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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25014 times)
bitblackred
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October 05, 2017, 07:13:06 PM
 #521

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.
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dart vader
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October 05, 2017, 07:36:49 PM
 #522

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 .
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October 05, 2017, 07:41:26 PM
 #523

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
 #524

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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October 05, 2017, 08:25:10 PM
 #525

The transaction time is the biggest challenge to manage worldwide transactions.
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October 05, 2017, 08:38:51 PM
 #526

The biggest disadvantage of Bitcoin is that it is not stable. You can not use it as a reliable currency because it could plummet at any momment. On the bright side it could go up very fast. The problem is that you can not predict the value of Bitcoin and it is understandable that many people don't want to offer their services while betting on the unknown.
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October 05, 2017, 08:52:08 PM
 #527

The transaction time is the biggest challenge to manage worldwide transactions.

I transacted last time and it only took 7-10 minutes and I was shocked to see that my transaction was confirmed immediately by that time. I don't think that this is the biggest disadvantage of bitcoin. What I can see the biggest disadvantage of bitcoin is that bitcoin is still not recognized worldwide.

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October 05, 2017, 09:06:45 PM
 #528

I think the biggest dis advantage of bitcoin are  the following:

1. The bitcoin is not well know, not every individual is aware of these stuff.
2. Limited transaction using bitcoin, because you cannot use bitcoin as payment in many business establishment.
3. Lack o security
4. Unstable market.

But off course there are also advantages of using the bitcoin.

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October 06, 2017, 01:30:58 AM
 #529

I believe the greatest drawback of bitcoin is it is negative popularity in criminal transactions. It what can make people remain away from it and made the decision to have absolutely nothing to do with it. We can't do everything about it, men and women imagine what they want to think.
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October 06, 2017, 01:32:49 AM
 #530

I think the internet connection, because for me this will not work with out internet and aside from this is a lot of negative news about this but still i believe on bitcoin that he will make me rich in the future.

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October 06, 2017, 08:08:39 AM
 #531

Like any currency, there are disadvantages associated with using Bitcoin:
- bitcoins are not widely accepted
- wallets can be lost
- bitcoin valuation fluctuates
- no buyer protection
- risk of unknown technical flaws
- built in deflation
- no physical form
- no valuation guarantee
Strught85
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October 07, 2017, 03:10:35 AM
 #532

I consider the biggest drawback of bitcoin is it truly is bad reputation in felony transactions. It what helps make people continue to be away from it and made a decision to have practically nothing to do with it. We cannot do something about it, folks believe what they want to think.
man1996
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October 07, 2017, 03:16:16 AM
 #533

The biggest disadvantage of Bitcoin is its volatile nature.No one can predict when will it rise or when will it fall.

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October 07, 2017, 03:20:52 AM
 #534

The big swings like others have said, high fee's, and too techy for casual people who can barely work a smartphone.

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nikitano
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October 07, 2017, 03:35:43 AM
 #535

There are two drawbacks in my viewpoint:-Transactions are not reversible-If you get rid of the key, you get rid of the moneyI consider these are the biggest drawbacks because people are utilized to have a way to fix errors: you can constantly reset your password, get in touch with the assistance provider, go to your financial institution office, and many others...in Bitcoin, there is no next chance, and that's a huge responsibility that many men and women might not recognize untill it is also late for them.Also, these down sides are by-design and style. Some other Bitcoin troubles like transaction fees or affirmation time will most likely increase in the potential as new developments are deployed. However, the difficulties I mentioned will need a full re-layout of the coin.
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October 07, 2017, 03:46:11 AM
 #536

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

I agree with you. It's my problem sometimes too. I need to wait for how many days before I convert it because sometimes the value of it into my currency is too slow. I don't want to risk it because I think I work hard for it so I don't have a choice except to wait just to meet my satisfaction.
bubblebit
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October 07, 2017, 03:48:29 AM
 #537

I don’t see a direct disadvantage from bitcoin itself.

transaction fee - is it that the wallet your using dictates it. I used a wallet with minimal fee.

transaction time - same it depends on what wallet your using. My wallet provider is instant.

not stable - it is more advantageous to me, for I can profit in a much faster phase. buy low and sell high

That is just my experience and that is totally subjective. And I can only appreciate respect on one’s opinion if they do respect the same. Maybe it’s time for us to look for something that suits our standards than being contented to norms.
steveabrahams
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October 07, 2017, 04:01:46 AM
 #538

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

Thank you!

First, the price of bitcoin that always changed and unstable. It's really hard if you have an offline shops and accept bitcoin as the payment but the bitcoin price changed everyday. The second is the fee and the confirmation, sometimes the fee is quite big and we need to pay more if you want your transaction get confirmed fast.

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October 07, 2017, 04:16:54 PM
 #539

As I see the biggest disadvantage of a cryptocurrency is a short chain of blocks. This problem is also known as 51% attack. I don't think Bitcoin is very risky from this point. It is too big already.


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October 07, 2017, 04:46:55 PM
 #540

the shortcomings of bitcoin may be all people have answered the same thing, as bitcoin is still an illegal currency, because it is still illegal currency, bitcoin has not been used as a transaction. and also if something happens to ico then bitcoin also feel the impact of the consequences

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