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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24989 times)
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October 20, 2017, 07:35:44 AM
 #641

There were two biggest disadvantages of bitcoin,high transaction fees and volatile nature of bitcoin price.High transaction fee issue has been solved by segwit activation.But since bitcoin being a decentralized currency,its price is uncontrolled by any central body and hence its price either increases or decreases with change in demand for bitcoins.So,volatile nature is very hard to get solved and due to this volatile nature of bitcoin price,many countries have not come forward to legalize bitcoin.
I dont think volatility of bitcoin is the biggest disadvantage of it because it is the very reason why there are so many traders and holders of bitcoin up to date. They are earning the same amount in a span of little time compared to flat currency like dollars. If there is disadvantage of bitcoin, for me, it is the transaction speed today, but if this problem is solve then I could say bitcoin can be the world currency.
View of mine is that there is no disadvantage of investing in BTC because unfortunately if its prices goes down one should wait for the time to rise again and then he’ll gain much profit as compare to before. And pump and dump is not the disadvantage it recovers soon and don’t disappoint its investors. It can be nominated as the global currency because it has no disadvantage.
I think the big advantage of bitcoin is the security. It is in my eyes not reliable, because it depends only on internet and if there is a problem, I am not talking about the internet all over the world but in my country, and I severely need some money then what would I do? How can I withdraw my money?If my account has been blocked or hacked then what? Do I lose all of my money or is it recoverable?

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October 20, 2017, 08:56:18 AM
 #642

Biggest disadvantage of bitcoins can be attributed to its never ending fluctuations in its value. It being volatile and uncertain is also a big drawback of bitcoins. Market value keeps going up and down every now and then.

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October 20, 2017, 12:22:31 PM
 #643

There were two biggest disadvantages of bitcoin,high transaction fees and volatile nature of bitcoin price.High transaction fee issue has been solved by segwit activation.But since bitcoin being a decentralized currency,its price is uncontrolled by any central body and hence its price either increases or decreases with change in demand for bitcoins.So,volatile nature is very hard to get solved and due to this volatile nature of bitcoin price,many countries have not come forward to legalize bitcoin.
I dont think volatility of bitcoin is the biggest disadvantage of it because it is the very reason why there are so many traders and holders of bitcoin up to date. They are earning the same amount in a span of little time compared to flat currency like dollars. If there is disadvantage of bitcoin, for me, it is the transaction speed today, but if this problem is solve then I could say bitcoin can be the world currency.
View of mine is that there is no disadvantage of investing in BTC because unfortunately if its prices goes down one should wait for the time to rise again and then he’ll gain much profit as compare to before. And pump and dump is not the disadvantage it recovers soon and don’t disappoint its investors. It can be nominated as the global currency because it has no disadvantage.
I think the big advantage of bitcoin is the security. It is in my eyes not reliable, because it depends only on internet and if there is a problem, I am not talking about the internet all over the world but in my country, and I severely need some money then what would I do? How can I withdraw my money?If my account has been blocked or hacked then what? Do I lose all of my money or is it recoverable?
I don't think that the security is the biggest disadvantage of bitcoin because you can't tell that the security of bitcoin is not good because the security of bitcoin is a good one for keeping your money and that is why you should not doubt about the security of bitcoin and if you want to secure your account and the bitcoins there then you should just need to back up all the back up phrase and also the private keys.

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October 20, 2017, 01:01:16 PM
 #644

Biggest disadvantage of bitcoins can be attributed to its never ending fluctuations in its value. It being volatile and uncertain is also a big drawback of bitcoins. Market value keeps going up and down every now and then.

You cannot claim volatile and uncertainty feature as a disadvantage of Bitcoin, because these are crucial factors which distinguish it from fiat currency. If it is not volatile and no uncertainty in the price it clearly indicates that it is controlled by some authority or someone then there is no difference left between Bitcoin and Fiat Currency. People invest in Bitcoin because they know high volatile factor can give them better results in short span of time and it is completely decentralized system which attracts new users.

