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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25014 times)
Jessy Mediola
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September 26, 2017, 05:23:03 AM
 #441

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 bitcoin value is unstable. We all know that the value of bitcoin is unstable and we cant predict on when it was falling down or rising up. Bitcoin stability is the biggest disadvantage.

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.

It wasn't design to be accepted by the masses (such as stores). Today, and in the near future, the network won't be able to handle the amount of transactions needed for that.

Anyway, the slow transactions and the high fees are a big issue for many people.

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September 26, 2017, 05:33:16 AM
 #442

Biggest disadvantage of using bitcoin is that the transactions are not completely anonymous they are pseudo anonymous, if they would have been anonymous then any 2 addresses couldn't be linked and it would have been a great advantage for someone who wants to hide their assets.
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September 26, 2017, 12:28:23 PM
 #443

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.
View of mine is that 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. And pump and dump is not the disadvantage it recovers soon and don’t disappoint its investors. It can be nominated as the global currency because it has no disadvantage.

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September 26, 2017, 12:56:45 PM
 #444

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

Thank you!

the disadvantage of bitcoin to me is not having big capital so i can hodl more Grin Grin Grin

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September 26, 2017, 02:09:05 PM
 #445

I think that the biggest disadvantage of bitcoin is the inpredictable faith. You can't see where it is going, some say it will grow bigger in value, others say it will become worthless. And what makes me worry about this is the price going up and down with a 1000$ difference in only one day. That's the disadavantage i saw in bitcoin.

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September 26, 2017, 02:18:04 PM
 #446

The biggest advantage of Bitcoin is that it is deflationary. Thus, it is defeating its purpose of being a currency and has largely became an investment asset. Whereas Bitcoin was invented to solve both the purposes one of being investment and the other of currency. Its value is increasing with time and hence nobody is interested in using their Bitcoin for everyday purchase instead of using fiat currency which is an inflationary currency. Until there is fiat currency I don't think that Bitcoin will reach its complete utility.


 
 
 
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September 26, 2017, 02:26:46 PM
 #447

I'd say governmental regulation. As long as governments will "fight" it or even make it illegal, less people will take the step to actually invest or use these crypto's

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September 26, 2017, 02:35:27 PM
 #448

I think that the biggest disadvantage of bitcoin is the inpredictable faith. You can't see where it is going, some say it will grow bigger in value, others say it will become worthless. And what makes me worry about this is the price going up and down with a 1000$ difference in only one day. That's the disadavantage i saw in bitcoin.

That's because you monitor the process every day, if you look at the price every year maybe the result will be different. There is one thing that makes bitcoin fall this year is because of negative news from china, but it does not weaken the mental of the crypto traders, including us. Short-term fluctuations do bother some people, but if you are involved as a daily trader then you will still benefit from the bitcoin movement every day, and that's enough for daily profits other than altcoin trading.
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September 26, 2017, 02:51:39 PM
 #449

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

Thank you!

For me as I see the most disadvantage of bitcoin is the value of it being unstables. Yes, we all know that bitcoin price might rise but I'm saying that the disadvantage of it is that the price or the money you put in the btc might dump even if you want it to rise because of unstability of the price or value.

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September 26, 2017, 02:57:30 PM
 #450

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

Thank you!

I think one of the dusadvantage of bitcoin is that having a big fee in some transactions because we all know that our income in bitcoin isn't that stable as well as the value of it so sometimes the fee or transactions are quite affected the money we are using. Instead of having many transactions we all putting it in as a fee.

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September 26, 2017, 03:18:31 PM
 #451

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

Thank you!

I think one of the dusadvantage of bitcoin is that having a big fee in some transactions because we all know that our income in bitcoin isn't that stable as well as the value of it so sometimes the fee or transactions are quite affected the money we are using. Instead of having many transactions we all putting it in as a fee.
Because you are calculating the rate USD of transaction fees while you are trading and earning Bitcoin from the cryptocurrency market. You have to remember you want to earn more Bitcoin, therefore spend small amount of Bitcoin to pay transaction fees very reasonable.

