Topic: Advantages and disadvantages of Bitcoin 🌟 - page 2. (Read 1663 times)

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

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

Good answer. For me this is a great positive aspect of Bitcoin compared to digital card payments promoted by the big card companies. The use of Bitcoin doesn't show your identity and you can send Bitcoins peer to peer very easily.
The knowledge someone needs for Bitcoin transactions is quite easy, if one really try to understand it and be careful.

About advantages
Transactional convenience: Any transaction has a limit on the transfer and receive money, but for bitcoin there is no limit. You can send unlimited number of bitcoins to your friends. No matter where they are in the world they will also receive. You can also send at any time no one can manage the amount you send.
Ensure security and confidentiality
Every bitcoin transaction can be done and completed without any personal information. Transaction information is still kept, but your identity is kept private. This is one of the outstanding advantages that you get when investing in the field of virtual money.
Bitcoin can not be faked
The cost of testing gold is very high, and bitcoin testing is not costly and the truth is that bitcoin can not be faked. Because bitcoin is not shown in physical form.
The cost is extremely low
There are no intermediaries involved in the field of virtual currency investing. However, you still have to deal with the transaction but it is not worth it.
On the downside
Not many users: The fact is that the field of virtual money is still quite new and not many people know. The people of Vietnam have been used to using gold and silver. People are very shy and anxious to invest in this field.
Somewhat unwieldy: In order to invest in bitcoin you need to have certain knowledge to get involved in this area. For those who are not technologically savvy, they can not participate in bitcoin. If not understood, the risk of fraud is very high.

In all the advantages of bitcoin I like most is the advantage: Currency without borders
Because Bitcoin exists in cyberspace, it is a currency without borders. You can buy and sell Bitcoin from any location in the world using your smartphone connected to the Internet. This makes Bitcoin out of the tax payer list. Today, there are several ways to earn Bitcoin for free. Provisioning anonymous services for foreign buyers or proxy trading in Bitcoin helps to earn Satoshi or Bitcoin units.
You can ask banks and other financial institutions abroad to pay interest and dividends in Bitcoin and ask for a higher interest rate for crypto payments

I can agree, changed this in the OP. At the moment we can see this issue in the ETH network: a transaction costs up to $10. Bitcoin had these problems in early 2018.

True, also changed in the OP. The way Bitcoin is made it is almost anonymous if you are using different wallets for transactions. This way is also more secure.
Thanks for your corrections.

I agree with you, this is maybe the best reason using Bitcoin, Satoshi created Bitcoin in 2008, a financial crisis.

Any currency aiming for mass adoption should solve the problem of scalabitlity and be suitable for micropayments. Stellar Platform is pretty fast and fees are low, I also like the wallets / decentralized exchanges - stellarterm,  stellaport, interstellar..- it's easier to trade any token on network paying low fees. that's why it's one of my favorites right now.

The major advantage of bitcoin to me is the swiftness of remitting money to any part of the world with the freedom it offers to the parties involve by concealing the transaction of the sender and receiver identities. However, the disadvantages of bitcoins is the inability to reverse a transaction in case a mistake is done.

What is the best technology for cryptocurrency now? Or you can tell me better topic for this questions?

With the way banks have become so corrupt/unreliable, I think decentralization is a major selling point for crypto generally.

That's not always the case (huge backlog of unconfirmed transactions + multiple inputs/outputs usually lead to a higher fee).

It's "pseudonymous". You might want to explain the latter part (in order to not mislead newcomers).

This isn't a disadvantage (you can't list it as an advantage either, since it doesn't apply to everyone else).

these are basically the same thing.

the reward has nothing to do with making the system strong against 51% attacks. the system is strong against such attacks because of the large hashing power and the fact that it will cost a lot to perform such attacks.


the only thing that is actually a disadvantage in this list is the TPS. others are not disadvantage of bitcoin. and most of them are basically the same argument about the price.

I think the advantages of bitcoin can also be added to help the economy of a person quickly and disadvantages of bitcoin is cannot avoid hackers

That is i think complet list of disadvantages and advantages of bitcoin, for me it has more advantages and there will be more and more of them in future thanks to more and more users which will be coming to our world in next years.

One of the most widely publicized benefits of Bitcoin is that governments, banks and other financial intermediaries have no way to interrupt user transactions.

Until bitcoin is regulated, it can be easily manipulated by the whales and that is a huge disadvantage.

You forgot one main disadvantage. The slow development and the barriers to rollout changes. Bitcoin could be faster and more comfortable with just a few minor changes (from the technical point of view) on the consensus, but unfortunately you can't roll them out because you will cause a fork.

This is one of the reasons which holds back bitcoin and of course the high fees and low acceptance from big companies.

Lack of regulation is a disadvantage to you? Why so? I think thats one of the reasons why Bitcoin is sought after due to it being unregulated and largely untaxed throughout the world.

It is backed by something what you mean is its not backed by something physical like gold.

Thanks, I've corrected it 
8 transactions per minute would be a big problem...

I agree, Bitcoin can be seen as digital gold, too. It's something you can own independant of financial crises, like printing money and inflation.

I think you wanted to say here "per second" not "per minute".
Good summary overall, i think of Bitcoin more like of digital gold more than currency. But its not clear yet, everyone have their own opinion for now.