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October 20, 2017, 06:10:55 PM
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the biggest disadvantage for me is that the system is not complicated and stable. I am saying this for beginners. apart from it is actually a system with a lot of advantages.
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October 20, 2017, 06:34:03 PM
 #646

There were two biggest disadvantages of bitcoin,high transaction fees and volatile nature of bitcoin price.High transaction fee issue has been solved by segwit activation.But since bitcoin being a decentralized currency,its price is uncontrolled by any central body and hence its price either increases or decreases with change in demand for bitcoins.So,volatile nature is very hard to get solved and due to this volatile nature of bitcoin price,many countries have not come forward to legalize bitcoin.
I dont think volatility of bitcoin is the biggest disadvantage of it because it is the very reason why there are so many traders and holders of bitcoin up to date. They are earning the same amount in a span of little time compared to flat currency like dollars. If there is disadvantage of bitcoin, for me, it is the transaction speed today, but if this problem is solve then I could say bitcoin can be the world currency.
View of mine is that there is no disadvantage of investing in BTC because unfortunately if its prices goes down one should wait for the time to rise again and then he’ll gain much profit as compare to before. And pump and dump is not the disadvantage it recovers soon and don’t disappoint its investors. It can be nominated as the global currency because it has no disadvantage.
I think the big advantage of bitcoin is the security. It is in my eyes not reliable, because it depends only on internet and if there is a problem, I am not talking about the internet all over the world but in my country, and I severely need some money then what would I do? How can I withdraw my money?If my account has been blocked or hacked then what? Do I lose all of my money or is it recoverable?
If we just talk about business purpose i don't think there is any disadvantage in investing bitcoin because unfortunately if its prices goes down one should wait for the time to rise again and then he’ll gain much profit as compare to before as if the prices goes high then there will be also good advantage for investors, The value of paper currency may decrease but in nowadays the value of bitcoin is increasing day by day which is a good thing and attracting more people to invest which will make it to rise more and more.
The more the users came towards it the more it will rise its price just because it is decenteralized and not controlled by anyone.

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October 20, 2017, 06:38:49 PM
 #647

For me the biggest disadvantage of bitcoin is the fact that it is only available electronically, without electricity or internet access BTC would be worthless, if someone develops an offline non electronic way to use btc then this would be huge in my opinion.

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October 20, 2017, 07:01:31 PM
 #648

The biggest disadvantage of Bitcoin in particular and digital currency in general is that it is not really famous and very few people know it. So, I think we need good solutions to address this

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October 20, 2017, 07:24:48 PM
 #649

1.as of now they are not widely accepted so it is one the disadvantage
2.it can be use for illegal purposes like drugs selling,arm selling etc ,because user is anonymous its a advantage as well a little on side of disadvantage too.
3.wallets are at risk of getting stolen or being hacked
4.its not physically present like paper money
5.its price can go down tremendously if some events can cause it like china and jp morgan statements

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October 20, 2017, 07:28:46 PM
 #650

There were two biggest disadvantages of bitcoin,high transaction fees and volatile nature of bitcoin price.High transaction fee issue has been solved by segwit activation.But since bitcoin being a decentralized currency,its price is uncontrolled by any central body and hence its price either increases or decreases with change in demand for bitcoins.So,volatile nature is very hard to get solved and due to this volatile nature of bitcoin price,many countries have not come forward to legalize bitcoin.
I dont think volatility of bitcoin is the biggest disadvantage of it because it is the very reason why there are so many traders and holders of bitcoin up to date. They are earning the same amount in a span of little time compared to flat currency like dollars. If there is disadvantage of bitcoin, for me, it is the transaction speed today, but if this problem is solve then I could say bitcoin can be the world currency.
View of mine is that there is no disadvantage of investing in BTC because unfortunately if its prices goes down one should wait for the time to rise again and then he’ll gain much profit as compare to before. And pump and dump is not the disadvantage it recovers soon and don’t disappoint its investors. It can be nominated as the global currency because it has no disadvantage.
I think the big advantage of bitcoin is the security. It is in my eyes not reliable, because it depends only on internet and if there is a problem, I am not talking about the internet all over the world but in my country, and I severely need some money then what would I do? How can I withdraw my money?If my account has been blocked or hacked then what? Do I lose all of my money or is it recoverable?
If we just talk about business purpose i don't think there is any disadvantage in investing bitcoin because unfortunately if its prices goes down one should wait for the time to rise again and then he’ll gain much profit as compare to before as if the prices goes high then there will be also good advantage for investors, The value of paper currency may decrease but in nowadays the value of bitcoin is increasing day by day which is a good thing and attracting more people to invest which will make it to rise more and more.
The more the users came towards it the more it will rise its price just because it is decenteralized and not controlled by anyone.
Bitcoin might be better on local fiat but talking on the stability and support then local fiat would really still have the edge but yet bitcoin would really be a good option for us to make money considering that price do really tends to rise up for longer runs but the risk is that we wont know on until when it would really behave such way.Risk is always there we might lose money anytime soon.Price volatility is one of the disadvantage of bitcoin.

