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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25030 times)
Jafri101
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October 21, 2017, 03:56:35 AM
 #661

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

Thank you!

I personally will say its fees  Grin lol
But actually i think the biggest disadvantage is the time duration for blocks confirmation. Also Bitcoin should have its own debit/atm card that shouldnt be different by different companies,they should be same throughout the world like bitcoin is same(blockchain) so i think blocks comfirmation time is the one which should overcome.

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October 21, 2017, 04:00:29 AM
 #662

The biggest disadvantage of bitcoin to its users is it's slow transaction and to the government is it's use newly found use in fraudulent transactions.
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October 21, 2017, 04:41:22 AM
 #663

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 its price kept on going on an up and down thread, bitcoin being unstable just gives the investors this uneasy feeling that anytime they could lose their investments in a blink of an eye. But at the same time, its volatility is its best advantage as well.

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October 21, 2017, 04:58:14 AM
 #664

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 its price kept on going on an up and down thread, bitcoin being unstable just gives the investors this uneasy feeling that anytime they could lose their investments in a blink of an eye. But at the same time, its volatility is its best advantage as well.
depending on your judgment to consider fluctuations as advantages or disadvantages mate, see the traders exploit fluctuations to be of benefit to them, do not make the risk of fluctuation a deficiency for you, try to learn about fluctuations, then you can turn fluctuations into your profit in bitcoin

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October 21, 2017, 05:14:52 AM
 #665

Biggest disadvantage of using bitcoin is that the transactions are not completely anonymous they are pseudo anonymous, if they would have been anonymous then any 2 addresses couldn't be linked and it would have been a great advantage for someone who wants to hide their assets.
I think volatility is for the time being and will be resolved after some time when the other bitcoin related issues turned off, but the other disadvantage high fee and low speed of transaction is of course a big problem.

I think this is not all about bitcoin but it is all concerned with the digital bank that holds our bitcoins. Whatever, this is a big problem and the management should do something in this regard.


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October 21, 2017, 08:39:03 AM
 #666

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 its price kept on going on an up and down thread, bitcoin being unstable just gives the investors this uneasy feeling that anytime they could lose their investments in a blink of an eye. But at the same time, its volatility is its best advantage as well.
depending on your judgment to consider fluctuations as advantages or disadvantages mate, see the traders exploit fluctuations to be of benefit to them, do not make the risk of fluctuation a deficiency for you, try to learn about fluctuations, then you can turn fluctuations into your profit in bitcoin
Fluctuations are good for me and it is not a bad thing or disadvantage for bitcoin. Bitcoin is a very volatile currency or asset because you can make profit from its volatility or fluctuations because the price of bitcoin is moving too often and if you know where to enter and exit from that price movements then you can make a fast trade where you will make money or profit from it.

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October 21, 2017, 10:15:35 AM
 #667

Personally, I'd say the biggest disadvantage of bitcoin is it's volatility. Due to the unstable bitcoin/dollar rate,  there has been losses for so many people who got involved in trading.
Another major disadvantage of bitcoin is its high transaction fee which it charges on transactions.

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October 21, 2017, 11:29:17 AM
 #668

Personally, I'd say the biggest disadvantage of bitcoin is it's volatility. Due to the unstable bitcoin/dollar rate,  there has been losses for so many people who got involved in trading.
Another major disadvantage of bitcoin is its high transaction fee which it charges on transactions.

yes that's the bitcoin condition right now, the price is uncertain.
sometimes up, sometimes also down without us knowing it, by that we also must continue to monitor how the current bitcoin price movement, but if at this time the bitcoin price is down. so do not sell your coin first.

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October 21, 2017, 10:05:20 PM
 #669

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?
The internet issue is important but everything depends on the Internet, credit cards depend on the internet as well so that is not really a problem, however one of the real problems of bitcoin is that when you get hacked there is not way to get that bitcoin back, so you need to protect your coins very well if you do not want to lose them.



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October 22, 2017, 08:05:10 AM
 #670

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

Thank you!

