Disadvantage of bitcoin

[serjent05]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

I do not see this as a disadvantage of Bitcoin against the local bank.  Remember we are the ones keeping our own coins, it would be absurd if we blame our irresponsibility on others and make them reimburse it because of our mistakes.

What I get from this is that Bitcoin teaches us to be responsible and I never see this as a disadvantage.

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[JunaidAzizi]

Was going through some posts on the forum when I came across this writing in a free signature space that writes “Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC”.

This will not only your question a lot of other members also think the same so let's clear this confusion. This is a warning for all those people who have bitcoins. We all know Bitcoin is very precious and has a high price. Looking at it security of the Bitcoin and the holder they give a reminder every time that if you lose your wallet address or wallet no one will ever recover your wallet and a lot of bitcoin will be wasted. This is not the disadvantage of Bitcoin but rather it is an advantage for keeping your security and saving you from thieves, hackers, or any other persons who want your bitcoins. if someone feels it disadvantage he just looks to those people whose bitcoin was stolen from an exchange or being kidnapped. If you realise this then you will never feel that this is the disadvantage of bitcoin.

[examplens]

Each option has its advantages and it is not possible to create a perfect currency, right? Probably the biggest advantage of the FIAT (and disadvantage of Bitcoin) method is the offline method.
The advantage of Bitcoin by cheap transactions seems to be starting to lose its importance with the arrival of these BRC tokens.

[Nwada001]

I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Both a bitcoin wallet and a bank account are at risk if the owner of the account is not careful enough. Anyone who is careless can lose access to their funds, irrespective of where the money is. In a centralised system, which is the banking sector, if I have money in my account and I'm careless with either my credit or debit card details and it gets into the wrong hands, and the person who has access to it is smart enough to know how to move out funds from my account, and he succeeds in doing that, does my money being in a bank account make it immune from being stolen because of my carelessness?
 
If I also have a bitcoin wallet, a self-custodial wallet, and I'm the only one in total control of my holdings, but it happens that I was careless with my phrase and someone got their hands on it, and I later discovered that my bitcoin wallet has been emptied, will I have to blame the bitcoin network or should I blame my carelessness?
 
Anyone who loses access to their account details can go straight to the bank and file a complaint, in which they could request some sort of detail and later rectify the issue after some stress, and you will get your money back. If anyone needs such a service and still wants to remain in the old traditional ways but still wants to get involved in bitcoin, they can always make use of a centralised exchange. They don't have to be afraid of the risk since they are all good with the banking sector. Give them control of your holdings if you are too lazy to protect yourself, and whatever comes after you bears the detriment. It's as simple as that.
 
What ever has an advantage surely will have a disadvantage. Bitcoin is not all that perfect in the eyes and view of many; what matters is how someone who knows its value uses it and the ways you choose to make use of it. Whatever purpose you want to use it for, it all depends on you, and it's their job to serve you right.

[Darker45]

Banks aren't the safest, of course. The advantage, however, is that accountability and responsibility are on them. The money kept in banks are insured up to a certain amount.

In Bitcoin, on the other hand, accountability and responsibility are on the owner. That's what freedom is all about. With full control comes full responsibility. That's what being your own bank means.

Now, it's up to everybody to choose. However, this is just one facet of the story. The list of pros and cons of both banks and Bitcoin is quite long. In totality, however, Bitcoin is a world better than banks.

[dzungmobile]

Banks aren't the safest, of course. The advantage, however, is that accountability and responsibility are on them. The money kept in banks are insured up to a certain amount.

Banks are not safest but they are safer than alternate cryptocurrencies aka. altcoins include stable coins. Audits from banks can be faked and they can be bankrupted too but banks have no Mint function to use like developers who create altcoins and stable coins.

Commercial bank industry at least have more laws and stricter regulations than cryptocurrencies and stable coins. They are safer than those alt cryptocurrencies but of course can not compare to Bitcoin. Your money stores in banks won't be safe if those banks collapse and your bank transfers can be reverted by banks too.

In Bitcoin, on the other hand, accountability and responsibility are on the owner. That's what freedom is all about. With full control comes full responsibility. That's what being your own bank means.

With Bitcoin blockchain, its strong and decentralized network, there is no way to attack Bitcoin network, there is no reversed transactions on Bitcoin blockchain.