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October 20, 2017, 09:05:32 PM
 #651

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.
That is part of bitcoin design, however some people are using this as a way to damage bitcoin image but the truth is that any tool can be used for evil not only currencies, look at cars, cars are a great invention and yet many people die because of them but since the greater good they give to society is greater than the evil they produce, cars are allowed.



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October 20, 2017, 09:19:44 PM
 #652

The biggest disadvantage as everyone has been pointing out is bitcoin's volatility. If we see the graph of bitcoin it has such high peaks and then suddenly such lows that makes it the weakest point which also witholds it from becoming a mainstream currency.
Also dollar has a direct influence on bitcoins. This is very bad as it involves speculations, involves the risk involved in accepting bitcoins.
The volatility makes it difficult for the merchants to price their goods in terms of bitcoins.
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October 20, 2017, 09:35:18 PM
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Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!
Everything has its own disadvantage. With regards to bitcoin and other cyprocuurencies, I think the disadvantage is that there will be certain users who willtake advantage of the good users here. They will use sig campaigns--telling them that they will pay them bitcoins, lure everyone, advertise themselves and at the end of the day, will not pay them. Because of the anonymity, people are not assured and secured whenever they will do bounty campaigns.

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October 20, 2017, 09:41:52 PM
 #654

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 the possibility of this to get down. Because we already know that the nature of bitcoin is the changing up and down of its price oftenly. There a time now its so high and then a minute later will go down. So those people or users that holding a bitcoin can't weather they going to sell or buy bitcoin.

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October 20, 2017, 10:35:15 PM
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One of the disadvantages is lack of understand and awareness.The fact that many people are still unaware of digital currencies and Bitcoin.People need to educate about Bitcoin to be able to apply it to their lives.
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October 20, 2017, 10:49:26 PM
 #656

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

Thank you!
Most of advantages of bitcoin can also be turn to be the disadvantages of bitcoin such as the anonymity, easy to transfer funds from ine country to another or from one point to another. Once you wrongly send your bitcoin you may not be able to trace it back.

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October 21, 2017, 12:03:18 AM
 #657

What I see as a downside is the concern of possessing to just take extra evaluate in getting secure in the sense that an settlement amongst two get-togethers, an additional person needs to be in the middle to act as escrow in other to make certain each parties are safeguarded but not in the circumstance of banking companies or paypal. If I send you money and you are not fulfilling your personal end of the offer, I report your account and its flagged and for PayPal, I get a cost back with prospect for dispute resolution but for bitcoin, all this are lacking.
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October 21, 2017, 12:05:44 AM
 #658

you can only use bitcoin if you have smartphone and internet because it is just digital currency. if you dont have both you can manage your wallet and you cannot send or receive money. you cannot monitor your transaction if you dont have both.

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October 21, 2017, 02:25:35 AM
 #659

The biggest disadvantage of Bitcoin is too expensive. I think at this time if we invest the price is so expensive that it is not affordable for everyone, we certainly agree that to buy bitcoin takes work 6 months if appropriate wages in my city.

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October 21, 2017, 02:41:41 AM
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In my view the biggest disadvantage of bitcoins is the fact that not everyone in this world is accepting it , in fact there are a lot of countries where the bitcoins are banned and the future is not very clear about the possibility of lifting the ban or not, but there is always a possibility of other countries banning bitcoins in the near future thus whatever future everyone dreams of regarding bitcoins will cease to exist, I think the biggest disadvantage is the probability of ban of bitcoins in the near future.

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