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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25543 times)
Hotel_Prodeo
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October 31, 2017, 03:16:31 PM
 #861

if I feel that the bitcoin transaction fee gets bigger so it feels to me, the average bitcoin transfer fee is $ 5 and compared to last year it's free. I hope all wallet developers can lower transaction fees.

                                       
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October 31, 2017, 03:20:04 PM
 #862

I think the disadvantage of cryptocurrencies is being unpopular for ordinary people. It also came to the point that they thought it as scam. Only few percent of our population is familiar and open to bitcoin. Also, the value such as bitcoin is too high to invest in which is somehow not affordable.

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October 31, 2017, 03:44:44 PM
 #863

As other's have described, finding out curve. The largest feat Bitcoin (and cryptocurrencies in standard) is/are going to have to overcome is acquiring the standard general public to comprehend and see price in cryptocurrencies to the level the place they are prepared to convert fiat to crypto.
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October 31, 2017, 05:10:04 PM
 #864

For me disadvantage of bitcoin is no money back guarrantee because no authority involved. Bitcoin has no physical form we cannot used bitcoin to buy in physical store so we need to convert bitcoin to local currencies or what we used. Other countries are not accepting bitcoin as a payment like china and sout korea they totally ban any type of cryptocurrencies.

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October 31, 2017, 08:23:08 PM
 #865

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

Thank you!
Bitcoin can use to be a tool for drug pusher to get their money without a record. You can send a big amount of moneu using bitcoin to someone withoit being suspicious because there are no eyes watching you sending it. Unlike with paper money it is recorded and known by many people.

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October 31, 2017, 08:35:56 PM
 #866

Bitcoin will also have certain disadvantages such as:

1. Not many users: The fact is that people, especially underdeveloped countries, are accustomed to using currencies, gold and silver. And they do not know much about electronic money.

2. Somewhat difficult to use: To use bitcoin, you need to create a bitcoin storage wallet, the operation must be done on the computer. For those who are not technologically savvy without guidance, it is difficult for them to do this themselves.

3. Criminals, hackers, money laundering: Because of the anonymity of bitcoin and uncontrolled crime, criminals can use this money as a trading method. Hackers may be trying to attack multiple bitcoins to steal large amounts of money and money laundering can happen easily.
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October 31, 2017, 08:57:32 PM
 #867

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 disavantage of bitcoin as of the moment is, it’s too expensive to invest my hard earned money now into it. I can’t afford to buy it now even though i know it will benefit me more in return for holding it for quite some time but, maybe if i would be blessed with capital i will invest it in bitcoin.

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October 31, 2017, 09:01:09 PM
 #868

I think the biggest disadvantage of bitcoin is you cannot use it offline. You need to convert bitcoin to fiat before you ca use it. There are no store,  restaurant or hotels that are accepting bitcoin as payment here in my place.

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October 31, 2017, 10:42:20 PM
 #869

I think the biggest disadvantage of Bitcoin if no one invest or trading the bitcoin,, money to bitcoin, the more people invest/trading the bitcoin the bitcoin is higher.

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November 01, 2017, 07:52:37 AM
 #870

if I feel that the bitcoin transaction fee gets bigger so it feels to me, the average bitcoin transfer fee is $ 5 and compared to last year it's free. I hope all wallet developers can lower transaction fees.
It is expected to have that much fees. As bitcoin prices will keep on rising fees will also go on rising. The profit margin from the mining is lessening and it will reduce further in future. Thus the transaction charges are the only thing miners have to work for. That is why any transaction with high transaction fees gets cleared or mined on the priority. Soon it will become a norm.

Apart from that there are other real disadvantages of bitcoin:
1. Price fluctuations in bitcoin are too much. At least till this stage, for newly entrant it could be problematic
2. Price or valuation of bitcoin is purely on speculative term. It doesnot mean that bitcoin mining cost is null. The cost of mining bitcoin might be somewhere around 1000 dollars. However looking at the current price of 6400 dollars it is too much for a outsider.
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November 01, 2017, 08:01:27 AM
 #871

The biggest disadvantage for crypto currencies is heritage. As i am the only one who knows passwords of my wallets this is the biggest problem for everybody.
If i die then all coins will be simply trash if i don't give my pass to my family.
If i give my pass to my wife then she will spend them all lol.

