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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25030 times)
nasipadang
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July 09, 2017, 12:10:07 PM
 #61

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

Thank you!
I think for bitcoin the disadvantage is expensive transaction fees because many are complaining about this as well as the length of the confirmation
For cryptocurrency the disadvantage is the absence of support from the government, so it's rather difficult to advertise bitcoin / cryptocurrency to the widespread community

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July 10, 2017, 12:33:49 AM
 #62

There are quite a few. It price is highly volatile with huge gains and at other times massive corrections. Therefore, it is not the best investment in the short - term.
At the moment, we have a problem with block-size. Transaction fees are increasing exponentially and confirmation times are also on a high. Developers are trying to fix this with SegWit, but personally, I don't think that it is efficient especially when new interest is sparked in Bitcoin. Another major problem is that not many merchants offer bitcoin as payment. Hence, making it very hard to actually use in the day-to-day life.
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July 10, 2017, 05:10:21 AM
 #63

Based on my observation, one of the disadvantages of bitcoin is its unstable price, bitcoiners will wait for the price to increase before cashing it out and it mostly requires patience. Another one is the delay of transactions. There are times where it exceeds the distribution period and it usually takes a month or two before you receive your pay. It really is frustrating since you dont know when will it arrive. And last but not the least is the fact that bitcoin isnt widely accepted as pay.

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July 11, 2017, 01:56:48 AM
 #64

The biggest disadvantage of bitcoin is its price. Its too much and making me distract from my real life job and attracting towards the world of virtuality. Haha. I don’t believe in bitcoin being disadvantageous because I would always love bitcoin in positive way and its making my life better.

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July 11, 2017, 02:41:28 AM
 #65

In my mind, as well like two sides of the coin, bitcoin has its advantages and of course weaknesses, because bitcoin is the digital currency in which transactors will not be traced, on the other hand it may be an advantage but the disadvantage is when we lose bitcoin by the hacker , that time we have completely lost it and will never return, so we have to be extra careful choosing a wallet to save our bitcoin.
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July 11, 2017, 03:02:03 AM
 #66

The biggest disadvantage of bitcoin is its price. Its too much and making me distract from my real life job and attracting towards the world of virtuality. Haha. I don’t believe in bitcoin being disadvantageous because I would always love bitcoin in positive way and its making my life better.
No doubt if  you're the bitcoin fan. but i have some critism to the bitcoin. The fact said that bitcoin still has the disadvantage. the price of bitcoin can be determined as the advantages of bitcoin to the bitcoin hodlers right now. i think you're just made a sentences with no direction.

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July 11, 2017, 03:32:02 AM
 #67

The biggest disadvantage of bitcoin is its price. Its too much and making me distract from my real life job and attracting towards the world of virtuality. Haha. I don’t believe in bitcoin being disadvantageous because I would always love bitcoin in positive way and its making my life better.

Well it's the disadvantage and the advantage of bitcoin. The price is the one that tells us on up until we are going to depend on bitcoins market. And when we see the price getting up we are all celebrating but when the price is falling we are mourning. This is the real market of bitcoin and I don't think it's the biggest disadvantage.

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July 11, 2017, 03:47:37 AM
 #68

The disadvantage of Bitcoin is lack of merchant and lack of people know Bitcoin as currency yet they claimed as scam currency and often connected with MLM or any pyramid schemes. Unstable price could be the disadvantage and benefit in the same times because you can buy at low price.


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July 11, 2017, 03:53:18 AM
 #69

The biggest disadvantage of bitcoin is its price. Its too much and making me distract from my real life job and attracting towards the world of virtuality. Haha. I don’t believe in bitcoin being disadvantageous because I would always love bitcoin in positive way and its making my life better.
No doubt if  you're the bitcoin fan. but i have some critism to the bitcoin. The fact said that bitcoin still has the disadvantage. the price of bitcoin can be determined as the advantages of bitcoin to the bitcoin hodlers right now. i think you're just made a sentences with no direction.
There is always disadvantages because it's not perfect but looking at the bright side you can tell that there is more advantages that it's
disadvantages and that is what majority of supporters are saying. The value has significantly increase, that means we have more satisfied users.

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July 11, 2017, 05:03:16 AM
 #70

The biggest disadvantage of bitcoin is its price. Its too much and making me distract from my real life job and attracting towards the world of virtuality. Haha. I don’t believe in bitcoin being disadvantageous because I would always love bitcoin in positive way and its making my life better.

Yes I agree with you. These advantages and disadvantages made bitcoin love by many. Bitcoin is not bitcoin without these.
I always look bitcoin into its positive side like this is all usual as bitcoin is same as a real currency.
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July 11, 2017, 05:30:44 AM
 #71

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

Thank you!
I don't think there is any big disadvantage , because I have never found any bad thing or even any also never faces any bad thing also .
But still I found some people are making scam/fraud/cheat with the few special terms of the Bitcoin and other cryptocurrency .
I means to say many types of the bad people make hyip site for bulk investment returns but after 2-3 weeks they ran away by a big scam .And that is not easy for us to found them easily because of ananomyous quality of coins .
But beside these there is nothing bad in the Bitcoin or in any other crypto , And everyone using these things in perfect way and legit ways to make earnings .
And I think the disadvantage I told you here is exists in every field in offline and online with fiat money , so I don't think this is disadvantage , that is only the bad people who are using to scam another people .
So here I will suggest you never invest in hyip site and never make deals without trusted escrow to anyone and keep himself safe forever .
And enjoy the beauty of the virtual currency .


