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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9515 times)
Anfisman
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August 03, 2017, 09:48:55 AM
 #161

In my opinion, in the case of transaction fee bitcoin, bitcoin offered small fee transaction than fees taken by the bank in the real world, but the transaction fee on bitcoin could become larger when many transactions Done at the same time. This happens because if the big transaction will form a large queue on the process of exchange bitcoin, this is causing make fee become bigger. But I still saying in this case does not really matter because bitcoin still offers a lower fee than others.
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August 03, 2017, 10:33:13 AM
 #162

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
It has almost been solved after the implementation of segwit and now people could send even large amounts of money with very low transaction fee at very high speed.The segwit which has been almost awaited eagerly by most of bitcoiners has at last been implemented.Now,bitcoin price is expected to rise high.

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August 03, 2017, 10:45:14 AM
 #163

In my opinion, in the case of transaction fee bitcoin, bitcoin offered small fee transaction than fees taken by the bank in the real world, but the transaction fee on bitcoin could become larger when many transactions Done at the same time. This happens because if the big transaction will form a large queue on the process of exchange bitcoin, this is causing make fee become bigger. But I still saying in this case does not really matter because bitcoin still offers a lower fee than others.
I don't quite agree with you. It seems to me that the price should depend on the amount of the transaction. Now bitcoin only encourages more transactions, but it makes it impossible to use bitcoins in everyday life. This hinders the development of applications of bitcoin.

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August 03, 2017, 03:49:05 PM
 #164

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.
actually bitcoin is still very young and it need a lot of time to become so much popular that people start using it in every day life and other companies also start accepting bitcoin.
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August 03, 2017, 04:07:20 PM
 #165

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.
actually bitcoin is still very young and it need a lot of time to become so much popular that people start using it in every day life and other companies also start accepting bitcoin.

Not at all. Bitcoin is the King of all altcoin. No altcoin can replace the bitcoin So.BCC came will replace the Etc but not bitcoin. It's not disadvantage, can we say it's drawback. The price of bitcoin is Not stable day to day it will vary.One day go to moon one day some what low.

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August 03, 2017, 05:57:43 PM
 #166

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
I think i starts to get centralized by big companies like Bitmain Tech

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August 03, 2017, 06:19:39 PM
 #167

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.
actually bitcoin is still very young and it need a lot of time to become so much popular that people start using it in every day life and other companies also start accepting bitcoin.

Not at all. Bitcoin is the King of all altcoin. No altcoin can replace the bitcoin So.BCC came will replace the Etc but not bitcoin. It's not disadvantage, can we say it's drawback. The price of bitcoin is Not stable day to day it will vary.One day go to moon one day some what low.
Alt coin=alternate coin to BTC and BTC is not an alternate to BTC so BTC is not altcoin which means BTC is not the king of altcoins but king of cryptocurrencies.

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August 03, 2017, 06:29:38 PM
 #168

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.
actually bitcoin is still very young and it need a lot of time to become so much popular that people start using it in every day life and other companies also start accepting bitcoin.

Not at all. Bitcoin is the King of all altcoin. No altcoin can replace the bitcoin So.BCC came will replace the Etc but not bitcoin. It's not disadvantage, can we say it's drawback. The price of bitcoin is Not stable day to day it will vary.One day go to moon one day some what low.
Alt coin=alternate coin to BTC and BTC is not an alternate to BTC so BTC is not altcoin which means BTC is not the king of altcoins but king of cryptocurrencies.
Haha but in my opinion the King of any things always can replace anytime. If in future Bitcoin can't satisfy user, it will get eliminate from user on the world and they will find new crypto can helps their issue.
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August 04, 2017, 12:47:22 AM
 #169

I think a disadvantage of bitcoin is that it is only have direct use within the internet. If you want to use it in transacting in the real world, you'll have to convert it first to a local currency before its available. Another is that bitcoin is prone to lots of vulnerabilities and other stuffs since it is accessible by the internet. It has high possibility of losing it through scams and hacks. Unlike cash, if its on your own, you're the only one with access, you don't have to worry of being hacked or scammed if only you don't try to invest on untrusted organization

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August 04, 2017, 01:08:00 AM
 #170

I think a disadvantage of bitcoin is that it is only have direct use within the internet. If you want to use it in transacting in the real world, you'll have to convert it first to a local currency before its available.

It also mean Bitcoin is lack of merchant to directly buy goods with Bitcoin without convert them first, but for now it doesn't give you much problem as you can convert it faster and you can use them for anything you want.

Another is that bitcoin is prone to lots of vulnerabilities and other stuffs since it is accessible by the internet. It has high possibility of losing it through scams and hacks. Unlike cash, if its on your own, you're the only one with access, you don't have to worry of being hacked or scammed if only you don't try to invest on untrusted organization
It's same like cash, as long as you don't visit or infected with malware and store your keys safely your Bitcoin is safe.


