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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25544 times)
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September 30, 2017, 01:08:39 PM
 #461

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.

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September 30, 2017, 01:12:59 PM
 #462

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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September 30, 2017, 01:33:46 PM
 #463

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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September 30, 2017, 01:36:20 PM
 #464

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
 #465

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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September 30, 2017, 01:51:35 PM
 #466

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
 #467

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, 03:44:04 PM
 #468

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
 #469

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
 #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.


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
 #471

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
 #472

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
 #473

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
 #474

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
 #475

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
 #476

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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October 01, 2017, 02:08:03 AM
 #477

For me myself, i haven't felt any disadvantages in bitcoin at all. Maybe because i use it for investment, not use it for transaction or whatsoever.
But so far as i knew, many people complained about how long the transaction takes and also how high the fees are. I don't really know since i never experience it myself but i personally think it's not really a big problem, though of course it'll be better and great if the fees is low.

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October 01, 2017, 06:01:52 PM
 #478

I think the biggest disadvantage of btc is it isn't stable enough to give a stable amount to those people who are depending on btc as their source of income.As a matter of fact  many people  are not aware of bitcoin and people need to be educated to understand the importance of bitcoin.
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October 01, 2017, 06:10:16 PM
 #479

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.
It is about the bitcoin and the price of the bitcoin. If more and more people will get into bitcoin then the users will make bitcoin more popular. For me the biggest advantage of the bitcoin is the price of the bitcoin and it is the most powerful point that bitcoin has. The people are investing in bitcoin and they are making bitcoin popular at high stage and it is the plus point of the bitcoin.

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October 01, 2017, 10:58:04 PM
 #480

I think the big fluctuation of the price is the biggest disadvantage of btc and the other cryptocurrencies. And also the fluctuation of the altcoins' prices follows the btc price's movements mainly, and I think this is an another disadvantage too.

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