With open source non custodial wallets, if you create your wallet properly, you are safe with your bitcoin. No one can seize your bitcoin, freeze your Bitcoin wallet, it's very big different than money in banks.

Now, it's up to everybody to choose. However, this is just one facet of the story. The list of pros and cons of both banks and Bitcoin is quite long. In totality, however, Bitcoin is a world better than banks.

It's up to each person to make a choice, just remember.

Not your keys, not your money/ bitcoins.

[target]

This is probably because banks in the coming days are going to accept BTC in the user's account and those who believe banks are better, will be doomed. Banks today are failing and FDIC will give back $250.000 only while BTC will be more than that amount in the future. 

So this advert tells banks they are safer and is only for those who are not aware of what they have done before. If they can freeze funds today for whatever reason like political views, they can also do it when they already have your BTC. BTC in the bank means you don't hold your keys.

[philipma1957]

This is probably because banks in the coming days are going to accept BTC in the user's account and those who believe banks are better, will be doomed. Banks today are failing and FDIC will give back $250.000 only while BTC will be more than that amount in the future. 

So this advert tells banks they are safer and is only for those who are not aware of what they have done before. If they can freeze funds today for whatever reason like political views, they can also do it when they already have your BTC. BTC in the bank means you don't hold your keys.

Look cash is not going to vanish overnight. So a  bank with cash and btc is kind of already in place

its coinbase.

the cash in it is fdic so it is essentially a bank.

[NeilLostBitCoin]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

It is important for Bitcoin holders to understand that the Bitcoin system is not at fault if they lose access to their Bitcoin wallet. Instead, the responsibility rests solely with the owner of the Bitcoins. It is crucial to take all necessary precautions to safeguard access to Bitcoins, such as storing them in a secure wallet and keeping private keys safe. While it is true that losing access to Bitcoins can be a frustrating experience, it is not a disadvantage to Bitcoin.

[Smack That Ace]

Was going through some posts on the forum when I came across this writing in a free signature space that writes “Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC”.

This will not only your question a lot of other members also think the same so let's clear this confusion. This is a warning for all those people who have bitcoins. We all know Bitcoin is very precious and has a high price. Looking at it security of the Bitcoin and the holder they give a reminder every time that if you lose your wallet address or wallet no one will ever recover your wallet and a lot of bitcoin will be wasted. This is not the disadvantage of Bitcoin but rather it is an advantage for keeping your security and saving you from thieves, hackers, or any other persons who want your bitcoins. if someone feels it disadvantage he just looks to those people whose bitcoin was stolen from an exchange or being kidnapped. If you realise this then you will never feel that this is the disadvantage of bitcoin.

It is no surprise that people still trust banks more than they trust them because banks exist and we have been dependent on them for hundreds of years. It can be said that it has become a culture, a habit that is difficult for people to change quickly. Freedom, decentralization, privacy have only been mentioned a lot since bitcoin appeared and only 15 years have passed. Therefore, it will take time for people to completely change their habit of depending on banks.

Moreover, nothing is 100% perfect, if they don't fit that characteristic then it's a disadvantage for them but for those who like that characteristic it's an advantage, we can't force everyone who thinks like us.

[bayu7adi]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Just try to independently secure your assets ...it's not a scary idea for me, considering I've experienced losing a chunk of my crypto assets in a wallet I secured on my own. The amount was quite big, but I didn't drown in sorrow. I recognized the risks, so I let go of those coins without considering it a fatal mistake...it's just part of my journey, nothing more.

Instead of parking money in banking platforms that end up using our funds for their own gains without giving us significant benefits, it's better to stash it independently in the form of BTC, which I trust as a hedge asset. Totally, everyone's got their own take on this, and personally, I'm all about having full control. Start small, like with our own assets. At least, it'll make a difference in gauging our ability to keep things in check.

Moreover, there are plenty of folks in this forum sharing tutorials on securing our wallets. Here's a link you can check out to learn how to secure your Bitcoin wallet, including encryption:
https://bitcointalk.org/index.php?topic=5130103.0

[Darker45]

Banks aren't the safest, of course. The advantage, however, is that accountability and responsibility are on them. The money kept in banks are insured up to a certain amount.

