mv1986
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December 12, 2023, 07:42:34 PM |
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"* It's very accessible at any given point in time."
I think these lists are fun to read as they get people thinking about more advantages that Bitcoin does have and what I often notice in these types of threads is that people stay in the abstract, like when someone says "it is good because it is decentralized". Some people understand the implications of having a decentralized wealth securing protocol and some people don't. They just follow the buzzword "decentralization". For many of these advantages and disadvantages there are interesting threads on this forum and if you present your list, maybe it would be interesting to collect some suggestions for insightful topics from other OPs and link them below.
One aspect I would add, but which could also derived from the points collected thus far, is unlimited capital mobility. You can't be stopped at a border like you could with a handbag full of gold bars. This mobility is insanely useful and allows people to leave their home if they like to, need to or have to without being forced to leave all their wealth behind. It is a different story with cash in the bank accounts. You can't just transfer the money out to a bank in a different country, or access it from there. Bitcoin is the most mobile form of wealth on the planet. Hence:
"* It's very accessible at any given point in time and space."
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Agbe
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December 12, 2023, 08:00:04 PM |
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Op these things we all know from onset of the journey. And anyone that join this great forum and really wants to learn Bitcoin, those the first things the person would understand. Only reading the meaning of Bitcoin those advantages and disadvantages are known. So there is no big deal on them though those who are having problem to understand it from the beginning can know them from your list but they just from the general knowledge from Bitcoin concept. It is the volatile nature of Bitcoin makes it more interesting because people buy at the time when the price is affordable and sell it it when the price goes up. Therefore there should be no dispute on the volatile nature of Bitcoin and for the risk, it is not what you think, the risk comes from the way you want it. If you are investing in it then you have to set your goal before starting the journey so that you will not be disappointed. So you home work very well before inventing into it. If my system is hacked it will not affect my Bitcoin unless my seed phrase is leaked out to the hackers and if my seed phrase is not known to the hackers then my Bitcoins will be saved and that is why the security of your wallet seed phrase and password is the number.one priority for all who are into Bitcoin. Failure to secure your seed phrase is your fault and not from risk. One have to be careful before sending out Bitcoin if possible cross check the address very well before clicking the send button. Op you have to know that Bitcoin is not a get quick rich scheme. So don't go and tell people that Bitcoin can make people to be rich.
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Jegileman
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December 12, 2023, 08:00:47 PM |
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When you compare the two, I mean the advantages and disadvantages you’ll notice that most of the causes of the disadvantages are due to carelessness of the user by doing careless things with their funds when they are not suppose to. The advantages have already surpassed the disadvantages, so it makes more sense why you should invest in bitcoin if you can be able to control and reduce the causes of the disadvantages of having them in your portfolio. Having a way to compare and contrast before investing your money if the best thing to do, if you have them spelt out, you can decide whether you can take the risk or not.
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coolcoinz
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December 12, 2023, 08:05:45 PM |
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I think that there's almost no risk. The only viable risk that you take when you decide to hold bitcoin is that you could fall victim of a wallet vulnerability or a scam exchange like it happened with Quadriga, BTC-e and many others.
There's no risk in bitcoin itself because it can't be banned, unless you're worried about being banned locally and then you'll be forced to exchange it abroad, but for people who hold a lot it's not really a problem. If your country is oppressive enough to ban bitcoin maybe you're going to do better living somewhere else and spending your money there.
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South Park
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December 12, 2023, 08:26:41 PM |
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There aren't many reasons why there is a risk, I mean sure if you do not think that you can hold it volatile situation, then you could consider the situation as good as it can get if you are willing to hold. The "filthy rich" part is good enough and I do not think that anything else is required, you are just happy to get richer and richer by holding longer and longer and you shouldn't consider anything else. I get that we are talking about something that may have some downsides, but when the upside is that you are going to be super rich, all the downsides are unimportant suddenly and you should be acting like there is no downside. Thats why if you ask me, there is no downside at all.
Probably the biggest difficulty for the lay person is to become their own banks, while this is a great feature of bitcoin as it returns that power to the people, as it should be, many people are finding very difficult to secure their coins properly, which is why they either use exchanges as their main wallets and risk losing it all if the exchange gets hacked or they do not take the appropriate measures to protect their coins, even when they believe they have done so.
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stadus
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December 12, 2023, 08:33:45 PM |
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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.
