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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24986 times)
Ann Impas
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November 01, 2017, 03:17:14 PM
 #881

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
 #882

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
 #883

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
 #884

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
 #885

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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November 01, 2017, 06:27:22 PM
 #886

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.

Yeah, bitcoins are simply not viable for microtransactions right now. They are infinitely better for larger transactions though. No forms to fill out, no limits, and very negligible fees. I hope smaller transactions could be handled better in the future.
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November 01, 2017, 06:39:28 PM
 #887

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.

Yeah, bitcoins are simply not viable for microtransactions right now. They are infinitely better for larger transactions though. No forms to fill out, no limits, and very negligible fees. I hope smaller transactions could be handled better in the future.

I guess if you want to make a payment of such small quantities you would better to use Litecoin. In future it would make perfect sense for me to use Bitcoin as the standaard, e.g. you get you wage in BTC and you can use Litecoin (or any other alt which is viable) to pay for small things like coffee or groceries. But the society needs to first deal with crypto in order to take off...

Also the fee's for a transaction will change over time, they might increase in USD but will probably decrease in BTC value.

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November 01, 2017, 10:51:51 PM
 #888

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.
This is only a temporal inconvenience for bitcoin, it is true that we cannot use it the same way we use our fiat but at the same time I think that as bitcoin becomes more popular and more people accept bitcoin as a form of payment we are going to seen an explosion in the number of stores accepting bitcoin and then it is not going to be a problem to use bitcoin in the near future.



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November 01, 2017, 11:06:07 PM
 #889

Bitcoin is known as the product of a hi-technology, so if your locals don't have enough "technology" to find out, i guess Bitcoin isn't "exist" at your place.
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November 01, 2017, 11:07:58 PM
 #890

I think the biggest disadvantage of Bitcoin is that there is not gold behind it, so no one is backing up when some crisis happens
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November 02, 2017, 03:22:03 AM
 #891

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.
Well I think there are two disadvantages of bitcoin first disadvantage of bitcoin is that it’s only available on internet when you have internet so its mean you have bitcoin but you don’t have internet than you don’t have bitcoin and second one is that bitcoin have no physical shape or logo because all his users want to see bitcoin.

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November 02, 2017, 03:49:45 AM
 #892

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

Thank you!
I do not see any disadvantage to bitcoin because bitcoin is very beneficial to me because it helps me to pay all my expenses and it helps me to pay my tuition for my college. That's why i do not see any disadvantages to bitcoin.

For me also i don't see any disadvantages about bitcoin yes it's true that the value of bitcoin is not stable some times it is high and it go down low but at least we have the opportunity to earn bitcoin and it help us a lot and if you are just willing to wait bitcoin value will go high again..

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November 02, 2017, 04:00:28 AM
 #893

The biggest disadvantage of bitcoin is that it cannot be used at physical places to buy anything and if you want to use it for buying things then you need to convert it to fiat first and then spend as in my country bitcoin has not gain popularity yet and very few people are aware about bitcoins so its gonna take very long time for bitcoin to get widely used and accepted in my area.

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November 02, 2017, 05:45:15 AM
 #894

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.
Everything has its own pros and cons. If we talk about bitcoin, then there are so many good things about bitcoin and due to those reasons bitcoin is making this much of fame in the international market. If we talk about the negative aspects of bitcoin, the biggest disadvantage which you can have is that you can lose your money if you are not going to make good use of your mind.

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November 02, 2017, 05:58:33 AM
 #895

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

Thank you!

Well for me if you are talking about the bitcoin itself is definitely its volatility in value, we cannot predict when or how low it may may sooner, it dumps the profit we have and we cannot say when it will raise its value gaian , but in the other hand I think its volatility is also the way how bitcoin became so expensive I think its also an advantage for us.

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November 02, 2017, 09:43:02 PM
 #896

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.
Bitcoin is never going to have something like that, remember we cannot print bitcoin at will in the same way fiat can be printed at will, so if you lose your bitcoin then that is too bad for you but that is the risk of using something like bitcoin which does not have the option to chargeback a transaction.



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November 02, 2017, 10:30:31 PM
 #897

I always think that the biggest disadavantage of Bitcoin will be a really huge struggle between politicians and banks to dominate. 
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November 02, 2017, 10:35:13 PM
 #898

I think bitcoins biggest disadvantage is without an internet we all know that if you dont have an internet you cannot use or earn bitcoin because it cannot be used offline and still some business only accept cash. The devs should or the community supporting bitcoin should really think a way to use bitcoin offline or in physical use.






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ongels
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November 02, 2017, 11:32:41 PM
 #899

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

Thank you!
I do not see any disadvantage to bitcoin because bitcoin is very beneficial to me because it helps me to pay all my expenses and it helps me to pay my tuition for my college. That's why i do not see any disadvantages to bitcoin.

In relation to the statement above, I guess you fine beneficial as of now, but if you think thoroughly there should be side effect of being bitcoin maniac like too much exposure in facing computer could harm your body, its too physical,  Smiley Going back to bitcoin, Perhaps transactions through btc remains anonymity to the user, they could used this tool in transacting illegal activities like money laundering, drug trade or any criminal acts,       

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November 02, 2017, 11:45:00 PM
 #900

For me the biggest disadvantage of bitcoin is its price volatility. A lot of people will disagree with me because you expect a large increase in the price of it, but they forget that after the big growth is always a great fall, and I don't want to.
For me my biggest fear about bitcoin's disadvantage is that it will be lost. All of it when you try to hold or trade or do something to it. I mean to have a great value of profit comes up with the possibility of losing it. Yes it is scary specially that bitcoin is a digital currency and you will never know what can happen to it anytime.

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