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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25558 times)
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October 12, 2017, 01:14:08 AM
 #581

Bitcoin has many advantages than the fiats but there are also some disadvantages regarding the bitcoin here are some of it.

• Bitcoins Are Not Widely Accepted.
• Wallets Can Be Lost.
• No Buyer Protection.
• Can be used in illegal works such as buying illegal things and using money to launder.

But the biggest disadvantages of bitcoin for me is not all the countries see the bitcoins potential and didn't see the opportunity it brings to the country.

I think the biggest disadvantages of Bitcoin are:

1) Fees are a little high now and could get higher as mining gets harder.

2) Mining takes a lot of energy.

3) Over time, the transaction time will probably be longer.

Another thing is that as the price of Bitcoin goes higher, it's less likely that Bitcoins will be used as a payment method because everyone wants to hold on to their Bitcoins. I can't tell if this is good or bad because as long as the price keeps rising, then it must not matter if people don't spend Bitcoins.

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October 12, 2017, 01:29:03 AM
 #582

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

Thank you!
The disadvatage of Bitcoin is Lack of regulation that can make Bitcoin which can be used for criminal matters like money laundring, drugs payment, and many more. This lacks of regulation make people free to use Bitcoin.


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October 12, 2017, 01:51:31 AM
 #583

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

Thank you!

First and foremost, the biggest disadvantages of Bitcoin do not weigh more than a couple of advantages of it. Disadvantages of bitcoin for me include the very minimal number of stores and malls in which we can spend our bitcoins. Another one would be the additional transaction fees. And then we still have a long confirmation time for Bitcoin transaction.

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October 12, 2017, 01:57:13 AM
 #584

What is the disadvantage of bitcoin? For me you for got the daily routen of your life because you are focus in bitcoin
That consume most of your time

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October 12, 2017, 02:15:56 AM
 #585

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

Thank you!

Possibly the biggest disadvantage is that it relies on miners to transfer bitcoins and for a fee. This fee is not a set amount or a set percentage and could change over time. Fees could get very large as fewer coins are mined and miners rely almost completely on fees to make mining worth it.

I also think that tx fee is a great disadvantage due to not having a set mount or a set percentage as you say so the tendency of being expensive (as what happens now) would become a major hurdle especially in micro transactions.

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October 12, 2017, 04:46:34 PM
 #586

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

Thank you!

Possibly the biggest disadvantage is that it relies on miners to transfer bitcoins and for a fee. This fee is not a set amount or a set percentage and could change over time. Fees could get very large as fewer coins are mined and miners rely almost completely on fees to make mining worth it.

I also think that tx fee is a great disadvantage due to not having a set mount or a set percentage as you say so the tendency of being expensive (as what happens now) would become a major hurdle especially in micro transactions.

There are several projects addressing the problem of significant fees. The link to one of them is below Wink Let me know if you're interested to know more details on how it works
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October 12, 2017, 06:16:36 PM
 #587

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.
There is no disadvantage of bitcoins because the bitcoins is the most safest way to earn money in least time you will never hear bad words about bitcoins that's why you should invest money in bitcoins yo earn money.
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October 12, 2017, 06:23:24 PM
 #588

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.
There is no disadvantage of bitcoins because the bitcoins is the most safest way to earn money in least time you will never hear bad words about bitcoins that's why you should invest money in bitcoins yo earn money.


Price fluctuatation is disadvantage according to me. If you able to invest big funds you can say that you will be able to get profit all the time whenever price fluctuates also.
I don't know how you are saying there is no any disadvantage in bitcoin. In any project or business. There should be any disadvantage in it but bitcoins has the very few disadvantage.

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October 12, 2017, 06:38:08 PM
 #589

For me, the biggest disadvantage of bitcoin is that, it consumes most of your time and effort. Sometimes you forgot to do something you need to do because youre earning and monitoring your bitcoin. You also forgot to bond with your family that affects your relationship among them. In earning and using bitcoin, you should know how to balance and manage your time.
Are you serious? I was going to think everyone should be celebrating the freedom and leverage the emergence of bitcoin have brought to play in the labor market. You can be your boss, work at your pace and from about any location, it has never been this good! I guess your problem is with managing your time!
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October 12, 2017, 07:54:27 PM
 #590

The biggest disadvantage with Bitcoin is the accessibility and the lack of infrastructure. Most people simply don't know how to operate a wallet, work with hash/hex public addresses etc. It can be a bit daunting. In addition, Blockchain is a very difficult subject for someone with little technical knowledge to fully grasp. Actually, I'd argue that many people who claim to 'fully' understand the blockchain really don't, because cryptography is a complex field. Then, there's the lack of transaction insurance, which creates a barrier for first-time users.

