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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9514 times)
akar87
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August 01, 2017, 02:34:46 PM
 #141

One disadvantage bitcoin in my opinion is fee transaction can be considered high (i think). In other cases, bitcoin as virtual currency remains superior.

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August 01, 2017, 03:47:01 PM
 #142

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

there is no doubt that fee transactions is extremely annoying because if we choose regular fee it can take about 20-30 minutes to get fast transactions we need put more fee. to be honest if i compared the fee of bitcoin transactions one/two years ago it is increasing as well.
I agree fees do leave bitcoin at a disadvantage for businesses to adopt it and help it grow but because it takes time for transactions to confirm as compared to its closest competitor ETH it really puts people off who want to invest and use it on a daily basis but we hoping after the scheduled implementations are done maybe things will improve.
If it's for more improvement then it will be much better since we can experience low fees with fast transactions ,but if not then we still need to accept and juat go with it flows or find some alternatives.

yeah it what we can do because we only a user of bitcoin. but after segregated witness on today (August 1) will come better future of bitcoin also the transaction of bitcoin more fast and cheaper.
Yeah! Bitcoins are going to exhibit big and better changes after today. I hope it will manage to catch the attention of the majority which will result in the increase of its value further. The decrease in the transaction fees is going to satisfy masses around the globe. Majority has issue with the fees.

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Smarty14392
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August 01, 2017, 04:21:53 PM
 #143

Yes, one of the main disadvantage of bitcoin is its high transaction fees and also it has one more najor disadvantage known as "Deep Web". Its the most biggest illegal activity carried with bitcoins.It should be shut down as soon as possible. Because it is also the main reason why bitcoins isnt legalised 100%.

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August 01, 2017, 04:34:47 PM
 #144

The popularity of the coin is its worst enemy. The fact that it's a highly inflated price, makes it difficult to pull into the regular economy. Even if you were to look at the gold standard when it was still in practice, gold isn't going for $2,000 an ounce, so figuring that you can't just take Bitcoin it even use it as a basis for a value structure for the current currency, with a price that high is simply that difficult to use.

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August 01, 2017, 11:13:01 PM
 #145

not all country are using bitcoin. and not all business or establishment are using bitcoin and some how 40% of the people are don`t know what its bitcoin.   it can use for corruption to hide assets No physical form it is pure data .high risk .and you need and internet to use if the disaster strike and no internet data you can not use it.

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August 01, 2017, 11:32:16 PM
 #146

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

there is no doubt that fee transactions is extremely annoying because if we choose regular fee it can take about 20-30 minutes to get fast transactions we need put more fee. to be honest if i compared the fee of bitcoin transactions one/two years ago it is increasing as well.
It is a complicated problem experienced by bitcoin and its users, and of course the fee will be more expensive and the confirmation will be longer and slower due to the growth of the users and it makes the more transactions that will happen, but the users do not have to worry because the developer team will do hardfork






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August 02, 2017, 02:35:43 PM
 #147

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

there is no doubt that fee transactions is extremely annoying because if we choose regular fee it can take about 20-30 minutes to get fast transactions we need put more fee. to be honest if i compared the fee of bitcoin transactions one/two years ago it is increasing as well.
I agree fees do leave bitcoin at a disadvantage for businesses to adopt it and help it grow but because it takes time for transactions to confirm as compared to its closest competitor ETH it really puts people off who want to invest and use it on a daily basis but we hoping after the scheduled implementations are done maybe things will improve.
If it's for more improvement then it will be much better since we can experience low fees with fast transactions ,but if not then we still need to accept and juat go with it flows or find some alternatives.

yeah it what we can do because we only a user of bitcoin. but after segregated witness on today (August 1) will come better future of bitcoin also the transaction of bitcoin more fast and cheaper.
it is not the disadvantage of the bitcoin the users of the bitcoin is increasing gradually slowly the bitcoin users are increasing the price of the bitcoin is being famous and the popularity of this currency is more increased then before so the strength is increasing and it will take the bitcoin to the high level in a very short time so just wait and you will get the reward 

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August 02, 2017, 03:49:32 PM
 #148

I agree, and the numerous confirmations it takes for a transaction. I hope Bitcoin gets adopted and accepted in more places to allow users to transact and allow us to spend it various areas. I've heard that there will be a decrease of transaction fees after August 1, but I'm not sure what the segwit and hard fork had in store for transaction fees of Bitcoin but let's expect some improvements. Other than that, Bitcoin as a cryptocurrency is still the most reliable and used by most cryto-users.

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August 02, 2017, 04:31:02 PM
 #149

I do not like the excessive payment for the transaction and the inability to use bitcoin without the Internet, because of this, many still do not know about it and can not start making money.
The fee issue could be resolved but bitcoin cannot function without the internet, besides I do not think is such a big problem, people use paypal over the internet and that has not stopped paypal to become one of the most popular payment systems in the world, so I do not see that as a real reason of why people do not adopt bitcoin as a currency.

