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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9515 times)
Potato Chips
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July 28, 2017, 10:40:44 PM
 #101

For me, the main disadvantage of bitcoin is that it is intangible , because  you cannot pay it directly to a retail store or fast food chain. You will always need to convert it first to your country's currency

the fact that you can't touch it is not a problem. thats not the reason why stores doesn't accept it as a mode of payment. in fact if the slow and high transactions gets fixed and the merchant is willing to accept it, well bravo you can use bitcoin to pay directly. certainly no need for conversion.

I think for the cost of receiving and sending is not a problem. Because it all fits their service. If the big fee is probably a good wallet service. Never pending order and proven to pay. I am only afraid of losing my bitcoin due to irresponsible people. That's the weakness of bitcoin in my opinion. Because digital bitcoin is easy to steal. Therefore we as online wallet users should be careful.

from what i know all wallets services are free they don't charge any subscription for using it. high fees is certainly a problem because it is not what bitcoin has promised since the very beginning. and look at what happened some transaction contained greater fee compared to the amount they want to send. To add on bitcoin is pretty secured but like what it says you control you own wallet so the security is mostly up to the user itself. picking the right wallet, securing private keys etc. most users who got their bitcoin stolen is because they lack knowledge.

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July 29, 2017, 01:54:32 AM
 #102

Well, the transaction fee is a disadvantage of bitcoin. Bitcoin is the king of cryptocurrency world but because of high fee,  users tend to  choose another cryptocurrency that have lower fees

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July 29, 2017, 03:57:53 AM
 #103

I think the weaknesses of bitcoin have not been able to connect on the offline network to local exchange, because the most basic bitcoin deficiency is the form that is not real.

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July 29, 2017, 06:11:08 AM
 #104

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

I don't think that fees are an issue and I don't see it as a disadvantage at all. I believe transaction fees for bitcoin are quite reasonable. We have lots of options to choose from. If you want faster transaction, then pay a little higher fee and if you don't want to pay high fees then settle with the slower one. It is the convenience we are paying for.

But sometimes even we pay high enough the confirmation is still turtle like.
It's much better if we pay high but the transaction will be fast. In that way many people will get attracted to use bitcoin in their everyday living. And I think its the mainstream of bitcoin.

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July 29, 2017, 09:52:04 AM
 #105

For me, the main disadvantage of bitcoin is that it is intangible , because  you cannot pay it directly to a retail store or fast food chain. You will always need to convert it first to your country's currency

the fact that you can't touch it is not a problem. thats not the reason why stores doesn't accept it as a mode of payment. in fact if the slow and high transactions gets fixed and the merchant is willing to accept it, well bravo you can use bitcoin to pay directly. certainly no need for conversion.

I think for the cost of receiving and sending is not a problem. Because it all fits their service. If the big fee is probably a good wallet service. Never pending order and proven to pay. I am only afraid of losing my bitcoin due to irresponsible people. That's the weakness of bitcoin in my opinion. Because digital bitcoin is easy to steal. Therefore we as online wallet users should be careful.

from what i know all wallets services are free they don't charge any subscription for using it. high fees is certainly a problem because it is not what bitcoin has promised since the very beginning. and look at what happened some transaction contained greater fee compared to the amount they want to send. To add on bitcoin is pretty secured but like what it says you control you own wallet so the security is mostly up to the user itself. picking the right wallet, securing private keys etc. most users who got their bitcoin stolen is because they lack knowledge.


If segwit activated on November, hopefully bitcoin problem could be resolved regarding high fees and confirmation time for every transaction. My concern is about bitcoin nodes, whether if every block included into blockchain could take few seconds instead of 10 minutes per block, so bitcoin transactions could be faster than ever.

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July 29, 2017, 10:57:32 AM
 #106

My concern is really not about bitcoin but the cryptoworld in general and the issue is about regulation although this could come with its own disadvantages but at the same time will boost confidence. In the fiat world, people keep a lot of money with banks, stock broking firms, trustees and even insurance brokers but they still go ahead sleep with comfort because they know that anything that will happen to funds will be a major event that shake the entire industry which is less likely to happen because of the availability of regulation which is evidenced is lacking in the crypto world.



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July 29, 2017, 11:03:20 AM
 #107

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 main disadvantage of bitcoin is its lack of stability. There are people that hates it especially when dumps suddenly happened, actually everyone here in this community. Its value will be only be stable if its demand will increase, because its value depends on the market's demand.

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July 29, 2017, 01:06:42 PM
 #108

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Anonymity, which causes illegal transactions take place.
Intangibility which makes people think that Bitcoin is a spam.
Transaction fee is hated by most of the people, which I do agree.
Decentralized, which is an advantage is also disadvantage at the same time because no government controls it ,you never know where bitcoin may end up to and many more reasons.