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September 27, 2017, 03:03:11 AM
 #452

I think the biggest bitcoin weakness is its price is still not stable and not all countries legalize bitcoin so therefore bitcoin still has a very significant weakness ...
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September 27, 2017, 03:11:00 AM
 #453

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

Thank you!

It is new so many people do not know it yet and because of the fact that it has a history of being used by people doing something illegal then some would immediately judge it and conclude it is not wise to invest on it because it is a currency use by criminals and I think this is the biggest disadvantage of cryptocurrency. There may be some truth to this but then they should look at the other side or the true purpose of the usage of the coin. Bitcoin has been a  big help to the people especially to those that need extra income and bitcoin can fill that. We , as a community should help each other in promoting the coin and continue to introduce it to people because the people who have influence manipulate the minds of others making them think that bitcoin is bad.

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September 27, 2017, 04:01:28 AM
 #454

I think the biggest bitcoin weakness is its price is still not stable and not all countries legalize bitcoin so therefore bitcoin still has a very significant weakness ...
We don't just leave it because everything has a down side or disadvantage but think on its advantages instead of disadvantage right? we can make more money with its advantages than in a normal or office work. Just use it on a proper ways then there will be no big disadvantage.

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September 27, 2017, 04:19:31 AM
 #455

I think the biggest bitcoin weakness is its price is still not stable and not all countries legalize bitcoin so therefore bitcoin still has a very significant weakness ...

It is not the biggest weakness of bitcoin as a fact, it is the strength of bitcoin. Investors are into volatility of market as they can take the advantage whether it will go up or down. Selling when the price of bitcoin goes up and just buying back when the price is down. I don't think it is really the biggest advantage of bitcoin, for now it's disadvantage is it is not yet spread worldwide.

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September 27, 2017, 06:21:40 AM
 #456

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.
It maybe disadvantage but you can’t blame bitcoin for it, as you will be getting more than anything else if you do hard work. Hard work will keep you away from your friends, relatives, work and even family. Yes we may call it a little bad for bitcoin but that is requirement for better money.


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September 27, 2017, 06:27:55 AM
 #457

For me, the biggest disadvantage is, at the same time, one of the greatest features.
The problem is that it is very difficult to bring improvements to the protocol, but that's also what prevents people from adding garbage to the code, which makes the code more stable and safer.
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September 27, 2017, 11:23:41 AM
 #458

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.
It maybe disadvantage but you can’t blame bitcoin for it, as you will be getting more than anything else if you do hard work. Hard work will keep you away from your friends, relatives, work and even family. Yes we may call it a little bad for bitcoin but that is requirement for better money.


That is the sacrifice that you need to do in order to work harder and reach your dreams. If you can leave your friends and other relatives for having a social life for a while then you are a good dreamer because you are willing to sacrifice temporary things for things that will give more value in your life in the next years.

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September 30, 2017, 06:20:21 AM
 #459

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

Thank you!

I think one of the dusadvantage of bitcoin is that having a big fee in some transactions because we all know that our income in bitcoin isn't that stable as well as the value of it so sometimes the fee or transactions are quite affected the money we are using. Instead of having many transactions we all putting it in as a fee.
Because you are calculating the rate USD of transaction fees while you are trading and earning Bitcoin from the cryptocurrency market. You have to remember you want to earn more Bitcoin, therefore spend small amount of Bitcoin to pay transaction fees very reasonable.
The transactions fees are very much reasonable and I think we should stop complaining about transaction fees.

The transaction fees of bitcoins are much better than that of banks. Bitcoins are worth these fees. We are earning enough money with bitcoins that can easily afford transaction fees. Moreover transactions are not done all the time.

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September 30, 2017, 06:31:01 AM
 #460

The biggest problem with bitcoin right now is the high fees/slow transactions. 3tx/s is EXTREMELY low and bitcoin will never reach mass adoption until thats changed - and it doenst look like the core devs want to change it...

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