizing cryptocurrency as a currency.

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September 11, 2017, 12:56:32 PM
 #324

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

Thank you!

For me the disadvantage of bitcoin is its advantage itself, its volatility. Being volatile means we have a lot of chances to gain more profit, but we also have a large percentage to lose money.
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September 11, 2017, 01:22:25 PM
 #325

In my humble opinion disadvantage more for for crypto currencies than only a bitcoin is a lack of usage(currently of course).
Currently to be honest it is not many shops and places in general where you can pay bitcoin or other currency. It s disadvantage beacause it keep crypto currencies down... Changing that thing could make a huge pump on any currency, but the other side of the coin is a fact that now you can invest more for less price. So some of us(investors) may be a little bit happier.

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September 11, 2017, 09:46:49 PM
 #326

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.

It's not the problem in my opinion, most of us are seeing it as an opportunity. Before the fees are very high and right now seeing the transactions had improved. This is the biggest disadvantage before I guess https://blockchain.info/unconfirmed-transactions , yes those unconfirmed transactions. Before it reached 90k+ transactions and now it's on 4 digits.  Cool

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September 11, 2017, 10:38:43 PM
 #327

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

Thank you!

now the biggest one is the huge transaction costs, the deals are piling up, not everyone can use and understand with this

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September 12, 2017, 02:43:17 AM
 #328

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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September 12, 2017, 03:25:39 AM
 #329

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).
The volatility of bitcoin can be an advantage  and disadvantage at the same time. We all know that the price of bitcoin is given the often dramatic fluctuation in exchange rates that become an advantage for trader to gain profit baut at the same time it is become a disadvantage for retailers retailers to consider how they apply VAT on sales of good when accepting payment in bitcoin.

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September 12, 2017, 04:03:26 AM
 #330

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

Thank you!

Price volatility would be an advantage and disadvantage as well. Because of it, many are still apprehensive to invest on it because they are afraid their investment would have less value especially those people who invest just for short term gains. Unlike stocks that are stable, bitcoin price is so volatile that a newbie in this world who invest with the intention to gain in just a short period of time would panic sell when he see its price go down drastically in just minutes because of a rumor may it be real or fake.

Another disadvantage of bitcoin would be its transaction fee. It's one thing that turn off some people because of high transaction fee thus a bigger value would be much preferred when transacting so that the fee would be negligible because a small value transaction would just be eaten up by fees. I hope fees would become lower in the future.

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September 12, 2017, 04:05:26 AM
 #331

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.
For me, maybe the disadvantage of bitcoin is the stability of it. Because we all know that bitcoin is instable and we cant predict if it will die or not because sometimes thae value of bitcoin is rising but sometimes the valie of it is falling. So i think that is the advantage of bitcoin.

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September 12, 2017, 04:31:10 AM
 #332

Bitcoins do not have a physical form, it cannot be used in physical stores. It would always have to be converted to other currencies. Cards with Bitcoin wallet information stored in them have been proposed, but there is no consensus on a particular system. Since there would be multiple competing systems, merchants would find it unfeasible to support all Bitcoin cards, and therefore users would be forced to convert Bitcoins anyway, unless a universal system is proposed and implemented.
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September 12, 2017, 05:44:19 AM
 #333

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.
I don’t consider all this as such any disadvantage. These are few of the suggestions on which bitcoins team is working. Bitcoins are loved by people because there is no involvement of third parties like banks etc, and then I do not understand why you talking about the involvement of third party here.

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September 12, 2017, 04:08:41 PM
 #334

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

Thank you!
For me, the biggest disadvantage of Bitcoin is its volatility compared to other investments that also affects the demand provided by the investors. There are investors that are still doubting on whether to invest or not because they are afraid that its value will be low and won't get profit out of their investment. Also, this is one of the factors that I think, countries wherein Bitcoin and other cryptocurrency are not legal, is afraid of in terms of legalizing cryptocurrency as a currency.

But this is not for traders because with the volatility that traders can get more profit, the fluctuative the price is the higher profit that they can get. But to think that it will affect those demands, I do not think that it is true because the only thing that demand become low is because most of them still do not believe in bitcoin, and with this current price, do you think that bitcoin will be dumped?

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September 12, 2017, 04:12:25 PM
 #335

In my opinion, the biggest disadvantage is that price fluctuation is too big to be a reliable fund to hold
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September 12, 2017, 04:19:51 PM
 #336

I don't think that there's a disadvantage of bitcoin to us except that people became a little bit lazy on doing their job outside like in office or somewhere. They think that bitcoin can replace their job. They can earn in bitcoin as much as they earn outside. I don't think that this is the time to quit our job for bitcoin. It still need a lot of improvements.
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September 12, 2017, 05:19:56 PM
 #337

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

Thank you!

now the biggest one is the huge transaction costs, the deals are piling up, not everyone can use and understand with this

Actually I think the high transaction fee is not a big disadvantage, the big disadvantage is that we have paid high transaction fees but the transaction quality is very bad, transactions are often interrupted and transaction confirmation time is very long. In addition, I think the creator of bitcoin has disappeared, that is also a big disadvantage with bitcoin, it affects the development of bitcoin, I think if Bitcoin improves transaction problem and creator of Bitcoin appeared, Bitcoin has been able to develop more than ever

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September 12, 2017, 05:27:13 PM
 #338

The biggest disadvantage to me, is one of its greatest strengths as well. Its reliance on the internet.

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September 12, 2017, 05:35:35 PM
 #339

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 that the fees and transaction time is too long. Transaction fees are charged instead of taxable. However, the fee is too high for us to pay for them. Besides, the time to accept transactions too long makes people become anxious. Finally, the biggest limitation of bitcoin is its infrequency. Cjo so this leads us to not be able to use Bitcoin as other currencies around the world

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parat8t9
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September 12, 2017, 06:01:21 PM
 #340

I think the biggest disadvantage is reporting taxes in the US. This isn't a flaw of Bitcoin but more of government, if they want you to report every single time you spend bitcoin or transfer it from one wallet to another it becomes a very burdensome task.
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