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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25030 times)
webdevmastery
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September 12, 2017, 10:20:01 PM
 #341

Since this forum has been created, Then it makes everyone's life easier, Now you can work in different companies, You can earn money in exchange of bitcoins so i do not find something disadvantage in this economy. Maybe there is a disadvantage and that is when the crypto currency decrease and everyone needs to return to their day job.

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September 12, 2017, 11:07:46 PM
 #342

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).
There are few of the problems which the investors are facing while investing in Bitcoin. I think these problems can be taken care of and I’m very much positive that these disadvantages will remain no longer. The way Bitcoin is earning this much of reputation in the market, it will never disappoint its investors.

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September 12, 2017, 11:43:18 PM
 #343

One disadvantage is not having a paper format of bitcoin that can be exchanged without needing an internet connection to enable crypto to compete directly with paper cash.

Another disadvantage is lack of collateral, credit checks and user authentication to enable a fast and efficient system of loans.

One more disadvantage is lack of savings account style storage which yields static positive interest.

Another disadvantage could be exchanges and wallets not being insured the way that bank accounts are insured up to $100,000.

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September 12, 2017, 11:47:21 PM
 #344

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.
i also do not think that there is any disadvantage of bitcoin, although there are some mistakes that not permanent and can be removes if we work hard, and hope that we will very soon overcome all these temporary mistakes, and therefore can expect that bitcoin become more and more good with every aspects and people will like to adopt it.
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September 13, 2017, 12:05:32 AM
 #345

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.
here in philippines the transaction of bitcoin to our own money called php is so fast so i disagree to your post,the disadvantage of bitcoin as of now is use bitcoin to scam other person like other escrow service here in bitcointalk and most of scam here is coming also in some mining site

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September 13, 2017, 12:10:08 AM
 #346

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

Thank you!
I believe that the biggest disadvantage of Bitcoin is being volatile. It's market value changes from time to time, which means there'll be times that its market value will be high and also, there'll be times that it will be low. Market value stability is important in an investment because if its market value is volatile, it also means that investing into it will be risky.

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September 13, 2017, 12:18:02 AM
 #347

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).
I think the biggest disadvantage of bitcoin is that bitcoin stability. We all know that bitcoin value is unstable we cant predict when the value is rising and we dont also know when it is falling.

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September 13, 2017, 12:21:35 AM
 #348

For me the biggest disadvantage of bitcoin is its volatility because of limited supply circulating in the market time will come when the demand goes higher that the supply cannot accommodate it chances are bitcoin can be replace by other altcoins and maybe lose its value. But if the value of bitcoin will keep appreciating maybe it can survive in the market.

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September 13, 2017, 01:17:32 AM
 #349

Well I think Cryptocurrencies can be difficult to some people specially those people who lived in the earlier generation, the mechanics of its key management can confuse people. Also these are not yet regulated, users may fall for ponzi schemes.
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September 13, 2017, 01:26:38 AM
 #350

To me, one of the biggest disadvantage of Bitcoin is that is not a popular or known currency, and that's why is so difficult to explain people what is Bitcoin all about, for the same reason it has not been easy to me learn about it and how it works. I think that people who are passionate and believe that Bitcoin is the future should try to make it a more famous and better explained subject.

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September 13, 2017, 04:20:33 AM
 #351

I think the bitcoin transaction costs are getting more expensive so I hope there are developers who can provide solutions and freight costs can be free like a year ago.

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September 13, 2017, 04:30:23 AM
 #352

I think the bitcoin transaction costs are getting more expensive so I hope there are developers who can provide solutions and freight costs can be free like a year ago.
Transaction fees were only based on its price, i think the big disadvantage is depending on our usage. As of now btc value dips into lower $4000 it os 3914 now. And I need to cash out some now for emergency. Since my cash is not enough. When btc balue goes too dip in just a span of few days it's definitely a disappointing.

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September 13, 2017, 04:45:58 AM
 #353

I think the bitcoin transaction costs are getting more expensive so I hope there are developers who can provide solutions and freight costs can be free like a year ago.
Transaction fees were only based on its price, i think the big disadvantage is depending on our usage. As of now btc value dips into lower $4000 it os 3914 now. And I need to cash out some now for emergency. Since my cash is not enough. When btc balue goes too dip in just a span of few days it's definitely a disappointing.
thats not the fault we all know bitcoin is a gambling asset and its price will pumps and dumps,i think there are 2 major fault ,first is that the fees increase as network transaction increases. second is that transaction time,currently after the segwit speed has increased but in future as number of users will increase we will have this situation back.


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September 13, 2017, 05:04:28 AM
 #354

Biggest disadvantage of Bitcoin it is that it wasn't invented in 90s.
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September 13, 2017, 05:37:29 AM
 #355

Since this forum has been created, Then it makes everyone's life easier, Now you can work in different companies, You can earn money in exchange of bitcoins so i do not find something disadvantage in this economy. Maybe there is a disadvantage and that is when the crypto currency decrease and everyone needs to return to their day job.
This forum do already have the needed information when it comes to bitcoin information and other altcoin too and at the same time you would able to read up all the information regarding on money making on this bitcoin world which it is really an advantage to us which we can really make it as a side income inspite on having on our own day stable job.Biggest disadvatange? Its anonymous feature which it can really be used on illegal stuffs.

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September 13, 2017, 06:06:59 AM
 #356

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

Thank you!
We all know that the bitcoin is a money and I can say bitcoin has a lot of disadvantages. Bitcoin can use in crime because it is a money. Many people nowadays are using bitcoin in a bad way.

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September 13, 2017, 06:17:51 AM
 #357

Considering it's price now, owning one is considered fortunate, at least in my country's economic status. So I may say, one of the disadvantages I am seeing is that poeple may tend to do everything just to have even one bitcoin. May it be through a scam ICOs, scam bitcoin-paying-services, or many more. Owning bitcoin is really a fortune, but I hope, we own through our own clean way.



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September 13, 2017, 06:24:49 AM
 #358

Advantage:
- if you hold bitcoin now you will earn up to 10x of its original price when you buy it.
- easy to use for any transactions
- continues increasing of demand and got a lot of support from differwnt countries and investors

Disadvantage:
- easy to lost by simple error like sending the funds in wrong address
- the cindicate can do their bad business by easy transfer of funds using bitcoin
- if you not hold bitcoin today you will missed the great opportunity to earn high profit and it is more difficult to invest if the price is very high because you need more funds to buy it.

Those are  some of the advantages and disadvantages of bitcoin.

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September 13, 2017, 06:35:33 AM
 #359

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

Thank you!

For me I think the biggest disadvantage of bitcoin is that, it is not that well known and many are not yet aware of what is bitcoin.

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September 13, 2017, 08:42:34 AM
 #360

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

Thank you!

For me I think the biggest disadvantage of bitcoin is that, it is not that well known and many are not yet aware of what is bitcoin.
That is not a disadvantage for bitcoin because that is not fault of bitcoin and it is just about the people who doesn't recognized bitcoin as an opportunity and for me the disadvantage of bitcoin is the increasing difficulty of the mining because that can kill bitcoin itself which the time will come where miners will leave bitcoin because it is not profitable anymore.

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