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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9507 times)
skorupi17
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July 08, 2017, 04:38:32 PM
 #21

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

Currently, yes. Who would want to pay high fees for a transaction, none. Well maybe some who do not care about paying more and some rich people out there. But in practicality, paying high fees is a big no. And to this fee and transaction drama, add the waiting time for the confirmation. Who would want to wait for days for a transaction to be confirmed. If you are in a hurry, pay higher fees. So impractical.

Discussing the disadvantages of Bitcoin is an easy one but in what aspect? Bitcoin's advantage can be its disadvantage if we are looking at different angles.

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July 08, 2017, 05:00:06 PM
 #22

To me the biggest disadvantage of bitcoin is its anonymous nature That its greatest disadvantage to me.  Another disadvantage is high fees on transactions and hard forks issues disadvantages. Though bitcoin has great advantage over under currencies like high speed, decentralization and transparency in operation. we the cryptocurrency enthusiast should work hard to see bitcoin be adopted all over the world and its become acceptable to humanity.

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July 08, 2017, 05:21:47 PM
 #23

To me the biggest disadvantage of bitcoin is its anonymous nature That its greatest disadvantage to me.  Another disadvantage is high fees on transactions and hard forks issues disadvantages. Though bitcoin has great advantage over under currencies like high speed, decentralization and transparency in operation. we the cryptocurrency enthusiast should work hard to see bitcoin be adopted all over the world and its become acceptable to humanity.

I can't agree with this part of anonimity. Bitcoin doesn't have so much anonimity as it used to have at the begininig and transactions are much easier to track, now there are tools for that. And it's a bit strange that you find anonimity as disadvantage, for majority of users this is just the opposite.

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July 08, 2017, 05:51:44 PM
 #24

To me the biggest disadvantage of bitcoin is its anonymous nature That its greatest disadvantage to me.  Another disadvantage is high fees on transactions and hard forks issues disadvantages. Though bitcoin has great advantage over under currencies like high speed, decentralization and transparency in operation. we the cryptocurrency enthusiast should work hard to see bitcoin be adopted all over the world and its become acceptable to humanity.

Please take a minute and explain me how you consider high fees and hark fork as disadvantages at once?
We are thinking to implement hard fork in order to evade the fees issue. So if you think high fees is issue, you must be the supporter of hard fork.
Also how could you say anonymity of Bitcoin to be issue when you claiming decentralization to be the benefit of it when both are almost same.

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July 08, 2017, 09:44:33 PM
 #25


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.


I don't think the fix will be centralization, that would indeed ruin everything. More like an easy way to do multisig that allows normals to hold bitcoin without fear of being hacked

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July 09, 2017, 08:16:44 AM
 #26

I believe one of the disadvantages of Bitcoin is that it encourages increase in capital flight from developing countries to developed nation by corrupt individuals and institutions. It can equally course demand pull inflation in an economy because as the value of Bitcoin increases more people are going to have more money in their possession. This is as a result of the decentralized nature of bitcoin.

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July 09, 2017, 08:20:43 AM
 #27

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Yes it's true the only hated on bitcoin is the fee when you send and when you received. But it's alright as of now bitcoin's price is getting more higher so i don't have any problem in the fee today.

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July 09, 2017, 08:24:27 AM
 #28

For sure if there is a disadvantage, that is the fact that you can send bitcoins to the wrong address. That will be solved in a coming future I think, especially with mobile applications, but now it is a plague.
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July 09, 2017, 08:28:14 AM
 #29

I do not like too much transaction fees and long time of transactions, this is the biggest drawback for me. Well, I'm still afraid that the Internet can be disconnected in the event of a disaster and I can not get access to Bitcoin.

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July 09, 2017, 08:43:29 AM
 #30

Due to the hype around bitcoin it is easy to miss the things to look out for especially the disadvantages of using bitcoins. Because there is no central governing body mandating the value of Bitcoin, they can rapidly increase or decrease in value based on the actions of those who own them. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users' transactions can be tracked. This is mostly due to the fact that Bitcoin is still a relatively young and new currency. Another disadvantage is its lack of general understanding.There are more people aware of Bitcoins than there used to be, but the number of people who are actually familiar with it and understand how it works is still quite small. This can be a hindrance for anyone who wants to pay via Bitcoins online or otherwise.
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July 09, 2017, 09:24:37 AM
 #31

Also how could you say anonymity of Bitcoin to be issue when you claiming decentralization to be the benefit of it when both are almost same.

