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Author Topic: Advantages and disadvantages of Bitcoin 🌟  (Read 1499 times)
Litecoindigger
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June 27, 2018, 05:49:16 PM
Last edit: August 05, 2018, 03:25:14 PM by Litecoindigger
 #1

Bitcoin, as a completely new way of payments, has been founded in 2009, now it's been almost 10 years. In comparison to existing payment systems it is still very new and also the technology that is needed for Bitcoin is unique and special.

Here are the advantages and disadvantages of using Bitcoin:



Advantages:

  • Bitcoin is a global system and not limited to individual nations.
  • Bitcoin is safe against inflation, as bitcoins cannot be multiplied, such as FIAT money, but limited to a maximum number of 21 million. These are to be emitted until the year 2140.
  • Bitcoin has a decentralized peer-to-peer system and when established, central banks, credit card companies and regulators would lose power. The power would then return to the citizens.
  • The miners who handle the transactions are rewarded with new bitcoins. This makes the system strong (it would take 51% of the total hashrate to successfully attack Bitcoin)
  • Bitcoin is globally accessible and can be used anywhere, within minutes, by anyone. Signing up and handling are as easy as creating a mail or sending an e-mail.
  • Bitcoin is absolutely forgery-proof due to the automatic checking of the participants. In addition, the source code is open-source and therefore visible to anyone.
  • Network transfer and validation with Bitcoin can be completed in minutes and anywhere in the world.
  • No personal or sensitive data is transferred between Bitcoin sender and Bitcoin receiver.
  • Bitcoin is pseudo-anonymous when compared to card payments if you use Bitcoin correctly. In the Bitcoin-Blockchain you'll see every transaction but not know who has sent the transaction if you don't know the owner personally.
   


Disadvantages:

  • The Bitcoin system is deflationary. As Bitcoin owners often speculate on ever higher price rises, they barely spend their bitcoins, but collect them in their wallets without putting them into circulation (can also be seen as an advantage that Bitcoin is worth more and more)
  • So far, there is still a relatively low acceptance because Bitcoin is still hardly known to the majority of the population.
  • The Bitcoin software is still in constant development and not all functions and services have been established or even developed by the general public.
  • Only 8 transactions per second (but the development of the Lightning Network should improve that)
  • Early adopters, like users who have already purchased large quantities at very low prices, are already benefiting much more from the price increases.
  • If a country stops trading in bitcoins because of banks, it can cause a sudden price dumps, since then Bitcoins can only be traded illegally
  • The banks and rulers will try to criminalize the owners of Bitcoin



Ultimately, the benefits are far greater and more important, because the disadvantages are all solvable. The long run supports Bitcoin and with 10 years it is not very old.

Do you have advantages or disadvantages to add?

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June 27, 2018, 08:23:52 PM
 #2

I think the biggest disadvantages for me are lack of regulations and uncertainty related to bitcoin, it is not backed by anything so it is very speculative and people think it is unreliable.

Litecoindigger
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June 27, 2018, 08:44:55 PM
Last edit: June 28, 2018, 12:45:44 AM by Litecoindigger
 #3

I think the biggest disadvantages for me are lack of regulations and uncertainty related to bitcoin, it is not backed by anything so it is very speculative and people think it is unreliable.
I don't think lack of regulations is a disadvantage. It depends on the regulation but if I see all those unnecessary KYC precedures, this is something we don't need. Finally we will lose a bit freedom if we implement all the things, the governments want. I agree regulations can be good, if we can sort out some shitcoins and better regulations to protect investors from scammy ICOs by regulate ICO companies, but after all most regulations are done to prevent getting power back to the citizens.

it is not backed by anything
So Bitcoin has no disadvantages regarding the current money system on this issue.  Wink

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June 27, 2018, 08:51:09 PM
 #4

  • Only 8 transactions per minute (but the developing of the Lightning Network should improve that)
I think you wanted to say here "per second" not "per minute".
Good summary overall, i think of Bitcoin more like of digital gold more than currency. But its not clear yet, everyone have their own opinion for now.

