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ClvrGmr
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October 08, 2017, 02:37:48 PM |
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We all know the advantages of BTC, but what are some of the disadvantages??
BTC has minimal disadvantages but critically are too much to handle. Like offline wallets and online wallets of btc, when you have btc even if it is offline you can access them but you cannot transfer them. Another is it's price fluctuations, although many consider it a good thing because you can earn profit from it the fact that you cannot predict its price rise and fall which is not that stable is considered as a disadvantage if you can't monitor its price 24 hours a day right? See this kind of few things are critical when dealing with bitcoin. |
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d1ceplayer
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October 09, 2017, 01:56:10 PM |
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I think the main disadvantage of bitcoin is it's fluctuating price ....Secondly it can't be used everywhere ..also it's just online use... Transferring money abroad can also cause deflections in main currency .BTC is also not accepted in many places .
Disadvantage of bitcoin is nothing, if its prices goes down one should wait for the time to rise again and then he’ll gain much profit as compare to before.as if the prices goes high then there will be also good advantage for investors, The value of paper currency may decrease but in nowadays the value of bitcoin is increasing day by day which is a good omen and attracting more people to invest and to chance to expand their trade. So the only thing that gives advantages to mankind nowadays is bitcoin. |
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mukeymon
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Activity: 81
Merit: 10
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October 09, 2017, 02:34:30 PM |
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We all know the advantages of BTC, but what are some of the disadvantages??
I mean, the speed of authentication is slow: not suitable for normal transactions and e-commerce For secure transactions, each transaction should be validated several times. However, every 10 minutes, if you do not pay enough or less fortune, the waiting time for each authentication can be longer. If you get 6 security checks, you need at least 1 hour. If you only send a few dollars and wait so sure to be bored, because transfer is much faster. |
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Pfizer
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October 09, 2017, 02:35:13 PM |
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I think the main disadvantage of bitcoin is it's fluctuating price ....Secondly it can't be used everywhere ..also it's just online use... Transferring money abroad can also cause deflections in main currency .BTC is also not accepted in many places .
Disadvantage of bitcoin is nothing, if its prices goes down one should wait for the time to rise again and then he’ll gain much profit as compare to before.as if the prices goes high then there will be also good advantage for investors, The value of paper currency may decrease but in nowadays the value of bitcoin is increasing day by day which is a good omen and attracting more people to invest and to chance to expand their trade. So the only thing that gives advantages to mankind nowadays is bitcoin. It's not nothing. There are some problems, slow transfers and always hard fork rumors. These are very negative things. |
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Chyton
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October 09, 2017, 02:37:28 PM |
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I would say the transaction speed of Bitcoin is a big disadvantage to Bitcoin. If you are going to use Bitcoin in the real world, you will need a coin that can offer a quick transaction time, preferably less than oen minute. The other disadvantage is anonymity, if you do not use your coins correctly or use a mixing service, people are going to be able to know how much do you have in Bitcoin. This is where other altcoins such as DeepOnion and XMR takes place in anonymity.
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Mellifluous
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October 09, 2017, 02:59:57 PM |
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The disadvantage of BTC are flactuation and anonymity. Flactuation because the price of BTC could easily decrease and anonymity because even terrorist can use BTC without being known.
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gokudera
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Activity: 256
Merit: 36
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October 09, 2017, 03:04:49 PM |
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We all know the advantages of BTC, but what are some of the disadvantages??
