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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25544 times)
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October 14, 2017, 05:41:10 AM
 #601

There's some problem of bitcoin but not as biggest as well, legalization of all countries so that many store can adopt with by paying method. But years had pass I think this problem will solve.

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October 14, 2017, 07:50:48 AM
 #602

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.
The transaction fee is nothing compared to the profits we make from bitcoin. Bitcoin is not just a currency but also the most expensive and profitable investment at present. Transaction fees are nothing as compared to the speed at which transaction is being carried.

We should not be this much ungrateful. Before bitcoin many of us were not even having enough money to meet our needs.


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October 14, 2017, 08:24:07 AM
 #603

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

Thank you!


The biggest disadvantage of Bitcoin is Lack of Security for Every Wallet, that's the only one problem since the begging until now no one can give an alternative option to make our wallet 100% safe.

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October 14, 2017, 08:31:57 AM
 #604

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.
The transaction fee is nothing compared to the profits we make from bitcoin. Bitcoin is not just a currency but also the most expensive and profitable investment at present. Transaction fees are nothing as compared to the speed at which transaction is being carried.

We should not be this much ungrateful. Before bitcoin many of us were not even having enough money to meet our needs.

I completely agree with you on that, but for bitcoin being a functional currency - he has a point. The transaction fees and the times for each transaction hinder BTC's ability to be used as a legitimate currency. I feel because of this, BTC is only temporary. It was well noted by early developers surrounding bitcoin that it wouldn't be suitable for large scale. I feel the only reason BTC is in the forefront is because it is the foundation in which every other altcoin has grown upon. Like money being backed by gold (which unfortunately is all fiat now), Alts are backed by BTC.

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October 14, 2017, 08:39:41 AM
 #605

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

Thank you!

Biggest disadvantage is that it is decentralized no one is controlling it, and the biggest advantage is that is decentralized.

disadvantage in a way that prices change easily depending on the ones who's currently using it since right now less people knows about it high stakes holders can somehow control the price but imagine once it is accepted by most people by the time that mBTC has a good value on the exchange, it being decentralized will be an advantage. no bank can and will control it.

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October 14, 2017, 08:40:38 AM
 #606

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 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 is still not that popular or not properly accepted by stores" Are you serious? Or are you mistaking bicoin for some altcoin. Bitcoin is widely known if you check some mainstream medias like Blomberg and CNN you will notice that bitcoin is mentioned about often. Bitcoin is also starting to get accepted in many stores both offline and online, there is even a government (vanatu) which accepts bitcoin for a citizenship payment. The only thing you are about is the transaction time and the fees

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October 14, 2017, 09:33:40 AM
 #607

Everything that have some advantages also have some disadvantages .Same is the case with Bitcoin.Bitcoin is online transaction system that is also used in darkweb i.e. it is used as a mode of payment for drugs, illegal ammunitions, ransoms etc.The other disadvantage can be its acceptance i.e. it is not accepted everywhere .It is need to be converted in a currency that is widely accepted.The third disadvantage can be its volatile nature due to which it's price keeps on fluctuating and people consider it as a bubble. The fourth disadvantage can be that it is  difficult to be accepted by government as the legal currency for financial transactions because government has no control over it .
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October 14, 2017, 10:25:00 AM
 #608

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 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.
I'm with you on the first and the last, those are big problems for a bitcoin holder. You have money, but you can't spend it, what can be worse. Volatility in my opinion is a big disadvantage for world leading institutional investors but not ordinary users.

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October 14, 2017, 01:49:53 PM
 #609

Everything that have some advantages also have some disadvantages .Same is the case with Bitcoin.Bitcoin is online transaction system that is also used in darkweb i.e. it is used as a mode of payment for drugs, illegal ammunitions, ransoms etc.The other disadvantage can be its acceptance i.e. it is not accepted everywhere .It is need to be converted in a currency that is widely accepted.The third disadvantage can be its volatile nature due to which it's price keeps on fluctuating and people consider it as a bubble. The fourth disadvantage can be that it is  difficult to be accepted by government as the legal currency for financial transactions because government has no control over it .
I agree to the disadvantages that you say but to the volatility as a disadvantage then i am not agree with that because volatility is the reason why people are going into bitcoin and because of the volatility the price of bitcoin goes up pretty fast and why people like investors earns a lot of money because of the volatility and that is why it will never become disadvantage because that is how bitcoin is known for.