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July 14, 2017, 04:27:50 PM
 #72

For me, the biggest disadvantage of bitcoin is its limited influence. We are aware that there are countries who does not allow the use of bitcoin. They even threatened to penalize those who will be caught doing so. Because of that, we cannot fully say that bitcoin is universal. Its name might be known worldwide but its use is limited since it is banned from other countries. I think we can also add another disadvantage that I can see is that bitcoin might be famous but of we put it in percentage I guess only 5% of the population really knows it or have any idea about it.

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July 14, 2017, 04:39:17 PM
 #73

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

Thank you!
The biggest advantage of Bitcoin to me currently is this hard forks issues we are having now. From beginning I thought bitcoin network is not control by any body but now I find out that they are interest that control bitcoin software and its laws.



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Theb
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July 14, 2017, 05:37:22 PM
 #74

Aside from its volatility one of the major disadvantage of Bitcoin is that the reason for it being volatile which is Bitcoin being a decentralized currency. With that being said it can be abuse by all of the big players participating in a profit taking in the market. It is not new for Bitcoin to have a correction in terms of price. And if the price correction has happened when it  was below 1000$ much more sell offs will happen with our current price range.

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July 14, 2017, 05:54:00 PM
 #75

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

Thank you!
The biggest advantage of Bitcoin to me currently is this hard forks issues we are having now. From beginning I thought bitcoin network is not control by any body but now I find out that they are interest that control bitcoin software and its laws.

The biggest disantage for me is the rumors about hard fork situation. This damage bitcoin's future and make a pressure on its price. The rest of the problems can be solved via upgrades.


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July 14, 2017, 06:15:27 PM
 #76

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

Thank you!
The biggest advantage of Bitcoin to me currently is this hard forks issues we are having now. From beginning I thought bitcoin network is not control by any body but now I find out that they are interest that control bitcoin software and its laws.

The biggest disantage for me is the rumors about hard fork situation. This damage bitcoin's future and make a pressure on its price. The rest of the problems can be solved via upgrades.

actually what you are saying is not a disadvantage, it is the fact thing which is gonna happen on august 1st. according to me biggest disadvantage  for bitcoin is implementing non bitcoin related ico and other projects. then transaction fee for bitcoin has to reduced other than that all are fine.

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July 14, 2017, 11:12:10 PM
 #77

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 disadvantanges of crpyto-currency is having without paper money. Because like other currency that have a dollar they can easily used it to buy other things. It is hard to get by ordinary people and usually they pick the fiat as their payment. Several people used only the demand currency that are tested and they know. Actually, the bitcoin this time is not popular around the world and they have no idea how to use it, so they choose the old tradition which is goods and fiat.

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July 15, 2017, 03:01:18 AM
 #78

For ordinary people using bitcoin, the biggest disadvantage is the basic equipment like a computer, tablet or smartphone and the structure (internet...), but for other people that disadvantage is their advantage.
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July 15, 2017, 03:17:42 AM
 #79

Disadvantage to who? Investors? Users? developers?

One of the characteristics of altcoins today (including bitcoin) is their volatility. It could be an advantage for traders, but it's clearly a disadvantage for "normal" users (the public).

Yes, volatility is the number one reason why many merchants are still reluctant to accept Bitcoin and other coins in their e-commerce or even offline business operations. Volatility can definitely affect profit and can disrupt planning. However, am sure that soon we can expect ways and means to lessen the volatility's impact and there are already outfits who want to explore this business.

Personally, I see that the lack of regulation is also affecting Bitcoin and the direction it can be threading. Though regulation can be anathema to decentralization, there is no question that we can all be affected by manipulations and decisions made by a group of people who are only looking after their own business interest. As to how to somehow regulate Bitcoin without affecting its decentralization aspect should be subjected to studies and debates.

We can also add the fact that many governments are apprehensive about Bitcoin and so they are erecting many walls to control its use among their citizens. For one, they don't have the control over the currency and many of these leaders are control freak, so to speak. A government can ban Bitcoin and it would be hard for its citizens to dispose of the currency into its local currency's equivalent...though of course we are used to doing things "illegally" along this line.

There are some more other disadvantages but most are outside the realm of Bitcoin itself. Nevertheless, as we are all Bitcoin enthusiasts here, we are aware that these disadvantages are nothing compared to the immense benefits Bitcoin can be bringing to our wallets and the global economy.

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July 15, 2017, 03:27:14 AM
 #80

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 bitcoins are not widely accepted. Bitcoins only accepted by a very small group of online merchants. 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 crash or a virus corrupts data, and the wallet file is corrupted, Bitcoins have essentially been “lost”. The value of Bitcoins is constantly fluctuating according to demand. As of June 2nd 2011, one Bitcoins was valued at $9.9 on a popular bitcoin exchange site.

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