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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 9756 times)
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September 13, 2017, 01:37:03 PM
 #361

Biggest disadvantage of bit coin is that they are not widely accepted all over the world. If your hard drive or digital wallet crashes or corrupted you will have nothing insured for that loss.

There is no physical form that can be treated as backup. Since it is a digital currency so there will always be risks of technical flaws.

Sadly, those are many of the disadvantages Bitcoin and other cryptocurrencies face. There is no guarantee that your investment will be safe for the long term, as many things could happen like loss of funds, storage failures, theft, and more. Also, the lack of acceptance within many businesses and merchants, makes them quite unusable for mainstream payments.

As a result of this, many cryptocurrencies including Bitcoin are sold for fiat currency for use in major businesses and merchants worldwide. Unless Bitcoin becomes widely accepted in the mainstream world, the whole crypto asset class will have a hard time to increase in demand. It is only a matter of time before current issues become addressed in the future or not. Just my opinion Smiley

 

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September 13, 2017, 01:47:01 PM
 #362

In my view the biggest disadvantages are... :-
Unstability... And off course the Bitcoins
Not acceptable everywhere...
You can for sure no doubt gain a great wealth out of itbut at the same time.. Nothing is sure about them...so might as well be cautious...✌

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September 13, 2017, 01:51:33 PM
 #363

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

Thank you!

of course the fees , long transaction confirmation i dont what else oh yeah the biggest disadvantages of cryptocurrency is probably scam crypto , failed ICO and fake devs , oh also dont forget low interest on market so you will take an ages to sell it , i heard segwit also start on mid august so it will split between bitcoin core and bitcoin unlimited so its a disadvantages as well
I also see that transaction fee was one of the disadvantages of bitcoin because as far as I see many users are complaining about it. That if you want to have a fast transaction then you must pay a high transaction or pay low transaction fee but you will wait for a long time before it was process.

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September 13, 2017, 02:37:06 PM
 #364

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

Thank you!
The biggest disadvantages that I see in bitcoin was its limited on where you can used. You need to convert it first into fiat before you used it to buy things that you want. Unlike to real currency you can used it anywhere and it was accepted all over the world. Also in transaction I think it was one of a disadvantages of bitcoin because as far as I see many people are complaining about it and it maybe the cause of negative feature to other people didnt fully know what bitcoin is.
Yes, it had limitations on where it can be used, but not only that: you can lose your wallet if you’re not careful; well, same thing can also happen with other currencies. As a buyer you have no protection; if  you’re buying with other platforms that deal on regular currencies you will have protection as a buyer. It doesn’t stop with these three, but you got to be careful while making use of Bitcoin.

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September 13, 2017, 03:06:33 PM
 #365

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 the way it has a high price but it is still not that popular or not properly accepted by stores. I think it is also because of the volatility of bitcoin. And also, it's transaction is so slow making the users irritated.

its really not acceptable by any store of its volatility just because these currencies are still young in age. maybe need more years in circulation so market can decide the real and stable value that current in each bitcoin and other cryptocurrencies
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September 13, 2017, 03:27:03 PM
 #366

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

Thank you!

Volatility. It's damn near useless as a currency when you can't have a reasonable expectation of what the price is going to be from day to day, let along month to month or year to year. It totally prevents store of value when the value isn't stable. The USD suffers inflationary effects, but under stable and reasonably predictable circumstances. We may not know the exact rate of inflation from year to year, but we have a reasonable idea it's going to stay between 1% to 3%, and that in 10 years, the vast majority of any wealth denominated in dollars will still be there. You cannot say the same about bitcoin, and anyone insisting bitcoin will only be worth more in ten years (when you can't even know if it will exist at all) is delusional.

A stable, predictable value would make bitcoin far more useful than it could ever hope to be with this wild price swings.


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September 13, 2017, 03:40:07 PM
 #367

bitcoins biggest disadvantage is the cost to send transactions right now it is just to much people would rather use paypal they trust it more.

bitcoin cant just be on par with it it need to be vastly better alternative for people to switch
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September 13, 2017, 04:28:10 PM
 #368

Biggest disadvantage of bitcoin is high transaction fees and sometimes long confirmation time of transactions. I don't think so that legalization issue and volatility of its price is a disadvantage as many people are discussing it here.
I guess for me the biggest disadvantage of bitcoin is that the fees of some transactions related to it, is high at times and also the confirmations of such transactions is delayed at times. I guess that will be all the disadvantages for me. And I don't see any other because bitcoin will always be an advatage to all of it's users.

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September 13, 2017, 04:45:46 PM
 #369

The disadvantages of bitcoin are two. The outrageous fees at the moment and the big volatility in price which is very common in all cryptos including bitcoin. Regarding the price, we are seeing that is being stable from some weeks in the 2500 dollars area.
I agree that one of the advantage of Bitcoin could also be its disadvantage given that bitcoins price is constantly changing meaning to say that it could be risky for us to rely on just dealing on using Bitcoin in terms of all transactions, investments and trading that could possibly give us a time to lose a part of our earning or can also give us earning and profit for the future.

