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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24984 times)
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October 29, 2017, 01:00:54 PM
 #821

It's the bitcoin wallet. We save our bitcoins in a wallet. If the wallet is deleted unintentionally, we can not find where the bitcoins gone.  We can't track them. We absolutely lose our bitcoins.

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October 29, 2017, 02:13:58 PM
 #822

The biggest disadvantage of Bitcoin is that we can't spend it like we can with dollars but that is because it is still progressing as a currency should that's on it's way to becoming the world's reserve currency.

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October 29, 2017, 02:50:07 PM
 #823

The biggest disadvantage is that bitcoin in any second can crash. But there are also many disadvantages: insufficient dissemination and recognition, exchanging rates fluctuations, unpredictability, no warranties, state prohibitions.
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October 29, 2017, 02:57:18 PM
 #824

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

Thank you!

I think from my knowledge about bitcoin is the weakness of bitcoin is one of the cost factor of delivery where the cost of delivery from wallet 1 to other purses using bitcoin will require shipping cost is quite expensive if only for the cost of delivery only,

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October 29, 2017, 02:58:00 PM
 #825

i think one of the disadvantage of bitcoin is acceptance and awareness about bitcoin. They dont accept bitcoin as payment because they are not aware what is bitcoin.
I think the anonymity of bitcoin is it's biggest disadvantage, why because Criminals have used it to expand and fund their criminal organisations and also in the even when one's bitcoin is stolen, there is really nothing that can be done to retrieve it, when your bitcoin is stolen, its gone forever.



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October 29, 2017, 03:04:50 PM
 #826

The biggest disadvantage of bitcoin is there is no backing bitcoin so when something goes wrong with bitcoin then your money is gone then that is why i don't put all of my money in bitcoin because i know that is very risky and we should just put the money that we can afford to lose. If there is someone who is backing bitcoin like an insurance for the money then i will put all of my money.

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October 29, 2017, 03:27:58 PM
 #827

For me the biggest disadvantage that bitcoin have is its high transaction fee. Also the acceptance of bitcoin in markets and other stores. It would be much profitable once payment is done by bitcoin. Bitcoins volatility may not be considered as its disadvantage because this helps buyer to have a chance to buy bitcoin when its price goes down.

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October 29, 2017, 03:30:32 PM
 #828

One of the issues with bitcoin is that you just can't spend it easily in the real world, only a handfull of places will accept it which will change in the future but for now I think adoption is a disadvantage currently.

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October 29, 2017, 04:28:30 PM
 #829

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 think there are two disadvantages of bitcoin first thing is bitcoin can only work when you have internet if you have internet so it will work but if you don’t have internet so you will not have bitcoin secondly bitcoin have no physical shape every want to see the physical shape of bitcoin because people love and support bitcoin so they want to see it.

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October 29, 2017, 04:32:06 PM
 #830

Bitcoin has its advantages and of course weaknesses, because bitcoin is the digital currency in which transactors will not be traced, on the other hand it may be an advantage but the disadvantage is when we lose bitcoin by the hacker , that time we have completely lost it and will never return, so we have to be extra careful choosing a wallet to save our bitcoin.
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October 29, 2017, 05:35:24 PM
 #831

Too big to fail, hard to change without fork, slow and costly transactions.
If you are saying it is too big to fail, is that not an advantage instead. That terms simply means it is too big that it cannot fail Grin … However, if you are trying to say something else, which I guess, you are trying to say it could fail, then anyone scared of that is not ready to invest because anything can fail. Nevertheless, at this stage we are, I really do not see bitcoin failing.


 
 
 
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October 29, 2017, 05:54:48 PM
 #832

Price uncertainty is the most negative point for this platform, day by day Bitcoin is getting able to be the most profitable and lucrative system in the virtual world.
I think Bitcoin availability is one of the most important issue, not only that but also Bitcoin is mainly dependent on the internet connection.
You can't do anything in this system without internet access. So in also be a great disadvantage of Bitcoin.


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October 29, 2017, 06:16:17 PM
 #833

Too big to fail, hard to change without fork, slow and costly transactions.
If you are saying it is too big to fail, is that not an advantage instead. That terms simply means it is too big that it cannot fail Grin … However, if you are trying to say something else, which I guess, you are trying to say it could fail, then anyone scared of that is not ready to invest because anything can fail. Nevertheless, at this stage we are, I really do not see bitcoin failing.

Actually some will say price is the Dis advantage in Bitcoin.Since the price is not stable,if you want money and at that time,the price is low means.You are force to sell with low price.But the fact is.You should not depend on Bitcoin is the First thing.Second is,unless the price is not reduce you can't buy at low value.Price is only the Advantage to brought.It's not a dis advantage.

