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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 21230 times)
Wildwest
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November 02, 2017, 11:52:07 PM
 #901

The biggest disadvantage of bitcoin is that this currency is not strong in law. Many people misuse Bitcoin as a payment such as buying drugs and terrorist financing. So many countries are banning Bitcoin.

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November 03, 2017, 12:09:49 AM
 #902

Very first of all if you will excess weight the disadvantage of bitcoin from all the positive aspects it has, the edge is a good deal a lot more better. The disadvantage that I can believe that bitcoin have is it is unregulated. Most specially in the feild of buying and selling co.pared to inventory industry that we commit on banking companies. If we consider to search at it when an alt coin that we invested did not receive that a lot or did not achieve its concentrate on at a certain level or even gets bankrupt and turn into thrown in the trash like other shitcoins. There is no way we can get all are expense again.An additional one particular is its volatility. Even though it is really the mother nature of bitcoin and what is actually make it much more thrilling. The FUD is actually what it is. It is uncertain and inconsistent to be an investment.
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November 03, 2017, 12:20:53 AM
 #903

the biggest disadvantage now is the rapid rise and it becomes hard to be out of business. and increasing the risk of liking unsafe air. it requires knowledge.

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November 03, 2017, 12:31:07 AM
 #904

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.

I guess the most uncomfortable thing about Bitcoin is the ups and downs of the price, just like you said before. We can not predict whether the price of this month will go down how much. So we can not spend Bitcoin casually. We must use Bitcoin as an investment tool and future savings. We can not take money in Bitcoin when we want to buy something.

For the rich maybe it's not a problem, but for a medium person like me, I guess I just use Bitcoin as an investment tool. If I use it as a tool to pay bills, then Bitcoin prices go up drastically .. I will definitely lose. Better I keep and sell at the right time.

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November 03, 2017, 06:44:38 AM
 #905

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.
Bitcoin doesn’t have any serious disadvantage it varies from region to region some are asking that it is confined to the availability of the internet some are worried of its volatility and some are curious about its anonymity and for me there is no disadvantage because I am true believer of bitcoin and this has given me a lot in past that saying a single word against it will be counted in the traitor category, for btc is perfect.

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November 03, 2017, 07:06:55 AM
 #906

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.
Bitcoin doesn’t have any serious disadvantage it varies from region to region some are asking that it is confined to the availability of the internet some are worried of its volatility and some are curious about its anonymity and for me there is no disadvantage because I am true believer of bitcoin and this has given me a lot in past that saying a single word against it will be counted in the traitor category, for btc is perfect.
I think you're just over believing in bitcoin, all the things in the world have a disadvantages,and the disadvantages of bitcoin is being a decentralized cryptocurrency. Its price is uncontrolled by any centralized body and hence its price either increases or decreases with change in demand for bitcoins. So volatile nature is very hard to get solved and due to this volatile nature of bitcoin price.


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November 03, 2017, 03:40:54 PM
 #907

For sure its the big fees being charged, i do believe fees will replace the miners rewards but those should only happen when there wont be any more bitcoins to be mined, soo the hash would get the fees as reward, but sounds a bit a war to have those fees. There are coming new blockchain wich arent charging nothing, making you wonder if bitcoin and the others 98% altcoins wich take fees into their transactions are fair, in the begining people were able to transfer funds for a low fee, it had changed drastically.

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November 03, 2017, 03:56:16 PM
 #908

For sure its the big fees being charged, i do believe fees will replace the miners rewards but those should only happen when there wont be any more bitcoins to be mined, soo the hash would get the fees as reward, but sounds a bit a war to have those fees. There are coming new blockchain wich arent charging nothing, making you wonder if bitcoin and the others 98% altcoins which take fees into their transactions are fair, in the begining people were able to transfer funds for a low fee, it had changed drastically.

I hate the fees it makes you use more bitcoin. I was going to order something but the fees were so big i couldn't order i had the coins and it was enough but then the fees were added.

I could not buy it anymore we need to do something about the fees. We can not enjoy bitcoin by this big fees now if it was only 1k satoshi i would be happy because its not too much. Smiley
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November 03, 2017, 03:58:07 PM
 #909

In opinion biggest disadvantage is long transaction time and of course huge price for one coin. Now if you have few coins of bitcoin you buy many useful things such as house and car.

