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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25219 times)
LazyBitInvestor
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October 24, 2017, 01:56:41 PM
 #701

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
 #702

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
 #703


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
 #704

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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October 24, 2017, 02:55:10 PM
 #705

The anonymity is the biggest disadvantage that i know for bitcoin because it can be used by the criminals to transact illegal things and they can avoid being traced down because bitcoin is anonymous and it can't be trace by the police or any official in their country. In other people, it is an advantage but for me it is just a disadvantage because bad people will take advantage of it.

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October 24, 2017, 03:04:30 PM
 #706

The anonymity is the biggest disadvantage that i know for bitcoin because it can be used by the criminals to transact illegal things and they can avoid being traced down because bitcoin is anonymous and it can't be trace by the police or any official in their country. In other people, it is an advantage but for me it is just a disadvantage because bad people will take advantage of it.

Bitcoin is not as anonymous as you can imagine: your Exchanger knows what address you used during your transactions and can forward everything to the cops. Why do you think you need to give so many information to them when you open an accout at Kraken or Bitstamp ? And more over your transactions can be easily tracked on the Blockchain.

If you want a better anonymity, you would rather use specific coins like Dash, Zcash or Pivx.

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October 24, 2017, 03:29:41 PM
 #707

In my opinion the biggest disadvantage of bitcoin is acceptance and some other government sector that ban bitcoin. Yes bitcoin have the high price to become much popular, but some company and stores don’t even accept bitcoin as a payment.   It’s because bitcoin price is not stable and other government sector sees bitcoin as easy way to buy something illegal.

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October 24, 2017, 03:34:10 PM
 #708

For me, the biggest disadvantage of bitcoin is its not insured.  Here in Philippines, banks insured up to 500,000 pesos of you deposit so in case the bank close, insurance will cover. If something happen to the Wallet, trading company, or bitcoin itself, then its not insured and its bye bye.

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October 24, 2017, 04:49:59 PM
 #709

For me, the biggest disadvantage of bitcoin is its not insured.  Here in Philippines, banks insured up to 500,000 pesos of you deposit so in case the bank close, insurance will cover. If something happen to the Wallet, trading company, or bitcoin itself, then its not insured and its bye bye.

But the main disadvantage in the Philippines is that one: you must always keep a certain amount of pesos in you bank account or else you will be charged  Wink You don't have that with your Bitcoin wallet.

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October 24, 2017, 04:55:28 PM
 #710

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.

The value and the importance of the bitcoin will give you the huge profit, the bitcoin is easy to earn and the future of the bitcoin will give you the meaning of the real money of the bitcoin and eh other currency, it is very importance of the bitcoin will be the huge income of the bitcoin. I am having is the best source of the money I hold the currency and the future of the bitcoin will get the soft and the bright future.

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October 24, 2017, 04:58:50 PM
 #711

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

Thank you!

One of the most disadvantage of bitcoin is its decentralized nature, making it impossible to regulate even with the intervention of the government. Adding also to that, it results to its volatile price, making it very unpredictable when speculating its price in the future. But even if those are the said disadvantages, it also serve as an advantage to most individuals. It may be a case-to-case basis since all have their own opinions. As a cryptocurrency as a general, is its digitalized nature which limits the opportunities for people to have one. Developed countries have no problem regarding with this but developing countries are having a hard time providing stable internet connection throughout their country.

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October 24, 2017, 05:12:35 PM
 #712

I think the security system is the biggest disadvantage of bitcoin.As we can't exchange bitcoin by our own hand,or can't see it,the security question arrives.This could be the biggest disadvantage.

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October 24, 2017, 10:11:21 PM
 #713

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.

That is in fact a disadvantage but at the same time there is nothing to do, if we want a currency that can be used all over the world we need a common network people already use and the only thing we have right now with those characteristics is the internet.



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October 24, 2017, 11:59:20 PM
 #714

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.
yeah agree, i think the fluctuations are not the weaknesses of bitcoin but as the advantages that can be used to make big profits, many people get rich or at least benefit because of fluctuations, so i think fluctuations are the advantages of bitcoin, and i also agree with you that the fee is the lack of bitcoin and makes many people reluctant to make transactions because of the high transaction costs,,

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October 25, 2017, 12:39:42 AM
 #715

Probably not the biggest but my biggest pet peeve and that is all these stupid forks happening every 2nd week. This is getting annoying and it can only be bad for the true bitcoin Angry

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October 25, 2017, 01:09:13 AM
 #716

The biggest disadvantage is people are investing in it with a such high rate that if one day this bitcoin crashed many people will come on roads.  All their physical money that they invested on bitcoin will gone and I think this so because bitcoin is virtually concept it doesn't has any significance, it will crash the whole economy and this consequences will keep the whole world on low.
I think bitcoin is a virtual concept a has nothing physical existence and when a person don't have a Internet connection he she will not be able to have a bitcoin and still in world there are millions of people who don't have Internet and electricity .  I think bitcoin has potential but still it needs to get improved.
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October 25, 2017, 01:14:33 AM
 #717

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 bitcoin flaws are only 1, the shipping transaction costs, if you notice it as high as the bitcoin price the higher the shipping cost value of bitcoin.

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October 25, 2017, 01:25:54 AM
 #718

Its lack of anonymity, block size, confirmation time.


anonymity: using bitcoin is already anonymous and they wont know who you are or where do you live but its still posible to track your wallet address because its registered in to the blockchain but not totally anonymous like deep onion ( because it uses to network) and monero. blocksize: are already adjusted and can still be improved in the future updates of segwit/fork . confirmation time: it depends on your transaction fee , which means the higher your fees = the faster the process and the lower the fee = the  slower processs.

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October 25, 2017, 01:28:15 AM
 #719

Disadvantage to who? Investors? Users? developers?

One of the characteristics of altcoins today (including bitcoin) is their volatility.
It could be an advantage for traders, but it's clearly a disadvantage for "normal" users (the public).
it may be a disadvantage for the user, because its current value is very expensive. but what is the loss for investors, or developers? can you explain a bit about that?
thanks

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Beicin
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October 25, 2017, 01:48:58 AM
 #720

Right now, they are pretty clear: High fees and transaction times when compared to most of other alternatives. And the true problem is that we won't get any solution in the near future, giving space for alts to grow and catch up to bitcoin's market cap. I hope the devs can move faster and find a good solution for this scaling problem.

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