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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25479 times)
marseille
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October 08, 2017, 11:02:11 PM
 #541

The biggest disadvantage of bitcoin is that it cannot be used at physical places to buy anything and if you want to use it for buying things then you need to convert it to fiat first and then spend as in my country bitcoin has not gain popularity yet and very few people are aware about bitcoins so its gonna take very long time for bitcoin to get widely used and accepted in my area.

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October 08, 2017, 11:07:56 PM
 #542

As I can see to it the most significant disadvantages of bitcoin is we can't use it in acquiring commodities, products and exchange of solutions. Indicates no retailers available below even in my region and not yet legalized. Probably in the potential simply because a lot of factors to take into account. Also, the fluctuation of the value that tends to produce the bitcoin into modernazation and can not effortlessly be use by oldies.

If there's no laws against it in your region, as it is in most of this planet, then it's already legal.

It's not just a matter of more merchants accepting it. While the adoption from retailers has increased, the fees among other issues make it impractical to use for smaller purchases. That and a good portion of the people only hold, in the hopes that it quickly gains valuation.
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October 08, 2017, 11:20:46 PM
 #543

As of now what I see about the disadvantages of Bitcoin in general is that the awareness of people about this, a lot of people are still unaware of bitcoins, how to use them and what is this for. I believe bitcoin is still in the developing stage, which I think improving in each passing day.
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October 08, 2017, 11:34:06 PM
 #544

The biggest disadvantage of bitcoin is that it cannot be used at physical places to buy anything and if you want to use it for buying things then you need to convert it to fiat first and then spend as in my country bitcoin has not gain popularity yet and very few people are aware about bitcoins so its gonna take very long time for bitcoin to get widely used and accepted in my area.

It also happens in my country, but my bitcoin deficiency is bitcoin not accepted in all countries and the pros and cons.


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October 08, 2017, 11:38:29 PM
 #545

I think it certainly grows very fast and that's a big problem.
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October 09, 2017, 02:12:19 AM
 #546

The lack of security with your bitcoin and online transactions. - hmm since most of the transactions are online you might get scam.
A lot of scammers are floating around on the internet. I think that's the biggest disadvantages of bitcoin.
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October 09, 2017, 02:33:48 AM
 #547

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

Can those people even live in this world?
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October 09, 2017, 03:38:12 AM
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I knew bitcoin about a year ago, the first time I bought bitcoin was a price of $ 850 and I bought up to 20 btc gradually up to $ 1240. My biggest regret is that I sold more than 50% when the price was $ 2800.

                                       
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October 09, 2017, 03:45:15 AM
 #549

I think the biggest disadvantage of bitcoin is that the high the price of bitcoin the higher the fee we will pay for out transaction. And it can also be used by someone who has a bad thinking like using it in corruption or in buying illegal stuffs online.

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October 09, 2017, 03:55:13 AM
 #550

As of now for me the biggest disadvantage of bitcoin is when you send bitcoin it takes more time before the transaction confirm. Sometimes you need to wait 1 day or more before its confirm. And other disadvantge of bitcoin is the transaction fee is very high because before the transaction fee is very low even you send a lot of bitvoin but now it depends to bitcoin you send the transaction fee.
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October 09, 2017, 04:07:43 AM
 #551

As I can see to it the most significant disadvantages of bitcoin is we can't use it in acquiring commodities, products and exchange of solutions. Indicates no retailers available below even in my region and not yet legalized. Probably in the potential simply because a lot of factors to take into account. Also, the fluctuation of the value that tends to produce the bitcoin into modernazation and can not effortlessly be use by oldies.
Well I think as we know that day by day bitcoin users are going to increase so its mean people really like bitcoin around the world but I think a lot of people they are expecting his physical shape or logo although we know it’s a digital currency but I think there must be any logo or physical of bitcoin I think that can be a disadvantage of it.
i think for me the biggest disadvantage of Bitcoin and at the same the biggest strength of bitcoin is its volatility compared to other investments that also affects the demand provided by the investors. There are investors that are still doubting on whether to invest or not because they are afraid that its value will be low and won't get profit out of their investment. at the same time there are investors who rely on the price to go up for down and in the way to find the right time to invest. i think it is also beauty of the bitcoin that its price is not stable and keep on fluctuating.

