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Honest Tim
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November 14, 2017, 10:13:55 AM |
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Bitcoins has following disadvantages like..
1. Exposure to Bitcoin-Specific Scams and Fraud:
As the world’s most popular cryptocurrency, Bitcoin has seen more than its fair share of medium-specific scams, fraud, and attacks.
2. Black Market Activity May Damage Reputation and Usefulness: Despite high-visibility prosecutions of the most egregious offenders, Bitcoin remains attractive to criminals and gray market participants. Obviously, dark web marketplaces like Silk Road and Sheep expose rank-and-file users to fraud and the threat of criminal prosecution.
3. Susceptible to High Price Volatility
Although Bitcoin is the most liquid and easily exchanged cryptocurrency, it remains susceptible to wild price swings over short periods of time. In the wake of the Mt. Gox collapse, Bitcoin’s value fell by more than 50%. Following the FBI’s announcement that it would treat Bitcoin and other virtual currencies as “legitimate financial services,” Bitcoin’s value spiked by a similar amount.
4. No Chargebacks or Refunds
One of Bitcoin’s biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can’t request a refund through Bitcoin.
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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ahiaba.john@yahoo.com
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Activity: 365
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November 14, 2017, 10:32:04 AM |
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In addition to some of the disadvantages of bitcoin are: Bitcoin trading required internet which is not common to every body in the whole world. Without been educated it will be very difficult to use bitcoin and so therefore illiterate can not make use of bitcoin.
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chicobr
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November 14, 2017, 02:01:46 PM |
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In my opinion, Bitcoin has many disadvantages such as low-speed transaction, high fee, and small block's size
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Imperalta09
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November 14, 2017, 02:07:53 PM |
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We all know the advantages of BTC, but what are some of the disadvantages??
These are the some of the disadvantages that i think are the most criticist. Exposure to Bitcoin-Specific Scams and Fraud are very often in the bitcoin. The Black Market Activity May Damage Reputation and Usefulness of bitcoin. Daily flactuation of bitcoi price and Susceptible to High Price Volatility. No Chargebacks or Refunds when the transaction is done and there is nothing you can do about it and Potential of the bitcoin to Be Replaced by Superior Cryptocurrency is very like to happen. |
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Ayush rana
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November 14, 2017, 06:35:34 PM |
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As we all know that bitcoin's transactions are non traceable which means bitcoin may indulge in criminal activities more. People now start using bitcoin for doing illegal activities like buying drugs and other criminal activities.
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stronghands4lyfe
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The revolutionary trading ecosystem
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November 14, 2017, 06:53:56 PM |
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We all know the advantages of BTC, but what are some of the disadvantages??
-no instant transactions -fees may be higher on sending small amount -fueling criminal activity |
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manatadecoco
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November 15, 2017, 12:37:40 AM |
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Erratic fluctuation is the thing by which a settlement at a store is interfered.
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BlockMedx
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November 15, 2017, 12:42:40 AM |
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The transaction costs, and the most fundamental flaw endemic to the system is the 51% attack. You would hope the network is decentralized to a point that a 51% attack is not necessarily feasible, but it is technically possible, which will always be a fundamental flaw.
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EMS-007
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November 15, 2017, 03:27:42 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
There are only three main disadvantages of Bitcoin i noticed currently which as follows...
1. High fees even on low transactions!
2. Slow speed transaction
3. Online transaction only!
Aside from this then i'm fully satisfied with Bitcoin as a new currency system nor as an asset!  |
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Thecryptocurrency09
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November 15, 2017, 03:54:06 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
Personally the disadvantages of bitcoin for me is the term of its transaction. It took so long to wait for ot to come into account and even money for wxchange. But as a look on wider view of it, many users also prefer living in their job and chooses bitcoin. Not sure if it is a disadvantage tho but somehow, it is just my opinion. |
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ace4549
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November 15, 2017, 04:06:58 AM |
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One of tge disadvatage of the bitcoins is webcan not use thisnto upchase to son products right away. We neecmd to exchange itbintondiatbnoner
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bloodyvio
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November 15, 2017, 04:27:18 AM |
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for me the disadvantage of bitcoin is
1. very high fee
2. confirmation takes a long time
3. mining using CPU and GPU is no longer profitable
4. prices are unstable
but the biggest disadvantage of bitcoin is fee
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24core
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November 15, 2017, 04:29:08 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
One of the main disadvantages are long confirmation times. Sometimes it takes hours to receive some bitcoins because of this. Other reasons are a lot of people still don't know about Bitcoins but this is changing. More and more people are now using bitcoins. |
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Eclipse26
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bullsvsbears.io
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November 15, 2017, 04:33:58 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
There are also many disadvantages of bitcoin. One of it is, it consumes too much of your time and effort. In order for you to earn more and gain more bitcoin, you need to put a lot of effort to it. Also, you should learn all of bitcoin's usage and capabilities to maximize your earnings. Another is, you can also lose a lot of money to bitcoin because bitcoin is all about taking risks. |
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Pinkris128
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November 15, 2017, 04:37:59 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
Bitcoin has its own advantages as well as disadvantages that may affect out lives. One of its disadvantages is, you can lose a lot of money to it. Bitcoin is about taking a risk. Sometimes you can gain a lot of profit and sometimes you can lose some. Also, earning and using bitcoin consumes too much of your time and effort thats why there are some things that you forgot to do because you are focused on bitcoin. |
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BlackRacerX
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November 15, 2017, 04:39:35 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
Transaction fees are out of this world. In my opinion, transaction fees are costly in some exchanges. I know we're paying for the security, but come on, transaction fees are more expensive than the bitcoins I'm about to transfer. It's just my two cents about bitcoins. Another would be the long time for a confirmation of transaction. |
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dvabit
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November 15, 2017, 04:40:27 AM |
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Its all about online noo offline method so far?
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kush14
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November 15, 2017, 04:43:32 AM |
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Bitcoin can be use in illegal ways like in gambling just to earn and it can also cause addiction to many people
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Restmand
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November 15, 2017, 04:49:55 AM |
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We all know the advantages of BTC, but what are some of the disadvantages??
There are many advantage of bitcoin ,but also it is have an disadvantage too that can be a problem someday to the bitcoin. Number one is it being alive only in the internet or online. Maybe if happen that there are no electricity in one country it is difficult to handle or access in the bitcoin because it is only alive in the online. The other dis advantage that o can see that can be a problem too is too being decentralize of bitcoin yes now it is good but what might be happen if have an issue in bitcoin ? Whose gonna fix it ? |
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DoublerHunter
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November 15, 2017, 05:17:41 AM |
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The expensive fee is one of the biggest disadvantage of bitcoin because with that expensive or high fee, it will make the other people hesitate in using it because it is too high for an average person to use especially if they are just going to use bitcoin to transaction for a minimal or average amount of money. I hope that in the future, the fees will become lower so it will not become a problem for bitcoin to continue going to the top and to become fully successful.
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