Barikui1 (OP)
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December 11, 2023, 07:53:49 AM Merited by LFC_Bitcoin (1) |
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There is a saying that what ever had an advantage also had a disadvantage, why am saying this is because most people especially the newbie's thinks when having Bitcoin the situation is always win win win. So I will be listing a few of the advantages and disadvantages of having it. disadvantage of having it
*The high volatility attach to it can be very risky.
* It's not generally accepted by all.
* It can be stolen if your system is hacked.
* It's almost near impossible to retrieve if sent to the wrong address.
advantages of having it
* It can make you filthy rich during the bull run.
* It decentralized, no third party like banks and financial institution.
* It's a self custodian asset, the privacy is priceless.
* It's very accessible at any given point in time. I don't know if I missed some that I didn't mention.
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Yamane_Keto
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December 11, 2023, 08:00:13 AM |
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Your risk points are based either on investing recklessly or on not knowing how to protect your coins. If you created your wallet in an AirGap system and the entropy was truly random, and you stored your seeds correctly, then the chance of losing your money is almost non-existent. The investment must be long-term, for two halving cycles on average, to avoid any real loss. It is true that it may not be the ideal investment, but adding Bitcoin to your investment portfolio is considered a smart move.
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Despairo
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December 11, 2023, 08:10:48 AM |
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Saying high volatility is risky and making you rich at the same time doesn't make sense, if there's no volatility, how you can earn from your investment? Bitcoin isn't accepted in every country, but it doesn't have to be accepted nor it must be legalized, that's kind of centralization. * It can be stolen if your system is hacked.
Any hack that related to Bitcoin mostly related to CEX failure, poor wallet, ponzi, lending, and human failure. System, which refer to Bitcoin on chain network, when did Bitcoin network ever get hacked? Retrieving coins sent to wrong address is correct, but that's not a disadvantage since it was a human failure, not Bitcoin failure.
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kentrolla
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December 11, 2023, 08:19:33 AM |
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Hey we need to consider on simple thing that without any volatility there cannot be any profit and if someone wants to earn profit without volatility they need to get into traditional investments like real gold but gold's slow growth rate cannot beat inflation and one will still be behind when it comes to finances and Bitcoin has its own pros and cons like we cannot retract a wrong transaction a these are human errors and I would say Bitcoin may be volatile for non crypto users but for someone familiar to Crypto knows that it's the most reliable asset one can have.
The only real disadvantage I feel is the exorbitant transaction fees which we see during network congestion or bull run it's something which creates hurdle when we want to make some transaction on urgent basis and you realise transaction fees are more or equal to the value you wanna transfer.
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Die_empty
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December 11, 2023, 08:30:04 AM Last edit: December 11, 2023, 08:46:47 AM by Die_empty |
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*The high volatility attach to it can be very risky. High volatility is also an advantage of Bitcoin. We can always buy when the price goes down and sell when it high making some profit. Without the fluctuations in price, investing in Bitcoin might not be attractive. * It's not generally accepted by all. That is true but you can always change Bitcoin into fiat anytime you want to make payments. * It can be stolen if your system is hacked. No wallet is 1000% protected from hacks but it is possible to keep your coin secured from attacks. All you need to do is study wallet security, choose the right wallet, and avoid exposing your wallet to risks. * It's almost near impossible to retrieve if sent to the wrong address. One can also lose fiat money if it is transferred to the wrong account number. This is why one should pay attention to details when carrying out transactions in the crypto space. The nonreversibility nature of Bitcoin after confirmation is for security and to avoid fraud.
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peter0425
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December 11, 2023, 08:40:18 AM |
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There is a saying that what ever had an advantage also had a disadvantage, why am saying this is because most people especially the newbie's thinks when having Bitcoin the situation is always win win win. So I will be listing a few of the advantages and disadvantages of having it. disadvantage of having it
*The high volatility attach to it can be very risky.
* It's not generally accepted by all.
* It can be stolen if your system is hacked.
* It's almost near impossible to retrieve if sent to the wrong address.
Not so sure if there is even one that can Hack Bitcoin system(at least not in our time now?) so the hacking will happen because of users laziness to keep them safe and that is not the system. advantages of having it
* It can make you filthy rich during the bull run.
* It decentralized, no third party like banks and financial institution.
* It's a self custodian asset, the privacy is priceless.
* It's very accessible at any given point in time. I don't know if I missed some that I didn't mention.
But always consider that the Fee may increase so even if it is available but your capacity to tolerate the transaction fee is the most important thing.
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KiaKia
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December 11, 2023, 09:51:01 AM |
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I am glad that Bitcoin is highly volatility, this is why I am still confidently accumulating Bitcoin, if the price is stable why would I want to acquire so much of it? Volatility is like a regulator for Bitcoin, it stables everything, and that's why brings in more adopters and that's what also create winners.
It's normal that not everyone will accept Bitcoin generally, it's a decentralized digital asset, and that use case isn't for everyone anyways, I am into Bitcoin not only because I can make money by holding it for the long term, I also need the decentralization badly because of what and what my government have been doing with it's people, monitoring your income stream and your bank account is normal to them.
