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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25014 times)
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September 17, 2017, 10:19:13 PM
 #421

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

Thank you!
I'm not sure, but maybe it's its volatility. Volatility is the risk on investing into Bitcoin because there are times that its market value drops. Being volatile means there are sudden changes on its market value that made Bitcoin's market value less stagnant. Stability on its market value is important as an investment. But im the future, if the demand continue to increase, maybe Bitcoin's price will be highly stable. Hoping that it will happen in the future.

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September 17, 2017, 11:51:45 PM
 #422

In our place, the biggest advantage of bitcoin is that, there are limited areas who could access bitcoin, If you want to purchase something you want to eat outside your house, store's don't recognize bitcoin in exchange of goods. It tells something that people are not yet equipped with the updates and trends happen around the world.

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September 18, 2017, 12:27:01 AM
 #423

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

Thank you!
I'm not sure, but maybe it's its volatility. Volatility is the risk on investing into Bitcoin because there are times that its market value drops. Being volatile means there are sudden changes on its market value that made Bitcoin's market value less stagnant. Stability on its market value is important as an investment. But im the future, if the demand continue to increase, maybe Bitcoin's price will be highly stable. Hoping that it will happen in the future.
Fluctuations in the cause of the few users who adopt bitcoin. as time goes by the bitcoin will slowly stabilize. but I do not agree if fluctuations are defined as lack of bitcoin. although fluctuations provide a risk of loss to all users but in the long run precisely fluctuations are not a risk dude. and in short time many are exploiting fluctuations to their advantage.

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September 18, 2017, 01:30:39 AM
 #424

I complain about it being the slowest, but if I can increase the miner's wages everything okay, I do not think that this problem is going to happen, other than that, it is a disadvantage.



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September 18, 2017, 01:43:47 AM
 #425

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

Thank you!
For me what I see as the major disadvantage of bitcoin is that it transaction is irreversible, can be use for money laundry, can course inflation and deflation in an economy which will be difficult to control because of it decentralised nature.

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September 18, 2017, 06:51:22 AM
 #426

Not so physical that can not be used for transactions directly, we all know that bitcoin is very dependent on blockchain and it certainly can not be used for direct transactions like cash.

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September 18, 2017, 08:14:52 AM
 #427

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.
Every new thing takes time for complete acceptance by the public and same is happening with bitcoins. With time, people will get to know more about bitcoins in detail and then obviously the common usage of bitcoins is going to increase. We just need to be patient with our bitcoins.

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September 18, 2017, 10:14:56 AM
 #428

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.
I will second you. I think one of the biggest problems which the investors are facing is Transaction and Transaction Fee. These are things which are adding on a lot of negative views about the Bitcoin. But I’m very much positive that these issues will be resolved very soon and then people will be left with no other complaint.

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September 19, 2017, 01:55:26 PM
 #429

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.

There are no huge disadvantage bitcoin has because now the bitcoin has made a lot of positive changes but still some people are complaining as the transaction conformation is slow and the biggest transaction fees is the big problem for some people so I think they don’t need to be worry because new plans are underway to resolve the problems and will bring new strategies.

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September 19, 2017, 02:00:55 PM
 #430

There were two biggest disadvantages of bitcoin,high transaction fees and volatile nature of bitcoin price.High transaction fee issue has been solved by segwit activation.But since bitcoin being a decentralized currency,its price is uncontrolled by any central body and hence its price either increases or decreases with change in demand for bitcoins.So,volatile nature is very hard to get solved and due to this volatile nature of bitcoin price,many countries have not come forward to legalize bitcoin.

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September 19, 2017, 02:15:24 PM
 #431

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).
For me as a user the big disadvantage on bitcoin is that i put all my efforts and time on this,  i don't have much time for my self and other people and because of that something going wrong on us.  But it's ok i actually made a plan for that to have an equal on each too.

