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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9515 times)
deppil
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August 06, 2017, 11:24:57 PM
 #201

Beside the bitcoin is very easily lost and stolen, bitcoin currency is not controlled by the government so that its free use is done by criminals such as money laundering or drug transactions. So. many people who do not know about bitcoin think that this currency is illegal.
I think it's not the disadvantages of bitcoin, I think it's an excess of bitcoin, it's the freedom of doing transactions on bitcoins and anything that users do to transact using bitcoin is up to them because that is the function of decentralization and anonymous right?

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August 07, 2017, 01:53:17 AM
 #202

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

When transacting fiat, there are fees as well known as taxes. For me, the disadvantage of bitcoin for now is that it is not widely known yet and many establishments do not recognize bitcoin as a payment option and there are even countries who ban bitcoin because they view it as a tool use by people to do something illegally.

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August 07, 2017, 02:16:34 AM
 #203

Beside the bitcoin is very easily lost and stolen, bitcoin currency is not controlled by the government so that its free use is done by criminals such as money laundering or drug transactions. So. many people who do not know about bitcoin think that this currency is illegal.

Do you think it's very easy to lost and stolen? How? It's not a disadvantage of bitcoin, bitcoin has been popular for having the tightest security and it's blockchain network can't even interrupted. Many things are considered to be a disadvantage of bitcoin before especially the fees. But everything has been set up properly and fees are cheaper again.

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August 07, 2017, 03:44:27 AM
 #204

I believe that the most prominent bitcoin of virtual currency today, and bitcoin also serve as excessive inflation protectors, but the weakness of bitcoin in my opinion is the unstable price, the transaction cost when receiving and sending bitcoin.
As a virtual currency, the weakness of Bitcoin, prone to lost and stolen because of a digital wallet can be hacked and stolen through malware.

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August 07, 2017, 03:55:58 AM
 #205

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

Why should there be a fee when sending or receiving bitcoin, whether it will continue to run continuously. That's one weakness of bitcoin in general huh?

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August 07, 2017, 11:25:55 AM
 #206

Beside the bitcoin is very easily lost and stolen, bitcoin currency is not controlled by the government so that its free use is done by criminals such as money laundering or drug transactions. So. many people who do not know about bitcoin think that this currency is illegal.

Do you think it's very easy to lost and stolen? How? It's not a disadvantage of bitcoin, bitcoin has been popular for having the tightest security and it's blockchain network can't even interrupted. Many things are considered to be a disadvantage of bitcoin before especially the fees. But everything has been set up properly and fees are cheaper again.

about security, its going back to the users itself, bitcoin has many platform wallet provide, web wallet, desktop, mobile, paper, etc. and to securing financial info's, i think its not disadvantage of bitcoin, its happened to other financial system also.

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August 07, 2017, 02:13:45 PM
 #207

Bitcoin has several obvious disadvantages  besides many advantages. Bitcoin is very unpredictable, we do not know how it will develop in the future. Perhaps this is why it is not very widespread yet.
It is normal to be unpredictable because almost all the things in the world are not predictable because if they are predictable then it will become an easy task for the people to create their own item because they can predict what is gonna happen with their item. In bitcoin, we should not be worry for not being predictable because it is not that big deal for a positive bitcoin user.

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August 07, 2017, 04:37:51 PM
 #208

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.
Fortunately that has been addressed with this new upgrade to bitcoin, with it the transactions will get faster confirmations and also the transactions will be cheaper, let’s see how such things improve and if segwit is able to allow us to get a bigger capacity to process transactions and with that in place then we could get more adoption from the people.

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August 07, 2017, 10:15:37 PM
 #209

Beside the bitcoin is very easily lost and stolen, bitcoin currency is not controlled by the government so that its free use is done by criminals such as money laundering or drug transactions. So. many people who do not know about bitcoin think that this currency is illegal.

Do you think it's very easy to lost and stolen? How? It's not a disadvantage of bitcoin, bitcoin has been popular for having the tightest security and it's blockchain network can't even interrupted. Many things are considered to be a disadvantage of bitcoin before especially the fees. But everything has been set up properly and fees are cheaper again.

about security, its going back to the users itself, bitcoin has many platform wallet provide, web wallet, desktop, mobile, paper, etc. and to securing financial info's, i think its not disadvantage of bitcoin, its happened to other financial system also.

Yes it has so many wallets that we can choose from. It's why I said bitcoin's security is tight and strong, it will never be easy for someone to infiltrate and hack any wallets that they want to enter. Possible they can if you will not be aware of what you are clicking and it turns out that it is a malware or ransomware or a phishing site.