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June 27, 2018, 10:12:20 PM
 #5

  • Only 8 transactions per minute (but the developing of the Lightning Network should improve that)
I think you wanted to say here "per second" not "per minute".
Thanks, I've corrected it  Cheesy
8 transactions per minute would be a big problem...

I agree, Bitcoin can be seen as digital gold, too. It's something you can own independant of financial crises, like printing money and inflation.

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June 27, 2018, 11:07:29 PM
 #6

I think the biggest disadvantages for me are lack of regulations and uncertainty related to bitcoin, it is not backed by anything so it is very speculative and people think it is unreliable.
Lack of regulation is a disadvantage to you? Why so? I think thats one of the reasons why Bitcoin is sought after due to it being unregulated and largely untaxed throughout the world.

It is backed by something what you mean is its not backed by something physical like gold.

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June 28, 2018, 04:11:57 AM
 #7

You forgot one main disadvantage. The slow development and the barriers to rollout changes. Bitcoin could be faster and more comfortable with just a few minor changes (from the technical point of view) on the consensus, but unfortunately you can't roll them out because you will cause a fork.

This is one of the reasons which holds back bitcoin and of course the high fees and low acceptance from big companies.

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June 28, 2018, 04:22:17 AM
 #8


I don't think lack of regulations is a disadvantage. It depends on the regulation but if I see all those unnecessary KYC precedures, this is something we don't need. Finally we will lose a bit freedom if we implement all the things, the governments want. I agree regulations can be good, if we can sort out some shitcoins and better regulations to protect investors from scammy ICOs by regulate ICO companies, but after all most regulations are done to prevent getting power back to the citizens.

Until bitcoin is regulated, it can be easily manipulated by the whales and that is a huge disadvantage.
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June 28, 2018, 05:10:36 PM
 #9

Bitcoin, as a completely new way of payments, has been founded in 2009, now it's been almost 10 years. In comparison to existing payment systems it is still very new and also the technology that is needed for Bitcoin is unique and special.

Here are the advantages and disadvantages of using Bitcoin:



Advantages:

  • Bitcoin is a global system and not limited to individual nations.
  • Bitcoin is safe against inflation, as bitcoins cannot be multiplied, such as FIAT money, but limited to a maximum number of 21 million. These are to be emitted until the year 2140.
  • Bitcoin has a decentralized peer-to-peer system and when established, central banks, credit card companies and regulators would lose power. The power would then return to the citizens.
  • The miners who handle the transactions are rewarded with new bitcoins. This makes the system strong (it would take 51% of the total hashrate to successfully attack Bitcoin)
  • Bitcoin is globally accessible and can be used anywhere, within minutes, by anyone. Signing up and handling are as easy as creating a mail or sending an e-mail.
  • Bitcoin is absolutely forgery-proof due to the automatic checking of the participants. In addition, the source code is open-source and therefore visible to anyone.
  • Network transfer and validation with Bitcoin can be completed in minutes and anywhere in the world.
  • No personal or sensitive data is transferred between Bitcoin sender and Bitcoin receiver.
  • There are very low transaction fees for Bitcoin transactions.
  • Bitcoin is very anonymous when compared to card payments if you use Bitcoin correctly.
   


Disadvantages:

  • The Bitcoin system is deflationary. As Bitcoin owners often speculate on ever higher price rises, they barely spend their bitcoins, but collect them in their wallets without putting them into circulation (can also be seen as an advantage that Bitcoin is worth more and more)
  • So far, there is still a relatively low acceptance because Bitcoin is still hardly known to the majority of the population.
  • The Bitcoin software is still in constant development and not all functions and services have been established or even developed by the general public.
  • Only 8 transactions per second (but the development of the Lightning Network should improve that)
  • Early adopters, like users who have already purchased large quantities at very low prices, are already benefiting much more from the price increases.
  • If a country stops trading in bitcoins because of banks, it can cause a sudden price dumps, since then Bitcoins can only be traded illegally
  • The banks and rulers will try to criminalize the owners of Bitcoin



Ultimately, the benefits are far greater and more important, because the disadvantages are all solvable. The long run supports Bitcoin and with 10 years it is not very old.

