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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9515 times)
Silberman
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September 18, 2017, 07:35:53 PM
 #381

long time ( more than 30min)

not refund ( if you send to wrong place just you must cry )
The inability of getting refunds is not a disadvantage that is part of the design if refunds were allowed then that will mean that an authority will be able to get back your bitcoin once it is in your wallet, satoshi wanted to avoid this, this is why once a transaction has been confirmed and you have bitcoin in your wallet no one can take it away from you.

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September 18, 2017, 08:10:02 PM
 #382

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.
Loss all your money just happens when you cannot manage your capital. Do you know manage capital also an important skill? For me, it is the requirement when you want to become a trader, if you cannot do that, do not try trade!


     
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September 18, 2017, 08:16:53 PM
 #383

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.
Loss all your money just happens when you cannot manage your capital. Do you know manage capital also an important skill? For me, it is the requirement when you want to become a trader, if you cannot do that, do not try trade!
It seems to me that every user who works on the exchange and trades with selected coins has his own Strategy and his opinion on how to deal with this or that situation. If you look at the present day What's happening on the stock exchanges, it's a little pleasing to the eye That circumstance that many coins are beginning to raise their price And even Bitcoin shows nicks growth. I think that this situation will continue and we will stop drinking valerian.

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September 19, 2017, 10:26:51 AM
 #384

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.
I hope so, the dynamic price of the bitcoin is a disadvantage when the price or the bitcoin economy is poor, but we as customers or users we are happy when btc goes high than we expected.

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September 20, 2017, 11:54:00 AM
 #385

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.
Dude! The fluctuations in prices are a blessing. No need to treat it as a drawback of digital currencies or of bitcoins. The unsteady values do provide us opportunities of grabbing bitcoins at low rates. Many new investors are always waiting for low prices to jump into bitcoin market. Look at this aspect in a positive way.

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September 20, 2017, 01:35:06 PM
 #386

I think you're new to the cryptocurrency, in the past bitcoin has got the lowest transaction fee with faster confirmation. Now when the user base increases and several blocksize issue arises the transaction starts getting stuck to the network and probably one with the highest fee got the transaction confirmed in a short. Recently this has got a lot improvement same as the early days. Now I feel the splitting as a major disadvantage, because even before splitting the growth is good.
I think the very disadvantages of bitcoin is that user got lowed transaction and lower price as in all down.  There are some issues made by this for example users panicking in selling their bitcoin because they think that it will lessen the value as the bitcoin is.

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September 24, 2017, 11:26:30 PM
 #387

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.
Loss all your money just happens when you cannot manage your capital. Do you know manage capital also an important skill? For me, it is the requirement when you want to become a trader, if you cannot do that, do not try trade!
The first thing that is taught in any book about trading is money management skills, it is a mistake to put all your eggs in a basket, you need to separate your trades, and if you are going to invest in icos then you cannot invest everything in a single ico, you will need to invest in several icos, that is going to lower your profits but it is going to lower the risk significantly, because if an ico fails you are not going to lose all your money.

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darewaller
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September 26, 2017, 07:40:41 AM
 #388

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.
I hope so, the dynamic price of the bitcoin is a disadvantage when the price or the bitcoin economy is poor, but we as customers or users we are happy when btc goes high than we expected.
All I see everyone complain is transaction fees, lol. So I believe the worst disadvantage of bitcoin is the transaction fees indeed. But don’t forget there are other disadvantages we should take note of and not just neglect them.

Not being accepted everywhere is not really something we should bother about, cause it’s not a currency but a technology stock.

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September 26, 2017, 08:26:47 AM
 #389

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.
I hope so, the dynamic price of the bitcoin is a disadvantage when the price or the bitcoin economy is poor, but we as customers or users we are happy when btc goes high than we expected.
All I see everyone complain is transaction fees, lol. So I believe the worst disadvantage of bitcoin is the transaction fees indeed. But don’t forget there are other disadvantages we should take note of and not just neglect them.

Not being accepted everywhere is not really something we should bother about, cause it’s not a currency but a technology stock.
Bitcoin is a money and that is why there is a fee that is required to be paid in order to make a good transaction but you are right that bitcoin don't need t be accepted by all of the countries and people because bitcoin is more on technology stock that is already available in the internet so it means it is already worldwide and it is up to the people on how they are going to get in touch with bitcoin.

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September 26, 2017, 08:55:20 AM
 #390

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

What I think is that, its computer / internet access is one disadvantage because so many people get discouraged when they don't understand or know how to handle computers. Also, its high security code could also serve as disadvantage to those who would need a third party interaction or the bank to open up bank account codes for them when they forget.

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September 26, 2017, 09:38:16 AM
 #391

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

I think it depends on what you want to do with them. If you use to transfer big amounts, and you compare them to normal international transfers from banks, then I would say it's fees are not that high. If you want to use them for small buys, then they are to expensive for normal use. Another disadvantage I see in bitcoin, is the time it takes to completely validate a tx. If you compare it to Visa or paypal, then it's still slow. They are working on it, but right now it's not enough. Finally I think you have it high volatility, but again if you use BTC for trade, you are probably ok with that. If you just hold them, you are probably ok with that as well, because overall the price it's increasing. If you want to do normal transactions with it, then you might not like it so much because whatever you buy today, it could end up being very expensive tomorrow (or the other way around, but for merchants).

