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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9514 times)
exstasie
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August 08, 2017, 07:45:16 AM
 #221

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

It is only a negative point because we still depend on centralized exchanges and services (which can be targeted by governments). Regulation is only a threat because Bitcoin usage is not prevalent enough to eliminate centralized fiat gateways.

If we lived in a world where a significant portion of the population received their salaries in bitcoin, and business settled accounts in bitcoin, then P2P usage would be prevalent enough that we could use bitcoin like cash. We could cut out the middlemen, the exchanges and brokers and banks. And then regulators and law enforcement would naturally be less of a threat; there would be too many of us, and we wouldn't be interacting with the banking system (difficult to track).

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August 08, 2017, 08:07:03 AM
 #222

I think one disadvantage of bitcoin is its volatility. And because its price goes up and down, we can't decide properly when and when not to cash out are BTC. So we can benefit a lot from our hardworks.

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August 08, 2017, 08:13:32 AM
 #223

The fees are a necessity and were artificially low for a long time. Now they're artificially high, probably caused by miners trying to create a false crisis to take control.

My main beef with bitcoin is all the contemptible little shits who populate the space but I'm in no way surprised.


Decentralized peer-to-peer networks,it's a blessing and a curse.They're free to do what they want,miners are basically the heart of bitcoin.You could see how BCC is being dumped without enough miners.

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
No,you want everyone to work for free.A sane human will never call it a disadvantage.

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August 08, 2017, 08:42:20 AM
 #224

One of the disadvantage of bitcoin that i highlight is the price is fluctuating, which sometimes we can not predict appropriately. The price or value of bitcoin can suddenly jump high and can also suddenly freefall becomes very cheap. I think this is what sometimes scares people who want to invest in bitcoin. Many people will feel very anxious when prices that were once high suddenly become very cheap.

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August 09, 2017, 03:52:17 AM
 #225

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.
the situation are indeed a little bit confusing and weird for me personally.

bitcoin have reached its highest price and people want the same fee even though with large transaction. i think it is fair to have $50 as fee when you do have a transaction over $50,000 . but hey we are in cryptocurrency world , where the fee must be as low as possible! isn't it?

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August 09, 2017, 07:49:37 AM
 #226

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.
the situation are indeed a little bit confusing and weird for me personally.

bitcoin have reached its highest price and people want the same fee even though with large transaction. i think it is fair to have $50 as fee when you do have a transaction over $50,000 . but hey we are in cryptocurrency world , where the fee must be as low as possible! isn't it?

The fee is ok for a large number of Bitcoin transaction, but this is high for those who do a small amount of bitcoin transaction. Some sites will make the fixed fee to do one transaction for example 0.0005 BTC fee for one transaction this is worth if you do 0.05+ BTC. But if you want to send 0.001 BTC to someone for this you need to pay 0.0005 BTC fee still you feel is this worth for this transaction. 
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August 09, 2017, 08:02:30 AM
 #227

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.
the situation are indeed a little bit confusing and weird for me personally.

bitcoin have reached its highest price and people want the same fee even though with large transaction. i think it is fair to have $50 as fee when you do have a transaction over $50,000 . but hey we are in cryptocurrency world , where the fee must be as low as possible! isn't it?

The fee is ok for a large number of Bitcoin transaction, but this is high for those who do a small amount of bitcoin transaction. Some sites will make the fixed fee to do one transaction for example 0.0005 BTC fee for one transaction this is worth if you do 0.05+ BTC. But if you want to send 0.001 BTC to someone for this you need to pay 0.0005 BTC fee still you feel is this worth for this transaction. 
Yes the fee now is a little bit higher than its previous fees and it is one of the disadvantage that bitcoins have because it is not worth sending of bitcoins when you send a small unit of bitcoin they all go to the fees that included in every transaction and you only received a small amount of bitcoins

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August 09, 2017, 08:05:09 AM
 #228

The decentralized of bitcoin is the also considered as a disadvantage. The fact that the industry can be used by any crime related syndicate that can use it for their transactions. Adding to it:

1. Prone for Hackers.
2. A lot of people think of it as a scam.
3. Not accepted, legally worldwide.
4. Small number/s of players accepting bitcoin as payment.

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August 11, 2017, 03:48:26 AM
 #229

for now the disadvantage of bitcoin is the high transaction costs. many people now use bitcoin and cause an increasing number of transactions. other than that one of the biggest disadvantages of bitcoin is the internet. without the internet we can not use bitcoin
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August 11, 2017, 04:00:17 AM
 #230

for now the disadvantage of bitcoin is the high transaction costs. many people now use bitcoin and cause an increasing number of transactions. other than that one of the biggest disadvantages of bitcoin is the internet. without the internet we can not use bitcoin
Do you think it was thw biggest disadvantage of bitcoins? the transaction costs now are just minimal unlike before the segwit as i've notice in my previous transaction these days .And the thing of the internet it is only normal that bitcpin use internet because it is an online transaction so how we can send a transaction or use bitcoins offline.