If money is lost in your bank account you have the bank to blame and they can get it back for you, but Bitcoin gives you total custody of your asset, you are in control and if you misplace your recovery seed or private key its your own fault, if you can't take responsibility you should not buy Bitcoin.
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rodskee
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December 11, 2023, 10:49:19 AM |
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in everything that involves profiteering lies both advantage and disadvantage but what we need here is proper understanding and not just believing what have been said by others because a simple mistake will end you losing everything so the best weapon is study and never to become greed that is the better approach here. Your risk points are based either on investing recklessly or on not knowing how to protect your coins. If you created your wallet in an AirGap system and the entropy was truly random, and you stored your seeds correctly, then the chance of losing your money is almost non-existent. The investment must be long-term, for two halving cycles on average, to avoid any real loss. It is true that it may not be the ideal investment, but adding Bitcoin to your investment portfolio is considered a smart move.
Bitcoin will always be the smartest way to invest but we can also try acquiring some good altcoins readying when the market bulls .
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Majestic-milf
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December 11, 2023, 10:59:01 AM |
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There's nothing worth having that won't require you pay a little price. In every business, there's the certainty that there'd be ups and downs and Bitcoin is no different. Only, you have to invest with what you can afford to lose. For some, the idea of Bitcoin being volatile can be appealing because it can quickly surge after it most have gone down but some too afraid to involve themselves and these group are mostly those have the mentality that it's a get rich quick scheme that has no downside.
Then again before involving yourself in any kind of business,it's necessary to DYOR so it can help prepare you for what you are getting into. Just as the op has stated about the risks, there are many more and I'd like to include FUD as one of the risks because when you entertain such, it will make you miss out.
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bhadz
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December 11, 2023, 11:15:20 AM |
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disadvantage of having it
Most of these are typically the normal disadvantages but they're not so bad at all. I'll give my thoughts each of them. *The high volatility attach to it can be very risky.
It's 50/50 on this. The volatility of Bitcoin gives us the reason to hold it for so long because of how it fluctuates, without such, I don't think people will hold it. * It's not generally accepted by all.
Not yet.* It can be stolen if your system is hacked.
We all should be accountable for anything bad happens to our computers and wallets. A penetration won't actually happen if you don't do anything with your PC or wallet. Unless you download something malicious, there's no way a hacker will find and penetrate to your system. * It's almost near impossible to retrieve if sent to the wrong address.
It's actually impossible to retrieve it unless the receiver sends it back. But here me out, how are you going to send it to the wrong address if there are too many characters consists per wallet address. The only way to make this happen is when you copy a wrong address and become a victim of a copy paste malware.
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mirakal
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December 11, 2023, 11:32:16 AM |
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The high volatility that you said a disadvantage is actually the best asset for bitcoin because without it, you will not see bitcoin investors suddenly turn into filthy rich. That's why no matter how risky bitcoin is due to its high volatility, people chose to take its risk rather than avoid it.
However, those disadvantages you've mentioned will only be possible if you rush investing in bitcoin without educating yourself first. As an investor, you should know your investment well, otherwise instead of seeing it as a means to make you rich in the future, it might be the reason to see you struggling in your finances or worst made you homeless in the end.
All types of investment has its own risk and rewards. That's for you to assess yourself if you are capable to manage and overcome those risks. If not, then it's better not to force yourself to invest so that your money and time will not go into waste.
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lombok
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December 11, 2023, 11:49:41 AM |
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In my opinion, crypto cannot be hacked as long as we understand and know how to store Bitcoin assets correctly. Most hack cases are due to the user's own negligence.
Bitcoin is about accuracy, thoroughness and our own management of it. We are the bank itself. So, sending and storing errors are borne by ourselves, unlike the bank, if something goes wrong with the customer's funds, it is the bank's fault and the bank is responsible for it.
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cheezcarls
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December 11, 2023, 11:53:41 AM |
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Been there many times in riding the roller coaster wave on Bitcoin. Been holding BTC since last year after doing DCA with my extra “not beer” money.
I am aware of the risk and rewards in holding Bitcoin for long, but I just have a great feeling about it as a long term thinker.
Now currently around $42.3k, I’m actually at a nice profit where I bought BTC somewhere between $19k to $23k range. But I didn’t sell my BTCs as I am in no rush and I just live within my means by strict budgeting even for Holiday season.
Even if there are more sell-offs earlier and even almost touching $40k, I don’t mind as I understand there were many who wanted to TP to spend for the Holidays and we cannot control them.
I really appreciate the potential risks and rewards of holding BTC as it’s dominance is way higher and it may continue until next year.
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Faisal2202
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December 11, 2023, 12:22:27 PM |
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disadvantage of having it *The high volatility attach to it can be very risky. * It's not generally accepted by all. * It can be stolen if your system is hacked. * It's almost near impossible to retrieve if sent to the wrong address.
