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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24973 times)
CARrency
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July 15, 2017, 03:32:50 AM
 #81

For ordinary people using bitcoin, the biggest disadvantage is the basic equipment like a computer, ablet or smartphone and the structure (internet...), but for other people that disadvantage is their advantage.

I don't get what you are saying. That is obvious that if someone don't have a gadget like laptop or a smartphone,  it means that, that people do not know internet, let alone bitcoin. So that means that they are not included with the people that has disadvantages on bitcoin because they do not know and use it.

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July 15, 2017, 03:34:39 AM
 #82

The biggest disadvantage of bitcoin is its price. Its too much and making me distract from my real life job and attracting towards the world of virtuality. Haha. I don’t believe in bitcoin being disadvantageous because I would always love bitcoin in positive way and its making my life better.

Well not for me. The price volatility is I think one of the advantages of bitcoin. The volatility attracts more investors, as the price pumps investors sell their coins and when it dumps investors eyeing this as opportunity to buy more coins to get good profit. So far the biggest disadvantage for me is the high fee yet slow confirmation, I think its more reasonable if even its high fee but it will have fast confirmation.

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July 15, 2017, 03:42:04 AM
 #83

Few things honestly hard level of entry barrier for a normal user, bad reputation and forks.
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July 15, 2017, 05:20:52 AM
 #84

The biggest disadvantage of bitcoin is its price. Its too much and making me distract from my real life job and attracting towards the world of virtuality. Haha. I don’t believe in bitcoin being disadvantageous because I would always love bitcoin in positive way and its making my life better.

Well not for me. The price volatility is I think one of the advantages of bitcoin. The volatility attracts more investors, as the price pumps investors sell their coins and when it dumps investors eyeing this as opportunity to buy more coins to get good profit. So far the biggest disadvantage for me is the high fee yet slow confirmation, I think its more reasonable if even its high fee but it will have fast confirmation.
Yeah the pump and dump are for the good of bitcoin. The price volatility actually keeps the bitcoin alive like a heartbeat. To me the disadvantage of bitcoin in the current scenario is that the merchants are not ready yet to accept bitcoin as a payment and we need fiat for the purpose of spending. We can’t spent the bitcoin directly which is a sort of disadvantage that bitcoin users at the end are fiat dependent.

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July 15, 2017, 05:33:09 AM
 #85

Hold on, did I just read disadvantage + bitcoin ? No it's not possible. Bitcoin is still in its infancy and yet it is break through technology which offers complete independency to work with. It has big potential in its value and most important it works on supercomputer. It is having little holes in the tech but it's not disadvantageous by any means.

The value is great, it is precise currency, easily convertible to any fiat currency, it is traded over thousands of exchangers and altcoins are being born from its core. It seems perfect to me.



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Beerwizzard
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July 15, 2017, 06:14:41 AM
 #86

Don't realy care about the confirmation time but transaction fee is a real problem. Especialy when you are trying to transfer BTC in small amounts.
But for masses the whole system is too complicated. Everyone now is already used to credit cards. You won't loose your money, your face might be the only proof of the ownership of your bank account. If you get scammed or your card was stolen banks always have to give back the full amount of money. The bitcoin is too different (at this moment) to make people use it instead of their cards.

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July 15, 2017, 07:20:09 AM
 #87

It is not completely evolved that's big disadvantage of bitcoin. Just check for now, bitcoin started splitting into two and the market shook with lower prices of bitcoin as well as altcoins. The after effects are still to be decided and who knows worst can come or good too. So this is how we have to be careful with bitcoin investment, we are not very flexible in the investments even though bitcoin is decentralised and with great valuation. Not just that bitcoin is also not regulated and what if someday authorities of many nations ban the virtual currency concept? That could be disastrous looking at huge investments that we are following currently.

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July 15, 2017, 04:02:31 PM
 #88

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 and somehow it is also its biggest advantage is that the bitcoin is being votality in a way that the value of its price is unsteady, the price is always changeable and it has a good effect and bad effect to the users, developers etc.

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July 15, 2017, 04:09:18 PM
 #89

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

Thank you!

I think we do not need to ask questions about it, bitcoin is known as a strong currency, which can carry out swift transactions with low transaction fees. However, it is currently losing that.

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July 15, 2017, 04:33:36 PM
 #90

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

Thank you!

I think we do not need to ask questions about it, bitcoin is known as a strong currency, which can carry out swift transactions with low transaction fees. However, it is currently losing that.

