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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25016 times)
pokeronlinestatus
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September 30, 2017, 09:38:17 AM
 #461

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.
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. 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.

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mabell943
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September 30, 2017, 10:47:23 AM
 #462

I think the biggest advantage of bitcoin is it is not too popular to othe citizen however it is somehow useful to purchase a certain product.

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September 30, 2017, 11:08:17 AM
 #463

My personal biggest disadvantage of bitcoin is the following; it is not stable. To elaborate, you hope that bitcoin will keep on growing, and then all of a sudden, it drops, and then it goes up again, and then it drops. You want to achieve something and then it turns you down. I wish bitcoin would always grow. Added to that, it is scary because imagine if you were living in China and then the latter banned it. What would you actually do?

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September 30, 2017, 01:08:39 PM
 #464

The biggest disadvantage is probably not having enough user friendly apps for people to use and feel safe with when using Bitcoin. This will change though over time as the network gains more value.

betMaster
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September 30, 2017, 01:12:59 PM
 #465

Bitcoin usage has dramatically grown, due to its several assets that beat traditional banking systems in many ways, and providing more chances of work to a lot of people affected by unemployment. However, when looking at the negatives, the implementation of this currency also facilitates deals related to criminal activity, and it takes away tax revenues from the concerned countries which results of amplifying their financial crisis .

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micher143
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September 30, 2017, 01:33:46 PM
 #466

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 agree, that it does have a function that could be a advantage to many but can also serve as a disadvantage for others. So we will just look and take time to learn more about the system of bitcoin itself we could actually earn with bitcoin and we could also avoid its advantages by having the right decision on every transaction we can made. So the thing is, all people need to learn the system of bitcoin as whole for them to used bitcoin and to make the most of it.


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Sylenth
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September 30, 2017, 01:36:20 PM
 #467

disadvantages:-
1.these are not widely accepted - these are only accepted by few online merchants
2.wallets can be lost-if virus attacks and corrupt the data there is no way of recovering your btc.
3.bitcoin value fluctuates greatly since btc is decentralized there is no minimum value assigned to it.decentralization of this currency is both curse and blessing.
4.bitcoin does not have any physical form so it cannot be used in physical stores and has to be converted to other forms of currency by paying transferable fees
5.technical flaws-since all is operated online technical flaw can create problem in its working and could lead to destruction bitcoin too
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September 30, 2017, 01:43:55 PM
 #468

disadvantages:-
1.these are not widely accepted - these are only accepted by few online merchants
2.wallets can be lost-if virus attacks and corrupt the data there is no way of recovering your btc.
3.bitcoin value fluctuates greatly since btc is decentralized there is no minimum value assigned to it.decentralization of this currency is both curse and blessing.
4.bitcoin does not have any physical form so it cannot be used in physical stores and has to be converted to other forms of currency by paying transferable fees
5.technical flaws-since all is operated online technical flaw can create problem in its working and could lead to destruction bitcoin too
For # 2, I think the other purpose of the private key is that you can export your wallet from different gadgets. So incase of virus attack, you can still use another gadget so you can still have your bitcoins.

For # 4, same thing goes if you use your physical money to buy in online stores, well you can't do that unless you choose COD. Why not have physical money for physical transactions and have bitcoins for online transactions.



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thoham
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September 30, 2017, 01:51:35 PM
 #469

Bitcoin way too technical for most people to understand.
Non-technical people can use it, but only as something equivalent in their minds to a credit card or Apple Pay. So unless they are in one of the situations where Bitcoin is clearly superior to the alternatives, like evading currency controls or sending remittances, it won't seem significant to them.
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September 30, 2017, 01:52:57 PM
 #470

It seems to me that the biggest disadvantage of bitcoin is its dependence from Fiat. This applies to all cryptocurrencies without exception. In order to buy the goods we have to change the bitcoins to Fiat. This not only creates additional difficulties and leads to additional costs. This deprives bitcoin of the main advantages - anonymity.

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September 30, 2017, 03:22:08 PM
 #471

I think, there are two biggest disadvantage of bitcoin.(1) I
think, there is a disadvantage in the bitcoin which is the legalization,if it will ligalized the whole world.(2)another bih ptoblem is transfer the money,csuse we don't cash out from bank.....if it is easy to cash out, it will for ous,it's my own opinion.