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October 14, 2017, 01:57:36 PM
 #610

Everything that have some advantages also have some disadvantages .Same is the case with Bitcoin.Bitcoin is online transaction system that is also used in darkweb i.e. it is used as a mode of payment for drugs, illegal ammunitions, ransoms etc.The other disadvantage can be its acceptance i.e. it is not accepted everywhere .It is need to be converted in a currency that is widely accepted.The third disadvantage can be its volatile nature due to which it's price keeps on fluctuating and people consider it as a bubble. The fourth disadvantage can be that it is  difficult to be accepted by government as the legal currency for financial transactions because government has no control over it .
I agree to the disadvantages that you say but to the volatility as a disadvantage then i am not agree with that because volatility is the reason why people are going into bitcoin and because of the volatility the price of bitcoin goes up pretty fast and why people like investors earns a lot of money because of the volatility and that is why it will never become disadvantage because that is how bitcoin is known for.
That can be a one way to look at volatility. But volatility is something that is keeping merchants at bay. They are not willing to adopt bitcoin as means of payment and that is restricting its utility. Utility is the main driver of the demand. Investors are entering crypto market because of appreciating price that is  a result of increase in demand. This demand is in turn related to utility which is limited because of volatility.


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October 14, 2017, 02:47:08 PM
 #611

Probably the fee, it really hurts my wallet  Cry and ofcourse the volatility of the coin.

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October 14, 2017, 04:15:02 PM
 #612

For me the biggest disadvantages of Bitcoin is the wallets Can Be Lost.
It a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned. I know many risk but as I hope in a Bitcoin I trust.
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October 14, 2017, 04:22:14 PM
 #613

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 that I can see related with bitcoin cryptocurrency is its volatility that is making it hard for some of us to adopt with the price dump and make us panic and get worried. I also see that because bitcoin is part of the virtual world which is generated and operated online, it is limited to be used with internet connection. It is also hard to be accessed on rural countries since they still do not have the greatest capacity to have the modern technology on coming up to use and operate bitcoin usage.

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October 14, 2017, 04:30:25 PM
 #614

Maybe people will think I'm abnormal but I think that the biggest drawback of bitcoin is the constant growth of its value. Now we can Memet a profit but what will happen then. If bitcoin will not be involved in the development of the real sector of the economy it will turn into a bunch of unsecured money. It will be a bubble which will bring together all the unsecured dollars and burst. May be this is the purpose of its creation?
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October 14, 2017, 05:02:31 PM
 #615

Bitcoin is mainstream until now and the value keeps going up. Many people are happy on what happening to its value but they didn't know that there are disadvantages of bitcoin. Aside from non-reversible, the transaction fee is high and not applicable as a payment on some small price items in online stores. Making the transaction fee higher than the item itself. This is the disadvantage that doesn't benefit the community in my opinion.

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October 14, 2017, 06:07:39 PM
 #616

I think the biggest disadvantage is the price volatility. It simply depend upon demand-supply concept. High transaction fees and long confirmation time is also an add-on in this list. The basic drawback is BITCOIN transaction is totally dependable on Miners which charge high transaction fees these days.

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EVERYONE IS A BANK
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South Park
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October 14, 2017, 10:04:21 PM
 #617

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

Thank you!


The biggest disadvantage of Bitcoin is Lack of Security for Every Wallet, that's the only one problem since the begging until now no one can give an alternative option to make our wallet 100% safe.
There is not such a thing as a 100 hacker proof software, there are always vulnerabilities and you are responsible of making sure your coins are safe, after all if you are not taking care of that then who is doing it, if you do not care enough to protect your coins then why someone else must do it for you.



.
.BITVEST DICE.
HAS BEEN RELEASED!


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Rainbot
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October 15, 2017, 05:10:01 AM
 #618

For me the greatest downside of bitcoin is its being unstable time will appear the demand in bitcoin will almost certainly cannot accomodate by the offer circulated in the industry simply because we all know bitcoin has only specific figures in the circulation and as we can see the need carry on to develop and more individuals planet wide discover bitcoin fascinating
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October 15, 2017, 05:19:34 AM
 #619

Everything that have some advantages also have some disadvantages .Same is the case with Bitcoin.Bitcoin is online transaction system that is also used in darkweb i.e. it is used as a mode of payment for drugs, illegal ammunitions, ransoms etc.The other disadvantage can be its acceptance i.e. it is not accepted everywhere .It is need to be converted in a currency that is widely accepted.The third disadvantage can be its volatile nature due to which it's price keeps on fluctuating and people consider it as a bubble. The fourth disadvantage can be that it is  difficult to be accepted by government as the legal currency for financial transactions because government has no control over it .
The biggest disadvantage of bitcoin is its volatile nature and unstability.Demand and supply regulate it.High transaction fees also reduces the reputation of bitcoin.Bitcoin is not regulated by any central bank or any institution so there are cases of fraud too.

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October 15, 2017, 05:33:12 AM
 #620

I would say that one of it's advantages that is anonymousity of the user can become its biggest disadvantage too if it falls in wrong hands.Bitcoin can be used by notorious criminals for criminal activities.They can use bitcoins to transfer money for drugs and arms etc.without any fear of being caught.But with good things come bad things too so we can't help it actually.

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