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October 09, 2017, 05:23:07 AM
 #552

As of now for me the biggest disadvantage of bitcoin is when you send bitcoin it takes more time before the transaction confirm. Sometimes you need to wait 1 day or more before its confirm. And other disadvantge of bitcoin is the transaction fee is very high because before the transaction fee is very low even you send a lot of bitvoin but now it depends to bitcoin you send the transaction fee.
This is depend on how much fees that you set. People who set the bigger amount of fees will be prioritized.  Yes,  probably transaction fees is become the dissadvantage of bitcoin,  miners now set transaction fees so in time this could increase and serve to extract rent from everyone using it as their means of exchange,  but we do not have to worry about that, Probably if the number of miners are increasing so the transaction fees could become lower.

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October 09, 2017, 06:05:56 AM
 #553

For me the biggest disadvantage of bitcoin is that it’s being unpredictable which makes it unstable in the market and because of that the risk that your bitcoin in your wallet can suddenly crash and lose its value can happen anytime, even the value keeps appreciating you cannot rely on today’s status rather every day is a taking risk for your investment.

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October 09, 2017, 06:13:35 AM
 #554

For me the biggest disadvantage of bitcoin is that it’s being unpredictable which makes it unstable in the market and because of that the risk that your bitcoin in your wallet can suddenly crash and lose its value can happen anytime, even the value keeps appreciating you cannot rely on today’s status rather every day is a taking risk for your investment.
That may be a disadvantage to holders, but this is also advantageous to those traders. They will take that opportunity to to have profit. That's is also why, FUD can be good news to some traders since it can really fluctuate the bitcoin price.

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October 09, 2017, 06:22:01 AM
 #555

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

Thank you!

The most disadvantages that i see in bitcoin is it will require internet connection and computers to do transactions or before it will be use in which many people have no internet access in their place or country and some people especially in the third world countries which is the poor people dont know how to use computers or the digital system. By this bitcoin will be limited to the poor people including children with poor education.

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October 09, 2017, 10:58:38 AM
 #556

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.
Bitcoin is definitely having the highest price at the moment in the crypto market and other coins like famous altcoins such as eth are millions of miles far away from bitcoin in price. Bitcoin is at present the best crypto currency of the world. Indeed the fluctuating price of the bitcoin is the major factor that has made bitcoins famous around the globe.

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redsun114
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October 10, 2017, 05:40:47 AM
 #557

As I can see to it the most significant disadvantages of bitcoin is we can't use it in acquiring commodities, products and exchange of solutions. Indicates no retailers available below even in my region and not yet legalized. Probably in the potential simply because a lot of factors to take into account. Also, the fluctuation of the value that tends to produce the bitcoin into modernazation and can not effortlessly be use by oldies.
This is not as such disadvantage of bitcoin. We all know that bitcoin are not older like other conventional currencies. They are new in the market as compare to dollar, euro, ponds etc. so it needs some time to be known throughout the world. Even within last five year bitcoin has managed to be legalized in most of the developed countries. Some international airline, restaurants, hotels are already accepting bitcoin.

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October 10, 2017, 05:53:58 AM
 #558

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

Thank you!
I do not think bitcoin has many weaknesses, but it does have a bit of an obstacle to being accepted gracefully across the region, and also perhaps the slightest disadvantage is that bitcoin is not well known to many people.

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October 10, 2017, 05:33:24 PM
 #559

I knew bitcoin about a year ago, the first time I bought bitcoin was a price of $ 850 and I bought up to 20 btc gradually up to $ 1240. My biggest regret is that I sold more than 50% when the price was $ 2800.
Well you really did wrong to yourself look at the difference of the price mate if you were having the high amount of the bitcoin you must be very happy because you must be able to sell you bitcoin at the high price. The people who are buying bitcoin are the lucky people because the price is increasing more and more. So I like the price of the bitcoin a lot.

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October 11, 2017, 01:41:35 AM
 #560

The largest drawback for me it truly is decentralized program, when you need some support with wrong transaction adress problem or you despatched it with a improper ammount or comission you only want to imagine that method will transfer quicker or question miners to support you with that.   
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