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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9515 times)
veganBBQsauce
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September 07, 2017, 07:37:34 AM
 #361

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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September 07, 2017, 03:25:45 PM
 #362

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.
I agree with you in this regard that bitcoins are among few of those inventions that don’t have serious flaws. People are very happy to use bitcoins because they have the sense of freedom now which they were lacking in traditional banking systems. Electricity is not as such an issue in today’s world.

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September 10, 2017, 04:39:36 PM
 #363

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.
Without a doubt that is a great disadvantage for bitcoin, since you cannot reveal your private keys or your seed words to anyone without incurring the great risk of that person to steal your bitcoin from you, so we need to think a lot about ways to try to overcome that, maybe you could leave a file in your computer with the keys and tell a person you trust about the file, that way your bitcoin is not lost forever.

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September 10, 2017, 05:17:41 PM
 #364

For me current disadvantage of bitcoin and maybe in the future is just one, that is about fee tx. I am a trader on exchange where fee for withdrawal is around 0.001btc, while profit i earned only about 0.004/week. So, the solution to avoid it by doing wd once a month (like an employed  Embarrassed).

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September 10, 2017, 06:01:03 PM
 #365

I think transaction fees for now is bit high for users who does micro transactions as transactions fees are now around $5 but the users who does large transactions are not at all affected.Also the confirmations of transactions are taking more time then usually i think.Currently the market of bitcoins are highly unstable which would cause investors to think a lot before investing as price recently came down to $4000 from around $4900 this indicates how unstable and volatile bitcoins are.Also that if you send Bitcoins to wrong address you can't cancel it even though it has not been confirmed.

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September 10, 2017, 07:00:40 PM
 #366

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

fees for sending or receiving money is common, the disadvantage of bitcoin will come when all of us are using bitcoin as currency the value will depreciate. cheers brother !! 

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September 10, 2017, 07:09:22 PM
 #367

The advantage in bitcoin that really sets me back using it in daily life is that its use in the actual world is very limited and the hassle of finding a bitcoin accepting shop is really frustrating.
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September 10, 2017, 07:33:16 PM
 #368

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Even local currency has charges when we send them. For me the disadvantage is it's unpredictability in price. You could be expecting a higher price tomorrow but sometimes it is the opposite that actually happens. 

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September 10, 2017, 07:43:13 PM
 #369

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
No, I believe that it is actually not a problem for bitcoin, it is actually beneficial for the strength of the network as this reduces spam on the block chain and also higher the fees higher is th chance of it confirming fast. The main concern for me is the transaction confirmation times, we have to wait for 10 minuter for getting 1 confirmation on transaction and many websites asks for at least 2 confirmations, so actually it is quiet some waiting time before checking out.

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mastadonballs
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September 10, 2017, 07:44:14 PM
 #370

For me current disadvantage of bitcoin and maybe in the future is just one, that is about fee tx. I am a trader on exchange where fee for withdrawal is around 0.001btc, while profit i earned only about 0.004/week. So, the solution to avoid it by doing wd once a month (like an employed  Embarrassed).
Why you sadly with that? I think it helps your improve your patience when work in Bitcoin, if in future you want become to trader, the patience always important and you will understand wait a month for receive your salary every month cannot compare to wait your coins recovery price Grin.
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September 10, 2017, 07:51:46 PM
 #371

BTC is not fungible. Even if it solves the scalability problems, the transaction costs, the transaction speed if it is not fungible, it won´t be able to be a widespread currency. For sometime now i´m seeing BTC more as a store of value asset. But fungibility is one of the main disavantages.

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September 10, 2017, 07:52:58 PM
 #372

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
No, I believe that it is actually not a problem for bitcoin, it is actually beneficial for the strength of the network as this reduces spam on the block chain and also higher the fees higher is th chance of it confirming fast. The main concern for me is the transaction confirmation times, we have to wait for 10 minuter for getting 1 confirmation on transaction and many websites asks for at least 2 confirmations, so actually it is quiet some waiting time before checking out.
No, it doesn't reduce spam because spam on blockchain caused that problem. And not, even with very high fees, we need sometimes half a hour to get 1 confirmation. Transaction fees sucks, in past we could to send 0.005 btc with very low fee and now for this we need nearly 20% of 0.005 bitcoin. On another hand high fees has to do nothing against high amount of btc transactions. But problem is that there are many people who send bitcoins under 100$.

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September 11, 2017, 07:36:21 AM
 #373

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.
I agree with you in this regard that bitcoins are among few of those inventions that don’t have serious flaws. People are very happy to use bitcoins because they have the sense of freedom now which they were lacking in traditional banking systems. Electricity is not as such an issue in today’s world.
Even if a country is suffering from electricity problems, I believe today we have such digital devices that can be charged and use for hours without any need of electricity then. Basically, it is not even an issue. Bitcoin is leaderless, maybe it will be a problem in future.

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September 11, 2017, 07:37:40 AM
 #374

The advantage in bitcoin that really sets me back using it in daily life is that its use in the actual world is very limited and the hassle of finding a bitcoin accepting shop is really frustrating.
in fact bitcoin is very new in most of the area, people and specially the owner of the shops do not have any idea about bitcoin therefore they are not accepting bitcoin, but i am sure that with the passage of time bitcoin will become common and then even the shopkeepers will learn about it and then then will feel confident to accept bitcoin from the customers.
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September 15, 2017, 07:29:20 AM
 #375

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.
Absolutely right. This is just a flaw which won’t last forever. Transaction fees and Method are no doubt making a little bit of trouble for investors, but I think every picture has two sides.

If we look at the other side and compare the both, then we’ll get to know that such kind of drawbacks are not sufficient enough to stop anyone investing in it.

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denny27
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September 15, 2017, 08:09:20 AM
 #376

I think the one disadvantage of bitcoin is most highlighted by many peoples is the price is still unstable and always fluctuating from time to time, which sometimes rising and falling it is often detrimental to bitcoin users and also the risk for bitcoin investors. Bitcoin prices are still easily influenced by various things or news.

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September 15, 2017, 09:19:47 AM
 #377

I think disadvantage bitcoin is I was late to invest, I knew bitcoin about 3 ago and by that time the price was not more than $ 100, I had thought to buy a lot but was hampered because of negative issues.

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September 15, 2017, 09:42:46 AM
 #378

for me, only the disadvantage is the price volatility of Bitcoin. at the current situation, Bitcoin is facing the at least 20% price fall. which above one thousand USD per Bitcoin. this is the great market fall in recent times.
so the price stability is the only disadvantage in this platform. except for this thing, all are fine to the Bitcoin. and this is the market situation where price must fall or increase.

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Kiweikoo
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September 15, 2017, 10:05:34 AM
 #379

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
Everything introduced in market needs time to be acknowledged by everyone and same is happening with bitcoins. Bitcoins is just not new product in the market rather it is a revolution and revolutions take time to be accepted by all big and small.

There is no need to be worried about bitcoins acceptance in the local market; it is just a matter of few years.

TravisNeko
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September 15, 2017, 11:09:41 AM
 #380

It is not stable. Because the bitcoin rises and goes back down again so you can't predict if you will make money or just lose it all. That is why you should only invest in bitcoin if you know what you are doing.
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