It's not the same at all. Decentralization implies that you don't rely on a central authority in order to get something done. In case of Bitcoin, you don't need to ask any sort of permission to move value from one point to another, you don't rely on a certain service to keep working properly, you can store value outside the banking and governmental system, you can accept donations without anyone being able to interfere, etc. All settled transactions stored in the blockchain are open for everyone to look at, and to review if people so wish. Nowadays where exchanges more and more require people to fully verify themselves, their identity information is tied to the coins they withdraw. From there the exchange, and even governments can follow every step you set. That's why mixing is a very important aspect to gain a certain form of privacy.

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July 09, 2017, 09:53:02 AM
 #32

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Bitcoin definitely does have many floors, it is extremely volatile, it isn't mainstream, there is a huge fee required to send it and transaction times are insanely long. The first issue with Bitcoin, that people who don't even have Bitcoin know, is the volatility of it's price. Since there is set amount of supply but the demand is rising every single day, the price ends up going up and down every couple of minutes as some people buy for low and others for higher. Another disadvantage is that it isn't mainstream and isn't accepted in many places around the globe. Which causes most people to store there Bitcoin and not spend it. Two more issues are the high fees and transaction times. The combination of the two deter many people from accepting or sending Bitcoins.

The biggest problem by far has to be the reliance on the internet. If you don't have an internet connection, you won't be able to use your Bitcoin in any way. Sadly, there will never be a fix for this.

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July 09, 2017, 10:12:41 AM
 #33

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

About some scammers use it as anonymous transaction, abusing bitcoin unique idea , making some money that they not earn in legal way =.= The disadvantage here is the people in community who such as not searching regarding bitcoins, that not have so much knowledge or learning or knowing the risk what will they do. So this forum came so that they can get some specific experience, and communication able to find some answer.

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July 09, 2017, 10:59:24 AM
 #34

I believe that the most important drawback of bitcoin is the ability of all sorts of scammers to carry out transactions with impunity and earn on someone else's trouble.

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July 09, 2017, 12:17:10 PM
 #35

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

How are cheap fees a disadvantage? It was still cheap compared to other traditional banking solutions even when the mempool was abnormally under high load.

The greatest disadvantage of Bitcoin is its incapability to scale.



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gabmen
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July 10, 2017, 10:15:47 AM
 #36

I believe that the most important drawback of bitcoin is the ability of all sorts of scammers to carry out transactions with impunity and earn on someone else's trouble.

Well that's not only happening with btc as almost any online transaction are prone to this problem. Though i agree that it is one of the disadvantage of btc being an online venture. But this disadvantage can actually be worked on with caution from users.

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July 10, 2017, 12:51:56 PM
 #37

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Basically, it is one of the biggest disadvantages of Bitcoin for now, Bitcoin fees have been increased really quick so that we can not send Bitcoin as much as we could as the past.

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July 10, 2017, 05:50:28 PM
 #38

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

Being digital is kinda a double edged sword - it provides advantages like ability to make transactions without any distance restrictions, being indestructible, extra security and many other things, but it also makes Bitcoin fully dependent on electricity, Internet and electronic devices, so it's impossible to use Bitcoins in some areas were those technologies aren't present. Maybe in the future we will see some private entity issuing physical currency backed by Bitcoin, kinda like the first paper currencies were backed by gold.

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July 10, 2017, 06:40:18 PM
 #39

In my opinion, the weakness of bitcoin, many still complain because transaction costs are rather expensive, and bitcoin can only be used in the internet world, bitcoin will not be useful if a region or country does not have internet access, bitcoin legality is still difficult. To get the freedom of users Using it, now few countries are getting bitcoin legality, and most people who do not understand about bitcoin always assume that these bitcoins have negative effects, hopefully they open their eyes widely about the many benefits of bitcoin.

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July 10, 2017, 08:10:11 PM
 #40

Mining, the current state, it's impossible to mine using a standard PC with a decent GPU, the only way is by mining altcoins.
Untraceable, in case of a fraudulent deal, Bitcoin is impossible (Or almost?Not sure) to be traced.
Price is fluctuating, the price keeps going up and down, for someone like me who will rarely invest in Bitcoin and cryptocurrency because I just can't take the risk,
it's stressful thinking that my $100 today might be worth $90 tomorrow. On the other hand, they might be worth $150 in a few days, but that's another story.






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