In order to see your investment's success, you need to pay the price first. That is dealing with the risks and continue to defeat them, if not at least learn to manage them. With bitcoin, a lot of risks and disadvantages are being said, but a lot of us here would still want to continue investing in bitcoin because of how promising it is and guaranteed profitable if you'd only know how to deal with it. Most likely, those who have high risks are also known to give the sweetest fruits in the end, and bitcoin is a valid proof for that. That is the reason why even if other people see bitcoin as a get rich quick scheme, as a tool for criminals or a threat to the government, still bitcoin enthusiasts continue to trust bitcoin because of its high yielding rewards and profits.
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Mahanton
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December 12, 2023, 08:43:00 PM |
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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.
In order to see your investment's success, you need to pay the price first. That is dealing with the risks and continue to defeat them, if not at least learn to manage them. With bitcoin, a lot of risks and disadvantages are being said, but a lot of us here would still want to continue investing in bitcoin because of how promising it is and guaranteed profitable if you'd only know how to deal with it. Most likely, those who have high risks are also known to give the sweetest fruits in the end, and bitcoin is a valid proof for that. That is the reason why even if other people see bitcoin as a get rich quick scheme, as a tool for criminals or a threat to the government, still bitcoin enthusiasts continue to trust bitcoin because of its high yielding rewards and profits. The only main key on here that risks tolerance and acceptance, then you wont really be able to think about being a problem because once you do step your foot into this crypto space then it would really be just that fine for you and not really that something stressful on your part. There are ones who are really that making those careless steps and on the time that they do see negative into their portfolio, then they would really be starting on freaking out. Risk and reward thing? it would be always that common to see or to look at into this kind of investment. You wont really be that making yourself that too careless and not being mindful about the risks involved in crypto specially on investing with Bitcoin but since we are seeing that this project or coin that had been mostly been trusted and recommended by any crypto enthusiast then it wont really be that something that you could blame on on why they would really be mainly choosing this. As for those people who are reconsidering altcoins then it would really be their own choice since not all people would really be liking to see on getting multiple folds on their investment and this is why they would really be considering out such option.
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ajiz138
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December 12, 2023, 08:53:35 PM |
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*The high volatility attach to it can be very risky.
That's bitcoin by having high volatility we can determine the right time to buy and sell, there are other considerations why people always have risky ones. * It can be stolen if your system is hacked.
If you keep it on an exchange. If you store in non-custodial wallets especially hardware wallets it is only a few that experience this problem. * It's almost near impossible to retrieve if sent to the wrong address.
So always double check before sending to another address. * It can make you filthy rich during the bull run.
The bitcoin advantage is that there is a 4-year cycle that many investors expect to get rich. * It's a self custodian asset, the privacy is priceless.
Many bitcoin investors take it as privacy even though the transaction is transparent. * It's very accessible at any given point in time.
We don't need to carry physical goods.
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Dr.Bitcoin_Strange
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December 12, 2023, 11:17:21 PM |
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Apart from the volatility aspect of bitcoin, everything else, like security, lies in the hands of the adoptee. For example, some people go about publicly announcing how many bitcoins they have and also foolishly expose some of their secret information to a third party who is not even trusted.
The aspect of bitcoin not generally being accepted as a global currency is that the government is not the people who created it, and since it's not something that they can regulate, it's not possible for them to make it a generally accepted currency.
What they also fear is the volatility characteristic of bitcoin.
Normally every system has its drawbacks, and if there is anyone I can even think of with bitcoin, it is the fact that if one foolishly or mistakenly sends bitcoin to the wrong address without cross-checking if it was actually the right address, they cannot get back their bitcoin unless it is sent to the address of a known user who is willing to refund the asset.
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Silver005
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December 12, 2023, 11:27:34 PM |
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As with any investment, there are both risks and rewards associated with Bitcoin. On the risk side, the price of Bitcoin is highly volatile, and there is a possibility that you could lose money if the price goes down. There is also the risk of theft, as cryptocurrencies are susceptible to hacking. On the reward side, the price of Bitcoin has historically gone up over time, and there is the potential for significant returns if the price continues to rise. Additionally, Bitcoin is a decentralized currency, meaning that it is not controlled by any government or financial institution. This can be seen as a positive, as it offers more autonomy and freedom for users...
