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Author Topic: What do you think is a disadvantage bitcoin has?  (Read 9515 times)
HanSchultz
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July 10, 2017, 08:23:25 PM
 #41

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
If you look at the history of bitcoin the transaction fees were much lower than any option we got,there was a time when the transaction charges were excessive but now it is going down but still we need to have lower fees other than that i do not see any disadvantages.

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July 10, 2017, 09:21:12 PM
 #42

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

Some of the few disadvantage of using bitcoin is the identity of each person. Due to this, it can be used as a gateway for illegal activities. Also, since there is no government intervention from the bitcoin, there is no regulation and this may attract again, illegal activities. Since bitcoin also is decentralized, the price of it is very volatile and it may increase or decrease in a short period of time. Though this also might be an advantage, we must always consider that there is the potential of the price decreasing.

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July 10, 2017, 09:29:41 PM
 #43

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
If you look at the history of bitcoin the transaction fees were much lower than any option we got,there was a time when the transaction charges were excessive but now it is going down but still we need to have lower fees other than that i do not see any disadvantages.
The fees were much lower, but the value of each coin was too. Everything that happens is connected, rising fees are not a random event.
Coin value rises, difficulty rises, cost of mining hardware and power needed to mine a block rises, so we should expect that fees will be rising too, not going down. Best case scenario incoming soft fork will slow this process, but we shouldn't expect fees to go down.

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July 10, 2017, 09:36:18 PM
 #44

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
This not really the case at the moment as fees seem to have gone down except exchangers have maintained their fee structure.
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Some disadvantages i see in bitcoin is the decentralized nature its built on,which is both an advantage and disadvantage and the disadvantage being the delayed implementations of new protocols which might leave the devs in a deadlock with no consensus passed if required support is not met...bitcoin honestly needed some centralization for easy quick decision making  

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July 10, 2017, 09:54:54 PM
 #45

Bitcoin has many disadvantages and the number is increasing every day. Slow transactions, high fees and network problems are the ones that I can count.

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July 11, 2017, 08:51:21 PM
 #46

Bitcoin has many disadvantages and the number is increasing every day. Slow transactions, high fees and network problems are the ones that I can count.
Transactions are exactly the same as they were a year ago, if you remember to adjust the fee. People are ignoring the fact that fees have increased and still trying to pay less than they should, and then complain that transactions are slow.
What network problems? The network is doing just fine.


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July 12, 2017, 01:54:18 AM
 #47

Maybe a lot will disagree with me for this especially rich investors because for me its volatility. When you think of it average people can buy bitcoin with their cash expecting it to go higher and higher but if it goes down they have no choice but to wait a little longer or maybe more before it goes up but it can also go down again. Then they have no choice but to convert it to cash resulted from being impatient because they are expecting in the first palce for a huge interest on bitcoin.
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July 12, 2017, 02:05:08 AM
 #48

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
I agree with you, it's annoying to lose a lot of bitcoin. I encountered a situation quite frustrating when dealing, when I sent the right amount of transactions, but when the transfer of the money was deducted, so I have not paid the full amount of transactions.
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July 12, 2017, 02:28:14 AM
 #49

I believe one of bitcoin most common and hated disadvantage is the fee when sending or recieving bitcoin. What do you think?
I agree with you, it's annoying to lose a lot of bitcoin. I encountered a situation quite frustrating when dealing, when I sent the right amount of transactions, but when the transfer of the money was deducted, so I have not paid the full amount of transactions.

Yeah the fees are getting higher and higher and in future it will be even higher so that is one of the disadvantage of bitcoin and apart from that it is not accepted everywhere yet and to spend them we have to convert it to fiat which again involves additional fees which is very annoying.

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July 12, 2017, 03:02:48 AM
 #50

Many people have stated the problem of high fees and slower transactions. Completely justified.

What I want to bring is that Bitcoin itself is defeating its purpose of a currency. Bitcoin has became an asset largely. This is all because bitcoin has built in deflation. Since the total number of bitcoins is capped at 21 million, it will cause deflation. Each bitcoin will be worth more and more as the total number of Bitcoins maxes out. This system is designed to reward early adopters. Since each bitcoin will be valued higher with each passing day, the question of when to spend becomes important. This causes spending surges which will cause the Bitcoin economy to fluctuate very rapidly, and unpredictably and defeats the overall purpose of using a currency in day to day transactions because people are most likely to use Bitcoin as an investment asset than spending it like fiat.


