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Author Topic: What are the disadvantages of Bitcoin?  (Read 129 times)
iamsunny (OP)
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February 19, 2018, 01:08:02 PM
 #1

What are the disadvantages of Bitcoin?
Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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squog
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February 19, 2018, 01:40:32 PM
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What are the disadvantages of Bitcoin?

As with investing in the stock markets, bitcoin prices are fickle and would drop down at a moment's notice and would shoot up out of the blue. This would mean that you should really keep an eye on your holdings and do informed investments. Next, bitcoin is not a globally accepted as a monetary currency thus, you need to liquidate it to be able to exchange it to services and products. Lastly, bitcoin is an internet heavy asset. So, no internet connection no transaction.

Nati.Curiosa
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February 19, 2018, 01:48:29 PM
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For me that it's hard to start working with it or learning about it without going through millions of fraud trainings and sachems first
isaacobot
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February 19, 2018, 03:09:10 PM
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dont know yet
Irene80
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February 20, 2018, 04:19:06 AM
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Since bitcoin keeps growing as a very valuable asset, but the digital QR codes makes it vulnerable, so thing in my head is when the black market starts to ruin its reputation.
vieehart
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February 20, 2018, 01:54:47 PM
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For me i have two disadvantage of bitcoin first is, no physical Form Since Bitcoins do not have a physical form, it cannot be used in physical stores. It would always have to be converted to other currencies. Cards with Bitcoin wallet information stored in them have been proposed, but there is no consensus on a particular system. Since there would be multiple competing systems, merchants would find it unfeasible to support all Bitcoin cards, and therefore users would be forced to convert Bitcoins anyway, unless a universal system is proposed and implemented. And second is no valuation Guarantee Since there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. If a large group of merchants decide to “dump” Bitcoins and leave the system, its valuation will decrease greatly which will immensely hurt users who have a large amount of wealth invested in Bitcoins. The decentralized nature of bitcoin is both a curse and blessing. And lastly every people using bitcoin is not finding a job because they have bitcoin . But still im enjoying bitcoin and very helpful to many people .
Monkeyseemonkeydo
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February 20, 2018, 03:42:12 PM
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Of course the high volatility. That's why lot of countries doesn't accept that currency as a currency but not a fraud. Some of countries even ban it.
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February 20, 2018, 03:50:43 PM
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i think avoiding tax, erase money
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