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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9515 times)
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August 31, 2017, 02:23:23 PM
 #321

I think the disadvantage of bitcoin is that there is uncertainty with regards to the value you are holding or keeping at this moment since it's unpredictable the risk that you might wake up one day and your bitcoin has no more value is really something to be fear of. But if the positive side take place then it's another thing besides everything has it's own advantages and disadvantages

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August 31, 2017, 02:29:31 PM
 #322

One of the disadvantages about bitcoin I could think of is when you are scammed,  who will you report to? If you lose lots of money in btc,  what agency are you going for help,  since it is not yet accepted and regulated i. the government.

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August 31, 2017, 08:45:48 PM
 #323

in my opinion bitcoin has no weakness .. it's just that many people use bitcoin as a criminal act. bitcoin is used to embezzle money by some people. ever I heard bitcoin used for money laundering in certain countries. I think bitcoin has a great chance to do that. because it is difficult to track bitcoin users. also most people say the price of fluctuating bitcoin is a weakness .. i think no .. bitcoin price up and down is a chance for you to get profit .. you can take a chance trading in bitcoin .. sell at high prices and buy at a cheap price
Agreed! Bitcoins so far don not have any serious disadvantage. Using them in criminal activities is again not the fault of bitcoins; it is fault on the part of users. Even before the invention of bitcoins, people were using paper money in black market. I am at least never going to blame bitcoins for any such activity.

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September 01, 2017, 07:10:30 AM
 #324

One of the disadvantages about bitcoin I could think of is when you are scammed,  who will you report to? If you lose lots of money in btc,  what agency are you going for help,  since it is not yet accepted and regulated i. the government.
I must say that if you are scammed, then the fault lies at your end completely. You need to be well aware of all the things which are going on around you. Bitcoin has far more advantages as compared to such disadvantages which is why it is grabbing the attention of investors.


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September 01, 2017, 07:56:40 AM
 #325

I think the disadvantage of bitcoin is that there is uncertainty with regards to the value you are holding or keeping at this moment since it's unpredictable the risk that you might wake up one day and your bitcoin has no more value is really something to be fear of. But if the positive side take place then it's another thing besides everything has it's own advantages and disadvantages
You are mixing disadvantages and risks I suppose. You are right in this regard but don’t you think it is a general constituent of any business like stocks and other. What I think is the disadvantage maybe, now the transactions fees are going so high and the lack of awareness about  bitcoin payment system and investment opportunity among merchants and individuals.

Over the time passage, when we are having bitcoin into main stream adoption then any kind of disadvantage will be having only insignificant value alone as we will be enjoying comparatively more benefits at those times.



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September 01, 2017, 08:17:53 AM
 #326

it may be that the current transactions are so many, making a lot of transaccesses pending, so it takes hours to make one transaction. In addition, bitcoin transactions are also very difficult to track, but sometimes people see this as an advantage.
Yes, we can see a lot of difficulties when comes a point of Transactions and Transaction fee. But compared to what all plus points Bitcoin has, this thing will hardly irritate any investor that much. I think these things will be under control by next few years.


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September 01, 2017, 10:39:02 PM
 #327

For me, disadvantage at bitcoin lies in few services that receive bitcoin as payment option. Bitcoin not yet spread in all areas of life. I really want and hope bitcoin to handle all the needs. Without need exchange to fiat. I'm sure this will make it even more valuable if this happens.
Unfortunately this is a slow process that we cannot accelerate, it is a difficult battle that we need to engage and that is won little by little when a merchant decides to adopt and accept bitcoin payments, however with the raising prices less and less people are using bitcoin as a currency and are using it as an investment and while this is not wrong that process is going to slow adoption even more.

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September 01, 2017, 11:01:37 PM
 #328

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Being volatile. Some will say that it is an advantage but as an investment volatility won't be an advantage. Volatility in an investment will add risk. One good example is Gold, which is less volatile compared to Bitcoin. It has a physical value which Bitcoin does'nt also have. It's been used through the years as an asset and as an investment. Its advantage is having a much more stable price than Bitcoin, although its rate of increase in terms of market value is lower than Bitcoin's, still, its market value doesn't often fall unlike Bitcoin which deflation is considered as normal. I hope you get my point.

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September 01, 2017, 11:11:20 PM
 #329

it may be that the current transactions are so many, making a lot of transaccesses pending, so it takes hours to make one transaction. In addition, bitcoin transactions are also very difficult to track, but sometimes people see this as an advantage.
Yes, we can see a lot of difficulties when comes a point of Transactions and Transaction fee. But compared to what all plus points Bitcoin has, this thing will hardly irritate any investor that much. I think these things will be under control by next few years.

Compared in the recent days, transaction fee now is pretty low. But I think it is pretty high for people because they are transacting low amounts that sometimes is less than the transacting fee. If I will be stating a disadvantage, it will be the blocks that sometimes is being clogged with transactions.

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September 02, 2017, 01:17:51 AM
 #330

it may be that the current transactions are so many, making a lot of transaccesses pending, so it takes hours to make one transaction. In addition, bitcoin transactions are also very difficult to track, but sometimes people see this as an advantage.
Yes, we can see a lot of difficulties when comes a point of Transactions and Transaction fee. But compared to what all plus points Bitcoin has, this thing will hardly irritate any investor that much. I think these things will be under control by next few years.

Compared in the recent days, transaction fee now is pretty low. But I think it is pretty high for people because they are transacting low amounts that sometimes is less than the transacting fee. If I will be stating a disadvantage, it will be the blocks that sometimes is being clogged with transactions.
Fee is a huge disadvantage for bitcoin and a lot of people are not liking it and even you said that the fees are lower than the recent days, it is still a huge disadvantage because it is valued by fiat and if you will buy at least $100 and the fee can reach up to 5-10% and that is a huge cut from your purchased bitcoin if you will send it to another bitcoin address.

