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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9515 times)
Crapz23
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July 08, 2017, 02:46:21 AM
 #1

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
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July 08, 2017, 03:00:26 AM
 #2

I think you're new to the cryptocurrency, in the past bitcoin has got the lowest transaction fee with faster confirmation. Now when the user base increases and several blocksize issue arises the transaction starts getting stuck to the network and probably one with the highest fee got the transaction confirmed in a short. Recently this has got a lot improvement same as the early days. Now I feel the splitting as a major disadvantage, because even before splitting the growth is good.

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July 08, 2017, 03:03:18 AM
 #3

In my opinion, the two major disadvantages are scale and the amount of work required, which also causes some sort of centralization (pools, strong miners).The scaling problem will be fixed by side chains like the Lightning Network. The work part is more difficult.

It's also a bit problematic that people can lose all their cash if they don't secure their private key correctly. I guess that'll be fixed in the future.

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July 08, 2017, 03:26:50 AM
 #4

Can't speak much about the split since I got into it just for the profits and didn't know the tech behind it but yes, the high fees and slower confirmation time is somehow hampering the crypto. The fees just kept getting bigger, though I heard some people say that's not much of a problem if you can just use a different coin for microtransactions and just reserve your bitcoins for holding. Other than the fees and confirmation time, I don't really hear people complaining much about bitcoin.

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July 08, 2017, 03:37:40 AM
 #5

Can't speak much about the split since I got into it just for the profits and didn't know the tech behind it but yes, the high fees and slower confirmation time is somehow hampering the crypto. The fees just kept getting bigger, though I heard some people say that's not much of a problem if you can just use a different coin for microtransactions and just reserve your bitcoins for holding. Other than the fees and confirmation time, I don't really hear people complaining much about bitcoin.

If we just let that rumors to fear us, then why we are still here participating with the campaign if there's an end of everything about bitcoin? For me it's not worth it to be discouraged for what will be going to happen about that split, and if it will be possible well blockchain has a good purpose behind that decisions. That's right people are not complaining aboit bitcoin for now due to it's much profitable rather than.we earn fiat cash from our regular jobs.

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July 08, 2017, 04:00:01 AM
 #6

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Yes I believe in that, the fees are the most annoying one when it becomes on sending and receiving bitcoins. But another fact that any moment the bitcoin can collapse and all of our funds and investments will disappear, that's worst I hope that day would never happen.

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July 08, 2017, 04:04:46 AM
 #7

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?

Sure, the fee, but hopefully one of the fork solutions will remedy this. It is ASTONISHING that one group of core Bitcoin supporters is willing to let the transaction element of bitcoin become obsolete...it's fucking astonishing.

Another disadvantage is the price instability. The swings in prices are the first and greatest barrier to entry for any retailer considering accepting bitcoin for currency, period. I think Dim coin is offering a remedy, but the altcoins are not the future. They shouldn't be the future...they just hurt adoption.


It's also a bit problematic that people can lose all their cash if they don't secure their private key correctly. I guess that'll be fixed in the future.

Fixed? Fixed means giving control of your money back to the banks, you might as well just use fiat and forget about Bitcoin.

One of the core ideas of bitcoin was the ability to have counterfeit proof balances and transactions and currency that can also be controlled solely by the owner of that currency. The public and private key system is what makes that possible.

Call it a necessary evil, but don't call it a disadvantage. Even your local fiat bank has to encrypt their systems to ensure they aren't hacked and your money isn't stolen. If you want to be your own bank, as bitcoin allows you to be, you need to be OK with the private key security needs.

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July 08, 2017, 04:59:18 AM
 #8

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?

i wouldn't call it a disadvantage, i don't know what to call it though Smiley
but it is hated not because it is high or whatever, it is hated because it is unfair at this point. fees weren't supposed to be high as they are now when the block reward is still high at 12.5BTC and that makes it unfair in my opinion. and add to that the fact that miners have been blocking the scaling solution and possibly have also been spamming the network, and you got a big problem with the fees.

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July 08, 2017, 05:02:56 AM
 #9

Whatever disadvantages Bitcoin has can also be viewed as an advantage, for example, the inability to track down criminals from using Bitcoin is bad, but that is because Bitcoin protects your privacy, and you can have full control of your coins too.

Bitcoin has fees, yes, and they can be higher than your transaction itself, but at least it does not charge a percentage fee, so if you send a high amount transaction, the fees remain the same which can give you benefits. Smiley

Bitcoin is volatile, yes, but that also mean it has potential to grow much higher and you can treat Bitcoin as an investment. Its how you look at things, and for me, I weigh the advantages of Bitcoin more than its disadvantages. Tongue

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July 08, 2017, 05:05:18 AM
 #10

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?

