Disadvantage of bitcoin

[acroman08]

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 guess that is the "disadvantage" we have to live with if we want to be our own bank. the thing is, no one is forcing anyone to invest in Bitcoin and be their own bank, anyone who wants to invest in Bitcoin need to know all the risk that they are taking and be prepared for what can happen.

I for one understand the risk of losing my coins if I lose access to my wallets, if anyone is not up for that they can simply just avoid Bitcoin.

[nelson4lov]

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Maybe it’s not a cause for concern to you but it think it ought to be a cause for concern and I also understand the fact that misplacement of key is a careless act that shouldn’t be considered especially for those that already know the implications of misplacing keys but what about the early adopters who never knew bitcoin would rise to this very height and couldn’t get anymore access to their funds and I think outside backing up your seed phrase or writing it down, I think getting other options of getting access to one’s funds in times like this wouldn’t be a bad idea.

I'm aware of the points you're trying to drive home but cryptography and the concept of keys is one of the primitives of Blockchain and crypto. Right now, the only way we can correctly identify users is via transactions and messages signed by their keys. If other ways are introduced like email, password, etc recovery then it introduces more risks to that wallet/account.

Off-topic but ethereum is currently creating a solution for this called account abstraction. I haven't actually tested it myself.

[Dr.Bitcoin_Strange]

OP, what I know is that the traditional banking system has its own disadvantages, and despite the fact that our money might be safe in the bank, there are still some hackers that can penetrate an individual's account and use the person's money to purchase something online. Bitcoin might have those things you think are disadvantages, but that is how other systems have them too. Bitcoiners and some newbies should always know that their Bitcoin wallet is like their bag where their treasure is, so they must learn to take every necessary precaution that helps to protect their asset from being stolen or that will not lead to the loss of their secret phrase.

[ajiz138]

Traditional banks are still widely believed to be a safe place to keep money because this has become a habit of the community as well as with government guarantees even though I said banks are not a safe place but they do not realize that their money can be held by the bank so that is one of its weaknesses.

There is also bitcoin then it is financial freedom, you can store your own assets as if you consider yourself a bank because you have a key whenever you can access the wallet this is the advantage of decentralization even though you say that bitcoin has its volatility.

Whenever security is most important, private keys must be kept safe, of course copies must also exist, but this is one of the uniqueness of bitcoin that many people like it.

[Wakate]

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 guess that is the "disadvantage" we have to live with if we want to be our own bank. the thing is, no one is forcing anyone to invest in Bitcoin and be their own bank, anyone who wants to invest in Bitcoin need to know all the risk that they are taking and be prepared for what can happen.

I for one understand the risk of losing my coins if I lose access to my wallets, if anyone is not up for that they can simply just avoid Bitcoin.

I don't really know what op means by disadvantages of Bitcoin when he doesn't even know how the whole thing works. I am mostly surprised seeing people just writing whatsoever they like a out Bitcoin without critical thinking. For us to make profits from the market if we are true fan of Bitcoin, we need to invest in Bitcoin and promote it by all means nit coming here to write what we like without understanding much about what's Bitcoin stands for. I think op should go and read the Bitcoin white paper for clarification rather than trying to tell us about the disadvantage of Bitcoin.

[electronicash]

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 guess that is the "disadvantage" we have to live with if we want to be our own bank. the thing is, no one is forcing anyone to invest in Bitcoin and be their own bank, anyone who wants to invest in Bitcoin need to know all the risk that they are taking and be prepared for what can happen.

I for one understand the risk of losing my coins if I lose access to my wallets, if anyone is not up for that they can simply just avoid Bitcoin.

I don't really know what op means by disadvantages of Bitcoin when he doesn't even know how the whole thing works. I am mostly surprised seeing people just writing whatsoever they like a out Bitcoin without critical thinking. For us to make profits from the market if we are true fan of Bitcoin, we need to invest in Bitcoin and promote it by all means nit coming here to write what we like without understanding much about what's Bitcoin stands for. I think op should go and read the Bitcoin white paper for clarification rather than trying to tell us about the disadvantage of Bitcoin.

that's not what OP was saying. he was even trying to question what those ads are doing trying to tell the Bitcoin community of the minor disadvantage when in fact it is a feature of BTC.  the question should have been, will this disadvantage be enough for a Bitcoin holder to decide to deposit his BTC to a bank?

i think he understands Bitcoin well and for that, it is a rhetorical question. everyone knows BTC wallet is already a bank itself.
but just for the next question. come to think of it. a bitcoin holder will die and he needs to pass on his coins to his sons and daughters, will he need a bank?