Banks are not safest but they are safer than alternate cryptocurrencies aka. altcoins include stable coins. Audits from banks can be faked and they can be bankrupted too but banks have no Mint function to use like developers who create altcoins and stable coins.

Commercial bank industry at least have more laws and stricter regulations than cryptocurrencies and stable coins. They are safer than those alt cryptocurrencies but of course can not compare to Bitcoin. Your money stores in banks won't be safe if those banks collapse and your bank transfers can be reverted by banks too.

If we break this down further, it would be on a case-to-case basis. For example, keeping your money in ETH or USDT-- which are altcoins-- in a cold storage would have been much safer than keeping it in Lebanese pound at a bank in Beirut. At least with, say, USDT it is more or less stable and you have access to it. Whereas, not only was Lebanese pound hitting all-time lows in value, you aren't even allowed to withdraw them. At least this was the situation a year or two ago.

Banks may not have that mint function, but they can also create money out of thin air. They do not have that literal money printer, but they can and are allowed by law to issue credits, thus actually creating money, inflating the monetary supply as a result.

In Bitcoin, on the other hand, accountability and responsibility are on the owner. That's what freedom is all about. With full control comes full responsibility. That's what being your own bank means.

With Bitcoin blockchain, its strong and decentralized network, there is no way to attack Bitcoin network, there is no reversed transactions on Bitcoin blockchain.

With open source non custodial wallets, if you create your wallet properly, you are safe with your bitcoin. No one can seize your bitcoin, freeze your Bitcoin wallet, it's very big different than money in banks.

In the same manner that you could also be $5-wrench-attacked, get hacked, lose your backup, or the access to your wallet, and so on. That's why freedom implies responsibility; full freedom, full responsibility.

Yes, your Bitcoin is recorded in the blockchain and no one can take it from there, but your access to it is fully your responsibility. It is nobody else's. You lose it, it's completely lost.  

[Iranus]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

First of all, if you lose your keys and can't access your wallet, whose fault is it? Bitcoin or you? If it's your fault, you can't say it's a disadvantage of bitcoin. Everything is proportional to each other, bitcoin gives us privacy, gives us full control over our assets, we need to be more responsible with our assets. So I don't think having full control over your assets is a disadvantage.

But each person has a different way of thinking, if you are not confident in yourself, you can ask for help from a third party, such as a bank. But then you won't have privacy or full control over your assets. The choice is yours, you can't ask for something perfect that can give you absolute privacy and security, but you won't spend too much time and effort to protect it.

[Assface16678]

What disadvantage? No! In fact, keys are advantageous. Why? Because accessing a crypto wallet is unique, it can't be easily hacked. Now, from what you see, it only serves as a reminder to backup your keys because many crypto holders tend to forget their keys, which is their own fault. In short, a crypto wallet gave us a unique and secured key that serves as a password, and it's our responsibility to keep it safe or memorize it. You can't blame the wallet just because you forgot your keys; it's your own fault or the wallet holder's fault for forgetting them. Again, keys from wallets are not a disadvantage; they are an advantage that provides a stronger and unique way of accessing your wallet to protect your assets. If someone blames the key because they forgot it, then they are the problem, not the wallet, because a holder should be more responsible with their things.

[bettercrypto]

Was going through some post on the forum when I came across this writing in a free signature space which writes “make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you loss access to your BTC”.


Now a lot of people would imagine the possibilities of losing access to one’s bitcoin in their wallet and there have been several cases of where people loss access to their wallets with massive holdings in it and that is why it is always advisable to back up wallet address regularly.
I’m not trying to down in BTC but at times we should call a spade a spade and accept the fact that aside decentralization that bitcoin offers and its volatility that we all profit from, a lot of people would still want to stick to the traditional banks because it also seems to be one of the safest place to keep our money.

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

When you say this is OP, is this showing that you are also skeptical of Bitcoin? That's what you want to convey here to the forum members. If you have doubts about Bitcoin, there is no problem. Yes, it is true that there is still risk here because it is a volatile asset.

But in spite of all that this is the condition of Bitcoin, it still remains attractive to the majority of investors who have bought it and even to large companies and companies around the world. Why? That is still due to the usage and its decentralized nature, and this is the truth there.

