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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25027 times)
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November 13, 2017, 04:17:27 PM
 #961

Bitcoin has too slow network, it's the main problem for me

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November 13, 2017, 05:36:46 PM
 #962

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.
It has a lot of the services and the bitcoin is making value today I am very happy to use the bitcoin and this is the reason why almost all the people are ready to invest in the bitcoin, I hope the future of the bitcoin will be bright and a lot of the people are spreading the knowledge about the bitcoin through the different processes and the bitcoin is now very high value of the bitcoin and this is the disadvantage for the people who want to buy it is the advantage for the people who want to sell.

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November 13, 2017, 05:48:52 PM
 #963

It Can be use by illegal activites gamblers, selling drugs online, dark market transaction, government funding terrorists or criminal activities. Digital QR codes make it vulnerable to theft.

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November 13, 2017, 05:54:57 PM
 #964

I'm sorry but I see volatility as an advantage. It means its prone to go up as it is to go down.
The disadvantage I see is the regulatory models of each country. If the government doesn't support Bitcoin, the community will be having a hard time to increase in numbers.
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November 13, 2017, 05:57:03 PM
 #965

Due to the anonymity of Bitcoin, users must be weary of illegal activity when conducting a transaction. you cannot necessarily track down the other person if something goes wrong such as not receiving an item your purchased.

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November 13, 2017, 06:23:46 PM
 #966

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

Thank you!

Maybe there were times that it takes a long time before transactions are confirmed. I got nervous once when I tried to transfer some of my funds from my Electrum wallet to coinbase, it took 16 hours before the confirmation and thought that I lost a big amount of money. Maybe if you will lose your money while transferring that would be one of the biggest disadvantage of bitcoin, or maybe not lose, just slow confirmations.

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November 13, 2017, 08:25:05 PM
 #967

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

Thank you!

Maybe there were times that it takes a long time before transactions are confirmed. I got nervous once when I tried to transfer some of my funds from my Electrum wallet to coinbase, it took 16 hours before the confirmation and thought that I lost a big amount of money. Maybe if you will lose your money while transferring that would be one of the biggest disadvantage of bitcoin, or maybe not lose, just slow confirmations.

Transaction speed is the biggest problem for bitcoin. It's very slow right now and out transfer can't go to the recipient easily. Takes almost 2-3 days at least to get confirmed.

One sent me $100 on friday and I just got it. This is way slower than conventional banking transfers.

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November 13, 2017, 08:33:27 PM
 #968

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

Thank you!

Maybe there were times that it takes a long time before transactions are confirmed. I got nervous once when I tried to transfer some of my funds from my Electrum wallet to coinbase, it took 16 hours before the confirmation and thought that I lost a big amount of money. Maybe if you will lose your money while transferring that would be one of the biggest disadvantage of bitcoin, or maybe not lose, just slow confirmations.

Transaction speed is the biggest problem for bitcoin. It's very slow right now and out transfer can't go to the recipient easily. Takes almost 2-3 days at least to get confirmed.

I agree when my friend was buying a game on steam. He paid it with bitcoin but the transaction took so long that it came after a few hours. We were completly broke and ill.

Remember that the fees are often too high even when you got a lot of coins in your wallet sometimes the fees will take some dollars from you Sad.

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November 13, 2017, 08:38:06 PM
 #969

No problem for volatility and speed (I'm not using a Bitcoin) but a problem of cryptocurrency in general  is getting connected without useing for internet. If there is a way it is very great ffeature and will help very lot.

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November 13, 2017, 09:24:57 PM
 #970

In my opinion the biggest disadvantage of Bitcoin is that it can`t be used very much in the real world. Some places are accepting it as a payment method but those places are quite low in number.

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November 13, 2017, 09:36:45 PM
 #971

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

Thank you!

I think the biggest disadvantage of bitcoin is legality. Inspite of it's high striked value , they still don't give it a chance to be legal. Also, failed ICo's are also part of it's disadvantages. Nothing's perfect in this world. Everything has it's flaw. However, bitcoin is still the best afterall.

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November 13, 2017, 10:09:20 PM
 #972

Biggest disadvantage of bitcoin is the price of it. It is very volatile, price may dump or pump in just seconds. Also, some big investors or whales are controlling the markets or they can manipulate the price of it. Also fakes news, fake news may affect the image or price of bitcoin.

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November 13, 2017, 11:31:47 PM
 #973

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

Thank you!

I think the biggest disadvantage of bitcoin is legality. Inspite of it's high striked value , they still don't give it a chance to be legal. Also, failed ICo's are also part of it's disadvantages. Nothing's perfect in this world. Everything has it's flaw. However, bitcoin is still the best afterall.

Well i beg to differ because even though many haven't officially approved it to be legal yet it is doing well across all markets around the world without restrictions. It begs the question whether we need it to be legalized before it can become fully operational.



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November 14, 2017, 12:09:30 AM
 #974

One of main disadvantages of bitcoin is imperfection of code at the moment. From this disadvantage there are all others. I consider, developers should improve code base more intensively. Because many new cryptocurrencies have advantage on innovations now. If the speed of implementation of new versions doesn't change, then the bitcoin is fated to remain the outsider   
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November 14, 2017, 12:14:46 AM
 #975

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

Thank you!

there is blockchain traffic which causes very long confirmation. But with all these problems taken cared of perhaps bitcoin would become more famous. 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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November 14, 2017, 02:24:54 AM
 #976

For me, I think the biggest disadvantage of bitcoin is lack of knowledge about bitcoin, if you don't have knowledge about bitcoin they you may lose your money once you invest bitcoin because the price is very volatile.

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November 14, 2017, 06:22:33 AM
 #977

For me, I think the biggest disadvantage of bitcoin is lack of knowledge about bitcoin, if you don't have knowledge about bitcoin they you may lose your money once you invest bitcoin because the price is very volatile.
I don't think that your answer is connected to bitcoin because it is only connected to the bitcoin users. I think the disadvantage of bitcoin is the volatility, we all know that for some of the bitcoin users it is an advantage but for the overall, i think that bitcoin's volatility is not as good for trading because when you are planning to start a store or business and you will accept bitcoin and its price is volatile then it will result for getting either profit or loss so the business owners might not get comfortable for accepting bitcoin and that is one of the real reason why bitcoin is not accepted for the majority of the business in our world.

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November 14, 2017, 07:05:35 AM
 #978

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

Thank you!
I found out some disadvantages that the bitcoin have. One of this is the traffic transaction, there is a time that I experinced to wait a hour to send my payments. I also found out that many transaction fee are expensive. It is really true that the bitcoin has disadvantages.

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November 14, 2017, 07:15:13 AM
 #979

As for me, the most significant disadvantage is lack of awareness and understanding.

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November 14, 2017, 07:34:20 AM
 #980

The biggest disadvantage of Bitcoin is anonymous, with bigger transaction value and marketcap more than $ 110 billion, then it's time for wallet providers to verify bitcoin owners so they can account for all transactions.

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