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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25027 times)
Awnar
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October 23, 2017, 09:30:19 AM
 #681

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.

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October 23, 2017, 09:45:44 AM
 #682

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.
I think many people are using bitcoin volatility, especially for bitcoin traders, they are very fond of the volatility that is in bitcoin because bitcoin volatility can provide a great opportunity to make a profit. But I think the biggest weakness of bitcoin itself is not the volatility but the high transaction costs that make bitcoin holders feel burdened by transaction costs.

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October 23, 2017, 10:27:38 AM
 #683

I think the biggest disadvantage of Bitcoin is a very fluctuating price, I do not think bitcoin prices can make rich or poor in a matter of days, this is because the bitcoin system is still not good and easy to speculate.

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October 23, 2017, 12:53:27 PM
 #684

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 for me is the inconsistency of it's value. Sometimes, it's value is high, and there are times that it's value is low. So, we don't have something to tell us if it's value will crash again or continue to excel.

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October 23, 2017, 01:01:33 PM
 #685

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.

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October 23, 2017, 01:05:20 PM
 #686

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
 #687

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
 #688

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
 #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.

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October 24, 2017, 01:31:03 AM
 #690


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
 #691


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
 #692

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
 #693

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
 #694

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
 #695

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
 #696

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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calandra78
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October 24, 2017, 12:59:08 PM
 #697

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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dobladi
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October 24, 2017, 01:26:21 PM
 #698

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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West0813
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October 24, 2017, 01:35:53 PM
 #699

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
 #700

Its lack of anonymity, block size, confirmation time.

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