You are right, but BTC still better than alts or any other cryptocurrency or digital asset. And being a BTC enthusiasts I will say it is also better than fiat, because our funds in fiat can also be stolen if the system got hacked, and we can send funds mistakenly from one place to another even in fiat. But we don't have to face the first two disadvantages in fiat. advantages of having it * It can make you filthy rich during the bull run. * It decentralized, no third party like banks and financial institution. * It's a self custodian asset, the privacy is priceless. * It's very accessible at any given point in time.
I think you have some misconception about BTC, it can not make you filthy rich unless you are one of the early adopters, like from the years of 2010 to 2015. I still consider ourselves as early adopters but in compared to the 2010 to 2015 we are not. Well, the point is, it can't make us filthy rich until the next 10 ro 20 years. I do agree with other factor by the way. Well, the point is, we should not judge any currency on the basis of money it can make for us, because many people consider BTC as currency while other assume it as asset. Both have huge difference between them.
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benalexis12
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December 11, 2023, 12:39:19 PM |
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I also believe that, due to the volatility of bitcoin, we can also make money, right? It is said in the quotation that "no pain, no gain." There is also no successful person who did not make a decision to face the risk.
Now, when it comes to Bitcoin, it depends on each individual if they are ready to face the risk that they can experience when they invest in it. There are others who invested because they were persuaded by a friend who was misinformed about Bitcoin, so others fail in the end.
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EarnOnVictor
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December 11, 2023, 12:43:05 PM |
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*The high volatility attach to it can be very risky.
* It's not generally accepted by all.
* It can be stolen if your system is hacked.
* It's almost near impossible to retrieve if sent to the wrong address. -snip-
Thank you for the advantages you associated with Bitcoin which I have already snipped, there is no need to comment on them anymore... ...But for the disadvantages, there are two things all the above supposed disadvantages have in common, and they are "mistakes and ignorance," except for the hacking part which can happen to any system as long as it's online. Therefore, it's not peculiar to Bitcoin but all assets and services online. About the high volatility, I see this as a blessing, not a disadvantage as you claimed. The volatility means more money for experienced traders and investors like me. And for acceptance, it comes gradually, Bitcoin is still very new, it can't be accepted by all at once and it's not all services you see online that is accepted by all. Lastly, about the retrieval of the coin if sent to a wrong address, while that's the fault of the person, also note that it is the sacrifice we must all pay for the privacy and decentralization of Bitcoin.
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mindrust
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December 11, 2023, 12:44:45 PM |
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Every investment has its own advantages and disadvantages. Bitcoin isn't an exception.
You buy a house to make passive income but the tenant may skip his payments or damage the property. These things happen a lot. Phys gold might get stolen... FIAT gets eaten by the inflation. Stocks are volatile... Bonds are tricky as well. You may prefer to buy paper gold but then the banks raise the spread so much, they rip you off when you sell your position.
It is probably a good idea to have a diversified portfolio.
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.gustafson
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December 11, 2023, 01:20:58 PM |
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Bro, you're preaching to the tired choir. Bitcoin's the drama queen of currencies. Yeah, it can make you a crypto king during a bull run, but that volatility is like trying to dance on a tightrope. And don't get me started on the "not accepted everywhere" thing – it's like having a VIP pass that only works in certain clubs. But hey, being your own bank and the privacy vibe? That's the Bitcoin paradox for you.
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ultrloa
Legendary
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December 11, 2023, 01:50:00 PM |
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There is a saying that what ever had an advantage also had a disadvantage, why am saying this is because most people especially the newbie's thinks when having Bitcoin the situation is always win win win. So I will be listing a few of the advantages and disadvantages of having it. disadvantage of having it
*The high volatility attach to it can be very risky.
* It's not generally accepted by all.
* It can be stolen if your system is hacked.
* It's almost near impossible to retrieve if sent to the wrong address.
advantages of having it
* It can make you filthy rich during the bull run.
* It decentralized, no third party like banks and financial institution.
* It's a self custodian asset, the privacy is priceless.
* It's very accessible at any given point in time. I don't know if I missed some that I didn't mention.
For High volatility you can do something to manage the risk that's why research is important so that you will know about certain conditions happening in the market. Also for not accepted by majority of merchants I think there's no problem with it since you need to focus on those businesses that accept bitcoin since at the end they are the one who will get benefits for adopting bitcoin and also we don't also have a problem with that since there's still a lot of merchant accept it and we can cashout our coins at anytime we want. For issue not to be retrieve if sent to wrong addresses then its really up to us on how we handle it that's why we need to do a lot of checking as many as we can to avoid sending it to wrong addresses. On advantages I guess its automatic that we can get that benefits that's why instead of looking on its negative side we must focus on things we can benefit from since for sure this is also what those investors looking at and future is really good with bitcoin since currently to many big institutions is adopting it.
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highalch
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December 11, 2023, 01:54:28 PM |
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* It can be stolen if your system is hacked. I highly suggest you to diversify the custody risk. Instead of one single cold wallet, multiple wallets, multiple exchanges and batched offramping, maybe even BTC-related stocks like MSTR or mining stocks.
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