Paypal has buyer protection and works well with card payments as well as payments through a multitude of sources, currently it is still a relatively difficult process to buy bitcoin for the average person.
You are not incorrect on that but bitcoin has other advantages as well, if paypal has buyers protection then bitcoin has governments and bank protection, no government or bank can take away your bitcoin by just clicking a button on their servers, you are the sole possessor of your money and that transfers the power from them to you and that is not a small thing.

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August 02, 2017, 07:58:47 PM
 #150

The popularity of the coin is its worst enemy. The fact that it's a highly inflated price, makes it difficult to pull into the regular economy. Even if you were to look at the gold standard when it was still in practice, gold isn't going for $2,000 an ounce, so figuring that you can't just take Bitcoin it even use it as a basis for a value structure for the current currency, with a price that high is simply that difficult to use.

but to me the popularity of bitcoin is too much important for the survival of bitcon. because people can only get knowledge about bitcoin when bitcoin will introduce to them in a good way only then they will start interest in bitcoin so to me that the popularity of bitcoin is really too much important for the survival of bitcoin.


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August 03, 2017, 01:51:30 AM
 #151

I think the disadvantage of bitcoin is that it cannot be used in an instant tramsactions pr payment. If this happen, it attract more people since people nowadays wants hassle free transactions. As well as the promotion of bitcoin's popularity. There are so many people who still doesn't know a single thing about bitcoin.

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August 03, 2017, 04:12:06 AM
 #152

One of the biggest disadvantage of Bitcoin is that it is almost like a leaderless entity maybe because it is decentralized so the leadership is not vested on one person or group of people. Sometimes Bitcoin is acting like a ship without a captain...and there are no figures within the Bitcoin community that people are looking up to...most of these known figures now have their own business interests to promote and protect.

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August 03, 2017, 04:47:03 AM
 #153

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Somehow you are right. But for me the disadvantage of bitcoin is when its value gets low.
Because bitcoin changes its value everyday, there's a chance to get high and there's also a change to get low.
Maybe if the time come where bitcoins' value become stable,many people will be encouraged to stay in bitcoin.

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August 03, 2017, 05:01:47 AM
 #154

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
For me tha disadvantage of the bitcoin is it using in a bad way by many syndicate. Like in the deep web, bitcoin is popular there in buying and selling people organs and drugs. So I can say that the most disadvantage of the bitcoin is it using in a bad way.

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August 03, 2017, 05:10:07 AM
 #155

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 fee is a disadvantage of this thing because people have no problem to pay such a small amount of fee of 1-2$ because everyone knowd that this fees is a very small amount of fee and therr is no need to thinkuch about it because we are making lots of money with the use of Bitcoin with altcoins also and here the fee that we needed to transfer the Bitcoin is not High .
Here you should don't forget that we are not only using Bitcoin for direct earnings purpose but people are using to make money hy holding and saving money from country to country money transfer .
Usually we see that lot of fee needed to pay during the conversion of fiat currency of one country to another but with the help of the Bitcoin we can solve our problems of high fee and can done our work with 2-3% fee .


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August 03, 2017, 07:38:41 AM
 #156

Weakness of bitcoin if no longer using its services, but I think it's a common right because all there are weaknesses of each. I think later bitcoin will fix its weakness.

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August 03, 2017, 08:09:27 AM
 #157

I think the disadvantage of bitcoin is that it cannot be used in an instant tramsactions pr payment. If this happen, it attract more people since people nowadays wants hassle free transactions. As well as the promotion of bitcoin's popularity. There are so many people who still doesn't know a single thing about bitcoin.
Lighting network is under development to solve such problems of lack of instant payments. If you want immediate solutions then bitcoin debit cards may provide handy solutions but you might need to spend more for fees. The advantage of bitcoin is cross border and low fee transactions.

By considering those advantages we can ignore late confirmations still a business with bitcoin might get finished within 10 minutes.

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August 03, 2017, 09:06:25 AM
 #158

Yes, one of the main disadvantage of bitcoin is its high transaction fees and also it has one more najor disadvantage known as "Deep Web". Its the most biggest illegal activity carried with bitcoins.It should be shut down as soon as possible. Because it is also the main reason why bitcoins isnt legalised 100%.
What do you think about bitcoin transactions after 1st of august, i heard the team in bitcoin have done the hardfork and fix something about the fee and the confirmation time, is it the transaction now the same or there is little change on the confirmation time before and after 1st August?

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August 03, 2017, 09:14:36 AM
 #159

The only advantage that i saw in bitcoin was being online currency because online or internet world is not that safe because there is always a threat for the bitcoin users and not just bitcoin but the other things that can be found online. Bitcoin is a good currency but if we will just depend in the internet then it can be disadvantage because what if the area that we want to transact using bitcoin doesn't have internet connection.

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August 03, 2017, 09:28:22 AM
 #160

Higher fees, delay in confirmation is the major issue with bitcoins at a moment and also that it is not accepted everywhere at offline places so even if you want to spend your bitcoins you have convert it to fiat which again involves certain fees.

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