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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25026 times)
Sled
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September 16, 2017, 09:49:12 AM
 #401

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.
That is why it is great to trust bitcoin rather than the banks and government because they are slowly making us poor by the inflation that they implemented in the fiat money and the if we want to avoid that inflation then we need to use bitcoin so we can have a money and also a currency that is pure deflation and completely against inflation.

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September 16, 2017, 10:03:52 AM
 #402

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.
That is why it is great to trust bitcoin rather than the banks and government because they are slowly making us poor by the inflation that they implemented in the fiat money and the if we want to avoid that inflation then we need to use bitcoin so we can have a money and also a currency that is pure deflation and completely against inflation.
The truth is government is fooling us we don't know what they are truly doing in opposite of our knowledge until a time comes that we have watch and heard about but we don't believe (most of us) because government and media already build up our mindset.

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September 16, 2017, 10:10:12 AM
 #403

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 dont find something disadvantage in this economy.
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September 16, 2017, 02:19:22 PM
 #404

Its depends on person to person, like for buyer its the biggest disadvantage because the price to too much high for buyer. Most of buyer can't afford 4000$ to buy 1 btc. Second disadvantage is his accepting on stores, there's some Online store who don't accept Bitcoins due Ups and Down of price. Third disadvantage is highly tx Fee. There's a lot of wallet and faucet who applied highly fee during transaction of bitcoins  and people feel unhappy about it.

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September 16, 2017, 02:25:08 PM
 #405

disadvantage is when electric power in your location is not available and internet connection... keep in mind that bitcoins can only be mine and use with the use of technology... so without it... you cannot signature campaign because of power....

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September 16, 2017, 02:25:42 PM
 #406

I would have to list two, they seems equally important to me.

The first major disadvantage of bitcoin is security. For the amount of sophistication that the average bitcoin focused hacker possesses is way beyond the general cyber security paradigm of most people. bitcoin needs to become a lot more inherently secure, or else the majority of people will lose their coins on a single well placed hack, or confidence scam (it happens all the time).

the second major disadvantage is the volatility. it might be ok for now, to draw people into the fold, but for the same reason it is keeping institutional investors away. too much risk Wink when we get more mature, the price cant be this random, it wont be sustainable.


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September 16, 2017, 03:25:53 PM
 #407

Its depends on person to person, like for buyer its the biggest disadvantage because the price to too much high for buyer. Most of buyer can't afford 4000$ to buy 1 btc. Second disadvantage is his accepting on stores, there's some Online store who don't accept Bitcoins due Ups and Down of price. Third disadvantage is highly tx Fee. There's a lot of wallet and faucet who applied highly fee during transaction of bitcoins  and people feel unhappy about it.


Yes.For everything their will be advantage and disadvantage. I.e boon and bane.Upto to me the disadvantage is the same as you said.Due to high Price lot of trade still thinking to brought 1 BTC.But now it is around 3700$ only.So you can brought now.The thinking traders for the price of 4000$.Can brought now with 300$ Discount.

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September 16, 2017, 04:08:53 PM
 #408

The biggest bitcoin disadvantage is the fragil security !
There is always some problems of hacker and virus which could get your bitcoin.
Otherwise, its inability can really be a problem.
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September 16, 2017, 04:13:28 PM
 #409

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

Thank you!
well for me the only disadvantage of bitcoin in this industry is there will be no more accept bitcoin in some stores in many country if this coin will be reach like a million dollars. that's for sure because many owners will get tired because bitcoin is too high.

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September 16, 2017, 04:17:50 PM
 #410

The biggest drawback of bitcoin is the inability to use it without the Internet and the possibility of being hacked by various scammers. In the event of disconnection of the Internet, bitcoin simply becomes useless.