[Youngkhngdiddy]

OP, what I know is that the traditional banking system has its own disadvantages, and despite the fact that our money might be safe in the bank, there are still some hackers that can penetrate an individual's account and use the person's money to purchase something online. Bitcoin might have those things you think are disadvantages, but that is how other systems have them too. Bitcoiners and some newbies should always know that their Bitcoin wallet is like their bag where their treasure is, so they must learn to take every necessary precaution that helps to protect their asset from being stolen or that will not lead to the loss of their secret phrase.

   Fact is many people are still unaware of digital currencies and Bitcoin. People need to be educated about Bitcoin to be able to apply it to their lives. Networking is a must to spread the word on Bitcoin. Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies. The workers need to be educated on Bitcoin so that they can help the customers. This will definitely take some time and effort. Otherwise, what is the benefit of such large companies accepting Bitcoin if its staff doesn’t even know what digital currencies are?
   Due to the fact that Bitcoin transactions cannot be reversed, do not carry with them personal information, and are secure, merchants are protected from potential losses that might occur from fraud. With Bitcoin, merchants are able to do business where crime rates and fraud rates may be high. This is because it is very hard to cheat or con anyone in Bitcoin due to the public ledger, otherwise known as the block chain. There are always pros and cons to any situation in life. To be able to make a good decision, you need to weigh the good and bad thoroughly before finalizing your choice. Do the same for Bitcoin. Understand what it is, and decide what you want to do with it.

[ChiBitCTy]

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 ?

I think in a way you're comparing a bit of an apples and oranges situation.  First off, it's not necessarily true that once you send money out it's lost..there are ways of recovering wallets ( in rare circumstances ).

However "with great power, comes great responsibility".  Meaning you've got a decentralized asset that has many advantages over traditional fiat money /banks...but you're of course having to take on a bit more responsibility which I don't think is necessarily a bad thing.  Teaches people the value of being safe/secure...properly backing things up etc.

[Crypto Library]

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 think this is the most strength side of of Bitcoin not a disadvantage. I believe in it that "not your keys not your fund" or what ever you say. In that case, if you are talking about banking system or any centralized changer, the password you have there is not only a means to control your account.  Due to being centralized, your account may be frozen or any other trouble by the bank or any centralized exchange at any time. Moreover, there are many news that many banks have properly deposited money from their users but due to bank bankruptcy, those users have lost their funds. I have some of my own relatives who have deposited money in banks with the lure of slightly higher APR, and then gone bankrupt.
So after considering all this only one thing comes to my mind that there is nothing good about decentralized system where only I own my funds, here the key is mine and my funds are mine. But if we can't use this system properly due to ignorance, I mean we can't keep those keys properly safe, it's totally our fault. So It makes no sense to call it a disadvantage.

[Ojima-ojo]

For all the while u have never seen the disadvantages of Bitcoin as ling as you have theborior information about the asset before holding because i dont see where freedom have become a disadvantage before,  so for that am sure that Bitcoin is properly handled can lead to the most secured free and decentralized personal bank that is free of tax unless at the point of payment for goods via the value added tax.


But anything outside that, will amount to a total personal responsibility and risk taking, so Bitcoin cant be compared to the bank because banks are third-party government-controlled centralized financial institutions, while Bitcoin is a self-custodial bank so no one will protect your wallet except you and the way you handle your Bitcoin is your soul responsibility.


So there is no way to compare the whole or total or call in any form of disadvantages to Bitcoin viayourr loss of access which is your sole responsibility.

[South Park]

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 ?

From the beginning most of us have said that bitcoin is not really for everyone, and if people cannot deal with being their own banks then there is no shame on using traditional banks as that is the main reason why they were created on the first place centuries ago, however it is true there are many people that thought they could deal with it and they are realizing this is not the case by losing their coins, but there is nothing we can do about it except to keep reminding people about securing their coins over and over again.

[Rengga Jati]

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 cannot be denied that this is a fairly high risk, not only for Bitcoin but also for altcoins. In this case, we actually really need to be careful and precise in storing and securing our important data. Actually, not only Bitcoin, banks and others also certainly have their own risks.

However, regarding our keys to accessing Bitcoin, this is something that we must pay close attention to and carefully. This is not only related to where we store it, we should store it in a hardware wallet. And what's more, it is also related to privacy so that our assets can be better protected. There are several people who like to update their status or inform about their various assets on their social media. This is very sad, because this can actually be dangerous.

On the other hand, sometimes there are also many scammers who use various tricks to gain access or our important data in ways that are sometimes normal or that we are not aware of. For this reason, we must be careful in selecting and sorting the information that comes to us, links sent to our email, and various other ways that might endanger our assets. Bitcoin is a very valuable digital asset, because we also have to be able to optimally make it as safe as possible. Losing access to our wallet and not having a backup at all is a disaster for us. So, we really need to be very careful and safe when storing it.

