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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25302 times)
Jake Virus
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October 25, 2017, 02:12:32 AM
 #721

The transaction time is the biggest challenge to manage worldwide transactions.
For me bitcoin is good but the biggest disadvantage of it, is the people who are making bitcoin bad, the people who are scammers because of that people many people will think bitcoin is not good and people will afraid to try and to invest in bitcoin because there are many people who all knows is to scam the newbie in bitcoin so thats the biggest disadvantage of bitcoin.

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October 25, 2017, 02:13:25 AM
 #722

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 that was still visible in bitcoin or crypto currency is its value that is very easily influenced by various things and can't yet be really stable. And also bitcoin or crypto currency is still banned in various countries, not really recognized as the official currency arround countries (not yet fully regulated) because of its very free to use that can still be used for criminal or other negative things that could harm the country.

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October 25, 2017, 02:36:06 AM
 #723

As of now, biggest disadvantage of bitcoin can be its uncertainty and volatility. No one knows what will happen with the fate of bitcoins tomorow morning and thus it puts users at a risk.

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October 25, 2017, 02:36:16 AM
 #724

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.
We all know that the transaction time and the fee in bitcoin is slowly getting up and the best thing to do is to just understand that it is normal since the blockchain network is growing up then the community is also growing up and because of that the price of bitcoin is pumping and the fees are adjusting to suit to the needs of the miners to make them feel comfortable and to still give them profit to not leave the blockchain network.

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October 25, 2017, 02:50:30 AM
 #725

I dont actually see any disadvantages of using bitcoin. In fact its an innovation when it comes to modern currency. Maybe the only problem would be on its regulation. There should be rules regarding its usage and production so it would not be abuse by some people.

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October 25, 2017, 02:57:41 AM
 #726

As of now, biggest disadvantage of bitcoin can be its uncertainty and volatility. No one knows what will happen with the fate of bitcoins tomorow morning and thus it puts users at a risk.
For me the biggest disadvantage of bitcoin is the campaign, why campaign? Because in bounty campaign not all  will be successful its 50/50 when your campaign will successful or not, thats the disadvantage of that because you are working to campaign that is 50/50 if you will earn money, but thats the twist just trust bitcoin, because if the campaign was success the money we will earn is big enough for us.

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October 25, 2017, 03:44:54 AM
 #727

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

Thank you!
The disadvantage of bitcoin is the high value of its price for the investors loose their money.And the sad thing about it is when scammers scammed bitcoin because many people are not doing good in joining here.Cryptocurrency is not legal now but Im hoping that someday it could be legalize all over the world.

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October 25, 2017, 03:48:03 AM
 #728

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
The biggest disadvantage of bitcoin is that because it is a crypto currency then it cannot be use without having an internet connection and besides as of now not all stores accept bitcoin, ans terms of its value fluctuations continue and unpredictable.

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October 25, 2017, 04:31:41 AM
 #729

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.

thats right "high fees" for every transaction from blockchain are totally disadvantage for every bitcoin user. or may be you can include the high price of this bitcoin for those who wants to purchase any single piece of bitcoin. but i think bitcoin not become famous if its price is low.

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October 25, 2017, 05:20:27 AM
 #730

As of now, biggest disadvantage of bitcoin can be its uncertainty and volatility. No one knows what will happen with the fate of bitcoins tomorow morning and thus it puts users at a risk.
I think this is one of the characteristics of bitcoin that a lot of users find it hard. But to those who are trading or investing the volatility of bitcoin is what keeps them on earning profit. The disadvantages of bitcoin can be turned into something good just like the continuously changing of its value you can find a way to make use of it.

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October 25, 2017, 05:57:19 AM
 #731

The biggest disadvantage of bitcoin, it is not widely accepted. meaning this is not accepted in every store available in our community. Also bitcoin relies on the internet, in case of internet shutdown  you will not be able to access your bitcoin.
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October 25, 2017, 06:29:13 AM
 #732

Bitcoin's biggest disadvantage is its value fluctuates according to its demand. The other disadvantages of bitcoin are transaction times and fees of course.

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October 25, 2017, 06:35:59 AM
 #733

bitcoins has ups and down, Where the value will greatly increase or decrease and that is the time to test your strategical skills. Some of the new traders tend to panic while others are holding longer, It only depends on how patient you are in holding your coins.

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October 25, 2017, 07:08:17 AM
 #734

As of now, biggest disadvantage of bitcoin can be its uncertainty and volatility. No one knows what will happen with the fate of bitcoins tomorow morning and thus it puts users at a risk.
I think this is one of the characteristics of bitcoin that a lot of users find it hard. But to those who are trading or investing the volatility of bitcoin is what keeps them on earning profit. The disadvantages of bitcoin can be turned into something good just like the continuously changing of its value you can find a way to make use of it.
The volatility is a good thing for the people who know how the bitcoin works because the volatility is the reason why people are making money and that is why a lot of people are still going into bitcoin because they know that it is best to have a volatile investment rather than a stable like gold that is very slow in making profit. Bitcoin volatility is not a disadvantage, just learn how to get used to it and deal with it.

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October 25, 2017, 07:13:17 AM
 #735

It's disadvantage is you need to have a mobile phone or pc and internet to be able to make a transaction with btc. It what make btc not applicalbe to everyone like those on poor countries that cannot even afford their own cellphone.
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October 25, 2017, 07:30:46 AM
 #736

For me, there are a lot actually. Bitcoin is not yet properly regulated and not considered as a fiat currency by many. Crypto currency is also prone to hacking and scamming others specially for those who are not knowledgable enough what lies in bitcoin / altcoin world. Knowledge is power and early adopters always rise to the top.

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October 25, 2017, 07:43:03 AM
 #737

I think the biggest disadvantage of Bitcoin is legalization, we all know that lots of government and countries are still skeptical and won't accept Bitcoin, even if you lay down all the proof that its good and promising.
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October 25, 2017, 08:01:41 AM
 #738

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.

To somehow you are right. Bitcoin have such a disadvantage that have been reported from a specific group of users. But what I think is the biggest flaw or you can say a disadvantage of bitcoin is, you can’t use it if you forget your key or password. I must say, we are humans and we may forget something. So there must be an authenticated system that can restore bitcoin for its users.

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October 25, 2017, 09:36:15 AM
 #739

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

Thank you!
Bitcoin being a digits currency is really advantageous in this digital world.However,  being a digital coin makes it also a disadvantage since it is not at all time you can use it to buy especially for emergency cases. Not all countries and not all merchandnts accepts bitcoin for now. But maybe sooner, bitcoin will be accepted worldwide.

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October 25, 2017, 09:41:07 AM
 #740

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 as my future investment, as you can see bitcoin from 2009 until this year till 2017 then you have earned more than 500% profit, I believe bitcoin will be more expensive because demand requirement of bitcoin is very high, while its availability very limited.

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