Although Btcoin has a lot of advantages. The disadvantages and the ugly side is always there and you cant hide it. Bitcoin is an online money so that the transactions are much easier and if you do not use it carefully you can be fraud of what so ever and you can loss money easily. |
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Anna69
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Activity: 28
Merit: 0
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October 09, 2017, 03:06:40 PM |
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Bitcoin valuation fluctuates and no valuation guarantee
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jheipee19
Member
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Activity: 337
Merit: 10
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October 09, 2017, 03:22:53 PM |
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Disadvantages
Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Bitcoin Valuation Fluctuates
No Buyer Protection
Risk of Unknown Technical Flaws
Built in Deflation
No Physical Form
No Valuation Guarantee
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nelsledma
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October 10, 2017, 10:33:31 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
Disadvantage of bitcoin are the increasing/decreasing in a short period of time and bitcoin can be use in a fraud or other criminal activity because they can use it in a transaction without showing their real identity. If you lose your private key in your bitcoin wallet it will be hard to retrieve your account. And lastly many people doesnt recognized bitcoin. You have probably listed all the possible disadvantages of the bitcoins. This is to be increased in the form of list as I want to add a bit more. According to me the biggest disadvantage of the bitcoins is that they are not legal. All other problems are due to this issue. Being illegal is the actual cause behind BTCs staying unrecognized by a large mass of people. |
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Palider
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October 10, 2017, 10:38:09 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
I think the disadvantages of bitcoin are, we cannot use bitcoin if you dont have internet. They need to speed up the transaction to have more customer. No physical form like the other regular currency |
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zais
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October 10, 2017, 11:31:21 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
Well one that i can think of is that it is still not perfectly anonymous. Personally i'd like to see bitcoin evolve into the future into something like XMR with essentially in built coin mixing. This is probably not necessary but rather an add on. Another thing is that, fees are often high. Also, blocks are 10 minutes on average in between so that means you're probably not going to be able to get stuff irl instantaneously without the merchant having to trust you. the weakness lies in the value of a highly volatile digital currency. The exchange rate that can be very high and fluctuative is caused by the limited amount but the demand is very much. For that, beginners must explore the ins and outs first in order to avoid the fatal losses |
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Portia12
Full Member
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Activity: 434
Merit: 105
ADAB ICO
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October 10, 2017, 11:34:19 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
The disadvantages of bitcoin are high fees, slow transaction, no physical form and risky. That will be the disadvantages of bitcoin. |
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BunnyShibe
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October 10, 2017, 11:40:40 AM |
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The disadvantage of BTC are flactuation and anonymity. Flactuation because the price of BTC could easily decrease and anonymity because even terrorist can use BTC without being known.
I do not think that it is the disadvantage of bitcoin, specially for those people who have investors or traders, because if there is fluctuation in the price of bitcoin they can get chances to make money form bitcoin. |
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Cacaparg
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October 10, 2017, 12:03:41 PM |
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To my mind high disadvatage of bitcoin it is that it is acceptable to use it for drugs guns industries.and also it take a lot of time for payment confirmation.
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PeRo
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October 10, 2017, 12:12:06 PM |
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The bigest disadvantages are :
-Some countries do not support Bitcoin and you can not exchange it to fiat or buy something with them
-Price is never steady- you just can not know if the price is going to be as it is right now or going up a 500$ or down
-On some periods the confirmation time is ridiculously high or the fees go very expensive for bigger transactions
Thats all what I can say as an average user.
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Rhonz
Newbie
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Activity: 7
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October 10, 2017, 12:15:30 PM |
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To my mind high disadvatage of bitcoin it is that it is acceptable to use it for drugs guns industries.and also it take a lot of time for payment confirmation.
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learner 7
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October 10, 2017, 12:42:03 PM |
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The speed of transactions and the price of transactions is, in my opinion, the main shortcomings on this time interval.
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Wyne
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October 10, 2017, 12:48:07 PM |
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We all know the advantages of BTC, but what are some of the disadvantages??
Well one that i can think of is that it is still not perfectly anonymous. Personally i'd like to see bitcoin evolve into the future into something like XMR with essentially in built coin mixing. This is probably not necessary but rather an add on. Another thing is that, fees are often high. Also, blocks are 10 minutes on average in between so that means you're probably not going to be able to get stuff irl instantaneously without the merchant having to trust you. The disadvantage of bitcoin is it cannot reach people on those who live on the area without internet connection. It is also technology dependent. Another is its fluctuating rate with no valuation guarantee. |
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esatceza
Sr. Member
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Activity: 385
Merit: 250
www.thegeomadao.com
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October 10, 2017, 01:07:51 PM |
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We all know the advantages of BTC, but what are some of the disadvantages??
Besides the advantages of Bitcoin that anyone can know, some disadvantages of Bitcoin like the real Bitcoin is not popular and it is very little known. In addition, if you want to use Bitcoin, you must have internet connection and media to connect to the internet. This is a big obstacle for unused internet sites. Finally, perhaps due to the unstable value of Bitcoin, so many fear it |
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