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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25027 times)
hantei
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October 27, 2017, 07:09:14 AM
 #781

the disadvantage of bitcoins Are Not Widely Accepted, 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 27, 2017, 08:04:11 AM
 #782

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?

It's right, with no internet network then it seems bitcoin will be useless to anyone Wink

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October 27, 2017, 08:57:09 AM
 #783

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
Sure, this is a disadvantage to those who are not privileged enough to access the internet but I do not see it as a general disadvantage. It is just some limits which we have in every investment. It could be a disadvantage for having to adopt if fully or in replacement of banks or cash (which is impossible), but asides that, I do not consider it a full demerit of the currency.














 

 

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October 27, 2017, 08:58:20 AM
 #784

Anonymity is number 1 disadvantage, number 2 is centrilized by big mining companies and they are controling the network and the price.

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October 27, 2017, 09:14:08 AM
 #785

the disadvantage of bitcoins Are Not Widely Accepted, 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.

You are right the bitcoin is not accepted by world wide but i hope in future the crypto will take over fiat currency.the main disadvantage is Bitcoin enables fraud and other criminal activities.  This is absolutely the single most salient feature of Bitcoin’s anonymity.  Conventional currencies are indeed subject to laundering and counterfeit.  There is probably no way to eliminate those risks completely.  Bitcoin magnifies those risks because it can only be exchanged anonymously.
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October 27, 2017, 10:56:00 AM
 #786

But the biggest disadvantage of me right now is that I wish I could go ahead and do some more smooth movements and make better investments but the drawback to the outside is that people who do not know so many people who earn such huge amounts of money under their hands really say this to others.

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October 27, 2017, 05:37:49 PM
 #787

But the biggest disadvantage of me right now is that I wish I could go ahead and do some more smooth movements and make better investments but the drawback to the outside is that people who do not know so many people who earn such huge amounts of money under their hands really say this to others.
Yeah but still you have the chance because the chance always does exist and the bitcoin will give you the valuable return, the bitcoin price and the importance will high if you will invest more, still he price and the value of the bitcoin is increasing and the people are earning and investing. It is the time to join the signature campaign and they will invest the bitcoin for the long time, I hold and the I have invested the bitcoin for the long time.

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October 27, 2017, 07:19:50 PM
 #788

May be.we know that everything has two side.Bitcoin has also.But not big.it has high price.it is just disadvantage.
In my opinion, the high market price of bitcoin is the biggest advantage for the ones who are having bitcoin sin their wallets. This is the thing which is grabbing the attention of so many investors and traders. As far as disadvantage is concerned, I think of high transaction fee and tiring transaction process as the drawbacks of bitcoin. But even these are not having this much importance when compared with advantages of bitcoin.


 
 
 
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October 27, 2017, 09:17:00 PM
 #789

the disadvantage of bitcoins Are Not Widely Accepted, 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.

I agree. This is Bitcoin's biggest disadvantage for me. I just can not use it in my everyday life. Shops and restaurants do not accept bitcoin here in my country. I have to exchange it for the national currency at first.






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October 27, 2017, 09:27:06 PM
 #790

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?

It's right, with no internet network then it seems bitcoin will be useless to anyone Wink
Businesses where mainly in the cities, internet is not a hindrace to cryptocurrency because it can be provided by the telco when businesses are present which they can also benefit on it. Regarding its real disadvantage is on how cryptocurrency will be use in bad ways like scam projects and using it in illegal ways like ransoms and drug related transactions.

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October 27, 2017, 10:37:37 PM
 #791

The biggest disadvantage of bitcoin is that we have to wait for a long time before we can use it every where such as paying bills or buying a Pizza.
The lack of places where you can spend your Bitcoin make it useless in some countries, try to think of someone that have in his wallet 100 BTC but he can't find a place where to buy even a cup of coffee with it.

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October 27, 2017, 10:46:18 PM
 #792

The biggest disadvantage is its old technology.. transactions are slow.. its hard to talk about how good something can be to change the way we view money when it takes so damn long to send it... and it just seems to get worse everyday.
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October 28, 2017, 03:56:16 AM
 #793

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.
In my opinion there are two disadvantages of bitcoin first thing is that bitcoin work only in internet if you have internet facilities you can use bitcoin but if you don’t have so then its not possible to use it and secondly bitcoin have no physical shape or any logo bitcoin followers are now increased and every one wishing to see bitcoin physical shape.

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October 28, 2017, 06:19:09 AM
 #794

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.
That may be considered as the limitation but don’t you think if it is digital currency then there will be a sure connection with internet and computer. When there is internet accessed, you can make transactions but when you are offline you can’t make it.

I don’t think it is a flaw. Bitcoin is all about technology and I think internet is the supreme hub of technology. Still your opined is respected.


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October 28, 2017, 07:34:36 AM
 #795

the biggest disadvantage of bitcoin, it is the people are getting lazy bitcoin are easy to make money in it , just put some a large money in it for sure it will produce some profits and also the people are getting greed about it.

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October 28, 2017, 09:01:23 AM
 #796

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.
We can’t say it a disadvantage man it is just the limitation all the crypto are being used only in online mode and maybe in future some sort of advancement will be made e that it will be used offline also and if this will happen there will be more ease for the used but knowing the market critics will also be only in the internet mode so we cannot completely make it offline hope for the best that changes will be made.


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October 28, 2017, 10:17:51 AM
 #797

The biggest disadvantage of bitcoin as I can think of is it not fully accepted in this world. There are few countries who accepts bitcoi but some do not. And some countries even banned bitcoin. It saddened me to think that bitcoin has a lot of benefits and it should gradually accepted easily but then they really have to view bitcoin to fully accepted in one's country.

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October 28, 2017, 10:22:11 AM
 #798

the disadvantage of bitcoins Are Not Widely Accepted, 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.
Not being widely accepted is not even a big disadvantage, cause I can see that despite the fact that it is not being widely accepted it is still progressing heavily. So let’s count that one off the list. If I’m to mention disadvantages, I will mention network fees, yes I’m not even the only.one that will say, cause I’m very sure that most of the people here will say the same thing.

Nobody likes the fees we pay for transaction, it all used to be free and fast, but now it is expensive and slow at the same time.

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October 28, 2017, 10:32:36 AM
 #799

The biggest disadvantage of bitcoin is that it is less widely acknowledged by the public and bitcoin can only be used on online transact without bitcoin internet can not be used.
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October 28, 2017, 01:26:48 PM
 #800

I noticed one disadvantage of bitcoin is that it decreases it's value all of a sudden without any clues. Like for example , tomorrow it's value will decrease 6% and all your assets will be down which forces you to hold your coins and keep it until the value rises to spend it.

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