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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9670 times)
bhadz
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September 02, 2017, 11:03:47 AM
 #341

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.
It's not a disadvantage of bitcoin that it is going to replace dollar after a lot of years. Don't believe with this as the American gov't will not allow that their very own dollar will replace by a decentralized crypto currency. There's other concern that makes everyone worried about bitcoin and this gives a lot of people think that the disadvantage of bitcoin is the crazy increase of its miners fee.

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September 03, 2017, 10:03:29 AM
 #342

let some one has 5 bitcoin in his wallet. If he dies without giving any information of his wallet to anyone then those 5 bitcoin will also disappear from the market. This is the most disadvantage of the bitcoin or any crypto currency in my opinion.

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September 03, 2017, 03:25:31 PM
 #343

let some one has 5 bitcoin in his wallet. If he dies without giving any information of his wallet to anyone then those 5 bitcoin will also disappear from the market. This is the most disadvantage of the bitcoin or any crypto currency in my opinion.
I don't think that it is a disadvantage of bitcoin for the people who owns bitcoin and doesn't tell it to their family or relatives because it is their own decision to tell them or not and bitcoin has not rights for that thing and to be clear, that is not a disadvantage because a disadvantage can affect almost all the users and not only a person who can't decide or do things well like taking care of his bitcoin in his wallet.

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September 03, 2017, 07:08:15 PM
 #344

The disadvantage of losing your secret code and losing out totally, the challenges to transfer or conversation. Thus, once you forget your password, you are in the verge of forfeiting your wealth from bitcoin

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September 03, 2017, 07:10:37 PM
 #345

The disadvantage of losing your secret code and losing out totally, the challenges to transfer or conversation. Thus, once you forget your password, you are in the verge of forfeiting your wealth from bitcoin

This is a security problem, and I don't think it's problem of bitcoin. It's your responsibility. But real problem is scalability for bitcon nowadays. It should be solved without losing time or it will damage the society.

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September 04, 2017, 08:32:30 AM
 #346

Bitcoin is not so open mind....
Initially, Vitalik Buterin, conceived his project as an update for Bitcoin....rejected by the devs... Bitcoin was rather thought of as a currency, while the creator of Ether first became interested in the technology behind: the blockchain. And it made it so that it is as easy as possible to program services on the Ethereum
 
Looks like an old story to me. Bitcoins present problem is the increase in its transaction fee. It is causing trouble to many people and public is rather annoyed by unfair dues. However, I know the reason behind and I have not condemned anyone for this. We can't use it in micro payments and it is a little drawback at the present.

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September 04, 2017, 08:43:16 AM
 #347

The only disadvantage of bitcoin is that it is not widely used and accepted like fiat money at offline places and even there are only few online sites that accepts bitcoin as a mode of payment but as now its getting more popular we can expect that we would be able to spend it at majority of places in future.

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September 04, 2017, 12:03:16 PM
 #348

let some one has 5 bitcoin in his wallet. If he dies without giving any information of his wallet to anyone then those 5 bitcoin will also disappear from the market. This is the most disadvantage of the bitcoin or any crypto currency in my opinion.
I don't think that it is a disadvantage of bitcoin for the people who owns bitcoin and doesn't tell it to their family or relatives because it is their own decision to tell them or not and bitcoin has not rights for that thing and to be clear, that is not a disadvantage because a disadvantage can affect almost all the users and not only a person who can't decide or do things well like taking care of his bitcoin in his wallet.
I have not seen any such lame disadvantage ever in my life, can’t stop laughing. There are so many other assets that people take away with them b the moment they die. This is not disadvantage at all. It is the personal matter of the person, if he really wanted them to own his property, he could have told them in his life.


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September 04, 2017, 01:47:51 PM
 #349

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

true, the cost of shipping bitcoin is now more expensive, I do not bother, I use altcoin available for my bitcoin transfer, by bribing altcoin using bitcoin then in use for delivery transactions altcoin cost is smaller than bitcoin, I've done several times like this .

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September 05, 2017, 08:09:48 AM
 #350

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.
These are not as such the disadvantages of the bitcoins. Volatility is the essence of digital currencies. With stable prices they won’t succeed in attracting large investors. In today’s world where we are much used to online banking, that too requires laptop and electricity. Even banks need these things to function properly.

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September 06, 2017, 01:08:34 AM
 #351

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Yes this is true, some of exchanger has a high fee. It is nothing to others who trade a years because I'm sure that he/she earn allot of token because of their rank account in the bitcoinfl forum, but how about to the others who already started, I'm sure that they earn small token because of their rank so the fee is very big losing in the beginner. Like in the waves that fixed of 0.001 waves, so if the earn token is small almost nothing will can get by the user.