[rodskee]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

Not sure if this is disadvantage but one thing I know is that the safer your funds is the harder
 it may taken so i trust and believe this bitcoin feature and will always support that concept .not knowing how to
handle your wallet is your problem and not to blame to anyone of everything.

[Fivestar4everMVP]

Now my question is, do you think losing all of one’s coins simply because they didn’t have access to their wallet or key is already enough disadvantage for bitcoin against the local banks ?

It is not, absolutely not, I don't know a thing about the monetary policy of the country you from, but over here, people still lose the money they entrusted the banks, other trusted financial institutions to hold for them, and after back and forth dragging, going to court if the amount involved is huge, the person still end up not getting his lost money back, some do get it back if they are lucky by the court standing up for them, but for those who can not afford or know the process involved in court dealings, they end up losing their money with no means of questioning the bank.

My mother inlaw saved a good amount of money in one of our local banks here, for good five years, she never checked, after five years, she decided to go and withdraw the money since she needed it to sort out urgent matters, behold, when she went to the bank, she was told that her account was empty, she was surprised and asked them how did over $300 worth in our local currency she kept in her account disappear, this happened in 2020 and till today, this bank can not explain to my mother inlaw how her money disappeared from her account, and neither has they refunded her..

Unfortunately for her and fortunate for the bank, she's is not entirely educated, and because of this, she doesn't know how to use the law enforcement to threaten the bank to refund her her money.

So, coming back to bitcoin, the possibility of one losing access to his or her wallet through misplacement of the private key or seed phrase is not entirely a disadvantage, for people can lose their money even in traditional banking institutions.

A disadvantage is something that there is no solution to, here in bitcoin, there is a solution to prevent such from happening, and that is, to learn how to keep your wallet information safe and secure, and where you alone can easily access it, if one adhere to this, he or she may never get experience what it feels like to lose bitcoin out of misplaced private keys or seed phrase.

[bitterguy28]

It is our Obligation to handle our private keys/wallets and this is nothing to do with Bitcoin and how come that our laziness and stupidity becomes Disadvantage of Bitcoin? actually Bitcoin is helping us to be more responsible and more productive in this way for how we are handling and how we are dealing in caring about our keys.

Sorry but i think you are Mature enough to have your own views in this matter and I know for a fact that Bitcoin being super tight in security brings its more attractions to users.

Like what always said "Not your Key , Not your Bitcoin" this same applies here that " Not saving your Key , Lets you Lose your Bitcoin"

so maybe that is enough to learn how we must keep it safer and how to keep it better.

[michellee]

Actually, it is those who lose access to their wallets who will lose out because they cannot take care of their wallets. They will lose their Bitcoins, but if they still keep a record of their private keys or something related to them, they can still access the wallet.

If people still stick to traditional systems, it is because they want to avoid the hassle of losing their money. Their money will remain safe in banks, even government banks. They can ask for their money back if something bad happens because the government provides support to their bank.

Meanwhile, if they keep their Bitcoins in a wallet, they have to look after them themselves. They will be their own bank for the Bitcoin they own. Owning Bitcoin is actually learning to be responsible for our assets. Satoshi Nakamoto taught us to be independent in taking care of our Bitcoins. No one knows how many Bitcoins we have in our cold wallet.

[Ayers]

It is our Obligation to handle our private keys/wallets and this is nothing to do with Bitcoin and how come that our laziness and stupidity becomes Disadvantage of Bitcoin? actually Bitcoin is helping us to be more responsible and more productive in this way for how we are handling and how we are dealing in caring about our keys.

Sorry but i think you are Mature enough to have your own views in this matter and I know for a fact that Bitcoin being super tight in security brings its more attractions to users.

Like what always said "Not your Key , Not your Bitcoin" this same applies here that " Not saving your Key , Lets you Lose your Bitcoin"

so maybe that is enough to learn how we must keep it safer and how to keep it better.

I agree with you, if we lose the private key/seed phrase then it's clearly our fault, why consider it a disadvantage of bitcoin when it gives us the key to our assets? Those who think having full control over their assets is a weakness show that they don't have confidence in themselves and are lazy enough to not want to protect their assets.

We also have to admit that preserving Private Key/seed Phrase is not easy, but one thing is certain: our assets will be safer when they are in the bank. Obviously that's an advantage, but why do many people think it's a disadvantage?