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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 24951 times)
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November 14, 2017, 05:34:02 PM
 #981

At this point, centralization of mining, centralization of exchanges, more decentralization on these two will solve a lot of our current problems.
We are here at CommerceBlock set to build a second layer networks over public blockchains to allow more decentralized exchanges and commercial banking services. we believe this will push the bitcoin utility forward.

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November 14, 2017, 05:59:52 PM
 #982

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.
I agree with the bitcoin's price is volatile, and a lot of people are still scared to use and invest to it, even though they are already users of bitcoin. That thing is inevitable and we cannot do something to change it the way that we want. We somehow also have difficulties in sharing it to others because of its main feature that makes it still exist. Fake news is also a factor that people who don't know bitcoin that much will decline using it. Beyond these things, we need to adjust depending on the situation, because we are the ones who are capable of adjusting.

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November 14, 2017, 06:06:42 PM
 #983

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

Thank you!

Maybe one of the disadvantage of bitcoin is that, it's transaction is irreversible. Some people scam or hack other wallets just to get easy bitcoin and whenever one steals from someone's wallet, there's no way to get your money back even if you know the address where your bitcoin was sent to. That's why bitcoin wallets should be more secured and make sure not to share your codes, seeds, or private keys to anyone.

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November 14, 2017, 06:18:39 PM
 #984

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

Thank you!

For me I think the biggest disadvantage of bitcoin is that we do not carry our personal information and because of that there are so many scammers in bitcoin and altcoins industry. Because with bitcoin, merchants are able to do business where crime rates and fraud rate is high.
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November 14, 2017, 07:01:55 PM
 #985

For me, the biggest disadvantage of bitcoin is the way it has a high price but yet it is not that popular and properly accepted to stores. Also the slow transaction and high fees of it.

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November 15, 2017, 10:43:59 PM
 #986

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.
Bitcoin has a logo and we all know it we can all recognize it very easily, now bitcoin does not have a physical form but that is an advantage, we can move all our bitcoin with us and no one is going to notice what we are doing, this allow to us to move huge amounts of money and not bring any attention to ourselves.



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November 15, 2017, 11:05:53 PM
 #987

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.
I think the most disadvantage of bitcoin is that the acceptance of government, we all know that there are countries that are hesitant to use bitcoin in public and anytime
they had the power to ban it for using by its people, and  in other hand as a virtual currency the bitcoin stability value has intermittent fluctuation so we can't assure that it can hold for a long time as a number one virtual currency.

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November 15, 2017, 11:16:40 PM
 #988

I think the number disadvantage of bitcoin is that its price very unstable and volatile thought it's an advanatage to traders.Next is that it is very prone to be hack.Because of its nature that it is stored in a cyberwallet, there is always a possibility that it will be hack.And then, bitcoins can be easily used by scammers since it is not regulated.

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November 16, 2017, 01:09:27 AM
 #989

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

Thank you!
The lack of any social trust in the way blockchain operates poses a challenge for bitcoin’s further spread.
Other than that,Wallet is poorly protected from attacks,
Sybil attack and Denial of Service attacks (DoS).
Security problems and bugs,
Potential problems in near future,
Hash functions hacks,
Increase in number of users, and Capturing of the network by hackers,
These are some of the common weaknesses of cryptocurrency.

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November 16, 2017, 01:14:02 AM
 #990

The biggest disadvantage of Bitcoin is its volatility. Not everyone is into gambling! One day, your bitcoin is worth +7000 USD and 2 days later, it is worth 5500 USD.
Lots of people prefere to get a very little 1.5% yearly interest from their bank as they know there is no risk to loose anything.



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November 16, 2017, 11:20:46 AM
 #991

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.
Yeah totally agreeing to you bitcoin is the perfect currency that has no disadvantages and it is totally serving humanity in good way btc is helping people to earn big and to change their live and btc deliver 100 percent of profit to the investor and also this coin is true economy booster and it brings development on the region and those who use it illegally are the culprits and bitcoin has no concern with those bullies.

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November 16, 2017, 11:55:47 AM
 #992

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.
Yeah totally agreeing to you bitcoin is the perfect currency that has no disadvantages and it is totally serving humanity in good way btc is helping people to earn big and to change their live and btc deliver 100 percent of profit to the investor and also this coin is true economy booster and it brings development on the region and those who use it illegally are the culprits and bitcoin has no concern with those bullies.

Bitcoin still have disadvantages like it is not yet widely accepted, there are still countries didn't accept btc. Bitcoin price is unstable so still has a chance to drop it suddenly, wallets can be lost if computer has been attacked by virus.

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November 16, 2017, 12:14:23 PM
 #993

The biggest advantage of bitcoin is that there are a lot of hackers and scammers using bitcoin. This will not help bitcoin and people will think that there are a lot of hackers on it trying to stealing your coins.

If we hadn't that we would be much better off in this world with crypto and bitcoin.
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November 16, 2017, 01:36:19 PM
 #994

Well I think the biggest disadvantage of bitcoin is that btc enables fraud and other criminal activities.  This is absolutely the single most salient feature of Bitcoin’s anonymity.  Conventional currencies are indeed subject to laundering and counterfeit.  There is probably no way to eliminate those risks completely.  Bitcoin magnifies those risks because it can only be exchanged anonymously. 
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November 16, 2017, 06:37:22 PM
 #995

Well I think the biggest disadvantage of bitcoin is that btc enables fraud and other criminal activities.  This is absolutely the single most salient feature of Bitcoin’s anonymity.  Conventional currencies are indeed subject to laundering and counterfeit.  There is probably no way to eliminate those risks completely.  Bitcoin magnifies those risks because it can only be exchanged anonymously. 
I think it is not the fault of the bitcoin so I would like to say that a coin does have the two sides always so if the bitcoin is being use by the criminals it does not mean the bitcoin is bad or the bitcoin is not the valuable at this time, bitcoin is the best currency and it is being use by a lot of the charities and the well fairs so the bitcoin is not the bad but the user could be good or bad indeed, for me the bitcoin does not have any disadvantage.

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November 16, 2017, 08:43:04 PM
 #996

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.
You have no idea what bitcoin is about, the whole purpose of bitcoin is to be able to open a wallet and to not have to go through all the KYC policies that you will have to go through if you were to open a bank account, you need to read a little bit more about bitcoin, also bitcoin is not anonymous at all since you can see all the transactions on the blockchain.



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November 16, 2017, 11:29:37 PM
 #997

I do not want to look for the weakness of bitcoin.
but I want to give advice if it can cost the transaction made so little to be in the know by many people.

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November 17, 2017, 12:39:49 AM
 #998

After the fight between BTC and BCH some days ago, I think the biggest disadvantage is the dependency on the mining capacity. A group of high volume miners can simply leave mining bitcoin and the time to confirm transactions will also increase. After this lesson I hope that some helpful altcoins will succeed to keep the crypto market more balanced.

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November 17, 2017, 12:48:07 AM
 #999

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

Thank you!
From my opinion, disadvantages of bitcoin can cause when some people or group are controling this currency to pump and dump for their profit only. We are regular bitcoins holder which want to use bitcoins for daily transaction. As bitcoins become more and more controlling the game, the bitcoin becomes less controlled, I am worried that in the future many people will be selling their bitcoins to exchanges to cash, while exchanges will have limited stock cash, difficult to trade these exchanges.

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November 17, 2017, 12:56:06 AM
 #1000

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

Thank you!

The biggest is volatility. It can be advantage by many people and also can be disadvantage by the others.
For trader, it can be advantage. But for people who dont know full version of bitcoin, they think thats disadvantage.

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