Overall, I think the infrastructure has a lot of improving to do before people are using bitcoin/altcoins to make simple purchases etc. We're heading in the right direction, but such a holistic effort takes time. If you take a step back, there's still only a small fraction of people who are actually involved in cryptocurrencies. Mainstream hasn't even come close to adopting the technology and a surprisingly large amount of people haven't heard of the concept, though that is changing.

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October 12, 2017, 10:02:32 PM
 #591

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 bitcoin is that, it consumes most of your time and effort. Sometimes you forgot to do something you need to do because youre earning and monitoring your bitcoin. You also forgot to bond with your family that affects your relationship among them. In earning and using bitcoin, you should know how to balance and manage your time.
But you cannot blame bitcoin for that, you are the one at fault, but it is not like I do not understand your point, bitcoin gives so many opportunities to earn that you do not want to miss a single one and as such we are in front of the monitor of our computers most of our spare time.



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Rainbot
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spacecakes
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October 12, 2017, 10:30:47 PM
 #592

Its price is highly unstable, but you already knew that.
If we buy from coinbase and it takes 1 week to process payment for the btc the price can change anywhere from 0-20%.
Honestly because theres so many blocks on the network its also painfully slow.
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October 13, 2017, 12:06:09 AM
 #593

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

Thank you!


For me i think there is no disadvantage of bitcoin because you can use bitcoin anywhere , anytime and also it has a very high value.if we can earn bitcoin alot we can also have alot of money so for me i think there has no biggest disadvantage of bitcoin.

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October 13, 2017, 12:28:48 AM
 #594

unstable price, total supply of bitcoin, legalization
sometimes many people loss their money cause of unstable price. total supply that limited make bitcoin can loss all coin (although it will increase the value). and many country not accepted, and not recognize to use bitcoin

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October 13, 2017, 01:00:01 AM
 #595

I think the biggest disadvantage of bitcoin is its price volatility.  And the other one is, it's like a virtual money,  you have to depend on your digital media for saving it,  for keeping it, and once you lost your password or your wallet all you bitcoin will go in vain.  And there is no proper authorities running it.
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October 13, 2017, 02:09:59 AM
 #596

For me, it needs internet connection  and any smartphones. If your phone is on low battery or you have a crappy connection then it's very impossible to make a transaction. I'm still waiting for our local BTC ATM so this problem will be resolved.

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October 13, 2017, 08:56:29 AM
 #597

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.
In my opinion, it is just the beginning of an era of bitcoin. That is why it is not that much popular amongst the people and still there are so many people who are unaware of bitcoin. I think high transaction fee and tiring process is something which is creating a lot of troubles for those who are dealing with bitcoin. This is the thing which needs to be taken care of.

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October 13, 2017, 09:03:11 AM
 #598

The biggest disadvantage of Bitcoins is that Bitcoins are not widely accepted.  So, they are only accepted by a very small group of online merchants. That makes it unfeasible to completely rely on Bitcoins as a currency.  What is more, none can guarantee that your Bitcoin wallets can not be stolen or lost. If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”.
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October 13, 2017, 10:56:53 PM
 #599

unstable price, total supply of bitcoin, legalization
sometimes many people loss their money cause of unstable price. total supply that limited make bitcoin can loss all coin (although it will increase the value). and many country not accepted, and not recognize to use bitcoin
People do not lose their money due to the volatility of bitcoin, they lose their money due to their own mistakes, if they were not trading their money away with no knowledge about trading then they could just hold their bitcoin and wait until things go back to normal, so that is not really bitcoin fault.



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.BITVEST DICE.
HAS BEEN RELEASED!


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Rainbot
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October 14, 2017, 05:30:53 AM
 #600

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.
There is not a single disadvantage of bitcoins it is made perfectly just for earning money in the least time so if you have heard and wrong words about bitcoins they are 100% not true the reality is that it is the most fastest way to earn money.

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