[Z-tight]

and that is why it is always advisable to back up wallet address regularly.

You don't have to back up your wallet address, what you should make backups of is your seed phrase, with your seed phrase you can restore all your keys and addresses, so back up your seed phrase in more than one location.

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 ?

If you lose your keys or seed phrase, you are going to lose your funds. This isn't a disadvantage of BTC, back up your seed phrase and do not expose it, your keys is what ensures you are in control of the funds and you can spend it whenever you want.

[Renampun]

...

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 ?

In my opinion, the system that Bitcoin wallets have is the best, just like the physical wallet that you have, if you lose it it will be difficult to find it again, the sentence "make sure you back up your wallet" is actually quite clear in explaining that you are Sir for the money you have, don't carelessly save the passwords and private keys you have. If you are lazy about storing your Bitcoin wallet's private key in a hardware or software wallet, then save it as a paper wallet and then store it in a safe that is not accessible to thieves and hackers.

[sheenshane]

So there is no way to compare the whole or total or call in any form of disadvantages to Bitcoin viayourr loss of access which is your sole responsibility.

I tend to agree with the bolded part above.
That is why from the start, we should weigh the disadvantages and advantages of Bitcoin and once we're aware of it accept whatever consequences will happen in the future.

Everything has disadvantages, even putting your money in the bank and thinking it's safer than having Bitcoin.  But no, the disadvantage would still be there.  Right, it's your responsibility to protect them, and don't rely upon any third party like the bank if you want to have full control your of your money.

[Onyeeze]

The only way I understand that you can lose your bitcoin is when you don't understand how to secure your wallet for you to secure your wallet you have to understand one or things here, so therefore bitcoin investment is something you suppose to know that all accessibility is dependable on what you have or achieved in bitcoin, so I believe that investment is an investment and you losing your bitcoin in your wallet is an result exposing your wallet seed phrase because its a seed phrase exposure will make people to enters into our wallet

[Z-tight]

don't carelessly save the passwords and private keys you have.

Your wallet password only encrypts your wallet file locally, it is good to set a strong password so as to slow down or stop a physical attacker from having access to your wallet. But take note that with your seed phrase an attacker can import your wallet in their own device and spend the funds, without needing your seed phrase.

If you are lazy about storing your Bitcoin wallet's private key in a hardware or software wallet, then save it as a paper wallet and then store it in a safe that is not accessible to thieves and hackers.

Your wallet stores your wallets secrets locally, what you have to do is make a back up of your seed phrase on paper and keep it in different locations, it is easy to do and everything must be done in a safe enviroment.

[rat03gopoh]

This is not a disadvantage, it is a risk in a choice. Because if you never lose access to your wallet, then you won't experience that disadvantage. The disadvantages should be something you have experienced since you made that decision.

[Tony116]

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 guess that is the "disadvantage" we have to live with if we want to be our own bank. the thing is, no one is forcing anyone to invest in Bitcoin and be their own bank, anyone who wants to invest in Bitcoin need to know all the risk that they are taking and be prepared for what can happen.

I for one understand the risk of losing my coins if I lose access to my wallets, if anyone is not up for that they can simply just avoid Bitcoin.

Nothing is perfect, so we cannot claim bitcoin to be 100% perfect. For me, I don't see it as a disadvantage because that is the nature of decentralization, if we want full control over our assets then we have to do everything ourselves. If we expected bitcoin to have a password or seed phrase recovery function then it would no longer be decentralized. This is the characteristic of decentralization and the difference between decentralization and centralization. We need to accept it, get used to it and have the safest storage options for ourselves.

[Synchronice]

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 ?

This is a favorite quote from well-known movie called Spider-Man: With great power there must also come great responsibility. Bitcoin gives you that great power, to be your own bank with the ability to send or receive bitcoin without relying on 3rd parties while improving your privacy compared to traditional payment systems and with proper methods you are able to significantly improve your privacy. It's not a disadvantage of bitcoin that people aren't able to carry responsibility on their shoulders.

in the good old days. people worried about banks freezing/seizing peoples funds or bank runs, bankruptcies etc. where they wanted a new currency to get away from the risk of banks losing people funds

now it seems someone is wording things the opposite way to sound like bitcoin is not as good as banks

That's so damn right, people have double standards. At first they were afraid of banks controlling their money, then there we got Bitcoin but people are afraid, no, I would say, they are incapable to be responsibly of being their own bank. Banks are responsible and they use that responsibility as an advantage to control people's money.