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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25544 times)
robotrobert
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October 04, 2017, 10:05:51 AM
 #501

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.
Volatility is not disadvantage technically volatility makes bitcoin more popular and though this behavior people are making money and there are no disadvantages as people say volatility give them loss my answer is why don’t you stay calm and hold when prices are low and by at that time because there is pump after every dump so be confident and invest.

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October 04, 2017, 10:15:05 AM
 #502

The scalability of Bitcoin is another issue for long-term users. As the infrastructure for this currency has not undergone any significant improvements, there is a risk that future adoption of more people could lead to a very congested and slow system.
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October 04, 2017, 10:42:31 AM
 #503

The biggest disadvantage of bitcoin is a type of digital currency which is connected with internet. Once this facility finish the existence of bitcoin will suffer from many losses. The usage of bitcoin is decreasing day by day may be the supply of which will harmful because of heavy supply of bitcoin.

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October 04, 2017, 12:13:37 PM
 #504

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.
Yeah transaction fees is a big flaw in bitcoin. But I think there is an even bigger disadvantage of bitcoin. That is its unpredictable price. Its price change much frequently than any other currency. If it is 4000 today then it can be 4500 tomorrow or it can also go down to 3500.

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October 04, 2017, 02:19:14 PM
 #505

I think the biggest disadvantage of bitcoin is the higher transaction cost, if we compare it with altcoin then bitcoin can be 20 times more expensive, for example is ethereum, with 0.001 eth or equal to $ 0.03 ETH we can send coins connected with ETH, whereas bitcoin takes at least 85k or about $ 3.5.



               
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October 04, 2017, 02:27:06 PM
 #506

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

Thank you!
The only disadvantage of bitcoin that I see was its transaction fee. Because as far as I see here in forum there are many users that ara complaining about it. They always says the transaction fee was too higg which js true. But if we look on the other side I tginknits fair why? Because the one who manage our transaction also need to get profit so the higher the fees that we pay the faster the transaction that we can get.

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October 04, 2017, 02:45:14 PM
 #507

Yeah there is a cause for disadvantage of btc. I think it is offline. bitcoin is an online based crypto. if it would be a offline coin, it would be very favourite to all for using.

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October 04, 2017, 02:49:46 PM
 #508

In my opinion the biggest disadvatange that's yet not accepted everywere as a payment, sooner it will be but since there is not accepted as payment anywhere I had to use my credit card for certain purchases.
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October 04, 2017, 05:07:07 PM
 #509

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

Thank you!

If you are a trader or a gambler then there is really a huge disadvantage in bitcoins because the value is not consistently high, Basically the market works depending on the supply and demand of a coin so you better know how the system works before you invest into a specific coin.

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October 04, 2017, 05:47:47 PM
 #510

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

Thank you!

If you are a trader or a gambler then there is really a huge disadvantage in bitcoins because the value is not consistently high, Basically the market works depending on the supply and demand of a coin so you better know how the system works before you invest into a specific coin.

Traders can try to take advantage of that volatility for quick profits. I think they'd see it as opportunity rather.
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October 04, 2017, 06:03:37 PM
 #511

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

Thank you!

If you are a trader or a gambler then there is really a huge disadvantage in bitcoins because the value is not consistently high, Basically the market works depending on the supply and demand of a coin so you better know how the system works before you invest into a specific coin.

Traders can try to take advantage of that volatility for quick profits. I think they'd see it as opportunity rather.

Its only advantageous if you are on the right side of the trade . If you bought and market goes down than you have to bear a huge loss unless you can hold it for the time it may take to rise back again.

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October 05, 2017, 11:25:54 AM
 #512

- 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.
There is no disadvantage of investing in BTC because one can gain much profit as compare to any other business.as if the prices goes high then there will be also good advantage for investors, nowadays the popularity 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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October 05, 2017, 03:54:42 PM
 #513

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.
Bitcoins have no disadvantage at all it have only benefits some of the benefits of bitcoins are that the prices of bitcoins are not stopping on one figure its prices are increasing rapidly and after some time it will known as king of cryptocurrency.

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October 05, 2017, 05:29:59 PM
 #514

The biggest disadvantage of bitcoin when the price is low because you can convert your bitcoin in low price but it good when the price is high.

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October 05, 2017, 06:01:14 PM
 #515

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.


for your first argument ,i totally agree with you using different gadgets ,but what if gets corrupted too , for every copy you can not buy different devices,it would cost you more than you are earning,secondly as two devices are being used by same person there will be things which are going to be common in both devices so maybe a thing affecting your device and can harm other one too

for your second one,you yourself have said about there is still COD option available for buying things online with physical money,what if your online vendor does not support btc,i know its minor issue but still it is there
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October 05, 2017, 06:10:41 PM
 #516

Transaction costs is not cheap as other currencies. and the biggest probem is transaction time. sometimes it takes several days to get cobfirmation so i use other currencies for transactions

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October 05, 2017, 07:13:06 PM
 #517

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.
Yeah transaction fees is a big flaw in bitcoin. But I think there is an even bigger disadvantage of bitcoin. That is its unpredictable price. Its price change much frequently than any other currency. If it is 4000 today then it can be 4500 tomorrow or it can also go down to 3500.
There is no even a single disadvantage of bitcoins because millions of people are just trusting in bitcoins just because they know about the bitcoins so you are thinking to invest money in bitcoins than you should go on and trust in bitcoins just like the millions of people are trusting.
dart vader
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October 05, 2017, 07:36:49 PM
 #518

The biggest disadvantage of Bitcoin is that it has no physical form which directly effects its acceptance.It has no physical form so it has to be converted into some other currency in order to use it in physical stores.Moreover it is decentralized ,so government will not accept it as the only currency for financial transactions.Its trading speed is slow .We store our Bitcoins in our wallet and if the private key of our wallet is lost then automatically we will loose our BTC's also and there will be no way to get them back. Bitcoins are sometimes used as a mode of payment in drug dealings and they are used as ransoms because transactions through bitcoins are anonymous which can also be a disadvantage .
diagla
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October 05, 2017, 07:41:26 PM
 #519

The biggest disadvantage of Bitcoin is that it has no physical form which directly effects its acceptance.It has no physical form so it has to be converted into some other currency in order to use it in physical stores.Moreover it is decentralized ,so government will not accept it as the only currency for financial transactions.Its trading speed is slow .We store our Bitcoins in our wallet and if the private key of our wallet is lost then automatically we will loose our BTC's also and there will be no way to get them back. Bitcoins are sometimes used as a mode of payment in drug dealings and they are used as ransoms because transactions through bitcoins are anonymous which can also be a disadvantage .

Technically, fiat does not have a physical form either though. It is just paper with perceived value. The true value is gold, which fiat is no longer backed by. And Bitcoin can be turned into paper... it is called paper wallets, look it up!
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October 05, 2017, 08:03:54 PM
 #520

i didn't notice any disadvantage of bitcoin because bitcoin is kind of business , and there is no business in the world in which risk is not involve. there is a trade off between risk and return, bitcoin favor those who are risk taker.

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