To further explore the risks and rewards of Bitcoin, let's look at some specific examples. One of the biggest risks associated with Bitcoin is its volatility. In the past, the price of Bitcoin has fluctuated dramatically, sometimes dropping by as much as 80% in a single day. This makes it a risky investment, as you could potentially lose a lot of money if the price were to drop suddenly. On the other hand, this volatility also means that there is the potential for large gains if the price were to rise. For example, if you had invested in Bitcoin in 2011, you would have seen a return of over 7,000.
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taufik123
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December 12, 2023, 11:57:26 PM |
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-snip- Normally every system has its drawbacks, and if there is anyone I can even think of with bitcoin, it is the fact that if one foolishly or mistakenly sends bitcoin to the wrong address without cross-checking if it was actually the right address, they cannot get back their bitcoin unless it is sent to the address of a known user who is willing to refund the asset.
It could be weakness and also stupidity of users of the system. Just like sending money to another unknown account, and this is certainly related to one's thoroughness in making transactions. Seeing how Bitcoin transactions cannot be reversed, it is a fact that must be realized and must make transactions must be more thorough without any errors. As in the case of one Bitcointalk member some time ago who mistakenly sent coins to a different wallet, but has similarities in wallet prefixes and suffixes such as: A1b2C................. 3D4e5F A1B2c.................. 3d4E5F https://bitcointalk.org/index.php?topic=5472207.msg63086113#msg63086113This is a rare case of misdelivery and tells us that it is advisable to check all the order of addresses correctly so that they are not sent to another address, just one different letter will be different wallet.
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Assface16678
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December 12, 2023, 11:58:38 PM |
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* It can make you filthy rich during the bull run.
Not all the times, yes bull run could make you rich instantly if you have the good position or have the right position you brought your bitcoin, and I think the word "rich" is too much, maybe it can give you a lot of money and profit its not necessarily that you ride the bull run means you are rich, remember a person can be called rich if he can utilize its money, for example you've gain a lot of money from the bull run yes maybe this day you are rich but until when? if you don't have proper money management and you let your money go away then you are still not rich, if you maintain your money and grow it more then that's when you are entitled to be rich.
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famososMuertos
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LE ☮︎ Halving es la purga
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December 13, 2023, 02:15:54 AM |
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Trust is a quality that many forget is that associated "brand" factor that bitcoin intrinsically has, regardless of that volatility in the positive effect, or the opposite side, losses. So, no matter what position you are in at a given moment: reward or loss, trust is intrinsically associated with bitcoin, so the element of risk is accepted regardless of the outcome of that volatility. In the same way, by understanding or being part of bitcoin based on trust, you understand that there are interests that not only lead us to want to be "rich", and we begin to see that incredible value that as a technology it offers, not only for an individual economic change, If not, also it offers the possibility of a payment method, or overall, it empowers the individual, etc, those are good rewards too, although it may not change your financial status... ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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BTC_Dragon
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December 13, 2023, 02:19:11 AM |
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I don't see any downside to owning Bitcoin, even when it dips. I buy more. There is only downside to sitting on excess fiat, and not holding any Bitcoin at all.
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cozytrade
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December 13, 2023, 08:31:55 AM |
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It is natural that every investment will have some risk associated with the reward. Any type of investment cannot earn good rewards without volatility. Bitcoin has some guidelines that you need to understand well. And considering the pros and cons, you have to take the right path. If you can choose the right Bitcoin platform. Then you don't have to bear any kind of risk. Bitcoin is the best to keep your funds safe and earn good rewards on investment. And Bitcoin is a reliable asset that you must be aware of when it comes to reckless investment. So that you don't lose money
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Blitzboy
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December 13, 2023, 09:49:10 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.
