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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25027 times)
WannaCry
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October 26, 2017, 02:13:58 PM
 #761

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

Thank you!


I think there is only one disadvantage that I can think of as of now, and that is the internet. Bitcoin uses internet mainly, so without it there will be no bitcoin transactions. I consider this as a limitation of bitcoin and other crypto currencies.

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October 26, 2017, 03:05:02 PM
 #762

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

This is one of the concern that reversible transaction cannot happen and you need to be very careful in terms of using the btc address  while sending the btc from your wallet to another. Also there is an issue of trace ability as it is not at an easy task as it is said thought it also not impossible per say.

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October 26, 2017, 03:10:32 PM
 #763

Transaction on bitcoin between one person to other cannot be traced since one can have multiple wallet and each wallet can generate multiple receiving address. There is no kyc require to store crypto currency.

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October 26, 2017, 03:32:20 PM
 #764

Bitcoins Are Not Widely Accepted NOT RIGHT NOW.
Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.
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October 26, 2017, 03:41:52 PM
 #765

Its biggest disadvantage is its price. The price is too big for each 1 bitcoin making it hard to use as a payment in some small business. Making business owners find another currency as a payment rather than bitcoin (e.g. ethereum).

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October 26, 2017, 03:56:06 PM
 #766

Bitcoin becomes very useful for criminals who want to hide the money from their crimes.
Bitcoin can also be abused by people who want to hide their income from the government. Not only in criminal acts, the most basic lack of Bitcoin also happens because of its unreal shape.
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October 26, 2017, 04:21:25 PM
 #767

For me, the biggest drawback of crypto currency is that they can not be used without the Internet, without the Internet they simply do not represent any value.
One of the real disadvantage for me of bitcoin is that i cannot use it withouth the help of internet, i mean there is no problem with that, but what if other people don't have internet they cannot transact. There are still peopld who cannot afford to have internet. Also fees can be a disadvantage of bitcoin. Sometimes fees becomes so high.


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October 26, 2017, 04:25:44 PM
 #768

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.
It is impossible to make scammers stop using bitcoin, scammers love bitcoin because once they get the bitcoin there is not a way to get that money back, so one of the strong points of bitcoin to resist oppression from governments is being used to scam, it is disgusting.



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October 26, 2017, 04:28:47 PM
 #769

Overall mainstream acceptance, there are still limitations in that sense. The fact that it's becoming an investment asset and many are avoiding spending them in hopes of a continued revaluation. BTC and Cryptos in general have way more advantages than regular Fiat, and these current "disadvantages" are temporary, I say 10 year and we'll see mass adoption, so "disadvantages" gone

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October 26, 2017, 04:45:33 PM
 #770

I think the biggest problem or disadvantage of bitcoin is I can't use bitcoin directly in a shop or market.I need to convert bitcoin to fiat first and them I can use it.Also I can't use bitcoin legally because government already banned bitcoin.So its always a risk for me to use bitcoin.I will be happy if bitcoin gets legal in my country and I can use it freely.

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October 26, 2017, 04:54:16 PM
 #771

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

Thank you!


Im my opinion the biggest disadvantage of Bitcoin, and cryptocurrency in general, are the short life of tecnology. The people dont belive in somethink so new. They need to be prepare to use this tecnology.

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October 26, 2017, 06:03:41 PM
 #772

May be.we know that everything has two side.Bitcoin has also.But not big.it has high price.it is just disadvantage.
Yeah this is the wise thinking because the bitcoin price and the income is going to be more high I hold the bitcoin and the income of the bitcoin will be more than this till the year will go to the end and on the other side it is chasing a lot of the time and if we are not having the money o invest we will get the little profit, bitcoin is getting high day by day it is the biggest advantage of the bitcoin.

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October 26, 2017, 06:51:46 PM
 #773

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

Thank you!
For me just the delay of the transactions and the transactions fee but moreover there are no other because of that many transactions now are taking time to receive and sometimes it even take a day to receive that is the only disadvantages for me.
I know that bitcoin is a working progress, continues to improve it's services for each of every user. Maybe the thing that I can consider as a disadvantage of bitcoin is that sometimes for some certain services, the fees are to high that affects all of the users. And also another one is that sometimes the transactions comes in different time when will they drop new products.


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October 26, 2017, 07:06:44 PM
 #774

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

Thank you!

For me I think the biggest disadvantage of bitcoin is that it has a unstable value that will lilely to make every money higher or sadly lower. These attidtude of bitcoin makes ot more risky of we didn't have any knowledge about how bitcoin used and how it will gonna do to our invested money.

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October 26, 2017, 07:16:46 PM
 #775

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.
For now, this still seems as the only disadvantage one can really tag on bitcoin. The volatility is crazy and which is pretty normal since we are still in the level of adoption and we will keep seeing huge spikes either up or down until we have a balanced ratio. However, the instability may not be good for those who earn bitcoin but for investors, I do not see this as a problem.

Also, your last statement, not being able to predict the value of bitcoin against any other currency is normal for every other currency, so I do not see why or for that reason, it should be a disadvantage since we can absolutely not see the future anyway.



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October 26, 2017, 07:17:08 PM
 #776

IMHO the big BTC's disadvantage is the absence of a clear path to scalability and of a clear governance in general. I think that in a fast moving and changing world one of the key competence is to facing in a right and effective way the issues that could happen (like eth did with the dao and the consequent first hf). I think that if something similar will happen to Btc (even if the code is much more stable etc etc) it will be more complex to react in a proper way (and in a proper time)

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October 26, 2017, 11:27:05 PM
 #777

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
Haha! You badly need to get your facts straight. Bitcoin has no issue of anonymity rather the best privacy is provided by this currency and bitcoin is famous for its anonymous nature. This anonymous nature has scared many governments from declaring bitcoin legal in their states because in this way they will lose control over the properties of public. Bitcoin is decentralized and anonymous.

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October 27, 2017, 12:35:48 AM
 #778

I think the two biggest disadvantages of bitcoin are:
1. Its sky high price, and
2. Lack of scalability as a platform on which future operations and networks can be built.
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October 27, 2017, 06:50:26 AM
 #779

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

Thank you!


For me, the only big disadvantage of bitcoin and other crypto currency is the fact that they all need internet to be used. Have you ever noticed that? What will happen once the internet stops working globally, what will happen to our beloved bitcoin?

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October 27, 2017, 06:59:41 AM
 #780

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

Thank you!

For me I think the biggest disadvantage of bitcoin is that it has a unstable value that will lilely to make every money higher or sadly lower. These attidtude of bitcoin makes ot more risky of we didn't have any knowledge about how bitcoin used and how it will gonna do to our invested money.

As like you many will said the price is an Disadvantage.But it is not so.Price of the bitcoin is volatile,so only the newbie or new person can inverse their money in bitcoin.Not only for them but also for me.I had invested in bitcoin when the price was at the value of 3100$.Week ago I had sell with 5800$ and got more dollar profit.This was due to price volatile.

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