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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25544 times)
redsun114
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October 02, 2017, 11:44:24 AM
 #481

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.
According to my opinion, the biggest disadvantage of the bitcoin currency is that it is not among the legal economies of the world .This is the reason that the prices keep on fluctuating which is really irritating sometimes for the bitcoin holders.

No one could guarantee that keeping the bitcoins would really be beneficial for them in the future. Moreover, another disadvantage is the cost for exchanging it into legal currency for actual application meeting your daily demands.

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October 02, 2017, 12:30:52 PM
 #482

Bitcoin comes with many advantages today, but beside that, there are advantages that become a threat for the users of this virtual money. One of them deals with the issue of Bitcoin storage. Problems arise because this line of code can be stolen or lost. When that happens, all Bitcoin associated with the private key will disappear forever from the owner's hand.
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October 02, 2017, 02:35:19 PM
 #483

The payments are irreversible, payments made with Bitcoin are irreversible, that is, they can not be answered.
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October 02, 2017, 02:47:41 PM
 #484

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 bitcoins so far is that you cannot access them whenever you didn't have a wifi or internet connection. Because we all knownthat sometimes some places do not have the signals so you cannot access bitcoins. And also nit all stores are accepting bitcoins so you need to convert bitcoins into fiat before you can buy things. We also know that some country do not accept bitcoins in exchange in cash not unless the one you will in exchange with was a person.

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October 02, 2017, 03:46:21 PM
 #485

I think the biggest disadvantage of bitcoin is it is still not that popular or known to many people so maybe there are possible investors that are not yet into bitcoin world. Many are not yet aware that there is bitcoin that could help them to earn more money. And the other disadvantage of bitcoin is the volatility of its price.
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October 02, 2017, 04:18:23 PM
 #486

I think the biggest disadvantage of bitcoin is it is still not that popular or known to many people so maybe there are possible investors that are not yet into bitcoin world. Many are not yet aware that there is bitcoin that could help them to earn more money. And the other disadvantage of bitcoin is the volatility of its price.
Yes agree, if bitcoin users reach at least 3% of the total population of the world it will make the government will not dare banned bitcoin. but I'm sure this is happening right away so we should continue to introduce bitcoin to anyone.

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October 02, 2017, 05:27:39 PM
 #487

Reduced fees used to be a huge advantage of BTC a couple of years in the past, when I commenced utilizing BTC, but now because of to the escalating trouble fee in mining, and as less blocks get mined over a period of time of time, miners virtually totally rely on the transaction expenses of BTC to make mining value it, and therefore the transaction charges has been rising rather massive time. That, for me seems to be the largest problem of BTC, and there is no telling how significantly the transaction charges will enhance more than time as the market place benefit and difficulty rate of BTC alone enhance.
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October 02, 2017, 05:30:12 PM
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- Bitcoins Are Not Widely accepted : Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.
-Wallets Can Be Lost :If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.
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October 02, 2017, 06:47:36 PM
 #489

The disadvantages of bitcoin are two. The outrageous fees at the moment and the big volatility in price which is very common in all cryptos including bitcoin. Regarding the price, we are seeing that is being stable from some weeks in the 2500 dollars area.
For me what I consider as a disadvantage of bitcoin are whenever you get to pay fees when you make such different transactions and also the value of the bitcoin itself. Yes, bitcoin is promising but the price is sometimes unpredictable that what makes some users to panic sell their bitcoins.

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October 02, 2017, 08:31:24 PM
 #490

The disadvantages of bitcoin are two. The outrageous fees at the moment and the big volatility in price which is very common in all cryptos including bitcoin. Regarding the price, we are seeing that is being stable from some weeks in the 2500 dollars area.
For me what I consider as a disadvantage of bitcoin are whenever you get to pay fees when you make such different transactions and also the value of the bitcoin itself. Yes, bitcoin is promising but the price is sometimes unpredictable that what makes some users to panic sell their bitcoins.

I think there are two disadvantage of Bitcoin right now.

Here it is :
- Bitcoin price is become so high, and the fee become high too.
- Bitcoin mining is become harder and harder, and we need a better rigs.

Maybe there are more disadvantage of Bitcoin, but those two is what comes in my mind.

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October 02, 2017, 09:56:04 PM
 #491

The disadvantages of bitcoin are two. The outrageous fees at the moment and the big volatility in price which is very common in all cryptos including bitcoin. Regarding the price, we are seeing that is being stable from some weeks in the 2500 dollars area.
For me what I consider as a disadvantage of bitcoin are whenever you get to pay fees when you make such different transactions and also the value of the bitcoin itself. Yes, bitcoin is promising but the price is sometimes unpredictable that what makes some users to panic sell their bitcoins.

