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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24990 times)
bitctrimor1
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October 31, 2017, 12:57:07 PM
 #861

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

Thank you!

I think one of its biggest disadvantage is its image with people. Many people think including companies and governments alike that bitcoin is a scam or an internet scheme that would only amount to nothing even if you spend your time and effort on it. Some people say that its the work of a few tech savvy people to take advantage of other. I think that is the very reason, more than the volatility of its value, that prolongs the process of bitcoin's boom in the global market.

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October 31, 2017, 01:19:26 PM
 #862

Maybe the biggest disadvantage of bitcoin is the slow transaction of bitcoin and high fee. Also the disadvantage of bitcoin is the legalization of it. Some country didn't allow bitcoin they even ban bitcoin for users inside their country.

Bitcoin's slow transaction and high fee were already been resolved a couple of months ago. If this transaction time and fee aren't enough for you then I suggest that you use altcoins instead but choose the one that has a good price and doesn't go up and down that much. In other words, an established coin with a stable price.

The biggest disadvantage of bitcoin can be that bitcoin exchangers are going to be taxed heavily by the government and thus cashing out your money will be such a hassle and your coins will end up a much lower exchange rate. At the end of the day, the government still have the ability to devalue bitcoin by doing this but I'm sure there will be ways to avoid having your coins exchanged for a lower value.

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October 31, 2017, 01:25:47 PM
 #863

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

Thank you!
I don't like that the transaction time take a long time until it's confirmed, the fastest i've every had is about 15 minutes and i believe it's still a long time if you compared it to other crypto like ethereum that take less than 1 min for example. People will say increase the fee but why should i pay so much for such a thing as it should be a basic feature for a digital currency.

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October 31, 2017, 02:06:38 PM
 #864

I think the biggest disadvantage of bitcoin is the slow transaction and the high fee. Also the disadvantage of bitcoin is the legalization, Yes some country, bitcoin is legal but some country ban the bitcoin for user.

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October 31, 2017, 02:48:11 PM
 #865

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.
No I don’t think so this comes in disadvantage of bitcoin. But yes you may right about this. There are so few garment stores or shopping malls or restaurants where you can use bitcoin directly. Mostly you will asked, what bitcoin is? We don’t know about it. But that will come to an end with time. Now bitcoins are not much easy for everyone, time comes when everyone is dealing in it.



 
 
 
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October 31, 2017, 03:16:31 PM
 #866

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
 #867

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
 #868

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
 #869

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
 #870

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
 #871

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
 #872

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
 #873

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
 #874

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
 #875

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
 #876

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
 #877

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
 #878

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
 #879

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
 #880

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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