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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9515 times)
suvo05
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August 16, 2017, 05:05:39 AM
 #261

The most disadvantage of bitcoin I think that it is totally dependent of internet connection. In my country you can still find a lot of places from where  u can't access internet. So those places are out from the bitcoin world.

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August 17, 2017, 07:57:05 PM
 #262

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Yes I believe in that, the fees are the most annoying one when it becomes on sending and receiving bitcoins. But another fact that any moment the bitcoin can collapse and all of our funds and investments will disappear, that's worst I hope that day would never happen.
Bitcoin is not going to just collapse over night, yes bitcoin can lose a lot of value very rapidly but bitcoin is not going to disappear anytime soon, there is fierce competition from other alts and there is internal division between the miners and the developers but that is it, bitcoin is going to continue for the simple reason that many people have much money invested in bitcoin and that is going to make people resolve their differences whether they like it or not.

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August 17, 2017, 08:14:28 PM
 #263

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Yes I believe in that, the fees are the most annoying one when it becomes on sending and receiving bitcoins. But another fact that any moment the bitcoin can collapse and all of our funds and investments will disappear, that's worst I hope that day would never happen.
Bitcoin is not going to just collapse over night, yes bitcoin can lose a lot of value very rapidly but bitcoin is not going to disappear anytime soon, there is fierce competition form other alts and there is internal division between the miners and the developers but that is it, bitcoin is going to continue for the simple reason that many people have much money invested in bitcoin and that is going to make people resolve their differences whether they like it or not.
It will not collapse unless there will be better alts that can replace it ,at this moment even split happened that produced bch yet it doesn'taffect much btc. It seems btc were unstoppable now, that it became really the basis on deciding on what other alts to use besides btc, it may have disadvantage on fees and aome delays but it's still used by many.

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August 17, 2017, 08:21:23 PM
 #264

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Yes I believe in that, the fees are the most annoying one when it becomes on sending and receiving bitcoins. But another fact that any moment the bitcoin can collapse and all of our funds and investments will disappear, that's worst I hope that day would never happen.
Bitcoin is not going to just collapse over night, yes bitcoin can lose a lot of value very rapidly but bitcoin is not going to disappear anytime soon, there is fierce competition form other alts and there is internal division between the miners and the developers but that is it, bitcoin is going to continue for the simple reason that many people have much money invested in bitcoin and that is going to make people resolve their differences whether they like it or not.
It will not collapse unless there will be better alts that can replace it ,at this moment even split happened that produced bch yet it doesn'taffect much btc. It seems btc were unstoppable now, that it became really the basis on deciding on what other alts to use besides btc, it may have disadvantage on fees and aome delays but it's still used by many.
Yes bitcoin are mostly used by the people now. They are investing in bitcoin and build a strong community that helps bitcoin to grow its price. Also there are disadvantage most of this are the fees in every transaction which is very higher when the days past but bitcoin is always give a profitable investment for everyone
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August 18, 2017, 12:59:37 PM
 #265

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

That is already part of the system and it can't change as of the moment. Though, For me here are some of the disadvantages of Bitcoin;
1. Volatile/Unpredictable - Every player in the market experienced it and it's a part of the industry in which we don't have total control.
2. Decentralized - Yes, even though it is one of the advantages. I'll also tag it as a con, Why? Since all transactions are not regulated by any law some people abused it and took advantage of it and used it illegally.
3. Outside Attack - It's hard to say but Hackers can do whatever it can to attack the industry. We can't say but they have the ability to hack into our wallets and stole from it. *But this I believe,  We are the one who is liable for it. Due to carelessness.*
4. Acceptance - Bitcoin is not yet legally accepted worldwide and to those countries that accepted it, not all businesses accept Bitcoin as payment.


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August 18, 2017, 08:55:52 PM
 #266

2. Decentralized - Yes, even though it is one of the advantages. I'll also tag it as a con, Why? Since all transactions are not regulated by any law some people abused it and took advantage of it and used it illegally.
I will strongly oppose the decentralization and volatility as disadvantages. Decentralization is the biggest advantage of bitcoins. This feature ahs provided us the complete control over our money.

As far as the illegal use is concerned, paper money except for so many laws is used for illegal purposes. You can’t blame currency for this. Bad usage is related to users. Volatility gives us chances to grab bitcoins at cheap prices and enjoy the huge profits when prices are high. Without volatility, it would be hell difficult for new investors to jump into crypto kingdom.