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August 11, 2017, 04:28:15 AM
 #231

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
It depends on how people see bitcoin, sometimes someone hates the anonymity of bitcoin because if the theft is in our wallet it is hard to know the thief. I myself see the disadvantage of bitcoin like you are a fee transaction that is so expensive, when in the beginning bitcoin functioned for transactions p2p, now as bitcoin lost his function and only used as an investment like gold.

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August 11, 2017, 04:39:37 AM
 #232

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.
the situation are indeed a little bit confusing and weird for me personally.

bitcoin have reached its highest price and people want the same fee even though with large transaction. i think it is fair to have $50 as fee when you do have a transaction over $50,000 . but hey we are in cryptocurrency world , where the fee must be as low as possible! isn't it?

The fee is ok for a large number of Bitcoin transaction, but this is high for those who do a small amount of bitcoin transaction. Some sites will make the fixed fee to do one transaction for example 0.0005 BTC fee for one transaction this is worth if you do 0.05+ BTC. But if you want to send 0.001 BTC to someone for this you need to pay 0.0005 BTC fee still you feel is this worth for this transaction. 
if you want the fee in very low value , then why not to try altcoin like doge coin , redd coin or ethereum it has very little fee amount , i just can not understand what actually people wanted lol , bitcoin currently has high fee because several reasons , need a long time to fix it all.

if you patient enough , then just wait until everything back to normal where the fee are around 0.0001 only.

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August 11, 2017, 05:05:30 AM
 #233

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
It depends on how people see bitcoin, sometimes someone hates the anonymity of bitcoin because if the theft is in our wallet it is hard to know the thief. I myself see the disadvantage of bitcoin like you are a fee transaction that is so expensive, when in the beginning bitcoin functioned for transactions p2p, now as bitcoin lost his function and only used as an investment like gold.
So on the road become to fresh currency and popular than on the world, Bitcoin need have many SegWit, HardFork for improve their system and useful with anyone.


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August 11, 2017, 06:10:39 AM
 #234

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
It depends on how people see bitcoin, sometimes someone hates the anonymity of bitcoin because if the theft is in our wallet it is hard to know the thief. I myself see the disadvantage of bitcoin like you are a fee transaction that is so expensive, when in the beginning bitcoin functioned for transactions p2p, now as bitcoin lost his function and only used as an investment like gold.
So on the road become to fresh currency and popular than on the world, Bitcoin need have many SegWit, HardFork for improve their system and useful with anyone.
Bitcoin doesn't need a lot of segwit in order to become a good currency because one segwit activation is enough for bitcoin to pass the other coins that are trying to surpass it. The disadvantage of bitcoin for me is the growing difficulty because the difficulty of bitcoin might become a reason for the miners to just leave bitcoin and go to other coin.

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August 11, 2017, 06:48:33 AM
 #235

Yeah, that is one of its many disadvantages. There are other disadvantages and I will discuss it. The first one is, Bitcoin is still developing. It is in the stage where it is incomplete. It has incomplete feautures that is in development. In order to be more secure, it will need an improved feature. Second, bitcoin is volatile. Bitcoin's price changes everyday because of events happening on other digital currencies or because of its demand issues.

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August 11, 2017, 06:51:10 AM
 #236

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.






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August 11, 2017, 07:01:28 AM
 #237

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
It depends on how people see bitcoin, sometimes someone hates the anonymity of bitcoin because if the theft is in our wallet it is hard to know the thief. I myself see the disadvantage of bitcoin like you are a fee transaction that is so expensive, when in the beginning bitcoin functioned for transactions p2p, now as bitcoin lost his function and only used as an investment like gold.
So on the road become to fresh currency and popular than on the world, Bitcoin need have many SegWit, HardFork for improve their system and useful with anyone.
Bitcoin doesn't need a lot of segwit in order to become a good currency because one segwit activation is enough for bitcoin to pass the other coins that are trying to surpass it. The disadvantage of bitcoin for me is the growing difficulty because the difficulty of bitcoin might become a reason for the miners to just leave bitcoin and go to other coin.
I think that the difficulty problem regulates itself with the fees.
Of course some miners will move to other coins that are more profitable with mining.
Then the hashpower decreases, and if you want to make a quick transaction, you have to spend more fees.
Through that, bitcoin becomes more profitable again.

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August 11, 2017, 07:25:01 AM
 #238

I believe that one of the disadvantage of bitcoin is not have a central authority.  Though it is a good thing that there is none but having this kind of systemn delay updates and upgrade of bitcoin.  Development has been affected making its development to stall or paused since it needed consensus to be implemented and there is basically lots of objection and arguments for the upcoming update.  This may make bitcoin to fall behind in technology.

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tiggytomb
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August 11, 2017, 07:32:21 AM
 #239

The first thing that comes to mind is the fact that it is digital and relies on the internet existing, although chances are very slim that the internet or a version of the internet will cease to exist, I think this is a main disadvantage.

Choyor
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August 11, 2017, 07:33:14 AM
 #240

I think one of the weaknesses of bitcoin is, unstable bitcoin. As we know Bitcoin is a speculative currency. While currently not enough companies that offer the purchase and sale of products with Bitcoin as a means of payment. Nowadays, the majority of Bitcoin users can only exchange Bitcoin to coventive currency only.

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