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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25030 times)
izanagi narukami
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July 08, 2017, 04:40:46 PM
 #41

Anonymous is my enemy of the state. ( disadvantage )
With this disadvantage , my goverment can't legalize bitcoin since it can be use for criminal activity such as terorism , corruptor for money laundry etc

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July 08, 2017, 04:42:44 PM
 #42

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

Thank you!

In what particular aspect? We can give disadvantages of Bitcoin as well as its advantages but if we are discussing different views about Bitcoin, its advantage can be a disadvantage and its disadvantage can be, also, an advantage. It is better to give a specific point of interest rather than giving a vague topic.

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July 08, 2017, 04:56:49 PM
 #43

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 its popularity is so low, almost everyone around me knows nothing about it. Because of that, so it can not replace cash or any payment method where I live. In addition, Bitcoin's transaction speed is still too slow compared to other payment methods. So, if you solve the above problems, I think Bitcoin will develop further

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July 08, 2017, 05:02:01 PM
 #44

Anonymous is my enemy of the state. ( disadvantage )
With this disadvantage , my goverment can't legalize bitcoin since it can be use for criminal activity such as terorism , corruptor for money laundry etc

Which country you belong to and has your country ban this currency. There are few country which has ban bitcoin. But now majorly developing countries are trying to figure out if this could also add value to economy and technology in coming years. So might be your country too can join the list in coming years.


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July 08, 2017, 05:43:29 PM
 #45

Biggest disadvantage is very few know about bitcoin and not accepted worldwide. In a country like India may be 0.2 to 0.3% population knows about Bitcoin. Though it has reached peaks until it is accepted worldwide, it would be a disadvantage for it.

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July 08, 2017, 05:54:33 PM
 #46

The biggest disadvantage of Bitcoin is that is relies on the internet, which unfortunately makes it questionable as to whether it is better than gold (or not).

Gold does not rely on anything. It is a physical item, and that is it. However, if governments were to shut off the internet, or you did not happen to have internet at any given time, then Bitcoin would be useless.
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July 08, 2017, 08:47:42 PM
 #47

The biggest disadvantage of Bitcoin is that is relies on the internet, which unfortunately makes it questionable as to whether it is better than gold (or not).

Gold does not rely on anything. It is a physical item, and that is it. However, if governments were to shut off the internet, or you did not happen to have internet at any given time, then Bitcoin would be useless.

Relying on the internet is something I see as a great advantage to bitcoin and not the other way round as you see it because this is something that makes it accessible to everyone in real time compared to gold. With the internet bitcoin has been able the number of populations gold has not been able to get to even with the number of years it has been in existence. Aside that that it gives unassailable access beyond what can be controlled by any government or else they want serious issues at that.



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July 08, 2017, 11:41:23 PM
 #48

As currency, obviously the high volatility it has right now. For trading it's amazing but for everyday life is not. Imagine you buy  a house with bitcoins and they suddenly are 1000$ more dollars each worth in the next days. Or that you transfer a lot of money into bitcoin and then the next few days it drops down a few hundred dollars making you lose thousands.

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July 09, 2017, 02:47:26 AM
 #49

I think, there is a disadvantage in the bitcoin which is the legalization. when it is not legal in your country then it can not be used freely, even you can not able to transact at your near area, so legalization of bitcoin will bring more positive value among the monetary world...but day by day this problem getting solved....
Yes, I agree with your opinion, the weakness of bitcoin is mostly its legalization, as you said here are just a few of the many countries that have legalized bitcoin as a transactional tool, yet many countries have not yet received bitcoin, I think that is a very constraint Difficult to solve, because it will be difficult to use bitcoin freely, you will experience other difficulties, such as your opinion when bitcoin has been legal or accepted by many countries, many posotif impacts will be accepted by users either in terms of transactions or for Other things because the legalization of bitcoin will bring great influence

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July 09, 2017, 07:04:08 AM
 #50

Like all other crypto currencies btc also have some disadvantages. The most important one is that bitcoins are not accepted globally. There is a risk that coins in your wallet can be lost and do not have a option to recover them. Also, btc can have a big drawback as there are no banks to control the flow btc coins and btc is limited by an alogramic design, so an economy cannot grow because it cannot deploy excess capital for innovation.
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July 09, 2017, 08:06:19 AM
 #51

The biggest disadvantages of cryptocurrencies are very high transaction fees which makes their use very difficult in small transactions. Moreover, Bitcoin is not accepted by everyone and its acceptance is very less globally right now and it involves potential risks of falling so investment is not very safe in Bitcoin as compared to gold or any other physical asset.
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July 09, 2017, 10:13:59 AM
 #52

Well accessibility would be a big hindrance for crypto to reach everyone as we all know it relies on online connection to be accessed. So not all people can say that they can have access to bitcoin and crypto. And being an online currency, we also are.prone to hackers and sometimes crashes. Though these disadvantages pale to how it can benefit us, i think its still worth looking into to make crypto better.