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September 27, 2017, 01:34:21 PM
 #392

Can't speak much about the split since I got into it just for the profits and didn't know the tech behind it but yes, the high fees and slower confirmation time is somehow hampering the crypto. The fees just kept getting bigger, though I heard some people say that's not much of a problem if you can just use a different coin for microtransactions and just reserve your bitcoins for holding. Other than the fees and confirmation time, I don't really hear people complaining much about bitcoin.
Maybe the disadvantage of bitcoin for me is that the stability of bitcoin. Because we all know that bitcoin value is unstable. Sometimes the value is rising and sometimes it is falling. Pump and dump portion.

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September 28, 2017, 10:06:32 PM
 #393

Can't speak much about the split since I got into it just for the profits and didn't know the tech behind it but yes, the high fees and slower confirmation time is somehow hampering the crypto. The fees just kept getting bigger, though I heard some people say that's not much of a problem if you can just use a different coin for microtransactions and just reserve your bitcoins for holding. Other than the fees and confirmation time, I don't really hear people complaining much about bitcoin.
Maybe the disadvantage of bitcoin for me is that the stability of bitcoin. Because we all know that bitcoin value is unstable. Sometimes the value is rising and sometimes it is falling. Pump and dump portion.
For many people that is a blessing and not a curse, and if you are worried about that then the only thing you need to do is to hold for long enough and if you do that then eventually the volatility of bitcoin is not going to affect you at all and you could even take advantage of it since there are times in which it is very obvious when the price is going to go up and when it is going to go down.

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October 15, 2017, 03:18:43 PM
 #394

The disadvantage of bitcoin is that bitcoin relies on technology and electricity for someone to be able to use it. If an area lacks any specific infrastructure which also includes the availability of the internet, the device or computer that you will need to use or having power issues then you cannot really be able to use bitcoin, Since bitcoin is a cryptocurrency that relies on all of these.

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October 15, 2017, 04:57:14 PM
 #395

As the transactions through bitcoin are anonymous so some people use bitcoin as the mode of payment for buying drugs ,illegal ammunitions etc. Bitcoin are not widely accepted and cannot be used without an internet connection. It has no physical form. Due to it's volatile nature it's price keeps on fluctuating which can be sometimes seen as a disadvantage. Government will not accept it as the only mode of financial transactions until some regulations and taxes are imposed on it because government still have no control over it . According to me these are some disadvantages that bitcoin has .



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October 15, 2017, 06:04:25 PM
 #396

I think the disadvantage of bitcoin is that if ever you have mistake in sending your bitcoin to someone then you cannot alter it again and we all know that sometimes we make mistakes no matter how careful we are.

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October 15, 2017, 07:53:44 PM
 #397

The disadvantage of bitcoin is that bitcoin relies on technology and electricity for someone to be able to use it. If an area lacks any specific infrastructure which also includes the availability of the internet, the device or computer that you will need to use or having power issues then you cannot really be able to use bitcoin, Since bitcoin is a cryptocurrency that relies on all of these.
That’s the valid point but if one can invest into such valuable coin he must have resources to afford an internet connection also and yes bitcoin is not for those region where there is no internet and there is only one region where there is no internet that is Antarctica, so don’t count this as an advantage that is lag in development of that region and bitcoin is not responsible for that.


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October 15, 2017, 08:09:52 PM
 #398

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
Well, that is the way you understanding it, bitcoin has so many disadvantages such as the fee as you rightly mention, anonymity is another disadvantage to some extent, it can be use easily for illegal activities, it encourages money laundry from one country to another, it can course inflation and deflation in a country which may be hard to control by the government since bitcoin is decentralised in nature.    

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October 15, 2017, 08:17:09 PM
 #399

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
BTC is great and still the undisputed king. However we must keep our eyes open as it is not perfect and there can be new technology that overcomes it. Just remember one day there was yahoo, noone would doubt it´s supremacy and the other day there it was...GOOGLE! So BTC has three main disavantages for me.
1;2- transaction speed/ cost ( they are related in a  way).
3- Lack of privacy and more important fungibility.

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November 25, 2017, 03:25:59 AM
 #400

I believe one of the disadvantages of Bitcoin is that it encourages increase in capital flight from developing countries to developed nation by corrupt individuals and institutions. It can equally course demand pull inflation in an economy because as the value of Bitcoin increases more people are going to have more money in their possession. This is as a result of the decentralized nature of bitcoin.
I don't concur with you by any stretch of the imagination. Decentralization isn't a drawback by any means. That is a shrewd component drawing in a huge number of individuals all around the world. Moreover, I don't think so bitcoins have in that capacity any genuine hindrance. Time required for exchanges will be soon lessened.

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