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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25027 times)
spinach98
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November 11, 2017, 02:19:56 PM
 #941

I think bitcoin has no disadvantage because bitcoin is very useful to alot of people especially in paying.Cashless,Effortless and you dont have to worry if you have no money.Especially bitcoin in this site you can earn big and I believe that bitcoin has no disadvantage.

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Transactions can optionally carry transaction fees. Whoever mines the block which ends up containing your transaction will get the fee. The Bitcoin client will sometimes force you to pay a fee when it thinks that no miner will accept your transaction otherwise.
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November 11, 2017, 02:24:03 PM
 #942

Bitcoin's biggest disadvantage

Is its value fluctuates according to its demand. The other disadvantage is that bitcoin is not accepted by all places. Bitcoin is not that popular. Not all people know what bitcoin is.

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November 11, 2017, 02:33:55 PM
 #943

I think the one disadvantage of bitcoin is its volatility. Although this is not really totally an advantage for all because for some traders, bitcoin's volatility is very useful for them because more volatile equals higher profit at the same time higher loss.
I think one disadvantage too is the high transaction fees. High transaction fees makes people can't withdraw small amounts of bitcoin.

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November 11, 2017, 02:37:54 PM
 #944

I think bitcoin has no disadvantage because bitcoin is very useful to alot of people especially in paying.Cashless,Effortless and you dont have to worry if you have no money.Especially bitcoin in this site you can earn big and I believe that bitcoin has no disadvantage.
Oh, believe me, bitcoin has plenty of disadvantages - it is even hard, to begin with, point them out. To name a few.

1. Bitcoin is not as easy as using fiat based PSPs, you need to educate yourself first to be able to use it.
2. Bitcoin transaction won't ever be as fast as a centralized payment processing system.
3. Bitcoin is extremely volatile and unstable - there is high risk associated with it too.
4. Bitcoin is still in its infancy stage and we have some growth to do before BTW will lreach full and final potential.

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November 11, 2017, 03:31:54 PM
 #945

Like other coin they are also have some disadvantage associate with bitcoin. Bitcoin are not widely accepted currency, vary small number of merchant using it. Another reason is wallet can be lost if the wallet file is corrupted due to virus or any other thing the all data might be gone and cannot be recovered. Bitcoin is an unstable currency its price highly flaunted time to time.  Their is no Byers protection l. E. When goods are brought by using bitcoin the seller doesn't send the promised item. Another reason is bitcoin might be contain  unexploited flaws

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November 11, 2017, 04:01:59 PM
 #946

The biggest disadvantage of bitcoin is that the value of bitcoin is not stable if you're not a risk taker then don't invest in bitcoin, another one is lots of evil people use it in crimes like buying drugs, buying pornography and etcetera that cannot be detected by government also we don't know what is going to happen on bitcoin in future. Some government also are able to ban bitcoin. Bitcoin doesn't have a physical form so it is vulnerable to hacker or internet disruption but even with this kind of disadvantage bitcoin is still a blessing for me.

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November 11, 2017, 10:18:32 PM
 #947

I think one of the biggest disadvatange of bitcoin is when the price of bitcoin decrease more. And one is the transactioj fee is very high and other is when the transaction takes too long to before its fully comfirm so we need to wait few hours before you use your bitcoin.
Right now the transactions fees and the time it takes to confirm any transaction is ridiculous, if you want to have a transaction confirmed in just a few minutes you need to pay a fee of 600 satoshi/byte that is simply too high so if you can, avoid sending any transactions or there is a chance the transaction gets stuck there for a long time.



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November 11, 2017, 10:45:13 PM
 #948

Bitcoin's biggest disadvantage

Is its value fluctuates according to its demand. The other disadvantage is that bitcoin is not accepted by all places. Bitcoin is not that popular. Not all people know what bitcoin is.
I would say that it is good that not everyone knows about bitcoin, if you look a the amount of unconfirmed transaction right now you will understand why. Tongue and that is the biggest disadvantage of bitcoin that you cannot accommodate a million transaction on a daily basis,price fluctuation happens in any market but scalability is the biggest disadvantage of bitcoin.

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November 11, 2017, 11:05:37 PM
 #949

Bitcoin disadvantage right now is transaction per second it can accommodate only few transactions other than any cryptocoins and bitcoin has a higher fee if your miners then this is your problem. hope bitcoin fee will decrease..

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November 12, 2017, 03:20:48 PM
 #950

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 think that bitcoin have any disadvantage in big level .
People are using for right works and also making legimate earnings , and j think this is the way if spreading the money uniformly in the world and Make people worthful equally .
If we can see toward the negative factor of have bitcoin in our life then we can say that only limited no. Of People are in the world who are using bitcoin for illegal purpose like drugs dealing and another secret payments which are not allowed legaly .
But still I don't think that such types of misuse of the bitcoin will exists in the future because the world is going toward the digitisation and now one will use cash , so no one can use tmsuch things in bad works.
I think there are two disadvantages of bitcoin first one is that bitcoin is only available on internet if you have internet that its mean you will have bitcoin but when you have no internet so there will be no bitcoin with you and secondly bitcoin have no physical shape or logo because people love bitcoin and they want to see bitcoin that how it look like.