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September 06, 2017, 01:15:33 AM
 #352

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
As far as i know, the disadvantage of bitcoin is that, its price or currency changes from time to time. It can be grow bigger or even smaller. But that's how bitcoin works so it is important for us people who uses bitcoins to monitor its value in order for us to gain profit in exchanging bitcoins.

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Bitcotalk
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September 06, 2017, 05:22:24 AM
 #353

The only disadvantage of bitcoin is that it is not widely used and accepted like fiat money at offline places and even there are only few online sites that accepts bitcoin as a mode of payment but as now its getting more popular we can expect that we would be able to spend it at majority of places in future.
But we can’t as such consider it as disadvantage of bitcoins. Masses are using bitcoins for online transaction and the way bitcoins are spreading around the globe, soon every retailer will e happy to accept bitcoins. Nothing is wrong with bitcoins to label that thing as disadvantage.

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September 06, 2017, 09:36:57 PM
 #354

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
That is not going to happen, bitcoin has a lot of safeguards against that it is a lot more likely that your fiat you are holding holds no value than bitcoin holding no value, it has happened many times in history the last time I checked that data, 6000 different fiats had their value reduced to zero, so if I can make a bet, I will bet on my local currency reaching a value of zero before bitcoin.

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sandrun
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September 06, 2017, 10:33:06 PM
 #355

I think it is not a weakness of bitcoin .. the fee in bitcoin transaction is adjusted to the type of wallet service. the better your wallet service the more expensive fee for bitcoin transactions. but that's no problem for me. bitcoin weakness for me is security in saving money. bitcoin is a digital currency that is easily lost due to hackers. I've heard my friend's wallet lost some bitcoins. when he did not do any trasaksi. after the search turned out the wallet is stolen by hackers. so I think the bitcoin security level is still low so it becomes a weakness for this coin

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September 07, 2017, 02:39:27 AM
 #356

One of the disadvanatages of Bitcoin is that it is a digital currency that may have an unstable rate, just like foreign currencies. In foreign exchange, or forex in short, the rates are very unstable. If you compare it to other investment instruments like stocks, Forex and possible also Bitcoin as it is so called digital currency, the rstes are really wild in a way that it can go way up or way down. But this past years, Bitcoin is performing well as it is continue on increasing.

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September 07, 2017, 03:23:06 AM
 #357

One of the disadvanatages of Bitcoin is that it is a digital currency that may have an unstable rate, just like foreign currencies. In foreign exchange, or forex in short, the rates are very unstable. If you compare it to other investment instruments like stocks, Forex and possible also Bitcoin as it is so called digital currency, the rstes are really wild in a way that it can go way up or way down. But this past years, Bitcoin is performing well as it is continue on increasing.
Bitcoin graphs now were really useful, thus it influenced many users to enter btc and earn through it. The only fault that needs to be corrected in bitcoin is its transaction fees that are way too high whenever they are putting huge fees with still delays. Hope it will resolve.

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September 07, 2017, 05:28:44 AM
 #358

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
yes the fee is consuming specially when you are involve in too many transactions in bitcoin. Also one of disadvantage of bitcoin in general is that not all country accept bitcoin and also its not familiar to many people and stores.

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September 07, 2017, 07:24:32 AM
 #359

long time ( more than 30min)

not refund ( if you send to wrong place just you must cry )
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September 07, 2017, 07:37:34 AM
 #360

let some one has 5 bitcoin in his wallet. If he dies without giving any information of his wallet to anyone then those 5 bitcoin will also disappear from the market. This is the most disadvantage of the bitcoin or any crypto currency in my opinion.
This could be seen as an advantage to bitcoin holders, as in the example the total bitcoin supply will be reduced by 5 bitcoins forever. Less supply + same or increased demand = higher value.

I have always liked the governance and spirit behind bitcoin, but the technology itself has been greatly improved in newer cryptocurrencies. The market's valuation has to eventually factor in the real purpose bitcoin will serve. Is it transfer of wealth? Is it an untouchable haven that can't be controlled? Is it a symbol of decentralization? Or a simple deflationary store of value?

All these purposes have found better vehicles through other cryptocurrencies. But bitcoin is still the original and a good all-rounder to serve multiple roles. So, I would say bitcoin has many weaknesses that other cryptocurrencies simply don't have, but community and network effect isn't one of them. To flip bitcoin out of its place as the center of liquidity for the crypto market isn't something that's happening anytime soon.
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