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October 29, 2017, 06:30:29 PM
 #834

The biggest disadvantage with Bitcoin is hands down that is cannot be guaranteed governments will embrace it at this point.

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October 29, 2017, 06:42:56 PM
 #835

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

Thank you!
In my prospective bitcoin don't have any disadvantage. but I didn't tell sure about other crypto currencies because of security reasons. And the thing "decrease in price" not come in disadvantage because it is the nature of bitcoin. If anyone buy bitcoin they know that its price value have two characteristics of increasing and decreasing, they buy bitcoin because they are OK with these characteristics.


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October 29, 2017, 08:29:36 PM
 #836

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.
- Actually I do not think the network fees is a big disadvantage because if the time to confirm the transaction quickly, high fees is also something that we can accept, however, what we are getting is a high fee but the time to confirm the transaction is very long, sometimes the transaction is delayed and we need to wait for a few hours, days, even weeks. In addition, the price of bitcoin is rising very high, many countries do not receive taxes from bitcoin, they are gradually want to ban bitcoin, not accepted by the government, this is also a disadvantage to making bitcoin slow popular and develop
People sometimes overreact, yes the bitcoin network is not super fast, but it is not that slow either, the most time it took one of my transactions to confirm was just 6 hours and that was because I sent a very low fee, send a decent fee and you are going to get a confirmation in just a matter of minutes.



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October 29, 2017, 09:25:26 PM
 #837

i think one of the disadvantage of bitcoin is acceptance and awareness about bitcoin. They dont accept bitcoin as payment because they are not aware what is bitcoin.
This is not at all a big disadvantage in my eyes,the biggest disadvantage is the delay in transaction and the ever increasing transaction fees,most of the people started using bitcoin because of the fair transaction charges which was nearly none and now that is not the case as we have to pay more for every transactions.


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October 29, 2017, 09:36:40 PM
 #838

Too big to fail, hard to change without fork, slow and costly transactions.
If you are saying it is too big to fail, is that not an advantage instead. That terms simply means it is too big that it cannot fail Grin … However, if you are trying to say something else, which I guess, you are trying to say it could fail, then anyone scared of that is not ready to invest because anything can fail. Nevertheless, at this stage we are, I really do not see bitcoin failing.

Actually some will say price is the Dis advantage in Bitcoin.Since the price is not stable,if you want money and at that time,the price is low means.You are force to sell with low price.But the fact is.You should not depend on Bitcoin is the First thing.Second is,unless the price is not reduce you can't buy at low value.Price is only the Advantage to brought.It's not a dis advantage.
You were to be able bought a lot of Bitcoin at low price, that is your advantage. But important, can you take advantage that opportunity or not? Take profits or take loss will decide your capital for trading. Of course, if you take loss, you will feel regret.

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October 29, 2017, 09:47:23 PM
 #839

Too big to fail, hard to change without fork, slow and costly transactions.
If you are saying it is too big to fail, is that not an advantage instead. That terms simply means it is too big that it cannot fail Grin … However, if you are trying to say something else, which I guess, you are trying to say it could fail, then anyone scared of that is not ready to invest because anything can fail. Nevertheless, at this stage we are, I really do not see bitcoin failing.

Actually some will say price is the Dis advantage in Bitcoin.Since the price is not stable,if you want money and at that time,the price is low means.You are force to sell with low price.But the fact is.You should not depend on Bitcoin is the First thing.Second is,unless the price is not reduce you can't buy at low value.Price is only the Advantage to brought.It's not a dis advantage.
You were to be able bought a lot of Bitcoin at low price, that is your advantage. But important, can you take advantage that opportunity or not? Take profits or take loss will decide your capital for trading. Of course, if you take loss, you will feel regret.

I don't think the price is a disadvantage either because it's going to keep growing in value and if it does over the next 10 years bitcoin at the new price wouldn't be thought of by the now-investors as a disadvantage and so it isn't in principle.



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October 29, 2017, 09:49:29 PM
 #840

i think one of the disadvantage of bitcoin is acceptance and awareness about bitcoin. They dont accept bitcoin as payment because they are not aware what is bitcoin.

Because of this, people can’t use bitcoin that much. In my country, I don’t know of any store which accepts bitcoin. Hwoever, I think that it will soon be made avaible as a payment system. Bitcoin is becoming a lot popular and sooner or later the stores will have to provide bitcoin as a payment system. Come this day, bitcoin users will be able to spend it daily.
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