bet-man (OP)
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October 29, 2017, 03:55:38 PM |
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jseverson
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October 29, 2017, 04:11:32 PM |
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The opinions on the article you linked are different, but they're hardly new. The argument on intrinsic value has been going around for ages, as have scalability issues, volatility, etc.
I like how it highlighted the community politics though. It's more elevant now more than ever thanks to the upcoming segwit2x fork. It is able to explain clearly why forks are bad along with its underlying issues.
I also like how it says that despite all these issues, Bitcoin's fall will take a while so it's fine to invest. I can at least agree with it on thinking it's going to be around a while longer, though my estimate is probably a lot longer.
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dancingnancy
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October 29, 2017, 04:15:54 PM |
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Volatility is the only main downside of bitcoin. Bitcoin has a great rate of return, and the transaction fees are not all that high as compared to conventional payment methods. Another downside would be that you couldn't depend entirely on it as its better as a currency than an investment. But I would still invest into bitcoin as it's worth the time and money to be put into it. |
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ElegantCy
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October 29, 2017, 04:22:48 PM |
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High transaction fees and long confirmation time are the down sides of bitcoin to me.The double spend of bitcoin is also a downside.
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Spaffin
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October 29, 2017, 04:33:32 PM |
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The main drawback of bitcoin, I believe a long time for transactions. This prevents the use of bitcoin in calculations for small purchases, because it is quite inconvenient. As for volatility, I would not say that this is a big problem. On the contrary, the sharp jumps in the exchange rate bring a revival in the auction and allow you to invest well in bitcoin, when it once again falls in price. At the same time, it can be profitable to sell when it is at the next peak of value.
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SureLockLoans
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October 29, 2017, 04:36:00 PM |
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Another reason for Bitcoin struggling to become an accepted currency is the knowledge required to use it. Many people haven't got the time to learn about full nodes and staying safe. Cash is simple and a lot of online transactions with fiat is managed by third parties like paypal.
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kissme09
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PayAccept - Worldwide payments accepted in seconds
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October 29, 2017, 05:00:55 PM |
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I think value volatility is the biggest disadvantage of bitcoin both in price and price. If you follow it often, you will see the peak and the bottom of a bitcoin cycle is quite far apart. Sometimes it is up to $ 1000 which is the biggest disadvantage of it because this will affect the whole market cryto
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ahmad21
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October 29, 2017, 05:10:44 PM |
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Volatility is the only main downside of bitcoin. Bitcoin has a great rate of return, and the transaction fees are not all that high as compared to conventional payment methods. Another downside would be that you couldn't depend entirely on it as its better as a currency than an investment. But I would still invest into bitcoin as it's worth the time and money to be put into it. I would add up transaction time and anonymity too in the downsides of bitcoin. Anonymity is a two faced coin with comes both as a merit as well as a demerit. Its good that you are difficult to trace but its bad that criminals and wrong doers too are difficult to trace. |
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Idrisu
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October 29, 2017, 05:28:28 PM |
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Bitcoin advantages are more than its disadvantages and because of this I think the developers are taking this loops hole serious in other retify those things. The anonymous nature of bitcoin transaction make bitcoin to be prone to be used for evil. Terrorist, scamers and others fraudstars are using bitcoin because of this anonymous transaction. |
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Gaaara
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October 29, 2017, 08:57:57 PM |
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High transaction fees and long confirmation time are the down sides of bitcoin to me.The double spend of bitcoin is also a downside.
At least it is better compare to others, and in fact if you are going to send money abroad it is cheaper if you use bitcoin than using a dollar. I think the price is the one problem of it, non-stop price hike are cannot be considered as a good thing but it has good impact tho. |
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hakuna
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October 29, 2017, 09:04:16 PM |
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Apart from volatility, a downside of Bitcoin is the amount of electricity wasted for mining, and the time required for validating a transaction. Another non technical issue is the lack of regulation from different Countries.
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xebecstyx
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October 29, 2017, 09:08:12 PM |
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Volatility is the only main downside of bitcoin. Bitcoin has a great rate of return, and the transaction fees are not all that high as compared to conventional payment methods. Another downside would be that you couldn't depend entirely on it as its better as a currency than an investment. But I would still invest into bitcoin as it's worth the time and money to be put into it. I would add up transaction time and anonymity too in the downsides of bitcoin. Anonymity is a two faced coin with comes both as a merit as well as a demerit. Its good that you are difficult to trace but its bad that criminals and wrong doers too are difficult to trace. I agree with most of the points raised through this thread. The article gives good information on some of the things people who venture in the bitcoin market should, or I guess, MUST know. The more knowledge and understanding you have of the market, the greater success and basically the lesser risks you would encounter. Although as mentioned, most of the things discussed in the article highlights some of its pros as well as its cons. It's just up to the person if he will spend time, effort and money in the market. |
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GreatOrchid
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October 29, 2017, 09:08:57 PM |
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It is right, the articule is a good source and you all should know that without downsides, bitcoin would be nothing.
Without those bearish times or downsides or whetever you would like to call them, the price could never go up, because without a down side, there is no up side.
But regarding to the phrase that talks about the new fork, it is wrong, the price is increasing right now because of the fork, and a lot of people is going to buy more bitcoins only to prepare for this fork.
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Gabb
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October 29, 2017, 09:33:26 PM |
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All these criticisms have already been widely disseminated, in fact nothing new that could bring more uncertainty to the bitcoin ecosystem. For years I have seen these omens of an imminent bitcoin death due to these problems, but with the passage of time bitcoin has continued to strengthen, making fun of all its detractors. But we can not sing a victory and we must be ready to face the multiple challenges that will be a constant in the history of bitcoin.
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