Do you have advantages or disadvantages to add?

That is i think complet list of disadvantages and advantages of bitcoin, for me it has more advantages and there will be more and more of them in future thanks to more and more users which will be coming to our world in next years.



























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June 28, 2018, 09:33:15 PM
 #10

I think the advantages of bitcoin can also be added to help the economy of a person quickly and disadvantages of bitcoin is cannot avoid hackers
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June 29, 2018, 04:20:28 AM
 #11

  • Bitcoin is a global system and not limited to individual nations.
  • Bitcoin is globally accessible and can be used anywhere, within minutes, by anyone. Signing up and handling are as easy as creating a mail or sending an e-mail.
  • Network transfer and validation with Bitcoin can be completed in minutes and anywhere in the world.
these are basically the same thing.

Quote
  • The miners who handle the transactions are rewarded with new bitcoins. This makes the system strong (it would take 51% of the total hashrate to successfully attack Bitcoin)
the reward has nothing to do with making the system strong against 51% attacks. the system is strong against such attacks because of the large hashing power and the fact that it will cost a lot to perform such attacks.

Quote
  • The Bitcoin system is deflationary. As Bitcoin owners often speculate on ever higher price rises, they barely spend their bitcoins, but collect them in their wallets without putting them into circulation (can also be seen as an advantage that Bitcoin is worth more and more)
  • So far, there is still a relatively low acceptance because Bitcoin is still hardly known to the majority of the population.
  • The Bitcoin software is still in constant development and not all functions and services have been established or even developed by the general public.
  • Only 8 transactions per second (but the development of the Lightning Network should improve that)
  • Early adopters, like users who have already purchased large quantities at very low prices, are already benefiting much more from the price increases.
  • If a country stops trading in bitcoins because of banks, it can cause a sudden price dumps, since then Bitcoins can only be traded illegally
  • The banks and rulers will try to criminalize the owners of Bitcoin

the only thing that is actually a disadvantage in this list is the TPS. others are not disadvantage of bitcoin. and most of them are basically the same argument about the price.

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June 29, 2018, 08:29:51 AM
 #12

  • There are very low transaction fees for Bitcoin transactions.
That's not always the case (huge backlog of unconfirmed transactions + multiple inputs/outputs usually lead to a higher fee).

  • Bitcoin is very anonymous when compared to card payments if you use Bitcoin correctly.
It's "pseudonymous". You might want to explain the latter part (in order to not mislead newcomers).

  • Early adopters, like users who have already purchased large quantities at very low prices, are already benefiting much more from the price increases.
This isn't a disadvantage (you can't list it as an advantage either, since it doesn't apply to everyone else).

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June 29, 2018, 08:31:36 AM
 #13

With the way banks have become so corrupt/unreliable, I think decentralization is a major selling point for crypto generally.
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June 29, 2018, 04:46:15 PM
 #14

What is the best technology for cryptocurrency now? Or you can tell me better topic for this questions?
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June 29, 2018, 05:01:19 PM
 #15

The major advantage of bitcoin to me is the swiftness of remitting money to any part of the world with the freedom it offers to the parties involve by concealing the transaction of the sender and receiver identities. However, the disadvantages of bitcoins is the inability to reverse a transaction in case a mistake is done.
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June 30, 2018, 01:41:04 AM
Last edit: June 30, 2018, 02:49:10 AM by vladimirhf
 #16

What is the best technology for cryptocurrency now? Or you can tell me better topic for this questions?

Any currency aiming for mass adoption should solve the problem of scalabitlity and be suitable for micropayments. Stellar Platform is pretty fast and fees are low, I also like the wallets / decentralized exchanges - stellarterm,  stellaport, interstellar..- it's easier to trade any token on network paying low fees. that's why it's one of my favorites right now.

