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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25558 times)
Xenoph0bia
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October 23, 2017, 01:05:20 PM
 #681

The biggest disadvantage of bitcoin is its volatile nature. The fluctuation of prices occur so much and in such a short period of time that it stops it from being a dependable source and for it to become mainstream. There is a bitcoin bubble and when it bursts the prices drop very low.
Some other disadvantages are the fact that it is decentralised. Though it is both an advantage and disadvantage. Lack of centralised source implies that people promote on their time and dime which makes the whole concept of Bitcoin fickle and diverse.

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October 23, 2017, 01:10:53 PM
 #682

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

Thank you!

in my point of view bit coin biggest disadvantage is price. few times it's price going to up and few times going to down. so people trying to buy bit coins very excited but few times they feel more tension. actually bit coin has no constant value for that reason most of the people not take risk. but few people who want to become rich in easy and fast way like that people taking bit coin trading. maintaining bit coin accounts really good idea because in the future it's price going to increase. so once to to invest in to bit coin and see positive results in this investment.every day more people investing in bit coins.
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October 23, 2017, 05:00:50 PM
 #683

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.
While fees are high I will say that the biggest disadvantage of bitcoin is the centralization of mining, if China goes against the miners then there are going to be bad consequences for the network, so we need other players to enter the scene, that is going to happen in the next year but I will like that to happen sooner.



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October 23, 2017, 10:25:34 PM
 #684

I think is the length of the confirmation, we all know that bitcoin transactions need some confirmation to make sure the recipient can use, the fact that it sometimes takes up to 2 hours and this is the biggest disadvantage of bitcoin.



               
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October 24, 2017, 01:31:03 AM
 #685


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

Thank you!
Bitcoin is doing great but still there are many disadvantages of bitcoin firstly bitcoin requires an internet connection and there are still many places where internet connection is not available. Then it is not a stable form of currency because of which it’s value keeps on fluctuating. Then it is not regulated by any government or bank because of which it is less stable and prone to falls. Then it is also less popular than money.

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October 24, 2017, 02:32:59 AM
 #686


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

Thank you!
Bitcoin is doing great but still there are many disadvantages of bitcoin firstly bitcoin requires an internet connection and there are still many places where internet connection is not available. Then it is not a stable form of currency because of which it’s value keeps on fluctuating. Then it is not regulated by any government or bank because of which it is less stable and prone to falls. Then it is also less popular than money.
I don't think that being an internet connected cryptocurrency is a disadvantage because if you realize that our world is slowly getting modernized and the internet is being a common needs in a community and i believe that in the future we can see that all of the people have internet connection and because of that they can easily access bitcoin and make money from it.

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October 24, 2017, 02:45:44 AM
 #687

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 pf bitcoin and altcoin is probably the fact that it’s value is a little unstable. There are times that it’s value is low and times that it’s value is high. Then again, it’s not that big of a deal.

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October 24, 2017, 02:59:58 AM
 #688

The biggest disadvantage of bitcoin is its reliance on technology which also runs on electricity. Since bitcoin can only be used and transferred online by using devices. If something happened on those devices or if there is a sudden power outage it will be impossible to use bitcoin.

bitcoin is great in terms of its value and security but one thing that bitcoin is crippled is when internet is down. no internet no bitcoin

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October 24, 2017, 03:45:51 AM
 #689

I think is the length of the confirmation, we all know that bitcoin transactions need some confirmation to make sure the recipient can use, the fact that it sometimes takes up to 2 hours and this is the biggest disadvantage of bitcoin.

That makes sense because if that isn't a disadvantage people or developers wouldn't be trying to either soft fork or hard fork bitcoin for a better bitcoin operation, and so i couldn't agree more that delayed confirmations and higher transaction fees are currently a disadvantage to bitcoin.



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October 24, 2017, 03:50:15 AM
 #690

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

Thank you!
Biggest disadvantage of bitcoin is that you need internet connection for using it and there are some places where internet connection isn't present so we are helpless there. And also that it is very volatile, in a day there is $100+ gap between daily high and low.

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October 24, 2017, 10:42:51 AM
 #691

The biggest disadvantage of bitcoin is its reliance on technology which also runs on electricity. Since bitcoin can only be used and transferred online by using devices. If something happened on those devices or if there is a sudden power outage it will be impossible to use bitcoin.

In my opinion, the biggest disadvantage of bitcoin which is creating lot of troubles for the ones who are investing in bitcoin is the tiring transaction process and high transaction fees. This is the thing which is decreasing the market of bitcoin and there are so many investors who are not willing to invest in bitcoin just because of this thing. Things are getting better with each passing day and I am hopeful that these things will be sorted out.