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July 09, 2017, 10:26:29 AM
 #53

Well one the biggest disadvantage of bitcoin is delayed transactions that takes days to get confirmed and the high fees that are hindrance to many bitcoin users. As many stagnant bitcoin scaling remains unsolve because of some issues like bugs and some other Theoretical Conclusion that has no proof and just solely based on accusing someone without backing it up with facts. Also one of the disadvantage of bitcoin is because of bitcoin's incredible features and the ability to easily earn it online it has become the target of banker and power seekers to destroy it and control it.






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July 09, 2017, 10:39:31 AM
 #54

The biggest advantage of bitcoin is we can easily used to any settlement of payments and many more.Bitcoin includes now as a cash,anywhere it is ready to used.People liking bitcoin because of easy and fast transacting no need to go to money changer.

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July 09, 2017, 10:55:34 AM
 #55

Maybe not a disadvantage overall but can be a double-edged sword for Bitcoin and it is volatility. Yes volatility can be a disadvantage for consumers but an advantage for profit taker aka traders. Bitcoin being a non-centralized currency has its toll and that is being controlled by big players or holders of Bitcoin in general that is why we see massive profit taking happening frequently as they are the ones who profit from the most of it.

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July 09, 2017, 11:00:42 AM
 #56

Due to the ability of hiding one’s identity, Bitcoins have been used as a gateway to illegal activities. Its characteristic of being unable to be tracked and its lack of government intervention may attract the proliferation of criminal or illegal activity. Several cases on illegal transactions have been linked with Bitcoin - some of which are the notorious cases of Silk Road Drugs and Mt. Gox. Due to the lack of government intervention, Bitcoin’s value is highly volatile. This means that its value can substantially increase or decrease in a short period of time without notice.

Bitcoin is not 100% anonymous. It is still possible to trace the Bitcoin transactions back to a particular individual, by looking at the blockchain logs. This is how the Sheep Marketplace thief was caught (Thomas Jiřikovský). There are crypto-currencies which are more anonymous than Bitcoin. A perfect example is that of Blackbytes (GBB), which keeps no Blockchain logs.


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July 09, 2017, 11:08:51 AM
 #57

The biggest advantage of bitcoin is we can easily used to any settlement of payments and many more.Bitcoin includes now as a cash,anywhere it is ready to used.People liking bitcoin because of easy and fast transacting no need to go to money changer.

Buddy we are speaking about disadvantages bro not about advantage. However, my view about disadvantage on bitcoin in recent days fees for the transaction is the biggest head ache for the bitcoin users.
Then Government is unable to control the bitcoin in one regulated medium this is never let you identify the person easily by the Government. However, this good for people who want to be anonymous.

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July 09, 2017, 11:15:30 AM
 #58

The biggest advantage of bitcoin is we can easily used to any settlement of payments and many more.Bitcoin includes now as a cash,anywhere it is ready to used.People liking bitcoin because of easy and fast transacting no need to go to money changer.

Buddy we are speaking about disadvantages bro not about advantage. However, my view about disadvantage on bitcoin in recent days fees for the transaction is the biggest head ache for the bitcoin users.
Then Government is unable to control the bitcoin in one regulated medium this is never let you identify the person easily by the Government. However, this good for people who want to be anonymous.

I think the biggest disadvantage is its unpredictability. Wherein tomorrow its value may go up or down inan i stant it is a test of confidence for every investor as they would have to know when to selland when to hold vack. Also as my fellow buddy have said the fees for its transactions are growing as if the government have took a whiff and sait that they can also profit from this.

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emezh10
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July 09, 2017, 11:30:26 AM
 #59

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

Thank you!
For me just the delay of the transactions and the transactions fee but moreover there are no other because of that many transactions now are taking time to receive and sometimes it even take a day to receive that is the only disadvantages for me.


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arbitrage001
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July 09, 2017, 11:51:11 AM
 #60

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

Thank you!

High dependency on infrastructure.
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