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July 06, 2018, 09:38:47 PM
 #17

  • There are very low transaction fees for Bitcoin transactions.
That's not always the case (huge backlog of unconfirmed transactions + multiple inputs/outputs usually lead to a higher fee).
I can agree, changed this in the OP. At the moment we can see this issue in the ETH network: a transaction costs up to $10. Bitcoin had these problems in early 2018.

  • Bitcoin is very anonymous when compared to card payments if you use Bitcoin correctly.
It's "pseudonymous". You might want to explain the latter part (in order to not mislead newcomers).
True, also changed in the OP. The way Bitcoin is made it is almost anonymous if you are using different wallets for transactions. This way is also more secure.
Thanks for your corrections.

With the way banks have become so corrupt/unreliable, I think decentralization is a major selling point for crypto generally.
I agree with you, this is maybe the best reason using Bitcoin, Satoshi created Bitcoin in 2008, a financial crisis.

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July 07, 2018, 07:54:31 AM
 #18

In all the advantages of bitcoin I like most is the advantage: Currency without borders
Because Bitcoin exists in cyberspace, it is a currency without borders. You can buy and sell Bitcoin from any location in the world using your smartphone connected to the Internet. This makes Bitcoin out of the tax payer list. Today, there are several ways to earn Bitcoin for free. Provisioning anonymous services for foreign buyers or proxy trading in Bitcoin helps to earn Satoshi or Bitcoin units.
You can ask banks and other financial institutions abroad to pay interest and dividends in Bitcoin and ask for a higher interest rate for crypto payments
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July 07, 2018, 01:49:53 PM
 #19

About advantages
Transactional convenience: Any transaction has a limit on the transfer and receive money, but for bitcoin there is no limit. You can send unlimited number of bitcoins to your friends. No matter where they are in the world they will also receive. You can also send at any time no one can manage the amount you send.
Ensure security and confidentiality
Every bitcoin transaction can be done and completed without any personal information. Transaction information is still kept, but your identity is kept private. This is one of the outstanding advantages that you get when investing in the field of virtual money.
Bitcoin can not be faked
The cost of testing gold is very high, and bitcoin testing is not costly and the truth is that bitcoin can not be faked. Because bitcoin is not shown in physical form.
The cost is extremely low
There are no intermediaries involved in the field of virtual currency investing. However, you still have to deal with the transaction but it is not worth it.
On the downside
Not many users: The fact is that the field of virtual money is still quite new and not many people know. The people of Vietnam have been used to using gold and silver. People are very shy and anxious to invest in this field.
Somewhat unwieldy: In order to invest in bitcoin you need to have certain knowledge to get involved in this area. For those who are not technologically savvy, they can not participate in bitcoin. If not understood, the risk of fraud is very high.
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July 07, 2018, 03:31:22 PM
 #20

About advantages
Transactional convenience: Any transaction has a limit on the transfer and receive money, but for bitcoin there is no limit. You can send unlimited number of bitcoins to your friends. No matter where they are in the world they will also receive. You can also send at any time no one can manage the amount you send.
Ensure security and confidentiality
Every bitcoin transaction can be done and completed without any personal information. Transaction information is still kept, but your identity is kept private. This is one of the outstanding advantages that you get when investing in the field of virtual money.
Bitcoin can not be faked
The cost of testing gold is very high, and bitcoin testing is not costly and the truth is that bitcoin can not be faked. Because bitcoin is not shown in physical form.
The cost is extremely low
There are no intermediaries involved in the field of virtual currency investing. However, you still have to deal with the transaction but it is not worth it.
On the downside
Not many users: The fact is that the field of virtual money is still quite new and not many people know. The people of Vietnam have been used to using gold and silver. People are very shy and anxious to invest in this field.
Somewhat unwieldy: In order to invest in bitcoin you need to have certain knowledge to get involved in this area. For those who are not technologically savvy, they can not participate in bitcoin. If not understood, the risk of fraud is very high.
Good answer. For me this is a great positive aspect of Bitcoin compared to digital card payments promoted by the big card companies. The use of Bitcoin doesn't show your identity and you can send Bitcoins peer to peer very easily.
The knowledge someone needs for Bitcoin transactions is quite easy, if one really try to understand it and be careful.

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