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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24979 times)
redsun114
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October 10, 2017, 05:40:47 AM
 #561

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
 #562

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
 #563

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
 #564

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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October 11, 2017, 02:07:26 AM
 #565

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.
I don't see how profiting more than double the amount as a disadvantage of Bitcoin. Because you have benifited from the price increased, the only thing you are feeling now is regret where you have sold 50% of your holdings at 2800$ where it still continue to increase in price. Luckily you can still profit from it with Bitcoin's volatility I know you can repeats the profiting you previously done good luck on your next trade.

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October 11, 2017, 04:12:47 AM
 #566

In my opinion I haven’t find any disadvantage in this currency but if say that if the method of acceptance is good everywhere I think we can’t say that this is the disadvantage but any how people are well satisfied from bitcoin.

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October 11, 2017, 06:15:23 AM
 #567

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 is that bitcoin value is unstable. We all know that the value of bitcoin is unstable and we cant predict on when it was falling down or rising up. Bitcoin stability is the biggest disadvantage.

I think the biggest disadvantage of bitcoin is the way it has a high price but it is still not that popular or not properly accepted by stores. I think it is also because of the volatility of bitcoin. And also, it's transaction is so slow making the users irritated.

It wasn't design to be accepted by the masses (such as stores). Today, and in the near future, the network won't be able to handle the amount of transactions needed for that.

Anyway, the slow transactions and the high fees are a big issue for many people.
As bitcoin is a new digital currency, many people who are involve in bitcoin face different obstacles in bitcoin investment and other fields. I agree with you that the transaction time is more and the fee is very high. Other would have some other objection like I object the slow upgrading of ranks in bitcoin forum because many people who have no investment earn from this forum.

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October 11, 2017, 12:47:51 PM
 #568

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.

Are you joking? As far as I know people really need this unstable price in order to get good profit, mean while you said this as disadvantages? This is really ridiculous. If you do not believe in bitcoin then you should not invest it here. Invest on something that has more stable price so you will just stay the same as you are in the future

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October 11, 2017, 12:59:56 PM
 #569

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

Thank you!
I think it's biggest disadvantage is the anonymity of the user's ,
The terrorist or even the kids could use it for gambling because of anonymity I have know some kids who are using it for gambling.

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October 11, 2017, 01:14:11 PM
 #570

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.

Are you joking? As far as I know people really need this unstable price in order to get good profit, mean while you said this as disadvantages? This is really ridiculous. If you do not believe in bitcoin then you should not invest it here. Invest on something that has more stable price so you will just stay the same as you are in the future


Yes. Unless you have trust in bitcoin, don't inverse your money in bitcoin. I trust bitcoin, so only I had invested my half of salary every month in bitcoin only. If the price of bitcoin reaches the moon means, I will sell my coins.So I will suggest other to inverse only if you have trust bitcoin.

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October 11, 2017, 01:16:39 PM
 #571

To me ,there are no disadvantages at all when it comes to bitcoin.
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October 11, 2017, 01:24:27 PM
 #572

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.

Are you joking? As far as I know people really need this unstable price in order to get good profit, mean while you said this as disadvantages? This is really ridiculous. If you do not believe in bitcoin then you should not invest it here. Invest on something that has more stable price so you will just stay the same as you are in the future


Yes. Unless you have trust in bitcoin, don't inverse your money in bitcoin. I trust bitcoin, so only I had invested my half of salary every month in bitcoin only. If the price of bitcoin reaches the moon means, I will sell my coins.So I will suggest other to inverse only if you have trust bitcoin.
Yeah unstable price of BTC is somehow advantageous to the traders because they opportunity to buy and sell BTC. because this is decentralized in case it will be used in some illegal activities who will protect the reputation of BTC who will protect it from any scam. That’s the biggest disadvantages I have seen with this flat form that's why as a believer we should be vigilant. and continue innovate so that it will be protected against some detractor.

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October 11, 2017, 03:27:11 PM
 #573

It's 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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October 11, 2017, 03:58:31 PM
 #574

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 is that bitcoin value is unstable. We all know that the value of bitcoin is unstable and we cant predict on when it was falling down or rising up. Bitcoin stability is the biggest disadvantage.