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September 16, 2017, 04:43:21 PM
 #411

The biggest drawback of bitcoin is the inability to use it without the Internet and the possibility of being hacked by various scammers. In the event of disconnection of the Internet, bitcoin simply becomes useless.
With the time we live I don't think that internet access is not an issue anymore. I mean come on man 2017 will end soon and most of the young generation now spend most of their time on their mobile phones and computers. Even if people don't have their own personal internet public places such as malls and cafes have free wifi available for all people to use which means even if you want to pay something in a mall it is possible even if you don't have mobile internet.

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September 16, 2017, 07:07:25 PM
 #412

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

Thank you!

It's a big disadvantage that you're investing money but losing everything just say we've got you scam or scam you're here. That's all I see as the biggest disadvantage of bitcoin. If you know you're just a beginner here? do not just trust the people who suddenly became the mood of the strikto and rugged now suddenly broke you HAHAHA. But may you just keep yourself scam better. So you can not scam? try to get back to old threads and find out how they can make transactions with their friends Smiley.

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September 16, 2017, 09:22:00 PM
 #413

The big disadvantage is that it is hard to understand.

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September 17, 2017, 02:35:13 AM
 #414

The big disadvantage is that it is hard to understand.
I don't know how it is hard to understand for a person like you in terms of bitcoin and why are you here if bitcoin is hard to understand? Bitcoin is easy to understand and even a not tech savvy person will learn how to use bitcoin because the steps in using and getting a bitcoin is so easy and it is like investing in stock market kind of process.

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September 17, 2017, 03:10:23 AM
 #415

The big disadvantage is that it is hard to understand.
how come sir? I think most people who are very much engaged with bitcoin are tech savy - understanding bitcoin is like understanding the importance of paper money however bitcoin in a cryptocurrency. Mostly you just also have to review how the economy works with trading and investing and other stuffs.
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September 17, 2017, 03:22:15 AM
 #416

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

Thank you!
For beginners, the main drawback now is the price of bitcoin. But he, like all coins, has high volatility and slow transactions

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September 17, 2017, 04:33:44 PM
 #417

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
Well I don’t think it is the disadvantage because the bitcoin currency is announced as decentralized in some countries but according to me that it does not have any form I mean to say it does not have any physical state and the price of the bitcoin is growing as the time passing. But it’s ok it is also not the big disadvantage because it does have the private key and it is safe to use than the other currencies.

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September 17, 2017, 04:42:10 PM
 #418

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.

First time I'm reading that someone is saying bitcoin as being very expensive. Don't forget bitcoin is also giving us big profits for saving to long time. Just imagine money which was saved in the form of bitcoin back in 2009 could have been turned into millions by today. And you say it's expensing. Lols.

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September 17, 2017, 05:55:32 PM
 #419

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.

First time I'm reading that someone is saying bitcoin as being very expensive. Don't forget bitcoin is also giving us big profits for saving to long time. Just imagine money which was saved in the form of bitcoin back in 2009 could have been turned into millions by today. And you say it's expensing. Lols.

Bitcoin is expensive for those who want to buy bitcoins but it an advantage for those who already have bitcoins in there wallet. For me, high price variation is a big disadvantage in bitcoins. Before it was a cheap price, nobody will take that much serious about this price. But now it is very high so people will think before investing on this coin.

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September 17, 2017, 06:08:34 PM
 #420

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.

First time I'm reading that someone is saying bitcoin as being very expensive. Don't forget bitcoin is also giving us big profits for saving to long time. Just imagine money which was saved in the form of bitcoin back in 2009 could have been turned into millions by today. And you say it's expensing. Lols.

Bitcoin is expensive for those who want to buy bitcoins but it an advantage for those who already have bitcoins in there wallet. For me, high price variation is a big disadvantage in bitcoins. Before it was a cheap price, nobody will take that much serious about this price. But now it is very high so people will think before investing on this coin.
What is felt to be expensive today might be really cheap tomorrow.
You can always invest the same amount, the only thing that changes is the amount of bitcoins you get in return.
So a higher price, I do not see it as a disadvantage. Bitcoin can be devided up in subunits.

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