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October 24, 2017, 12:59:08 PM
 #692

I think the weakness of the bitcoin whom I have learned so far is that the storage of the bitcoin wallet in fact safe enough but for some people who are able to compromise and take your mistress even a computerized cannot track him and if accidentally deleted any time we can't trace where the loss. and because it is not controlled by the Government of the bitcoin then bitcoin can be targets of criminal offence of money laundering to avoid taxes.
 

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October 24, 2017, 01:26:21 PM
 #693

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

Thank you!
I think it has to do with the legalization of Bitcoin to different countries. The biggest disadvantage of Bitcoin is that, it is not yet legal to most of the countries that I think, limits the increase of its market value for the reason that the demand is also tied up with its community. If it will be legal to most of the countries, the demand will surely increase and its value will be more expensive.

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October 24, 2017, 01:35:53 PM
 #694

You cannot use bitcoin offline. I think this is the biggest disadvantage of bitcoin.

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October 24, 2017, 01:43:20 PM
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Its lack of anonymity, block size, confirmation time.

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October 24, 2017, 01:44:01 PM
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Most people would say the biggest disadvantage of bitcoin is its fluctuating price which keeps going up and down everyday and I think most people would want to have a stable price rather than that. But in my opinion the biggest disadvantage for bitcoin would be because of its anonymity because some people would take advantage of it being anonymous and would use that part of bitcoin negatively.
- I think price fluctuations are not a disadvantage of bitcoin because this is a point that attracts investors and traders with bitcoin, if the price of bitcoin is stable, it will no longer attract and people can not earn money from it
- Anonymous, I do not think this is a big disadvantage for Bitcoin, many people still like bitcoin is anonymous, it suitable for a number of activities, such as gambling. I think the biggest disadvantage of bitcoin is that the time to confirm the transaction is too long and the person who created the bitcoin disappeared, that would greatly affect the future of bitcoin
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October 24, 2017, 01:56:41 PM
 #697

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

Thank you!
Biggest disadvantage of bitcoin is that you need internet connection for using it and there are some places where internet connection isn't present so we are helpless there. And also that it is very volatile, in a day there is $100+ gap between daily high and low.

Maybe it`s advantage because nobody can ban it as nobody can ban all electricity all over the world!
One of disadvantages is weak anonymity and slow transactions.

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October 24, 2017, 02:06:01 PM
 #698

Many scammers and criminals are using bitcoin. This is why it makes bitcoin unsafe for other people. They will start to think that only hackers and scammers are using it.

If we can do something and prevent scammers using bitcoin. It would be much easier and it will be super safe.
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October 24, 2017, 02:22:51 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!
Bitcoin has come really far since it had started and has seen immense success and growth rates. It has gained a lot of popularity and users among people but still it has many disadvantages which are stopping it to expand more and hampering its true potential. These are firstly, bitcoin requires a good internet connection and still there are many places on this planet which don’t have an internet connection. Secondly, bitcoin is not accepted in many places due to its less users and because many people don’t trust bitcoin. Then bitcoin’s price is too high and it is impossible for regular people to invest in it. And lastly even after attaining so much of popularity among people it’s popularity is no where closer to that of fiat money leading to limited users.
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October 24, 2017, 02:36:15 PM
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Most people would say the biggest disadvantage of bitcoin is its fluctuating price which keeps going up and down everyday and I think most people would want to have a stable price rather than that. But in my opinion the biggest disadvantage for bitcoin would be because of its anonymity because some people would take advantage of it being anonymous and would use that part of bitcoin negatively.
- I think price fluctuations are not a disadvantage of bitcoin because this is a point that attracts investors and traders with bitcoin, if the price of bitcoin is stable, it will no longer attract and people can not earn money from it
- Anonymous, I do not think this is a big disadvantage for Bitcoin, many people still like bitcoin is anonymous, it suitable for a number of activities, such as gambling. I think the biggest disadvantage of bitcoin is that the time to confirm the transaction is too long and the person who created the bitcoin disappeared, that would greatly affect the future of bitcoin

On the contrary, fluctuations in the wide ranges within short timeframes in the case of Bitcoin are a major disadvantage, for those who use Bitcoin for its intended first purpose: a decentralised p2p digital currency! I charge in bitcoin for my work, but almost every employer pays in fiat. From the moment they pay me, I never know how much I will get exactly until I cash it out. And when values rollercoaster in 15% ranges in a single day so often, it can be very difficult to manage.

Also, Bitcoin is not anonymous, at least not to the extent you think!

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