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September 02, 2017, 07:57:51 AM
 #331

One of the disadvantages about bitcoin I could think of is when you are scammed,  who will you report to? If you lose lots of money in btc,  what agency are you going for help,  since it is not yet accepted and regulated i. the government.
Yes its the most of all. Because bitcoins can easily transact online so if you are getting scammed it will directly lose your hardwork for earning it. Cause everything that connected to internet can be hack. I repeat everything that is connected to internet.
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September 02, 2017, 08:07:56 AM
 #332

It seems to me that the drawback of bitcoin is that it can be used by scammers for dirty purposes and then it will be much harder to catch them than when calculating the usual currency.

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September 02, 2017, 08:12:59 AM
 #333

It seems to me that the drawback of bitcoin is that it can be used by scammers for dirty purposes and then it will be much harder to catch them than when calculating the usual currency.

How about dollars? Euros? or your local currency? They are all used in dirty / good purposes, as long as there is monetary value, those scammers are all around with it and even in the crypto currency. And there's only one thing that bothers me and I'm seeing it as an disadvantage, the higher fees today are ridiculous and I thought lightning network will be fixing that thing.

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September 02, 2017, 08:20:10 AM
 #334

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
I think the bitcoin weakness is not the cost of sending or receiving bitcoins but on the other hand there is no security from the government that can protect personal accounts for each bitcoin user. certainly the most important reason the government did not participate able to provide security for bitcoin users because bitcoin itself has not been able to inaugurated by most countries.

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September 02, 2017, 08:23:10 AM
 #335

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Yes it was the main disadvantages of bitcoin that many users always report. But when we think deeper we can understand why it this so. To have a fast transaction you should pay high fees but if not then you can pay low fees and it will take too long before it transfer. I think it because the one who control it also want to get profit and that is the way to them to earn more by getting high fees whenever you want fast transaction of money.

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robbietobby
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September 02, 2017, 08:42:02 AM
 #336

DISADVANTAGES OF BITCOIN, in my own point of view:

1. NEW BANKING SYSTEM, wherein the bank depends on you. A newbie could not easily rely and needs further understanding, as well as the oldies.
2. UNSTABLE VALUE OF CRYPTOCURRENCIES. This has been talked abt the Aug 1 split, wherein btc could go up or down.
3. REQUIRES LAPTOP ABD ELECTRICITY for easy tracking and updating. Therefore, some folks asking how to lessen electrical consumption.
4. BTC AUTOMATED TELLER MACHINE IS NOT READILY AVAILABLE. Although there were accesible btc- bank partnerships such as Security bank and etc. Brownies Store accept btc.

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September 02, 2017, 08:56:26 AM
 #337

I am new to the cryptocurrencies but I have read a lot of information about bitcoin. For me, one of the disadvantage of bitcoin is its surety that bitcoin will replace dollar after years and bitcoin's value is not stabilize. Bitcoin is not sure that will replaced dollar, because there's so many events that will happen in a year/s we are not sure, as of now.

C
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emezh10
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September 02, 2017, 10:45:57 AM
 #338

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Every certain thing that has ever existed into the world have their own advantages and disadvantages. These two are always present whatever that thing was meaning that even we already have the greatest invention of all time which was the modern technology powered by internet, it is still not perfect. The advantage maybe that I can see within bitcoin cryptocurrency is that it is only limited for online usage. How about those people who really want to get engage with it but do not have an internet connection because their place is not yet reached by civilization meaning there is still no further improvement within their community to operate internet access which we use to access bitcoin. That was just only on my sight and opinion. Fees are also getting higher every single time around which makes transactions slow compared to before. Also the case of hacks and corruption online which is caused by cyber groups that wants to corrupt moneys for their own good.


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wearepoor
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September 02, 2017, 10:55:57 AM
 #339

I think the disadvantage of bitcoin is that there is uncertainty with regards to the value you are holding or keeping at this moment since it's unpredictable the risk that you might wake up one day and your bitcoin has no more value is really something to be fear of. But if the positive side take place then it's another thing besides everything has it's own advantages and disadvantages
You are mixing disadvantages and risks I suppose. You are right in this regard but don’t you think it is a general constituent of any business like stocks and other. What I think is the disadvantage maybe, now the transactions fees are going so high and the lack of awareness about  bitcoin payment system and investment opportunity among merchants and individuals.

Over the time passage, when we are having bitcoin into main stream adoption then any kind of disadvantage will be having only insignificant value alone as we will be enjoying comparatively more benefits at those times.

Agreed with you. The unstable value of bitcoins could not be consider as disadvantage, it is a risk just like other investment risk. I think if the government of the countries completely banned the bitcoins then it will be a major disadvantage. At the moment, most of countries has not regulated the btc but they have not completely banned it. People are able to own and perform transactions at their own risk.

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September 02, 2017, 11:01:17 AM
 #340

The disadvantage of Bitcoin is as follows

1) Lack of Awareness & Understanding

Many people are still unaware of digital currencies and Bitcoin.And this is all because of Lack of awareness & understanding ,People need to be educated about Bitcoin so that they can apply it to their day today lifestyle.Networking is a must to spread the word on Bitcoin.Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies.

2) Risk and Volatility

Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day.However, it is expected that the volatility will decrease as more time goes on.As more businesses, medias, and trading centers begin to accept Bitcoin, its’ price will eventually settle down.Currently, Bitcoin’s price bounces everyday mainly due to current events that are related to digital currencies.
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