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September 13, 2017, 04:47:31 PM
 #370

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

Thank you!

of course the fees , long transaction confirmation i dont what else oh yeah the biggest disadvantages of cryptocurrency is probably scam crypto , failed ICO and fake devs , oh also dont forget low interest on market so you will take an ages to sell it , i heard segwit also start on mid august so it will split between bitcoin core and bitcoin unlimited so its a disadvantages as well
For me there are two disadvantages of bitcoin. Namely, fees that increases as time passes by. And the delayed transaction confirmations. I think these two will be the major disadvantages for most of the bitcoin users. And besides these two I don't see any other disadvantages, because all I can  see, and all I consider is  advantages of it.

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September 13, 2017, 05:01:29 PM
 #371

If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.
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September 13, 2017, 05:17:48 PM
 #372

the biggest disadvantages for the Users or want to do low investment or the Owners is the high fees , if you get at most 20$ per week you pay 5$ fees

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September 13, 2017, 06:19:15 PM
 #373

I don't think that there's a disadvantage of bitcoin to us except that people became a little bit lazy on doing their job outside like in office or somewhere. They think that bitcoin can replace their job. They can earn in bitcoin as much as they earn outside. I don't think that this is the time to quit our job for bitcoin. It still need a lot of improvements.
In my point of view there is no disadvantage of investing in BTC because unfortunately if its prices go down one should wait for the time to rise again and then he’ll gain much profit as compare to before. The value of paper currency may decrease but in nowadays the value of bitcoin is increasing day by day which is a good omen and attracting more people to invest and to chance to expand their trade.

 

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September 13, 2017, 06:36:25 PM
 #374

Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked. If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.
Well it is not the disadvantage according to me  but some of my friends told me that they are facing problems in the transaction it is taking too much time and are not providing the money on time so! According to me main problem is the transaction fees and the time of conformation and the price volatility so for me bitcoin has a few disadvantages but has very high advantages as well.     
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September 13, 2017, 06:39:15 PM
 #375

I don't think that there's a disadvantage of bitcoin to us except that people became a little bit lazy on doing their job outside like in office or somewhere. They think that bitcoin can replace their job. They can earn in bitcoin as much as they earn outside. I don't think that this is the time to quit our job for bitcoin. It still need a lot of improvements.
In my point of view there is no disadvantage of investing in BTC because unfortunately if its prices go down one should wait for the time to rise again and then he’ll gain much profit as compare to before. The value of paper currency may decrease but in nowadays the value of bitcoin is increasing day by day which is a good omen and attracting more people to invest and to chance to expand their trade.
in my opinion, Bitcoin has the same shortcomings as much as in other real currencies. But we all understand the great opportunity today to earn more with the help of crypto currency, rather than with other Fiat. we can mainly speak of positive trends that Bitcoin give the opportunity not to pay undesirable taxes for the state that did not deserve these revenues.

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September 13, 2017, 07:36:00 PM
 #376

Bitcoin only disadvantage who do not know bitcoin properly and have not much idea in crypto.If they try to use bitcoin or trading they will be poor few hour .they talk to other bitcoin is scam con and never try to related this coin.SO i think who know bitcoin and related to cryptopia world they dont tell any disadvantage of bitcoin.

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September 13, 2017, 08:52:45 PM
 #377

There are some disadvantges in bitcoins too like recent increase in transactions fees have terribly affected the users who does micro Transactions as fees of $5 is kind of high for small transactions.Bitcoins volatile nature is both as advantage and a disadvantge I think as if there can be a sudden rise in price there also can be drop and there are many people who worries about this,also this nature causes many people to think bitcoins as a investment not as a currency.

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September 13, 2017, 08:58:42 PM
 #378

bitcoins biggest disadvantage is the cost to send transactions right now it is just to much people would rather use paypal they trust it more.

bitcoin cant just be on par with it it need to be vastly better alternative for people to switch

Paypal in an institution and Bitcoin is a system. There's no one to "trust" in bitcoin except putting faith in the way the system is designed. Paypal, by comparison, is a hierarchical organization that can make policies, and trust is then based on what those policies are and their adherence to them. This is quite an interesting distinction. Because Bitcoin is pretty much an autonomous system, that could be a strength and a weakness as far as trust goes. It would be difficult to manipulate the system to be nefarious, however if that were achieved, there's no recourse since no one is in charge. I suppose the difference is hoping nothing goes wrong (bitcoin) vs. expecting there to be adequate recourse if something does (PayPal).


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September 14, 2017, 01:59:48 AM
 #379

I think the bitcoin transaction costs are getting more expensive so I hope there are developers who can provide solutions and freight costs can be free like a year ago.
True, when the bitcoin price goes high - transaction cost is getting more expensive - so you don't actually have a bigger savings Sad

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September 14, 2017, 02:13:59 AM
 #380

Sometimes there is delay in confirmation and that is very annoying especially if you are in urgent need of money and at that time waiting too long is very frustrating and apart from that I love everything about bitcoins and no valid reason to hate it.

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