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August 19, 2017, 03:23:35 AM
 #267

Bitcoin weakness in my opinion is bitcoin is often used to hide money from the proceeds of his crime. If they store in your bank you will be easily tracked .. not with bitcoin it will be hard to find. Bitcoin as well as a means to hide its wealth to avoid taxes from the government. So that government revenue will decrease. Bitcoin is also digital and not necessarily safe to save. You can lose your bitcoin due to virus or hacker .. it's some weakness of bitcoin

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August 20, 2017, 04:41:04 PM
 #268

Bitcoin weakness in my opinion is bitcoin is often used to hide money from the proceeds of his crime. If they store in your bank you will be easily tracked .. not with bitcoin it will be hard to find. Bitcoin as well as a means to hide its wealth to avoid taxes from the government. So that government revenue will decrease. Bitcoin is also digital and not necessarily safe to save. You can lose your bitcoin due to virus or hacker .. it's some weakness of bitcoin
The things you tell about bitcoin are not it’s disadvantages, let me tell you how, bitcoin hide money from government only because to make its users happy, government start heavy tax which minimize the profit of bitcoin users. Bitcoin is safe to use because the safety of your wallet depend upon you, you have to protect your account by strong password.

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August 20, 2017, 04:43:01 PM
 #269

Bitcoin weakness in my opinion is bitcoin is often used to hide money from the proceeds of his crime. If they store in your bank you will be easily tracked .. not with bitcoin it will be hard to find. Bitcoin as well as a means to hide its wealth to avoid taxes from the government. So that government revenue will decrease. Bitcoin is also digital and not necessarily safe to save. You can lose your bitcoin due to virus or hacker .. it's some weakness of bitcoin
The things you tell about bitcoin are not it’s disadvantages, let me tell you how, bitcoin hide money from government only because to make its users happy, government start heavy tax which minimize the profit of bitcoin users. Bitcoin is safe to use because the safety of your wallet depend upon you, you have to protect your account by strong password.

If you claim that bitcoin is hiding money from governments, you understood the whole bitcoin concept mistakenly and wrongly. Nobody hides money from someone/govenrmetns.

For the disadvantage, I can say that transactions are anonymus, but they are still traceable if your wallet codes are known by third parties.


     
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August 20, 2017, 04:46:46 PM
 #270

The worst disadvantage bitcoin has for me is how we are mining/acquiring it. It is such a waste of resources to mine bitcoins that it isn't even funny. We are using up so much energy to produce bitcoins and nothing else. It doesn't produce food or anything, it just makes digital numbers we consider as valuable. That is totally wasteful to be honest.

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August 20, 2017, 04:53:50 PM
 #271

Bitcoin weakness in my opinion is bitcoin is often used to hide money from the proceeds of his crime. If they store in your bank you will be easily tracked .. not with bitcoin it will be hard to find. Bitcoin as well as a means to hide its wealth to avoid taxes from the government. So that government revenue will decrease. Bitcoin is also digital and not necessarily safe to save. You can lose your bitcoin due to virus or hacker .. it's some weakness of bitcoin
The things you tell about bitcoin are not it’s disadvantages, let me tell you how, bitcoin hide money from government only because to make its users happy, government start heavy tax which minimize the profit of bitcoin users. Bitcoin is safe to use because the safety of your wallet depend upon you, you have to protect your account by strong password.

Ya some what true. Everything has advantages and disadvantages. Like wise bitcoin also having some disadvantages. The of bitcoin will fluctuates some days.If you suddenly want money means,you are forced to transact the bitcoin to dollar or any other currency. I will not say it's disadvantage.It may be a one of drawback of bitcoin.

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August 20, 2017, 05:13:17 PM
 #272

The worst disadvantage bitcoin has for me is how we are mining/acquiring it. It is such a waste of resources to mine bitcoins that it isn't even funny. We are using up so much energy to produce bitcoins and nothing else. It doesn't produce food or anything, it just makes digital numbers we consider as valuable. That is totally wasteful to be honest.

Countries spend resources in printing / creating fiat as well. If you look at the army that central bankers employ to print fiat, make sure that it can't be counterfeited, etc, it is a waste of resources. Plus the end result is of money which is inflated away and doesn't serve the common man well.

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August 20, 2017, 05:16:08 PM
 #273

For me, one of the biggest problem its not everyone can use bitcoin, still needs internet, and sometimes a technical knowledge to use this. And other problem its bitcoin is not the best project with cryptocurrency, and in anytime other crypto can pass bitcoin.

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August 20, 2017, 05:29:51 PM
 #274

Bitcoin weakness in my opinion is bitcoin is often used to hide money from the proceeds of his crime. If they store in your bank you will be easily tracked .. not with bitcoin it will be hard to find. Bitcoin as well as a means to hide its wealth to avoid taxes from the government. So that government revenue will decrease. Bitcoin is also digital and not necessarily safe to save. You can lose your bitcoin due to virus or hacker .. it's some weakness of bitcoin
The things you tell about bitcoin are not it’s disadvantages, let me tell you how, bitcoin hide money from government only because to make its users happy, government start heavy tax which minimize the profit of bitcoin users. Bitcoin is safe to use because the safety of your wallet depend upon you, you have to protect your account by strong password.

