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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24976 times)
manismanja
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October 25, 2017, 09:41:07 AM
 #741

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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October 25, 2017, 10:14:34 AM
 #742

In my opinion, I think bitcoin have few disadvantage and a lot of advantages. Its transaction is simple but since its price goes up, spamming and hacking increases, also a lot of new website created for ponzi, spamming, and hacking spread for a chance to steal a lot bitcoin and earn more. But this community helps to identify the real ones to fake one through trial and error. Means that there is still few individuals who are getting scammed before others know so it indicates that the site still benefit from it. As for now, business man eyed on bitcoin since it increases much and a lot of individuals are getting richer than them. Thus, making them say and spread news that it is bad and used for illegal purposes.

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October 25, 2017, 10:28:14 AM
 #743

I think the biggest disadvantage of bitcoin is can't be used in places that don't have internet access and high transaction costs. for fluctuating prices, this gives the trader an advantage

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October 25, 2017, 11:25:07 AM
 #744

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. So internet comes as a limitation to bitcoin. Secondly, bitcoin is not accepted in many places due to its less users and because many people don’t trust bitcoin. Whereas fiat money is accepted everywhere and trusted. 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 25, 2017, 11:59:56 AM
 #745

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

Thank you!

Possibly the biggest disadvantage is that it relies on miners to transfer bitcoins and for a fee. This fee is not a set amount or a set percentage and could change over time. Fees could get very large as fewer coins are mined and miners rely almost completely on fees to make mining worth it.
I think the biggest disadvantage of bitcoin is that bitcoin price is unstable. We cant predict if when the price gets lower or even when it gets higher. So i think thats it.

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October 25, 2017, 12:01:58 PM
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Too big to fail, hard to change without fork, slow and costly transactions.

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October 25, 2017, 12:16:32 PM
 #747

for me the biggest disadvantage of bitcoin is that, it is not yet being used in my country where i can used in any transactions, stores here did not accept bitcoin, but in other country only. But if this issue is being answered then there were no other disadvantage it may be.

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October 25, 2017, 12:17:39 PM
 #748

The biggest disadvantage I see in bitcoin are the physical bitcoin which is not available.
2) The hike in transaction fee which sometime leads to stuck of bitcoin transaction because this may somehow make bitcoin soar to some common man.



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October 26, 2017, 02:51:12 AM
 #749

for me the biggest disadvantage of bitcoin is that, it is not yet being used in my country where i can used in any transactions, stores here did not accept bitcoin, but in other country only. But if this issue is being answered then there were no other disadvantage it may be.
This is really bad because the bitcoin price and the value is now very high and it is being use by almost all the countries, I hop-e in the future you will be able to use the bitcoin because soon the bitcoin will because the world currency and it will be the most popular and the world’s best currency in the whole world , it is the  right thing to invest your money in and to get eth profit from it.

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October 26, 2017, 03:59:48 AM
 #750

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
In my opinion there are two disadvantages of bitcoin and I’m sure every one will be agree with me first of all bitcoin has no physical shape or any logo and secondly bitcoin is only available on line its only in internet if internet stop work so I think bitcoin can be finished although bitcoin is one of the strong and popular currency around the world but I want physical shape of it.

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October 26, 2017, 05:27:00 AM
 #751

May be.we know that everything has two side.Bitcoin has also.But not big.it has high price.it is just disadvantage.

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October 26, 2017, 05:44:32 AM
 #752

so many bad things are circulating about bitcoin. whether it was deliberately spread or not. but, bitcoin is always a target of hackers who have a high ability to try to steal bitcoin. well, but many also say that bitcoin is used for bad business needs.


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October 26, 2017, 05:51:41 AM
 #753

The problem is with its instability.
Nobody knows what will happen to it tomorrow. Huh Roll Eyes
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October 26, 2017, 06:28:37 AM
 #754

Non-technical people can use it, but only as something equivalent in their minds to a credit card or Apple Pay. So unless they are in one of the situations where Bitcoin is clearly superior to the alternatives, like evading currency controls or sending remittances, it won't seem significant to them.
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October 26, 2017, 06:57:59 AM
 #755

I think so the biggest disadvatage is Bitcoins transfer speeds. Bitcoin is so useless to buy something in real life

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October 26, 2017, 09:57:49 AM
 #756

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.
For me as well bitcoin is very safe to keep in the bitcoin wallet and then no one will be able to give you the information if it will get hack one.

It is not very easy to hack but a lot of the people have heard about the bitcoin hacking in the past for me the value of eh bitcoin is very high and it the most popular currency and the security of the bitcoin is better if we will keep the bitcoin save for the long time.



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October 26, 2017, 10:39:33 AM
 #757

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

Thank you!

Non refunded . So when you get Scammed you will loss your money and can’t be refunded like when send money by wrong
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October 26, 2017, 11:18:38 AM
 #758

For me, the biggest disadvantage of bitcoin is the acceptance and legality of it. Not everybody accept bitcoin and know bitcoin, even the bitcoin have a higher price. The bitcoin legality in other countries, bitcoin are not legal to some country that why many people don’t even know and can’t try bitcoin. Smiley

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October 26, 2017, 01:16:31 PM
 #759

if we're talking about the disadvantage of bitcoin to it's users, i think it's the fact that bitcoin wallets can be hacked and is a little vulnerable to brute force attacks. if it's disadvantage to it's investors, it is probably that bitcoin is unpredictable and is very volatile, they can lose really big.

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Qiuyue201
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October 26, 2017, 01:26:12 PM
 #760

if we're talking about the disadvantage of bitcoin to it's users, i think it's the fact that bitcoin wallets can be hacked and is a little vulnerable to brute force attacks. if it's disadvantage to it's investors, it is probably that bitcoin is unpredictable and is very volatile, they can lose really big.
Just only if you keep your backup fine in such encrypted place, your wallet will always be safe. majority of people who get hacked are those that get lured to phishing site. and
I think that the only disadvantage of bitcoin is its scaling problem, and also, the slow speed that's all. although the speed has becoming slow recently due to many transactions generated each seconds.

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