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November 12, 2017, 07:30:49 PM
 #951

Bitcoin's biggest disadvantage

Is its value fluctuates according to its demand. The other disadvantage is that bitcoin is not accepted by all places. Bitcoin is not that popular. Not all people know what bitcoin is.
Your first point is not really a disadvantage, that is a law of economics if the demand of something grows then that something becomes more expensive and if the demand of that something goes lower then the price is cheaper, we cannot change the rules of economics and bitcoin whether we like it or not is subject to those laws.



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November 13, 2017, 05:18:37 AM
 #952

The biggest disadvantage is the vast number of people that have no idea what they are doing, they are destroying the world of bitcoin and they are the biggest problem out there.
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November 13, 2017, 05:43:33 AM
 #953

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

Thank you!
As far as i know and experienced, the biggest disadvantage of bitcoin or other cryptocurrency is that, it consumes too much of your time and effort. There are times that you cannot do the things that you must do because you are busy working and earning bitcoin. Also, you can lose a lot of money to it if you dont know how bitcoin works. There are many scammers out there that may steal your money.
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November 13, 2017, 06:11:12 AM
 #954

In my part I could consider the disadvantage of Bitcoin is this is not yet widely acceptable in stores as a form of payment for good and services. But I think also, time will come that it will be possible to happen as long as people will continue to embrace and share bitcoins to others.

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November 13, 2017, 07:41:26 AM
 #955

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

Thank you!

In my own opinion that the biggest disadvantage of bitcoin is that  this is not legalize by the government,and  they cannot push through the other  things what would they improve in the market in the world of cryptocurrency,like they want to go in banking transaction or being remove of using the fiat money,an used the bitcoin as a world digital currency.

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November 13, 2017, 11:27:29 AM
 #956

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

Thank you!

I do think the main factor that will decide what grounds would bitcoin makes that is if it will be advantageous or the other way around is that constant change in bitcoin value.Even if trades make this changes as an advantage to their turf then that will change when you are only a normal bitcoin user. Normal users would obviously go for the increment rather than reduction in value since they earn more from this trend.

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November 13, 2017, 12:17:42 PM
 #957

I think the one disadvantage of bitcoin is its volatility. Although this is not really totally an advantage for all because for some traders, bitcoin's volatility is very useful for them because more volatile equals higher profit at the same time higher loss.
I think one disadvantage too is the high transaction fees. High transaction fees makes people can't withdraw small amounts of bitcoin.
Don't worry the volatility of bitcoin will less happen when bitcoin has high liquidity. But yes I agree that the adoption of bitcoin is still low, this is the biggest disadvantge of bitcoin now. But I don't worry about that because the adoption of bitcoin is still growing.

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bakunawaaa
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November 13, 2017, 12:35:46 PM
 #958

I think the biggest disasvantage depends on the time. Right now the disadvantage would be the availability of legal businesses accepting bitcoin. In the future, if there is some sort of war and people would have difficulty of access to the internet then it would be a disadvantage. The other disadvantage would be that governments are wary of it and that we are unsure of how they would regulate it in the future.
SugoiSenpai
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November 13, 2017, 12:41:31 PM
 #959

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

Thank you!
Based on the information I gathered Bitcoin has 3 main disadvantages. First is Many people are still unaware of what Bitcoin is, leading them to misconceptions on how it works in transacting and using Bitcoins. Networking must educate people and help them understand how complex the world of Cryptocurrency is, this way we could avoid people from any misunderstanding and misconception. Second is Bitcoin's Volatility, Bitcoin only has limited amount and the fact that many people are discovering and using Bitcoins its Volatility decreases faster and demands get higher each day. The third is, Bitcoin is still developing and it is still in its infancy stage with incomplete features that are still under development many improvements will still undergo in Bitcoin, this infancy stage is just the start of Bitcoins journey and it will take a long time to reach its Full and Final potential as a Digital currency.

AleksBozhinov
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November 13, 2017, 03:24:14 PM
 #960

Bitcoin Disadvantages:

Lack of Awareness & Understanding

Fact is many people are still unaware of digital currencies and Bitcoin.
People need to be educated about Bitcoin to be able to apply it to their lives.
Networking is a must to spread the word on Bitcoin.
Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies.
Companies like Tigerdirect and Overstock accepting Bitcoin as payment is great. However, if they do not have a knowledgeable staff that understands digital currencies, how will they help customers understand and use Bitcoin for transactions?
The workers need to be educated on Bitcoin so that they can help the customers. This will definitely take some time and effort. Otherwise, what is the benefit of such large companies accepting Bitcoin if its staff doesn’t even know what digital currencies are?
Risk and Volatility

Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day.
However, it is expected that the volatility will decrease as more time goes on.
As more businesses, medias, and trading centers begin to accept Bitcoin, its’ price will eventually settle down.
Currently, Bitcoin’s price bounces everyday mainly due to current events that are related to digital currencies.
Still Developing

Bitcoin is still at its infancy stage with incomplete features that are in development.
To make the digital currency more secure and accessible, new features, tools, and services are currently being developed.
Bitcoin has some growth to do before it comes to its full and final potential.
This is because Bitcoin is just starting out, and it needs to work out its problems just like how any currency in its beginning stage would need to.
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