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September 19, 2017, 02:31:18 PM
 #432

Advantages and disadvantages Bitcoin - After dihebohkan with Forex trading is now people dihebohkan with Bitcoin. Probably not many know what Bitcoin is. Bitcoin is a virtual currency developed in 2009 by a person named Satoshi Nakamoto. Although the form of a virtual currency but the currency in Bitcoin is the same as the rupiah and dollar but its existence only exists in the digital world. Conceptually, Bitcoin is similar to eGold though actually different. Many people who think Bitcoin is similar to Forex whereas in reality Bitcoin is different from Forex. Currently buying Bitcoin and reselling it is very popular with digital lovers of trading community, let alone the more here Bitcoin selling value higher. The benefits gained from buying and selling Bitcoin will be higher if the value of Bitcoinnya higher.
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September 19, 2017, 03:28:34 PM
 #433

There were two biggest disadvantages of bitcoin,high transaction fees and volatile nature of bitcoin price.High transaction fee issue has been solved by segwit activation.But since bitcoin being a decentralized currency,its price is uncontrolled by any central body and hence its price either increases or decreases with change in demand for bitcoins.So,volatile nature is very hard to get solved and due to this volatile nature of bitcoin price,many countries have not come forward to legalize bitcoin.
I dont think volatility of bitcoin is the biggest disadvantage of it because it is the very reason why there are so many traders and holders of bitcoin up to date. They are earning the same amount in a span of little time compared to flat currency like dollars. If there is disadvantage of bitcoin, for me, it is the transaction speed today, but if this problem is solve then I could say bitcoin can be the world currency.

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September 19, 2017, 07:06:28 PM
 #434

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.

Agree. Banks with their high fees and manipulation over fiat currencies, will eventually lead to the depreciation over national currencies leaving you with less spending power as time goes by. With Bitcoin you get can freedom over your own money, as well as benefits from its deflationary nature, granting you higher spending power the scarcer it becomes.

While there are many disadvantages that Bitcoin has, I believe that there are only a few (unlike fiat currencies). Flaws like high fees, and slow transaction confirmation times makes it quite disappointing to use Bitcoin for your daily needs. However, as adoption and development grows, the disadvantages underlying Bitcoin will become reduced at a point for complete perfection in the mainstream world. Just sharing my thoughts Grin

 

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September 22, 2017, 12:38:09 PM
 #435

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).
For me as a user the big disadvantage on bitcoin is that i put all my efforts and time on this,  i don't have much time for my self and other people and because of that something going wrong on us.  But it's ok i actually made a plan for that to have an equal on each too.
Well if you are spending time with bitcoin it means you are spending time for you’re saving and it will be the future for your kids as well. It is good to invest in bitcoin and hold your bitcoin for the long time so you will get the high profit. The price of the bitcoin is the actually fluctuation are actually the reason why people are holding bitcoin and they are making the bitcoin more and more popular.

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September 22, 2017, 03:03:41 PM
 #436

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.
You are right if we look at the things from the perspective you are looking at. I think if we look at the other perspective, then this instability is the most fascinating thing due to which many of the investors have decided to invest a good amount of their income in Bitcoin. It all depends on how good you are at interpreting the things and making good decisions.


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September 25, 2017, 09:20:53 AM
 #437

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).
For me as a user the big disadvantage on bitcoin is that i put all my efforts and time on this,  i don't have much time for my self and other people and because of that something going wrong on us.  But it's ok i actually made a plan for that to have an equal on each too.
I must suggest you that you need to manage your time in some other better way as compared to how you are doing it right now. As far as disadvantage is concerned, I think there is no such disadvantage of Bitcoin. There are few issues like Transaction fee and transactions which are causing a little trouble.

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September 25, 2017, 08:15:32 PM
 #438

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.
You are right if we look at the things from the perspective you are looking at. I think if we look at the other perspective, then this instability is the most fascinating thing due to which many of the investors have decided to invest a good amount of their income in Bitcoin. It all depends on how good you are at interpreting the things and making good decisions.


Obviously all depends on the mindset of the investor. We all know that beauty lies in the eyes of beholder which clearly shows that it totally depends on us how we perceive anything. The dumping period is blessing for some people and a curse for others whereas the thing is same so just try to stay positive.

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September 25, 2017, 10:55:57 PM
 #439

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

Thank you!

Possibly the biggest disadvantage is that it relies on miners to transfer bitcoins and for a fee. This fee is not a set amount or a set percentage and could change over time. Fees could get very large as fewer coins are mined and miners rely almost completely on fees to make mining worth it.

I agree. Just recently, my husband intended to cash out his earnings on propy. But the thing is, propy coin is new and there are limited site for trading. Ao we spent time on finding ways to convert propy to bitcoin. (Very tedious process) so we transferred and traded amounts to experiment on how. But to our surprise, almost half of the earnings were spent just on fees. I think developers can find a way to somehow lower or possibly make fees for transfer and tradings free.

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September 26, 2017, 04:14:28 AM
 #440

There are many disadvantages of bitcoin.Firstly the volatile nature of bitcoin.We don't know whether the value of bitcoin will increase or decrease.Secondly the transaction fee of bitcoins.

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