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July 29, 2017, 01:23:59 PM
 #109

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
I agree that transaction fees are one of the most hated disadvantage. There are times wherein you may experience some scams which will make you lose the money you've worked for. That simply means that you cannot remove this advantage anymore rather you should be wise on to whom you are making transactions with. It's hard to trust people here in bitcoin because most of them are greedy for money and inconsiderate on the things you've worked for a very long time. Disadvantage will be disadvantage and you should be wise in making decision to avoid adding up another disadvantage from a disadvantage.

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July 29, 2017, 01:36:13 PM
 #110

Bitcoin was better before, now it has very large fees, making it inconvenient for small transactions. Previously I could send small transactions without problems and it would be confirmed in no time (not literally).

The ever changing value of bitcoin is also an disadvantage for many, for for some it's how to get rich, not for me though.

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July 29, 2017, 02:26:56 PM
 #111

According to me the disadvantage of Bitcoin is that it is not able to double up as currency successfully. Bitcoin for the most of the part has became an investment that gives huge returns. Its volatility and deflationary property are hindering its use in global market as a currency. In future the situation will remain the same because Bitcoin has inbuilt deflation.

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July 29, 2017, 02:40:49 PM
 #112

In my opinion, Bitcoin disadvantage is it's deflationary (like gold) which means Bitcoin is more like digital gold rather than digital cash. Bitcoin has a coin cap of 21M coins, if we distribute 21M evenly into the world population each person will get around 0.0028 Bitcoin (assuming 7.5B people). If bitcoin is widely accepted, it's value would have skyrocket and transaction fees will skyrocket as well  Sad . That's the disadvantage of bitcoin in my opinion.

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July 29, 2017, 02:45:24 PM
 #113

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
I'd say bitcoins volatility is a weakness but on careful analysis, i have seen that the same volatility is the reason why the price of bitcoins is soaring at the moment. Apart from the that i really dont see any disadvantages at all except that nothing can be done to dissuade criminals from using it for their nefarious acts.



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naughty1
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July 29, 2017, 02:58:25 PM
 #114

Transaction fee, time of transaction. These are the inconveniences of bitcoin, however, the most important thing is its influence on the whole market, its variations have a great impact on the value of altcoins.

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July 29, 2017, 03:28:08 PM
 #115

Well, the transaction fee is a disadvantage of bitcoin. Bitcoin is the king of cryptocurrency world but because of high fee,  users tend to  choose another cryptocurrency that have lower fees

All these will get changed after segwit activation
lower transaction fees
faster transfer of bitcoins
win win situation for everyone


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July 29, 2017, 03:47:53 PM
 #116

Transaction fee, time of transaction. These are the inconveniences of bitcoin, however, the most important thing is its influence on the whole market, its variations have a great impact on the value of altcoins.
This issue will fixed when SegWit complete, but still have an issue after SegWit in next time can't improve. This is when blockchain have a huge transaction creating by any reason, it still congested transaction again because the blocksize after SegWit still not up to 2MB as SegWit2x.



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July 29, 2017, 03:59:29 PM
 #117

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

I also agree in you point. I would add some, the time of transaction, reliability of bitcoin as a cryptocurreny, and the stability of it. These are my disadvantages on bitcoin.

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July 29, 2017, 04:21:58 PM
 #118

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Anonymity, which causes illegal transactions take place.
Intangibility which makes people think that Bitcoin is a spam.
Transaction fee is hated by most of the people, which I do agree.
Decentralized, which is an advantage is also disadvantage at the same time because no government controls it ,you never know where bitcoin may end up to and many more reasons.

Those are advantages actually. That's the idea of Bitcoin and without those properties Bitcoin would worth nothing for some of its supporters. If we want to live in a free society we should have free decentralized currency which frighten only those who like to live under a dictatorship.

Some people mentioned volatility in this thread but we all know that volatility is an advantage at the same time, especially for traders.

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July 31, 2017, 11:16:08 AM
 #119

Neither fees, nor the volatility are the disadvantages of Bitcoin. I think that the root problem for now is the scalability issue. Hopefully there are solutions. Let’s see what happens after August 1st.
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July 31, 2017, 11:31:24 AM
 #120

Yes that is one of the disadvantage of bitcoin, the fee but to think that it is actually normal, it is okay.  The high transaction fee was because of the high value or price of bitcoin right now.  It would not be good if the price of bitcoin is so high and the transaction fee would still be the same and low.  Just like the price of oil, when its price goes high on the market, for sure there will be an oil price hike.  Another disadvantage is it is only applicable or doable online.  So if you do not have computer or an electricity then you cannot use bitcoin.

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