I think there are two disadvantage of Bitcoin right now.

Here it is :
- Bitcoin price is become so high, and the fee become high too.
- Bitcoin mining is become harder and harder, and we need a better rigs.

Maybe there are more disadvantage of Bitcoin, but those two is what comes in my mind.

Those shouldn't be disadvantageous because others in the bitcoin ecosystem are also profiting from the huge fees and if you happen to find yourself to be one of them i guess you wont label it a disadvantage. It was bound to happen because bitcoin prices are also on the higher side. The same way you can't afford better rigs others are making it big with their rigs and so it can't be a disadvantage.



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October 02, 2017, 10:18:40 PM
 #492

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.
i won't consider it as a disadvantages but more to a benefit .

as long as you can exploit that volatile i think it will be your benefit to use , invest and trade in bitcoin. i just feel annoying with the confirmation time , it takes too long . but yes at least it is far better than any other payment processor nowadays.
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October 03, 2017, 10:21:35 AM
 #493

Those shouldn't be disadvantageous because others in the bitcoin ecosystem are also profiting from the huge fees and if you happen to find yourself to be one of them i guess you wont label it a disadvantage. It was bound to happen because bitcoin prices are also on the higher side. The same way you can't afford better rigs others are making it big with their rigs and so it can't be a disadvantage.

Ok, you might be right. But a lot of people say that Bitcoin mining is very hard right now. Some say that it is not profitable anymore. So I thought that is disavantage. I am sorry if I'm wrong. But thanks for the explanation. I guess I have to move to other crypto if I want to mine. Grin

I guess you know a lot about the Bitcoin system and people in it. I trust you, thanks for the information. Smiley

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October 03, 2017, 11:50:38 AM
 #494

Price tag fluctuations, manipulations, rumors, difficult forks and delicate forks, market dumps, sluggish transactions, large expenses. These are the negative factors arrived to my thoughts.
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October 03, 2017, 11:58:06 AM
 #495

Before it was the transaction time and fees. But I think it is getting fixed now.
The new problem would be on how it could be spread more or being legal to different countries.
Yes, there have been countries who made the next step into accepting it as a legal way of transaction but still those are just a few country out of many.
Right!! in our country only few knows about bitcoin and it really take some courage to tell people about it..because everybody thinks its a scam..not all people would adapt digital currency such as bitcoin..only positive minds did.

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October 03, 2017, 12:04:54 PM
 #496

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

Thank you!

The bughest disadvantage for me, and it really threatens me as an individual. Is the fact that, bitcoins can be hacked because it is online, although it cannot be hacked yet but what if in the future something might happen? But let just all hope that nothings gonna happen to us. Because we all love bitcoins especially me because this is the one sustaining my daily needs. And aside from that I'm also thinking that the fact that bitcoins can drops which makes me panic sometimes but I know have full trust on bitcoins.

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October 04, 2017, 08:28:02 AM
 #497

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 ...
Yes, you may be right. As far as I think, the biggest disadvantage of Bitcoin is not this but the biggest disadvantage is the transaction fee and the transaction process.

This is something which is causing a lot of troubles for the investors of Bitcoins. This issue needs to be resolved as soon as possible so that it may not affect the market in negative way.



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giarised
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October 04, 2017, 08:30:38 AM
 #498

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.
This is not disadvantage at all. There are many stores that have started accepting bitcoin already and many restaurants are willing to get paid in bitcoin. Bitcoin are getting popular day by day and there are maximum chances that the will be the legal international currency of the world, binding whole world together. Bitcoins are not going to be dependent on fiat anymore soon.

Wittycoin
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October 04, 2017, 08:52:37 AM
 #499

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 or any cryptocurrency is that it always need internet for you to be able to use it and to be able to have transaction with others, not all places have internet or free wifi. Also cryptocurrency are not yet known to many people and many countries doesn't recognize or allow cryptocurrencies to be used on their country thats why, you can not expect all markets to accept bitcoin or any crypto as payment. Those are big disadvantages of cryptocurrencies.

nethan1btc
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October 04, 2017, 09:07:39 AM
 #500

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.
This is not disadvantage at all. There are many stores that have started accepting bitcoin already and many restaurants are willing to get paid in bitcoin. Bitcoin are getting popular day by day and there are maximum chances that the will be the legal international currency of the world, binding whole world together. Bitcoins are not going to be dependent on fiat anymore soon.



According to what I have observed, the biggest disadvantage of bitcoin is that they are not total widely accepted all over the world.One of that it just a digital currency If you loss your hard drive and forget your digital wallet or corrupted you will get nothing and suddenly all effort that you spend here in bitcoin will gone easily and nothing we could do about it.

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