In order to see your investment's success, you need to pay the price first. That is dealing with the risks and continue to defeat them, if not at least learn to manage them. With bitcoin, a lot of risks and disadvantages are being said, but a lot of us here would still want to continue investing in bitcoin because of how promising it is and guaranteed profitable if you'd only know how to deal with it. Most likely, those who have high risks are also known to give the sweetest fruits in the end, and bitcoin is a valid proof for that. That is the reason why even if other people see bitcoin as a get rich quick scheme, as a tool for criminals or a threat to the government, still bitcoin enthusiasts continue to trust bitcoin because of its high yielding rewards and profits. The only main key on here that risks tolerance and acceptance, then you wont really be able to think about being a problem because once you do step your foot into this crypto space then it would really be just that fine for you and not really that something stressful on your part. There are ones who are really that making those careless steps and on the time that they do see negative into their portfolio, then they would really be starting on freaking out. Risk and reward thing? it would be always that common to see or to look at into this kind of investment. You wont really be that making yourself that too careless and not being mindful about the risks involved in crypto specially on investing with Bitcoin but since we are seeing that this project or coin that had been mostly been trusted and recommended by any crypto enthusiast then it wont really be that something that you could blame on on why they would really be mainly choosing this. As for those people who are reconsidering altcoins then it would really be their own choice since not all people would really be liking to see on getting multiple folds on their investment and this is why they would really be considering out such option. Crypto market winners have a special mix of risk tolerance and strategic planning. People who work in crypto know that instability is a normal part of the hobby. How to open it? Stabilizing awareness with action. Instead of jumping right in, they look around, learn, and then take a bold step. Watching Bitcoin's past shows that it has grown and been strong even when things went wrong. Successful investors havent just been lucky; they've also been smart. As a result of its strong community and cutting-edge technology, they see Bitcoin's promise. They are not affected by short-term drops because they are focused on the big picture. Its not carelessness; its confident knowledge. "altcoins" are also a choice, but Bitcoin is still the most stable and well-known cryptocurrency.
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reagansimms
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December 13, 2023, 10:15:35 AM |
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One of the most tempting attractions of Bitcoin is that its price continues to increase and that Bitcoin is not linked to institutions, agencies, or countries. Another of the most basic attractions is fluctuation, the price can rise sharply, but the threat of falling deeper is also there. In Bitcoin investment, you can make big profits quickly, but you can also experience losses quickly too. In-depth consideration is needed before investing, there will be two possibilities, namely profit and loss. When you are ready to face the risks of investing in Bitcoin, it will be easier to invest because you will avoid fear if a sharp decline occurs.
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HajiBagi
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December 13, 2023, 10:22:21 AM Merited by fillippone (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.
Everyone knows that everything has advantages and disadvantages, but in my opinion, bitcoin has more advantages than disadvantages. As an investor, you must realise that bitcoin is a currency that you purchase and save in order to profit from it. This means that storing food or purchasing products in which you will profit from them also carries risk because you never know when the price will fluctuate. In my opinion, this disadvantage is very evident and that everyone must encounter it. Furthermore, regarding the theft of bitcoin when a wallet is compromised, I believe that you should exercise caution before allowing scammers to access your wallet. If you don't make the mistake of disclosing your private key to anyone, it should be exceedingly difficult for them to compromise your wallet. This topic you have created is very helpful for beginners, as that is the group that I believe is most likely to make mistakes when handling bitcoin.
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Tony116
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December 13, 2023, 10:51:31 AM |
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One of the most tempting attractions of Bitcoin is that its price continues to increase and that Bitcoin is not linked to institutions, agencies, or countries. Another of the most basic attractions is fluctuation, the price can rise sharply, but the threat of falling deeper is also there. In Bitcoin investment, you can make big profits quickly, but you can also experience losses quickly too. In-depth consideration is needed before investing, there will be two possibilities, namely profit and loss. When you are ready to face the risks of investing in Bitcoin, it will be easier to invest because you will avoid fear if a sharp decline occurs.
I agree, decentralization is probably the biggest advantage of bitcoin and volatility can also be considered an advantage but I don't understand why the OP considers it a disadvantage. If bitcoin is not highly volatile, how can we make big profits from bitcoin? Furthermore, isn't it because of bitcoin's high volatility that most of us invest in bitcoin? So I wouldn't consider bitcoin's volatility a downside. Bitcoin's volatility has decreased in recent years, and that makes me unhappy. If I had one wish, I would wish for Bitcoin's volatility to always be high so that we have more opportunities to make profits.
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jeraldskie11
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December 13, 2023, 03:17:15 PM |
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why am saying this is because most people especially the newbie's thinks when having Bitcoin the situation is always win win win.
All types of investments have risks, meaning there's no investment that make you profitable without a failure. So if you heard someone offer you a kind of investment that says your funds will be doubled in next week without a risk is probably a scam. Stay away from people who offer you using that phrases because they are only take care of themselves not you and your money. I would say that Bitcoin is one the best thing to invest because the security is there and you can be sure that time will come that you will become profitable if you didn't sell your Bitcoin at a loss.
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