Ya some what true. Everything has advantages and disadvantages. Like wise bitcoin also having some disadvantages. The of bitcoin will fluctuates some days.If you suddenly want money means,you are forced to transact the bitcoin to dollar or any other currency. I will not say it's disadvantage.It may be a one of drawback of bitcoin.

If  you are an trader then you will never consider price fluctuations as an disadvantage as it will give you an opportunity of making regular profits so we should not take it negatively instead try to make profits with each and every fluctuation and that will also help us in growing our coins.

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August 20, 2017, 05:53:30 PM
 #275

Bitcoin weakness in my opinion is bitcoin is often used to hide money from the proceeds of his crime. If they store in your bank you will be easily tracked .. not with bitcoin it will be hard to find. Bitcoin as well as a means to hide its wealth to avoid taxes from the government. So that government revenue will decrease. Bitcoin is also digital and not necessarily safe to save. You can lose your bitcoin due to virus or hacker .. it's some weakness of bitcoin
The things you tell about bitcoin are not it’s disadvantages, let me tell you how, bitcoin hide money from government only because to make its users happy, government start heavy tax which minimize the profit of bitcoin users. Bitcoin is safe to use because the safety of your wallet depend upon you, you have to protect your account by strong password.

Ya some what true. Everything has advantages and disadvantages. Like wise bitcoin also having some disadvantages. The of bitcoin will fluctuates some days.If you suddenly want money means,you are forced to transact the bitcoin to dollar or any other currency. I will not say it's disadvantage.It may be a one of drawback of bitcoin.

If  you are an trader then you will never consider price fluctuations as an disadvantage as it will give you an opportunity of making regular profits so we should not take it negatively instead try to make profits with each and every fluctuation and that will also help us in growing our coins.

Yes if the price is stable means it will lose the popularity in the market. No traders will show interest to buy this coin. Becasue of this big price, variation people are investing money on bitcoins and making money. This is not disadvantaging this is an advantage for Bitcoin and users. A disadvantage is late confirmation time and not accepted in any legal business.
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August 20, 2017, 06:08:35 PM
 #276

For me, one of the biggest problem its not everyone can use bitcoin, still needs internet, and sometimes a technical knowledge to use this. And other problem its bitcoin is not the best project with cryptocurrency, and in anytime other crypto can pass bitcoin.

As its a unique digital currency, I don't bother as it requires internet to function. And in the next decade everybody will be able to operate or will have technical skill to access internet. Overtaking Bitcoin value is pretty possible and it doesn't matter as well, its not at all a disadvantage. In the current generation its impossible to have a monopolistic market. For me the time taken is a factor, the fees are also sometimes bothering enough.

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August 20, 2017, 06:42:20 PM
 #277

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Yes, I also think like you. However, fees are required to maintain Bitcoin's boving apparatus. Without it, no one would pay the miners, the transit steps in the deal. So you should not be so worried about fees. Instead, long time trading is also one of the disadvantages of Bitcoin

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August 20, 2017, 06:48:22 PM
 #278

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
The fee is actually a bit high but I think it is OK compared to cash transfer or others online payment processors.  My own major disadvantage of bitcoin is its nature as anonymous transaction which many people has believe evil people may hid under it to commit crimes.



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August 20, 2017, 07:39:52 PM
 #279

I think btc has many disadvantages, and one of it is the damn long transactions that are taking way too long, there are so many better coins that are fast and are better than btc yet btc keeps growing, if it was really about fast performance and good tech another coin would be the king, thats not the case because people choose name and power above good tech and fast transaction, look at what btc has become, it is supposed to be decentralized and not controlled by anyone yet miners are screwing everything up to get more money, bcc ? I read something about another fork coming ? wth, people are really greedy and money makes them behaving like dogs!

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August 20, 2017, 08:02:07 PM
 #280

For me, one of the biggest problem its not everyone can use bitcoin, still needs internet, and sometimes a technical knowledge to use this. And other problem its bitcoin is not the best project with cryptocurrency, and in anytime other crypto can pass bitcoin.
well for you information I would like to say that bitcoin is crytocurrency and it mean that bitcoin really need internet to run, internet is the oxygen for bitcoin and without it bitcoin never live, but all of its users love bitcoin because it work on internet and this is the best advantage of bitcoin, and never ever think that other cryptocurrency will cross the bitcoin, because bitcoin is the boss of global market.

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