In one moment fees were astronomic high, but that is over now. This can be described as disadvantage, who can say that fees will stay the same, or who can control and protect us users from astronomical fees one day? That can be a real problem, I'm fine with waiting for confirmation some time, even that is a little disadvantage, but to pay a lot and wait is not a good thing, and it's pretty annoying.
Except this two things I don't think that bitcoin have some disadvantages. Some others are talking about price moving as a disadvantage, well for traders that is advantage and they use this to earn money, and bitcoin is not so big currency couple big whales move the price with their trades, and cause of that we have a big difference between daily lowest and highest price.

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July 15, 2017, 05:23:30 PM
 #91

The biggest disadvantage is the vast number of people that have no idea what they are doing, they are destroying the world of bitcoin and they are the biggest problem out there. They are the reason that we need forks and changes.

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July 15, 2017, 05:24:46 PM
 #92

The biggest disadvantage is the vast number of people that have no idea what they are doing, they are destroying the world of bitcoin and they are the biggest problem out there. They are the reason that we need forks and changes.

They are the reason the markets are a mess, they are the problem and if they would simply stay home and stay out of things we would have a nice quiet world of solid trading and solid coins.

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July 16, 2017, 05:40:37 AM
 #93

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).
Bitcoin has a high volatility, its price increases and decreases at a high pace and it makes it very risky to invest. Second is bitcoin's development is still ongoing however, with the segwit drawing near, bitcoin will take another leap and will be stable unlike before. Also, the transaction with bitcoin being anonymous enables fraud and other criminal activities such as money laundering and blackmarket.

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July 16, 2017, 05:50:38 AM
 #94

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).
Bitcoin has a high volatility, its price increases and decreases at a high pace and it makes it very risky to invest. Second is bitcoin's development is still ongoing however, with the segwit drawing near, bitcoin will take another leap and will be stable unlike before. Also, the transaction with bitcoin being anonymous enables fraud and other criminal activities such as money laundering and blackmarket.
I think its normal in bitcoin that we are seeing price drop and increasing if you are thinking that bitcoin is risky to invest not a good idea since bitcoin is already proven that you can make a profit every time the price increases.. and many country are now supporting bitcoin like japan legalized bitcoin the only disadvantage that i think the real problem about bitcoin is the speed of the transaction and the high fee for every transaction and hope after segwit can resolve this issue this coming august 1..

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July 16, 2017, 09:11:33 AM
 #95

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 fact that the bitcoin can be vanished one day. It can be hacked or can be infected by a virus someday. But I hope that day will not come. Because I'm also a bitcoin user and I do not want that to happen. And also the stores are not accepting it although it has a high value.

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July 16, 2017, 10:20:25 AM
 #96

What is currently happening is the biggest disadvantage of Bitcoin which is price instability . It rises in such a quick time and fall back equally quickly . So either you make money in a quick time or lose out the same way . So precaution is better here .

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July 16, 2017, 04:21:32 PM
 #97

What is currently happening is the biggest disadvantage of Bitcoin which is price instability . It rises in such a quick time and fall back equally quickly . So either you make money in a quick time or lose out the same way . So precaution is better here .


Also, because the volatility of the price causes the dump and pump in bitcoin the time to convert it into fiat, at this point of confusion and commotion, is very hard to catch. You will get the feeling of maybe it is now the time and the chance to convert it and then will ask yourself what if it still goes higher. Because of the announcement about the split that causes the big dump, the situation now is really stressful. Just like the others, I am afraid that my bitcoin will be gone and I am taking precautions.

I just hope that the mentioned split will not happen and that the price will eventually  goes back to $2000.

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kelceyott
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July 17, 2017, 06:29:38 AM
 #98

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

Thank you!
Besides the outstanding features of the BCT, in my opinion, the disadvantage of bicoin is not everyone can buy and sell but must have certain knowledge. People familiar with using cash are not used to using bitcoin as a substitute. And only those who know how to use the new computer to use the BTC.

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PRE-ICO | 28th August 2017
DrGuns4Hands
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July 17, 2017, 07:33:34 AM
 #99

Volatility ? Decentralized Currency ? Took a long time to received the money ? and send the money ? but these will change after august 1st because there will be a chain split and the segwit will come but it's not a good thing thats why im gonna sell my bitcoins a week before august 1st to come in order to protect my bitcoins.

mrayazgul
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July 17, 2017, 10:24:56 AM
 #100

Before a month, i thought there is no disadvantage of bitcoins but now i see that biggest disadvantage of bitcoin is the uncertainty factor. You have a lots of bitcoins and suddenly a hard fork comes and make your coins less value or maybe even loss coins if not prepare for it properly.

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