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August 07, 2017, 10:37:09 PM
 #210

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.
Fortunately that has been addressed with this new upgrade to bitcoin, with it the transactions will get faster confirmations and also the transactions will be cheaper, let’s see how such things improve and if segwit is able to allow us to get a bigger capacity to process transactions and with that in place then we could get more adoption from the people.
i think there are few disadvantages that can easily overcome. for example the transaction conformation timing is the advnatage and it will recoveestr very soon. i think bitcoin will be the only currency where you will feel more confident to use it for shopping and so many other purposes.
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August 07, 2017, 11:43:57 PM
 #211

Beside the bitcoin is very easily lost and stolen, bitcoin currency is not controlled by the government so that its free use is done by criminals such as money laundering or drug transactions. So. many people who do not know about bitcoin think that this currency is illegal.
Like there were no cases of money lost or stolen before, like there were no cases of criminals using or abusing money for the destructive activities before, like there were no cases of money laundering before. Do you want to suggest that? Fyi all the cases mentioned by you as disadvantages of bitcoin are in fact the same with fiat too so I think those are the disadvantages with all forms of money and not just with bitcoin but yes bitcoin too may have some disadvantages and the one I would like to be addressed is ever increasing fee and hence the delayed transactions. I hope now that with the segwit activated very soon it no longer will remain there and we will have quick transactions with low fee.
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August 08, 2017, 12:03:38 AM
 #212

The disadvantage on what I see on bitcoin is the transaction delays since we cannot have a faster  deal with it since the confirmation sometimes takes for so long but aside from it I don't see any aspect that can make turned off with it since bitcoin is the most beautiful invention where I can earn more money online. And maybe we can see more feature,adoption and anything with bitcoins.  Grin



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August 08, 2017, 05:15:01 AM
 #213

The disadvantage on what I see on bitcoin is the transaction delays since we cannot have a faster  deal with it since the confirmation sometimes takes for so long but aside from it I don't see any aspect that can make turned off with it since bitcoin is the most beautiful invention where I can earn more money online. And maybe we can see more feature,adoption and anything with bitcoins.  Grin
Those delays will get fixed from today onward as segwit will be activated today. When bitcoin will be capable of processing more transactions then we can be sure that there will be no more delay for confirmations. When transactions are getting quick confirmation then we can say fees also will be coming down drastically.

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August 08, 2017, 05:44:39 AM
 #214

To voice my opinion about the cons or disadvantages of bitcoin.
Prima facie these originate due to the fact being that despite being so amazing Bitcoin as a currency is still relatively newer and there is a lack of awareness and proper and complete understanding, there are businesses who've moved on to this mode but until the consumer base expands the list of these businesses is to remain a small one.
Another shortcoming is the volatile nature of this digital currency. Being limited in numbers the bitcoin value shall settle after given wide acceptance and usage.
About transactions frequency I believe with Segregated witness (segwit) the change in transaction format, it'll solve a blockchain size limitation problem quickening the transaction speeds and cuts in fee should follow up.

Also digital QR codes make it vulnerable to theft.
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August 08, 2017, 06:09:27 AM
 #215

I think it is only alright to have fee when doing transaction as long as it is not over price also it depends on what application you use. Here in Philippines we have coins.ph that doesn't have fee when converting our peso to BTC.
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August 08, 2017, 06:27:18 AM
 #216

I think it is only alright to have fee when doing transaction as long as it is not over price also it depends on what application you use. Here in Philippines we have coins.ph that doesn't have fee when converting our peso to BTC.

And what's good about the exchange like that? if you will send to the same wallet that are owned by them there's no fee.

I don't think anything about bitcoin's disadvantage for now, we can see the price is increasing.

Do you think there is a disadvantage if all of us are benefiting on it?

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August 08, 2017, 06:32:55 AM
 #217

Beside the bitcoin is very easily lost and stolen, bitcoin currency is not controlled by the government so that its free use is done by criminals such as money laundering or drug transactions. So. many people who do not know about bitcoin think that this currency is illegal.
I think it's not the disadvantages of bitcoin, I think it's an excess of bitcoin, it's the freedom of doing transactions on bitcoins and anything that users do to transact using bitcoin is up to them because that is the function of decentralization and anonymous right?


Yes, this is called excess. Freedom to do what you want. Bitcoin is not easily lost or stolen. By the way, government is freer than criminals who steal our money. Government borrows money and takes what is not theirs. Many people who think they know about Bitcoin like you and me actually are mistaken,,,

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August 08, 2017, 06:36:15 AM
 #218

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

There is an English proverb, "The grass is always greener from the other side of the fence." which means that a person would always wish for more no matter how much he gets. If someone has $2000, he wishes to have $20000, but when he gets that, he is still not satisfied and wishes to have even more. That is exactly the case here. Bitcoin fees are nothing compared to what other currencies cost when transacting money from one place to another, particularly in other countries. With bitcoin you can send money all over the world with the exact same fees (It means no matter which country, the fees are same) and still we think the fees are a disadvantage.
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August 08, 2017, 07:07:31 AM
 #219

1. scalability
2. lack of regulation (though it is its positive point, it is also a negative point)
3. High Volatility

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August 08, 2017, 07:20:58 AM
 #220

I think the fee was one of the main disadvantages when it was too much high but I think the transaction confirmation time was the biggest disadvantage as many companies were afraid of using it. However, I think the situation is getting back to the normal and fees and transaction confirmation time is optimizing so it would be safe to say that these are no more the disadvantages for the Bitcoin as of now.

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