I think the biggest disadvantage of bitcoin is the way it has a high price but it is still not that popular or not properly accepted by stores. I think it is also because of the volatility of bitcoin. And also, it's transaction is so slow making the users irritated.

It wasn't design to be accepted by the masses (such as stores). Today, and in the near future, the network won't be able to handle the amount of transactions needed for that.

Anyway, the slow transactions and the high fees are a big issue for many people.
As bitcoin is a new digital currency, many people who are involve in bitcoin face different obstacles in bitcoin investment and other fields. I agree with you that the transaction time is more and the fee is very high. Other would have some other objection like I object the slow upgrading of ranks in bitcoin forum because many people who have no investment earn from this forum.
Honestly, the transaction fees of Bitcoin not high at now, it just around @200,000 sat/kB after stable network till today. Only its value increased and made us think this fees higher than other payment method.

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October 11, 2017, 04:30:53 PM
 #575

It's its PRICE.
It will never go down, just increase due to its scarcity.
So you don't know if it's worth buy something now or you could buy it twice a month later. Then you just hold.

In that case we do not have a digital curriency because we don't use it being fear of its value I think

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October 11, 2017, 05:07:21 PM
 #576

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 disadvantages of Bitcoin or cryptocurrency in general are the following; It can be used in illegal activities due to anonymous transactions, transactions are irreversible, transaction fees going high and Bitcoin could possibly crash anytime without warning. These disadvantages of Bitcoin could happen to each and everyone of us anytime and some of it already happened but still beware of some negative possibilities. I am new to Bitcoin but is always doing an observation regarding the behaviour and flow of cryptocurrencies in general. It is better to be safe, aware and ready than sorry.

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Getcoinsite
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October 11, 2017, 05:19:37 PM
 #577

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 bitcoin has is when its value goes drop,becoz when its go up happiness is indeed for all of us.and i dont see any things that will matters other than value dropping..

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October 11, 2017, 05:23:22 PM
 #578

To me ,there are no disadvantages at all when it comes to bitcoin.

Really? That is a confident answer, but I don't think so. There are a lot of people who are being pissed on how the fees are so high. Also, the volatility of the digital currency is a disadvantage since we can't be sure of our profits and investments.



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October 11, 2017, 08:16:56 PM
 #579

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.
I don't see how profiting more than double the amount as a disadvantage of Bitcoin. Because you have benifited from the price increased, the only thing you are feeling now is regret where you have sold 50% of your holdings at 2800$ where it still continue to increase in price. Luckily you can still profit from it with Bitcoin's volatility I know you can repeats the profiting you previously done good luck on your next trade.
Why do you need to feel regret you have sell your Bitcoin at $2,800? Remember again, you need to have a reason make you want to sell it in that time. Of course I also a seller and sell my Bitcoin at this price, but I do not need to feel regret, because I can not know what is the highest price of Bitcoin in this year.


     
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October 11, 2017, 08:32:23 PM
 #580

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 is that bitcoin value is unstable. We all know that the value of bitcoin is unstable and we cant predict on when it was falling down or rising up. Bitcoin stability is the biggest disadvantage.

I think the biggest disadvantage of bitcoin is the way it has a high price but it is still not that popular or not properly accepted by stores. I think it is also because of the volatility of bitcoin. And also, it's transaction is so slow making the users irritated.

It wasn't design to be accepted by the masses (such as stores). Today, and in the near future, the network won't be able to handle the amount of transactions needed for that.

Anyway, the slow transactions and the high fees are a big issue for many people.
As bitcoin is a new digital currency, many people who are involve in bitcoin face different obstacles in bitcoin investment and other fields. I agree with you that the transaction time is more and the fee is very high. Other would have some other objection like I object the slow upgrading of ranks in bitcoin forum because many people who have no investment earn from this forum.
Therefore, I only want Bitcoin can improves its system first, Bitcoin needs to upgrade its system can receive a huge numbers of transactions any time. Otherwise, Bitcoin will never have chance become the digital currency, because its system can not supply for us.



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