I personally will say its fees  Grin lol
But actually i think the biggest disadvantage is the time duration for blocks confirmation. Also Bitcoin should have its own debit/atm card that shouldnt be different by different companies,they should be same throughout the world like bitcoin is same(blockchain) so i think blocks comfirmation time is the one which should overcome.
Well in my opinion there are two disadvantages of bitcoin first thing is its only available online because it’s a digital currency and secondly it has no physical shape no one have seen yet that physical shape of it and I personally want to see the shape or logo of bitcoin that how it look like so I think every one will agree with me and I’m sure every want to see bitcoin.

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October 22, 2017, 08:07:43 AM
 #671

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

Thank you!
the advantage of having bitcoin is that we get a stock of digital currencies that will be very rare and expensive in the future, and other advantages are bitcoins can be used for anything.

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October 22, 2017, 08:11:05 AM
 #672

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

Thank you!

the advantage of having an asset called bitcoin is that we can use bitcoin in any form, and bitcoin is a very rare and limited future currency. which is why we are so lucky to have bitcoin because it can make you rich.

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October 22, 2017, 09:55:09 AM
 #673

I think the biggest disadvantage of bitcoin are

- negative thought about bitcoin
- you can't transaction or pay bitcoin to the stores
- other people didnt know about bitcoin
- that the bitcoin didnt legal in some country
- bitcoin is not familiar to other people

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October 22, 2017, 10:06:09 AM
 #674

Well the biggest disadvantage of bitcoin for me is when you invest your money on it, you don't have any proof or some document that proves your a part of the investment, all you have is your bitcoin wallet address.

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October 22, 2017, 10:10:09 AM
 #675

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

Thank you!

For me, volatility and being globally accepted is its best features. Yet, volatility, is its biggest disadvange as well, its thread is continuously moving up and down which is good for traders but could be their enemy too. The need to keep an eye to bitcoin just to make sure that your investment wont turn into dust is just too time consuming, thats just me, but I still believe in bitcoin.

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October 22, 2017, 10:18:21 AM
 #676

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 only bog advantage of bitcoin is it’s inconsistency in value. Usually, we wait for it’s price to get higher. I just keep wondering why can’t it be more stable.

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October 22, 2017, 10:56:51 AM
 #677

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

Thank you!

I personally will say its fees  Grin lol
But actually i think the biggest disadvantage is the time duration for blocks confirmation. Also Bitcoin should have its own debit/atm card that shouldnt be different by different companies,they should be same throughout the world like bitcoin is same(blockchain) so i think blocks comfirmation time is the one which should overcome.
The first biggest disadvantage of Bitcoin I will mention is being slow; yes, Bitcoin is very slow, slower than banks even, though some of you would say that’s a lie. When you send money with online banking system it is made instantly, but Bitcoin takes 10 to 15 minutes even with high priority and is likely to take forever if you use low priority.

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October 22, 2017, 04:06:52 PM
 #678

I think the biggest disadvantage of bitcoin is the higher transaction cost, if we compare it with altcoin then bitcoin can be 20 times more expensive, for example is ethereum, with 0.001 eth or equal to $ 0.03 ETH we can send coins connected with ETH, whereas bitcoin takes at least 85k or about $ 3.5.

I agree with this. Local wallets over deducted which is called taxes when paying or converting bitcoin. I don't know why but local wallet earns by that deduction. But for me it is not fair.

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October 22, 2017, 04:41:20 PM
 #679

The biggest disadvantage of bitcoin to its users is it's slow transaction and to the government is it's use newly found use in fraudulent transactions.
As far as speech is concerned, it is all due to development, and the farther ahead in that time, the better and faster it will be.

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Bardman
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October 22, 2017, 11:02:37 PM
 #680

The fees are also a big problem, they are really high lately and although I don't know exactly if they are going to be more and more expensive but right now there is no way to buy normal small things everyday with bitcoin unless you use a special website because you would lose a ton of money in fees.

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