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Author Topic: Advantages and disadvantages of Bitcoin 🌟  (Read 417 times)
Litecoindigger
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July 07, 2018, 03:31:22 PM
 #21

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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July 07, 2018, 03:54:57 PM
 #22

I think there is simply no disadvantage of bitcoin for the long term holders, if you are a trader then there are lots of disadvantages you can face in the short term.

tranvanvan
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July 07, 2018, 07:50:14 PM
 #23

Bitcoin isn't just an investment to a lot of people. You might see it as just another investment, but many here actually want Bitcoin to succeed. On the other hand, when I invest in a company on the stock market, I couldn't give a fuck what happens to that company as long as I can make some money and get out at the right time. Bitcoin is not that
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July 09, 2018, 12:15:14 AM
 #24

Agreed with Your Opinion, That Bitcoin have Advantages and Disadvantages, But i think advantages of bitcoin is when we make a profit and disadvantage is when we are lose any aset. Bitcoin now down, Take action to save your aset

Litecoindigger
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July 10, 2018, 06:54:22 PM
 #25

Bitcoin isn't just an investment to a lot of people. You might see it as just another investment, but many here actually want Bitcoin to succeed. On the other hand, when I invest in a company on the stock market, I couldn't give a fuck what happens to that company as long as I can make some money and get out at the right time. Bitcoin is not that
I agree here, making profits can be a good thing but it's more a sidenote of Bitcoin. The main interest of Bitcoin is to change the money system in a better way. Making it decentralized instead of it's actually centralized character. This was Satoshi's intention when he invented Bitcoin.
And over all I'm looking forward to see Bitcoin succeded in every point mentioned above Smiley

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July 10, 2018, 07:03:11 PM
 #26

Among all the advantages of bitcoins, the speed of which transactions are made is the one that make bitcoins prefer than other form of payment and the  disadvantage of bitcoins been irreversible when transactions already happen is what makes me dislike it.

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Litecoindigger
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July 10, 2018, 08:06:01 PM
 #27

Among all the advantages of bitcoins, the speed of which transactions are made is the one that make bitcoins prefer than other form of payment and the  disadvantage of bitcoins been irreversible when transactions already happen is what makes me dislike it.
Transaction speed of Bitcoin is I think relatively low compared to other payment options and compared to other coins, speed is currenty sufficent, altough it needs to be improved in future, but I'm not concerned about it because the lightning network will do a great job to process more transactions per second.  Smiley

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farshid.shastri123
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July 11, 2018, 04:52:43 AM
 #28

Advantages:

1. Send money to anyone from anywhere.
2. Decentralised i.e no local authority to impose tax or limits of transfer
3. Prices are always going up.
4. Quick and easy.

Disadvantages:

1. Not for people with less tech knowledge
2. Once you send your funds to a wrong address, you lose all your money as transactions are irreversible.
3. Price Volatile in nature.

Hope that helps.
Litecoindigger
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July 14, 2018, 09:25:34 PM
 #29

Advantages:

1. Send money to anyone from anywhere.
2. Decentralised i.e no local authority to impose tax or limits of transfer
3. Prices are always going up.
4. Quick and easy.
I agree except number 3. Since 12/2017 Bitcoin price decreases.


Disadvantages:

1. Not for people with less tech knowledge
2. Once you send your funds to a wrong address, you lose all your money as transactions are irreversible.
3. Price Volatile in nature.

Hope that helps.
Number 2 and 3 are valid points but I think number 1 it's very easy to learn Bitcoin's use.  Wink

Thanks for sharing!




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Litecoindigger
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August 05, 2018, 03:25:30 PM
 #30

OP updated

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wvizmanos
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August 05, 2018, 11:23:36 PM
 #31

For me the advantage of being an early believer / adapter in bitcoin surely has already been reaping the benefits of bitcoin. If you're just a newcomer then I cannot say the same thing.
r1s2g3
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August 06, 2018, 12:18:48 AM
 #32

  • Early adopters, like users who have already purchased large quantities at very low prices, are already benefiting much more from the price increases.
You forget that early adopter did transactions in Bitcoin. They took risk , with their time and money and helped it in growing. AFAIK no early adopter has any stash of Bitcoin they always used it for doing transactions. ( Like purchasing 2 pizzas for 10000 BTC.)

Litecoindigger
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August 22, 2018, 01:43:10 AM
 #33

  • Early adopters, like users who have already purchased large quantities at very low prices, are already benefiting much more from the price increases.
You forget that early adopter did transactions in Bitcoin. They took risk , with their time and money and helped it in growing. AFAIK no early adopter has any stash of Bitcoin they always used it for doing transactions. ( Like purchasing 2 pizzas for 10000 BTC.)
Yeah, agree here, this point can also be seen as a neutral one, but many people don't feel comfortable having huge whales, also if it wasn't intentionally. But I understand you.

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Robbio
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August 22, 2018, 11:22:19 AM
 #34

This is very helpful for novices. My point is that the advantage of Bitcoin is the free currency in the true sense. Can invest globally. Its disadvantage is that it is used by some illegal elements as a transaction. Such as arms, drugs.
baienpee
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August 28, 2018, 10:25:02 AM
 #35

Advantages: The real free currency in human history.
Disadvantages: Hesitation of freedom can not be controlled, all he can smuggle arms or drugs.
Panat
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August 28, 2018, 10:54:25 AM
 #36

Bitcoin also have limited amount of coins. When they all will be mined blockchain won't work as I see.
neo444
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August 28, 2018, 12:07:20 PM
 #37

For me the important advantage of bitcoin is you can exchange it to money and you can spend this money without any problem  from country  who don't accept bitcoin and the disadvantage of it is btc price can be low in any moment so your profit from bitcoin will be low

DALVIRSINGH5353
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August 28, 2018, 05:34:40 PM
 #38

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.
MegUsta
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August 30, 2018, 11:44:47 AM
 #39

Main advantage is that you can send a transaction any time you want and no one can stop you from doing this.

moiza126
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August 31, 2018, 12:15:39 PM
 #40

There is this biggest benefit that people can't steal your payment information from merchants like how banks do.In banking transactions,they ask you information about your credit card,your name and the number.Whereas in Bitcoin there are two keys public key and private key.Public key is usually just your Bitcoin address and is always public whereas private key is secret.
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