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November 01, 2017, 01:33:29 PM
 #872

if I feel that the bitcoin transaction fee gets bigger so it feels to me, the average bitcoin transfer fee is $ 5 and compared to last year it's free. I hope all wallet developers can lower transaction fees.
Countries who are banning bitcoin will soon feel regret as they will see the progress and development of those countries who accepted it, and as far as transaction and fees are concerned that are not so high this coin is giving a lot to the people and in return it take some smaller part and you are complaining it relay on cash and tell how much you earn while placing it in your pocket see the positivity man see the profit.


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November 01, 2017, 02:46:37 PM
 #873

I think the biggest disadvantage of Bitcoin is that the fees and transaction time is too long.
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November 01, 2017, 03:03:43 PM
 #874

The biggest disadvantage for crypto currencies is heritage. As i am the only one who knows passwords of my wallets this is the biggest problem for everybody.
If i die then all coins will be simply trash if i don't give my pass to my family.
If i give my pass to my wife then she will spend them all lol.

yes it is always awry when it comes to heritage matters , unless if there is a company that could manage your asset include bitcoin and you grant it to access your wallet , of course the company should be reliable and have a lot of experience in that field.

i can only imagine about it , or maybe any other idea? this is a real problem that not yet solved so far.
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November 01, 2017, 03:04:49 PM
 #875

A big disadvantage would have to be the lack of acceptance of the coin by retailers and service providers at this point in time.

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November 01, 2017, 03:17:14 PM
 #876

I guess that the biggest disadvantage of bitcoin is that it is not insured. Here in Philippines, our deposit it insured up to 500K pesos. So in the event something happen to the bank, we can recover our savings through the insurance company. Bitcoin don't have this feature currently. So for me thats the biggest disadvantage.

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November 01, 2017, 05:14:15 PM
 #877

Well to talk about the disadvantages of bitcoins i have found out only few of them which i felt like one of the negatives of bitcoins they are as follows : We have to depend on the miners for making a transfer and they also charge a process fees which is not always the same it keep changing from time to time, Sometimes it days to get it cashed to the bank account if we are converting btc to cash. It is not accepted in all the place we go as its not much popular only some hotels and hardly few shops accepts bitcoins another disadvantage which i personally felt is like ending up losing btc if we miss the private keys there should be some other  alternative created to bring solution for this issue.
Yeah it is the thing that you will have to know your private key and the password of the bitcoin safe at the same time a lot of the people will buy the bitcoin and they will get what they want and they will have the key word so it is very important you should not share about the privet key with anyone and you should not tell it to anyone, but I think the small disadvantage cannot make the bitcoin low or down.

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November 01, 2017, 05:52:41 PM
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Yesterday I was transferring some of my BTC from Livecoin exchange to Localbitcoins. First I paid a fee of BTC0.001 in Livecoin and then I paid a deposit fee of BTC0.0006 in Localbitcoins. In short, I paid a fee of BTC0.0016 for transferring a total of BTC0.0140. That corresponds to a fee of 11.4% of the total amount. Even Western Union does not charge that sort of fee.

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November 01, 2017, 06:02:05 PM
 #879

Yesterday I was transferring some of my BTC from Livecoin exchange to Localbitcoins. First I paid a fee of BTC0.001 in Livecoin and then I paid a deposit fee of BTC0.0006 in Localbitcoins. In short, I paid a fee of BTC0.0016 for transferring a total of BTC0.0140. That corresponds to a fee of 11.4% of the total amount. Even Western Union does not charge that sort of fee.
Actually these percentages are huge enough, if compared with that amount for financial transactions. I just can not understand what such huge interest per transaction depends on?

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November 01, 2017, 06:10:26 PM
 #880

It is slow and expensive for making a transfer or payment. To be honest it is quite useless in most day to day cases. Its good for storin like a piece of gold.

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