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November 03, 2017, 05:09:35 PM
 #910

I think is too sophisticated to use so it makes bitcoin look disadvantage, for example is a complicated private key so if we forget then bitcoin will disappear.

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November 03, 2017, 08:32:19 PM
 #911

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.
Yes, but for using Bitcoin and keeping it you don't need banks. So why would you need insurance for your Bitcoins when only you can access it. Also there can be no insurance because no one can use your Bitcoins like banks use your money. I see no point in insurance, it would be paying for something that you do not need. Bitcoin on your wallet (if your using good wallet) are safer than your money in some bank. At least that is what I think.

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November 03, 2017, 09:02:08 PM
 #912

Dicentralization of bitcoin. Of course this is very big breakthrough in the economy, it is very convenient, i agree. And it solve a lot of problems, yes. But untracked flows of money to terrorist organizations remain a big problem. And not only terrorism. Transferring money to bad hands can not always be tracked.

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November 03, 2017, 10:46:13 PM
 #913

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
There is no gold behind fiat either and see how long that scam has lasted, bitcoin is different so we do not need gold behind it, the scarcity created by satoshi is enough to make the price go higher since we know how many coins are going to exist and we cannot say the same about gold.



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November 03, 2017, 10:52:14 PM
 #914

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

Thank you!
As most of the people are saying, I also think that the biggest disadvantage of bitcoin is its liquidity or volatility. its market value that is changing from time to time is what makes Bitcoin risky si.ce there are times that its price is falling whivh is its downside. Another one is the legalization. Bitcoin is not yet legal to most of the countries that limits the use of being a ccurrency.

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November 03, 2017, 11:20:54 PM
 #915

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

Thank you!

Possibly the biggest disadvantage is that it relies on miners to transfer bitcoins and for a fee. This fee is not a set amount or a set percentage and could change over time. Fees could get very large as fewer coins are mined and miners rely almost completely on fees to make mining worth it.

I think this will probably cause a shift in the market, maybe not now but a few years from now, if the percentage of transferring bitcoin with a percentage keep rising as the price does, the greed will slow down the potential, and will resume to a only investment or a safe for value but never for everyday use, because  would you accept payment for any product that you are selling in your store if the transaction will be forever stuck in the system if the sender uses a small fee, or would you pay for a $50 dollar product with bitcoin if only the fee to pay for the transfer amounts to $20?
So in the far future, the miners will also want a compensation when there are fewer blocks to be mined or when the power consumption is higher or equals the profits, so the PoW will probably have to shift to PoS. Long discussion though...

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November 04, 2017, 07:24:58 PM
 #916

The biggest disadvantage of bitcoin is that this currency is not strong in law. Many people misuse Bitcoin as a payment such as buying drugs and terrorist financing. So many countries are banning Bitcoin.
The same can be said about any currency, drug dealers are still using dollars as their way to store their wealth and no one is asking for dollars to be forbidden, criminals are going to use whatever tool they can for their crimes and if that means using bitcoin then they are going to use it.



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November 04, 2017, 09:34:05 PM
 #917

For me the biggest disadvantage of bitcoin for the member of bitcoin is not focusing in their study unlike before.When the time that there's no bitcoin many people especially the students give thier best for their study because that time education is the best weapon to success in life and fullfill their needs after they graduates. But if you are disciplinary one there's nothing to be worry. If you know to yourself the right, you avoid mistakes. And  think before do anything and know first the result of what will you do.Be a responsible one and be a good  model in the eye of God and many people around you.

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November 04, 2017, 10:26:31 PM
 #918

World usage is not as high as it should be yet.

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November 05, 2017, 03:40:50 PM
 #919

As for bitcoin its disadvantages would be its high fees and slower transaction rate. Over  the years, more and more people are being aware of bitcoin but its fees invreases also and what makes me a bit disappointed is it has now slower transaction rate. It may be a big no for new investors and of course to users. How can it be usable to be a payments if it has this drawbacks. I think bitcoin is not designed for micro transactions unless it can come up to a solution to solve this. Its volatility may be seen as advantage or disadvantage, it just depends on what perspective are you looking at. It can be an advantage to traders as it would give them higher profits but a big no for online merchants who will use bitcoin as payment.

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November 05, 2017, 04:08:41 PM
 #920

Major Disadvantege of Bitcoin is fluctuation of its value as we all know that Bitcoin is volatile in nature and its values increases or decreases at a very fast rate therefore as an investor it is very risky to invest in bitcoins.
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