I also think so, with the current block, bitcoin is weaker than all other altcoins. The speed of the transaction is slow, but the transaction fee is high, this is the disadvantage of bitcoin which makes people disgusted.


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July 08, 2017, 05:08:02 AM
 #11

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Yes I believe in that, the fees are the most annoying one when it becomes on sending and receiving bitcoins. But another fact that any moment the bitcoin can collapse and all of our funds and investments will disappear, that's worst I hope that day would never happen.
The investor always need have calm and ready with risky loss all funds when invest. Everything is possible and the price of Bitcoin no exception too, next 100 years maybe Bitcoin will died or not, we not can guess and know that! Always ready with loss can helps you happy in trading

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July 08, 2017, 05:26:01 AM
 #12

Who says fee is a disadvantage of bitcoin? one of the strong points of it and a very good advantage is the same fee structure, don't you just throw some tantrum because you are unhappy with paying the required fees, you want a decentralized currency? then you should at least pay for the parties doing the confirmations of your transactions without any questions asked other than asking for some small fees, small compared to the cost and limitations of central banking.
The disadvantage is the fact that every one good or bad are equally treated by bitcoin, that's all.
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July 08, 2017, 02:00:29 PM
 #13

The biggest ever? people not seeing the true potential of Bitcoin, I'm not talking about profit and ROI, I'm talking about the game changer concept behind it yet. this thing is like scientists finding aliens and announce it publicly, but imagine the lazy public wont care, nowadays people are like in coma waiting to see whether Trump's thing is bigger than Putin's or not. lol

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July 08, 2017, 02:07:45 PM
 #14

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?

fee is only temporary they will fix that, not a disadvantage, a disadvantage is something that cannot be fixed, like for example fungibility, when bitcoin are tainted
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July 08, 2017, 02:09:52 PM
 #15

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?

i wouldn't call it a disadvantage, i don't know what to call it though Smiley
but it is hated not because it is high or whatever, it is hated because it is unfair at this point. fees weren't supposed to be high as they are now when the block reward is still high at 12.5BTC and that makes it unfair in my opinion. and add to that the fact that miners have been blocking the scaling solution and possibly have also been spamming the network, and you got a big problem with the fees.

I think so, as the miners keep playing on this drama, acting like they want to solve bitcoin problems but we've been waiting for years and there's nothing implemented yet.
Maybe that the most annoying part of bitcoin, give the power of decision to the miners and they keep doing anything to ensure more fees going to their pockets. All this time and facts already tell the truth of them.

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July 08, 2017, 02:13:39 PM
 #16

The biggest ever? people not seeing the true potential of Bitcoin, I'm not talking about profit and ROI, I'm talking about the game changer concept behind it yet. this thing is like scientists finding aliens and announce it publicly, but imagine the lazy public wont care, nowadays people are like in coma waiting to see whether Trump's thing is bigger than Putin's or not. lol
Bitcoin potential for investment and profit is included and it's the best with bitcoin but the virtual and other features of bitcoin is not been see by the public so in my opinion the bitcoin will be more popular if they see it, just see that the bitcoin is the first cryptocurrency and the first that surpass all kinds of the currency is the biggest advantage of bitcoin.

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July 08, 2017, 02:14:47 PM
 #17

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?

All this thing with addresses, private keys, seeds can scare a lot of not very tech savvy users. Luckily wallet developers are trying to make them as user friendly as possible, but the problem is still there. Maybe in the future when more people are more used to technology using Bitcoin wouldn't be viewed as something hard.

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July 08, 2017, 02:38:32 PM
 #18

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?

Disadvantages is always been present to all financial transactions and in any forms of currency both online and offline. Bitcoin on the other hand, aside from high fees and slow confirmation of transaction the biggest disadvantage of bitcoin is its uselessness in areas without internet. When we go to remote areas bitcoin will become useless since we cannot make a transaction there since people have no internet, computer and does not accept bitcoin. And so it is the problem on internet and bitcoin accessibility which is one of the biggest problem of the bitcoin users around the world. But probably in the future when bitcoin is already in full acceptance and adopted in the world we can do transactions anywhere since I am sure that internet connection will be present all over the world.

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gentlemand
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July 08, 2017, 02:42:59 PM
 #19

The fees are a necessity and were artificially low for a long time. Now they're artificially high, probably caused by miners trying to create a false crisis to take control.

My main beef with bitcoin is all the contemptible little shits who populate the space but I'm in no way surprised.


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July 08, 2017, 03:00:10 PM
 #20

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
I think the most people always complain i think the transaction is slow transaction fee and  i think the fee for every transaction is always  depend the size of the transaction that i think they should change it and speedup the transaction speed the same what happen before we are not experience slow transactio before and hope this time we will experience a cheap transaction and transaction should be fast just like what i experience before when the price of bitcoin is cheap.

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