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August 04, 2017, 01:27:27 AM
 #171

One of the disadvantage of bitcoin in my country is having a trusted exchange when I wanted to change it to fiat, there are instances when the so called reputable exchanges will get away with your hard earned bitcoin after sending and this is due to unavailability of trusted escrow services that wiil facilitates the transactions.

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August 04, 2017, 01:30:57 AM
 #172

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

It is one of the disadvantage of bitcoin to have a fee when receiving or sending but I think the major disadvantage for me is that it is not yet acceptable everywhere because bitcoin is not that widespread yet. You still have to convert it to fiat when you wanted to buy something which has a fee again so every time you do something with bitcoin it has a fee but it's still the same with fiat you still have fees in the name of taxes.



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August 04, 2017, 02:23:39 AM
 #173

bitcoin is the king of cryptocurrency its main advantage is the high market value with a price of around 2800 USD per bitcoin and reaching to almost 50 billion US dollar market capitalization. but being the king doesn't and always on top doesn't mean its flawless. here's a the list of my disadvantages about bitcoin.

for business and merchant side :
-transaction fee is higher compared to other cryptocurrencies.
-processing time is not real time it takes minutes or hours for confirmation

for mining and worker's side:
-high cost of mining. electricity and mining rig are capital intensive
- level of playing field is impossible to implement due to high start-up cost .oligopoly of mining pools are the most beneficial than the miners.

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August 04, 2017, 04:19:48 AM
 #174

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.
Yeah, so far that is also one of the biggest problems in bitcoin. In some cases also when you need to convert it to fiat, you still have to go to other stores to convert it or withdraw, in my case I went to bank and just convert it before going out and buying some goods.

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August 04, 2017, 04:21:57 AM
 #175

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%.
I think deep web is the hallmark of bitcoin, not a bit of bitcoin but a bit of bitcoin, maybe the government does not like it, but more importantly the user likes it, because with bitcoin the user can be safe and more free of course. I also would not want to eliminate it just because of a legalization and eliminate the hallmark of bitcoin

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August 04, 2017, 04:28:53 AM
 #176

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
there's no diadvantage using bitcoin transaction fees it's normal to pay because the dev of wallet need to get an profit, using your bitcoin to you daily needs you to pay small amount or low transactions fees. that' t almost the same in bussiness you need to pay taxes.

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August 04, 2017, 04:40:55 AM
 #177

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
there's no diadvantage using bitcoin transaction fees it's normal to pay because the dev of wallet need to get an profit, using your bitcoin to you daily needs you to pay small amount or low transactions fees. that' t almost the same in bussiness you need to pay taxes.

This is still a disadvantages where bitcoin transactions still have to arrive at 6-10x confirmation, this problem should have been resolved since August 1 yesterday, we all want the fee can be lowered and fast transfer process so that everything can be applied normally, If this does not match what is expected to re-flood the mempool due to the volatility of large transactions.
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August 04, 2017, 04:44:11 AM
 #178

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

It is one of the disadvantage of bitcoin to have a fee when receiving or sending but I think the major disadvantage for me is that it is not yet acceptable everywhere because bitcoin is not that widespread yet. You still have to convert it to fiat when you wanted to buy something which has a fee again so every time you do something with bitcoin it has a fee but it's still the same with fiat you still have fees in the name of taxes.
everybody talking about the high fee value , but when there is a solution like a fork to create another bitcoin called bitcoin cash which could offering better option people still believe and using the old bitcoin however , this is really funny everybody talk but remain use bitcoin.

then what should we do to deal with this ? just accept that high fee , at least for now!

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Schuyler
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August 04, 2017, 04:55:16 AM
 #179

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

It is one of the disadvantage of bitcoin to have a fee when receiving or sending but I think the major disadvantage for me is that it is not yet acceptable everywhere because bitcoin is not that widespread yet. You still have to convert it to fiat when you wanted to buy something which has a fee again so every time you do something with bitcoin it has a fee but it's still the same with fiat you still have fees in the name of taxes.
everybody talking about the high fee value , but when there is a solution like a fork to create another bitcoin called bitcoin cash which could offering better option people still believe and using the old bitcoin however , this is really funny everybody talk but remain use bitcoin.

then what should we do to deal with this ? just accept that high fee , at least for now!
I believe fees have been slightly lesser the last few weeks compared to the months when there was a lot of congestion that resulted in a lot of unconfirmed transactions. Times are changing for the better, albeit slowly, but the progress is steadily being felt. The confirmation speed is something that still needs improvement but things are going to be figured out to better service more users.


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BitcoinPanther
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August 04, 2017, 05:03:30 AM
 #180

I believe being decentralized is one of the biggest advantage and at the same time disadvantage of bitcoin.  Having that nature, bitcoin have the tendency to slow down in development, just like what happen on the scaling issue, it took more than a year for them to come into consensus yet the fork is still unavoidable.

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