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September 30, 2017, 03:44:04 PM
 #472

I think the biggest disadvantage of Bitcoin is its volatility. But in cryptocurrencies I think that's their characteristic that cannot be changed, for the values are not stable and you cannot do anything to change it. Instead of finding a way to change it, We, users, will adjust to this feature of bitcoin and make our own strategy on how to earn bitcoins.

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September 30, 2017, 03:44:53 PM
 #473

biggest disadvantage?

Clearly it's the fact I can't use it in commerce for 99 percent of the items I need to buy.  All I can use it for is currency speculation just like buying Yen, dollars, Pesos etc.   I'm trapped by brokers/exchanges if I want to use it to buy a car or food.

I only know of 2 restaurants locally where I can buy a meal with it.  I can't use it on amazon.com.  I bought a 40,000 car last week, couldn't use it for that either.   Had to buy insurance for that car, not with bitcoin.   It's not a currency if i can't buy things with it.

I can buy drugs with it,   I can smuggle money out of the country with it.   But, that illegal and not helping us.

I hope this changes.
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September 30, 2017, 03:51:16 PM
 #474

It seems to me that the biggest disadvantage of bitcoin is its dependence from Fiat. This applies to all cryptocurrencies without exception. In order to buy the goods we have to change the bitcoins to Fiat. This not only creates additional difficulties and leads to additional costs. This deprives bitcoin of the main advantages - anonymity.


Yes.If you want to spend bitcoin for any expenditure means, we can't use bitcoin directly.But this will not take much time to replace the Fiat.When the price reaches the maximum means, the bitcoin will replace the dollar and follow by the Fiat (all the Currency).

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September 30, 2017, 04:16:04 PM
 #475

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

Thank you!
For me the biggest disadvantage of bitcoin is that you can't use immediately the money that you need to use for your daily lives and its hard for people to convert the money specially that people is not a techie user.

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September 30, 2017, 04:24:17 PM
 #476

It seems to me that the biggest disadvantage of bitcoin is its dependence from Fiat. This applies to all cryptocurrencies without exception. In order to buy the goods we have to change the bitcoins to Fiat. This not only creates additional difficulties and leads to additional costs. This deprives bitcoin of the main advantages - anonymity.

Yes, now it is almost impossible to buy something in our country for bitcoin and in this way all anonymity is lost. I can only buy clothes for bitcoins, and other things have to be bought for ordinary currency.

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September 30, 2017, 05:01:32 PM
 #477

I think the biggest disadvantage of Bitcoin is its volatility. But in cryptocurrencies I think that's their characteristic that cannot be changed, for the values are not stable and you cannot do anything to change it. Instead of finding a way to change it, We, users, will adjust to this feature of bitcoin and make our own strategy on how to earn bitcoins.

you'r right that its disavantage is the risk and volatility.
its lack of awareness or understanding and its still developing. Due to the fact that bitcoin is still relatively young and a new currency,in order to people to succeed, is they are need to undersand what it is and not let preconceived nations distort the concept of digial currencies.
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September 30, 2017, 05:22:29 PM
 #478

I think the biggest disadvantage of Bitcoin is its volatility. But in cryptocurrencies I think that's their characteristic that cannot be changed, for the values are not stable and you cannot do anything to change it. Instead of finding a way to change it, We, users, will adjust to this feature of bitcoin and make our own strategy on how to earn bitcoins.
Volatile isn't disadvantage, if Bitcoin were stable I bet Bitcoin never had this price ever. Surely volatile is really benefit to increase the price and most of peoples trying to trade their money with Bitcoin because this volatile, it isn't bad but for some peoples volatile is a field to earn money.

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September 30, 2017, 05:34:33 PM
 #479

Biggest disadvantage of bitcoin is high transaction fees and sometimes long confirmation time of transactions.Bitcoin has a high volatility, its price increases and decreases at a high pace and it makes it very risky to invest.
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October 01, 2017, 01:42:33 AM
 #480

Disadvantages bring possibilities to evolve. I think the biggest disadvantage of any cryptocurrency (except the low speed of transaction and high fees) is the lack of mass adoption by economy. Many people have a cryptocurrency but no one can buy anything at the supermarket for it.

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