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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25030 times)
zidanw
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September 14, 2017, 02:30:27 AM
 #381

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 absence of identity that should be used for transactions is a disadvantage of bitcoin, because it can be used as an space for fraudsters. Not many people are aware of cryptocurrency I think is a disadvantage as well.
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September 14, 2017, 02:44:44 AM
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Just like actual money, this can be hack... no matter what... recently i have read an article regarding bitcoin use for ransom if they hack your computer... so maybe a disadvantage...

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September 14, 2017, 02:47:22 AM
 #383

too expensive Grin Grin

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September 14, 2017, 02:57:06 AM
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too expensive Grin Grin
Not really, it's not expensive if you are looking forward for the success as every success will reflect to a price increase.
That's why we are holding because we believe the future is bright and more success to come.

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September 14, 2017, 03:22:40 AM
 #385

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.
it's not a Bitcoin problem. Any money or valuables can be used in this way.

too expensive Grin Grin
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September 14, 2017, 03:25:25 AM
 #386

I think if you loss your internet connection simply because it is work online or virtual money so if you are lack of this one i dont think you can use bitcoin and aside from this a lot of hackers out there are targeting bitcoin or other altcoins so i think this is the disadvantage of bitcoin.

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September 14, 2017, 03:39:46 AM
 #387

I think if you loss your internet connection simply because it is work online or virtual money so if you are lack of this one i dont think you can use bitcoin and aside from this a lot of hackers out there are targeting bitcoin or other altcoins so i think this is the disadvantage of bitcoin.
you can't use credit card without the internet connection too, so...
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September 14, 2017, 03:46:53 AM
 #388

Sometimes there is delay in confirmation and that is very annoying especially if you are in urgent need of money and at that time waiting too long is very frustrating and apart from that I love everything about bitcoins and no valid reason to hate it.

That's frustrating too, it happened for a day for one transaction only. Waiting or wasting time is one of the reason I almost left bitcoin but I have learned my lesson that patience is needed in this kind of worked. I do love bitcoin same as you do, and I hope this will be solved by them in no time.
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September 14, 2017, 04:46:52 AM
 #389

For me the biggest disadvantage of bitcoin is that I cannot use it anywhere at offline places to buy anything directly with it and whenever I wish to buy something I have to sell it and convert it to fiat currency which involves fees and that is the reason I don't wish to spend my bitcoins.

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September 14, 2017, 05:15:38 AM
 #390

from me :

- my government banned it so i cant start big project with it

- trans time need long time to be verified specially when pay online
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September 14, 2017, 05:41:18 AM
 #391

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

Thank you!

I have only one disadvantage of bitcoin, that bitcoin not given us surety that it will live long life. Some people say that bitcoin will be ban and some people say that bitcoin has bright future and it has long life. But these all are speculations which we are creativg. Bitcoin not give us guaranty that we will see bitcoin in our whole life.

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September 14, 2017, 05:46:15 AM
 #392

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 the bitcoins is the high transaction fee and the high withdrawal fee. Many peopleb are also pissed off because of the high transaction fee.

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September 14, 2017, 05:52:43 AM
 #393

It is probably volatility. Bitcoin and other altcoins, their prices are extremely volatile. The price of Bitcoin has been jumping up and down for days. For the last few weeks it has been continuing on a bearish trend. Prior to this however, Bitcoin was bullish. The price was just soaring immensely and then all of a sudden it just dropped immensely. I’d wager that this was caused by the fact that China banned all of the ICO activities in the region. This and a few other reasons. I think that this is probably the worst characteristic of Bitcoin. But this is not the only. High transaction fees are another. I have been paying lesser than usual for the past week, but transaction fees are still quite high.

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September 14, 2017, 06:23:07 AM
 #394

According to me the biggest disadvantage of Bitcoin is tha it is not accepted everywhere we first need to convert the Bitcoin in the currency of the country in which you live in.
That is a temporary disadvantage of bitcoin but in the future it will not become disadvantage because the countries in the world are now accepting and most of the other countries are trying to accept bitcoin as a currency in their country so the bitcoin users in their area will use bitcoin to buy things and make their life less hassle.

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September 15, 2017, 07:27:52 AM
 #395

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.
Bitcoins are not even been in system for a decade but yet they are very much popular and many online shopping sites are happily accepting bitcoins. Moreover bitcoins are made legal in many leading countries of the world.

I don’t think so they are not unpopular and even if you consider them so, don’t worry they are going to rule the world in coming decade.


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September 15, 2017, 01:57:16 PM
 #396

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

Thank you!

of course the fees , long transaction confirmation i dont what else oh yeah the biggest disadvantages of cryptocurrency is probably scam crypto , failed ICO and fake devs , oh also dont forget low interest on market so you will take an ages to sell it , i heard segwit also start on mid august so it will split between bitcoin core and bitcoin unlimited so its a disadvantages as well
For me there are two disadvantages of bitcoin. Namely, fees that increases as time passes by. And the delayed transaction confirmations. I think these two will be the major disadvantages for most of the bitcoin users. And besides these two I don't see any other disadvantages, because all I can  see, and all I consider is  advantages of it.
There is no disadvantage of investing in BTC because unfortunately if its prices goes down one should wait for the time to rise again and then he’ll gain much profit as compare to before as if the prices goes high then there will be also good advantage for investors, The value of paper currency may decrease but in nowadays the value of bitcoin is increasing day by day which is a good omen and attracting more people to invest and to chance to expand their trade. So the only thing that gives advantages to mankind nowadays is bitcoin.

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September 15, 2017, 02:56:57 PM
 #397

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 it is decentralized it not yet consider as global known currency and investment. Another thing is that it is online based which could be fatal once the internet breaks down.

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September 15, 2017, 03:04:25 PM
 #398

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 it is decentralized it not yet consider as global known currency and investment. Another thing is that it is online based which could be fatal once the internet breaks down.
I don't think that being a decentralized currency automatically makes it a disadvantage, because the truth is it has its pros and cons. For example volatility can be views in two ways, one is in a trader's perspective it will see it as a profitable opportunity and the other is in a consumer's perspective it will see it as a bad way to incur more cost which it true. And I really think that it depends on who is using the currency. Also I highly doubt that if the internet is gone Bitcoin will not be the first of our concern because I only see the internet breaking down is when it is war which is highly unlikely as of the moment.

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September 16, 2017, 02:54:44 AM
 #399

I think if you loss your internet connection simply because it is work online or virtual money so if you are lack of this one i dont think you can use bitcoin and aside from this a lot of hackers out there are targeting bitcoin or other altcoins so i think this is the disadvantage of bitcoin.

Exactly. The loss of internet access will prevent you from using Bitcoin and/or other cryptocurrencies as they rely on it. Imagine if at some point in the future, there would be a period in the world where internet access would become completely disabled. It will become a total chaos for anyone whos relying on cryptocurrencies for their daily payments. Aside from that, Bitcoin is the number one target for hackers as it is the most valuable cryptocurrency on the market.

Given these facts, you would need to know how to properly secure your computer to help prevent any undesired loss or theft. Therefore, these are one of the biggest disadvantages that Bitcoin and other cryptocurrencies need to overcome, otherwise it will become a major barrier for anyone looking to use these payment systems in the mainstream world. Just my thoughts Grin

 

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September 16, 2017, 08:02:09 AM
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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 have the same opinion regarding bitcoins. I badly failed to figure out any serious drawback in bitcoins. Bitcoins are not going to let us live a life of slaves any more, they have provided use with complete freedom and I am very much glad that governments and their puppets i.e. banks are no more handling my money.


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