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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25009 times)
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October 14, 2017, 06:07:39 PM
 #621

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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October 14, 2017, 10:04:21 PM
 #622

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.



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October 15, 2017, 05:10:01 AM
 #623

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
 #624

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
 #625

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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October 15, 2017, 03:00:55 PM
 #626

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 are any disadvantages at all. Just advantages. It's just cryptocurrencies seem to not have almost any connection to real world. A bridge technology is needed to bring its advantages to full realization.
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October 16, 2017, 06:13:57 PM
 #627

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.

Price volatility absolutely. Rapid price spikes and drops leave people uncertain what a bitcoin is going to be worth any given day, which makes saving incredibly difficult if not impossible. The point of saving is to create safety and stability, which is why you can't save effectively in a risky asset. So while the price of bitcoin rising rapidly attracts traders and a lot of attention, it doesn't do anything towards making bitcoin stable or useful as a currency, which is what a lot of people say they want. (Although, if they're attracted to btc because of the volatility, I tend to doubt that.)


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October 16, 2017, 06:40:43 PM
 #628

Rapid growth and high volatility are two sides of the same coin. Of Bitcoin.
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October 17, 2017, 01:26:29 AM
 #629

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 is bitcoin not widely known in Vietnam. To use it must be knowledgeable and must have a computer or a telephone with a network connection. In Vietnam, most of them are rich and good in information technology, so they are new to bitcoin. Because they fear the investment is not profitable.

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October 17, 2017, 03:48:29 AM
 #630

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.
Volatile nature of bitcoin is the biggest dsadvantage of bitcoin.Since it is not regulated by a central bank or any institution,there are also cases of fraud.High transaction fees and long confirmation also serve as disadvantages.Since bitcoin is internet regulated,it is difficult for the rural people to get access to bitcoin.
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October 17, 2017, 03:58:07 AM
 #631

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.
Volatile nature of bitcoin is the biggest dsadvantage of bitcoin.Since it is not regulated by a central bank or any institution,there are also cases of fraud.High transaction fees and long confirmation also serve as disadvantages.Since bitcoin is internet regulated,it is difficult for the rural people to get access to bitcoin.

Well I don't think so that being volatile of bitcoin is the biggest disadvantage as this is what attracts more people to invest in. Because if bitcoin is just have a steady or stable price, it will just remain in that price and yes it will somehow move but not like the price we're experiencing right now. In fact this gives the thrilling effect in every trader.

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October 17, 2017, 04:43:52 AM
 #632

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

Thank you!
One is the inconsistent value of bitcoin, where there are times when prices goes up and down for a big percentage that no one can predict if what will happen next.
Another is its untraceable transactions, such as bitcoin use to commit crimes, buying drugs or other illegal activities. They use bitcoin because it is untraceable due to its high technology.

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October 17, 2017, 10:56:24 AM
 #633

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.
Legalization of the bitcoin is the concern of the government not the bitcoin. There are few disadvantages of the bitcoin as well which needs to resolved so that they may not trouble the traders and investors of bitcoin. The most irritating thing regarding bitcoin is the tiring transaction process and high transaction fee.


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October 17, 2017, 11:15:41 AM
 #634

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 is its value instability. Nobody complains when bitcoin value goes up but when it goes down, then things can get pretty stressful. There is high risk involve with bitcoin especially when you invest a lot in it. On the other hand, being volatile in nature also works in our advantage because the value can get ridiculously high as well.

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October 19, 2017, 05:59:15 AM
 #635

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.
Anonymity of the sure is not an issue at all rather this feature of bitcoin is highly cherished by general public. Even with the paper money, you are always not aware of the sender or the owner of the money. People store their amounts in banks by the name of others or they use others’ accounts for storing their money. With paper money, there are many ways of hiding your identity.

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October 19, 2017, 06:38:34 AM
 #636

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 its biggest advantage, and that is volatility. You can never tell when its price is gonna go up or down, its like, one day you are a millionaire then tomorrow you got nothing left.

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DrGuns4Hands
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October 19, 2017, 07:34:23 AM
 #637

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.
but still even though bitcoin have a price volatility thats one of the reason why bitcoin is popular because bitcoin is known because of its price volatility that can make people manipulate the price by the demand if the price of bitcoin rise it means that the demand of bitcoin is high. Also bitcoin have price volatility because it's a decentralized currency.

Afnan_faizah
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October 19, 2017, 07:54:53 AM
 #638

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.
but still even though bitcoin have a price volatility thats one of the reason why bitcoin is popular because bitcoin is known because of its price volatility that can make people manipulate the price by the demand if the price of bitcoin rise it means that the demand of bitcoin is high. Also bitcoin have price volatility because it's a decentralized currency.
Volatility is not pure disadvantage of bitcoin, bitcoin has volatility because so many traders are play on it to get profit, volatility will minimize but it will not dissapear. Bitcoin volatility now only slightly inhibiting the adoption of bitcoin by merchants, but attracts the attention of trader and investors.

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Sled
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October 19, 2017, 11:06:50 AM
 #639

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.
but still even though bitcoin have a price volatility thats one of the reason why bitcoin is popular because bitcoin is known because of its price volatility that can make people manipulate the price by the demand if the price of bitcoin rise it means that the demand of bitcoin is high. Also bitcoin have price volatility because it's a decentralized currency.
Volatility is not pure disadvantage of bitcoin, bitcoin has volatility because so many traders are play on it to get profit, volatility will minimize but it will not dissapear. Bitcoin volatility now only slightly inhibiting the adoption of bitcoin by merchants, but attracts the attention of trader and investors.
Volatility is an advantage for me because like the traders, i can make money with the volatility because i can trade bitcoins easily by buying and selling bitcoin and the only principle that i follow is to buy low sell higher to be able to get profit. Volatility is good or bad for different people but if you know how to deal with it then it will not become a hindrance to you.

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October 19, 2017, 07:26:29 PM
 #640

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.
If you want a fast confirmation then of course you are always going to get an expensive fee, but you can get a confirmation in a few hours with a very low fee, so for those things you do not mind to wait for some hours bitcoin is still great, the issue is how to make bitcoin faster.



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