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July 12, 2017, 03:12:38 AM
 #51

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 one of their disadvantage, but you can customize the fee though, even you need to wait more longer than before. I think the most disadvantage of bitcoin is the price of bitcoin that really unstable and easily decrease and increase.
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July 12, 2017, 03:15:24 AM
 #52

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 one of their disadvantage, but you can customize the fee though, even you need to wait more longer than before. I think the most disadvantage of bitcoin is the price of bitcoin that really unstable and easily decrease and increase.

I don't think that instability in the price of bitcoin is its disadvantage as for me its an biggest advantage to make profits by taking advantage of its price volatility and people who are into trading will never like the price stability as it will never allow them to make regular profits.

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July 12, 2017, 03:34:14 AM
 #53

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 one of their disadvantage, but you can customize the fee though, even you need to wait more longer than before. I think the most disadvantage of bitcoin is the price of bitcoin that really unstable and easily decrease and increase.

I don't think that instability in the price of bitcoin is its disadvantage as for me its an biggest advantage to make profits by taking advantage of its price volatility and people who are into trading will never like the price stability as it will never allow them to make regular profits.
Yes,the price instability is the biggest plus factor on which investor or trader make profit.without it bitcoin will be similar to any other digital currency.bitcoin lack in transaction speed but it also give employment to miners so it has merit and demerit in this field.

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July 12, 2017, 04:39:43 AM
 #54

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 one of their disadvantage, but you can customize the fee though, even you need to wait more longer than before. I think the most disadvantage of bitcoin is the price of bitcoin that really unstable and easily decrease and increase.

I don't think that instability in the price of bitcoin is its disadvantage as for me its an biggest advantage to make profits by taking advantage of its price volatility and people who are into trading will never like the price stability as it will never allow them to make regular profits.
Yes,the price instability is the biggest plus factor on which investor or trader make profit.without it bitcoin will be similar to any other digital currency.bitcoin lack in transaction speed but it also give employment to miners so it has merit and demerit in this field.

Yes its an best way to make profits in quick time and most of the traders are making profits in the same way and if the price of bitcoin gets stable then I am sure many people would prefer to quit bitcoin and switch to some other investments.


 
 
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gabbie2010
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July 12, 2017, 05:20:52 AM
 #55

For me I always feels disappointed when I began to see the bitcoin in my wallet drops in values as the price of bitcoin is reducing, I always based my calculation on the present values of bitcoin in wallet but when the price drops it leads to some readjustment in fact this always causes some disagreement between myself and some buyers by the time I wanted to sell certain quantity to a buyer the price drops setting in lack of trust.

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July 12, 2017, 07:04:33 AM
 #56

For me I always feels disappointed when I began to see the bitcoin in my wallet drops in values as the price of bitcoin is reducing, I always based my calculation on the present values of bitcoin in wallet but when the price drops it leads to some readjustment in fact this always causes some disagreement between myself and some buyers by the time I wanted to sell certain quantity to a buyer the price drops setting in lack of trust.
If you have invested in Bitcoin or any other cryptocurrency, you have to bear with its volatility. Volatility is natural. Volatility is the one which keeps investors interested in investing into cryptocurrencies ( because of many buying and selling opportunities). You will keep on seeing many ups and downs for many more years unless we reach a point where bitcoin is nearly equally divided in large population and not 1% holding the maximum. Instead of feeling depressed about it, try to make the maximum profit from it. You could make huge profit if done nicely.

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July 12, 2017, 07:11:18 AM
 #57

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

That's something everyone is complaining about, bitcoin, transaction speed and transaction fees are too high, which makes people feel uncomfortable. It should be fixed soon.

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DmitryN
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July 12, 2017, 07:14:29 AM
 #58

Ridiculous amount of energy spend on calculation probably is something that need to be addressed in the future. It's not practical and most likely the same result can be achieved with other creative means.

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July 12, 2017, 07:51:26 AM
 #59

Ridiculous amount of energy spend on calculation probably is something that need to be addressed in the future. It's not practical and most likely the same result can be achieved with other creative means.

I think more than the the disadvantage of Bitcoin as emphasized by its competitor ethernum that has smart technology which you can program and have it work for you without even moving its finger. Bitcoin though has grown stradily over the years and is still the go to cryptocurrency for the world but it has disadvantages but we still look beyond it on its usefulness.

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ajmapalo22
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July 12, 2017, 08:19:22 AM
 #60

Bitcoin uses technology not everyone can understand unlike other currency which everyone can use, for me the idea that bitcoin can only be used by those educated or should I say know this kind of technology is one of the disadvantage of bitcoin those who has no knowledge about computers like poor/un-educated one might find it difficult to use bitcoin for their transactions.

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