+ first crypto coin, most popular crypto coin on the world
- very big fees, slow speed of transaction, high volatility
Topic: Bitcoin Pros and Cons (Read 1147 times)
RESULTS ARE IN.
Here is what I gathered from your responses and experiences on Bitcoin over the past week.
It would seem that so far the biggest advantage of Bitcoin is Decentralization and distancing itself from banks.
Biggest disadvantage is Volatility by far. For some, high price fluctuations are fine, but most of you experienced volatility as a negative side of Bitcoin.
Here is what I gathered from your responses and experiences on Bitcoin over the past week.
It would seem that so far the biggest advantage of Bitcoin is Decentralization and distancing itself from banks.
Biggest disadvantage is Volatility by far. For some, high price fluctuations are fine, but most of you experienced volatility as a negative side of Bitcoin.
Pro - alternative currency independent of banks and government.
Con - really quick change in price.
Con - really quick change in price.
Pros- anonimity, freedom, decentralized, not controlled by government, volatile.
Cons- anonymity to point out who will be the greatest factor of its volatility. Freedom which I think one of the reason why it is not that accepted for usage. Some people think that without the control of government, it is not safe or secured.
Cons- anonymity to point out who will be the greatest factor of its volatility. Freedom which I think one of the reason why it is not that accepted for usage. Some people think that without the control of government, it is not safe or secured.
Cons: Bitcoin is a money laundering tool that can't be controlled by the government or even financial institutions. That way bitcoin will be a great opportunity as a tool for money laundering without being able to be controlled for criminal acts or tax evasion. With the lack of control by the government of bitcoin being a digital currency that seems worthless, bitcoin is considered an illegal currency without any clear regulation on bitcoin in the eyes of the law.
What a joke. The con of a knife is that it can be used to slice dead meat as well as a live one.
For me what you've just pointed out as a con is a pro, but we obviously have a different understanding of the right and wrong.
It is very interesting to discuss about bitcoin pros and cons, because it is indeed bitcoin a controversial project. I will give my views
on bitcoin, hopefully it can be useful input for others.
PRO: Privacy - I really like bitcoin because bitcoin can make me anonymous when making transactions. And that is a positive thing
in my opinion, which is not owned by fiat currency.
CON: Volatile - This is the cause of bitcoin until now it's difficult to become a payment, because the price is not stable. Even though
there is a lightning network that provides a solution, there are still many people who objection to the price of bitcoin which is volatile.
on bitcoin, hopefully it can be useful input for others.
PRO: Privacy - I really like bitcoin because bitcoin can make me anonymous when making transactions. And that is a positive thing
in my opinion, which is not owned by fiat currency.
CON: Volatile - This is the cause of bitcoin until now it's difficult to become a payment, because the price is not stable. Even though
there is a lightning network that provides a solution, there are still many people who objection to the price of bitcoin which is volatile.
Pros:
Transparent: It changes the world arround us and rise consciousness about Blockchain technology and its usefulness.
Decentralisation is another Pros.
Cons:
Volatility: because it attracts greed people to this nice community, however it increases the adoption of bitcoin widely. Also because we can't easely use it to pay what we buy frequently.
Transparent: It changes the world arround us and rise consciousness about Blockchain technology and its usefulness.
Decentralisation is another Pros.
Cons:
Volatility: because it attracts greed people to this nice community, however it increases the adoption of bitcoin widely. Also because we can't easely use it to pay what we buy frequently.
~snip~
Con - High tx fees as of now. Even it is a temporary problem after segwit, sometimes it enforces me to make use of other coins for quick settlement. Usually I do hate using any altcoins but high tx fees is leading me to do so.
High transaction costs, I think, will be comparable to what you get. The speed possessed by bitcoin to make transactions is very good. using altcoin is also an alternative to reduce transaction costs to be cheaper.Con - High tx fees as of now. Even it is a temporary problem after segwit, sometimes it enforces me to make use of other coins for quick settlement. Usually I do hate using any altcoins but high tx fees is leading me to do so.
Even when compared to the transaction costs of local banks or other transactions, Bitcoin is cheaper and faster.
Bitcoin transaction costs will not make Bitcoin increasingly shunned, because for Bitcoin investments is the best choice for now, Bitcoin is a valuable digital currency.
IMO:
Pro - It is decentralized. You are free to do anything with it. You can't do it with fiats
Cons - It is volatile. We can't directly use it to buy goods. I want to use it directly, without going through an exchange. Another thing is the scams going around it.
Pro - It is decentralized. You are free to do anything with it. You can't do it with fiats
Cons - It is volatile. We can't directly use it to buy goods. I want to use it directly, without going through an exchange. Another thing is the scams going around it.
Pro: Volatility. With the volatility of the market, there are a lot of people that could earn a profit in a short time after they invested.
Con: Volatility. Volatility is a double-edged sword. Yeah, it changes and can give profits but it could also give losses in just a matter of seconds.
Con: Volatility. Volatility is a double-edged sword. Yeah, it changes and can give profits but it could also give losses in just a matter of seconds.
I'm making a little research into the Bitcoin and how people perceive it.
It boils down to people's experiences with Bitcoin and the value it gives them.
I won't be giving any of my experiences or views or any other information which might alter your opinion.
All I'm proposing is you give 1 PRO (positive) and 1 CON (negative) about Bitcoin. 1 of each, no more. You can give an explanation to your choice if you so wish.
At the end of each week, I will make a post and present all PROS and CONS gathered thus far so we can all see what drives people away and towards Bitcoin.
It boils down to people's experiences with Bitcoin and the value it gives them.
I won't be giving any of my experiences or views or any other information which might alter your opinion.
All I'm proposing is you give 1 PRO (positive) and 1 CON (negative) about Bitcoin. 1 of each, no more. You can give an explanation to your choice if you so wish.
At the end of each week, I will make a post and present all PROS and CONS gathered thus far so we can all see what drives people away and towards Bitcoin.
My personal experience is that people do not trust Bitcoin because it has a huge volatility.
Actually, this is a positive factor of Bitcoin as this means that the market is free, but people do not really understand that as something positive.
I agree with some people in this post that the Pro and Con of bitcoin is the same: Decentralization.
It gives you freedom but at the same time you are responsible for your own money.
As web developer, it's like using Digital Ocean compared to shared hosting.
It gives you freedom but at the same time you are responsible for your own money.
As web developer, it's like using Digital Ocean compared to shared hosting.
Of the pros and cons, I chose this as the most important in my view
Pro: Decentralization -> this includes freedom, convenience, privacy, and everything that I cannot get in the conventional bank system
Con: Decentralization ->, unfortunately, this also makes me uncomfortable because I am fully responsible for all the risks I face, hacking, including security, risk of loss, etc. all those actions are my responsibility, and if there are mistakes then I could lose them all.
Pro: Decentralization -> this includes freedom, convenience, privacy, and everything that I cannot get in the conventional bank system
Con: Decentralization ->, unfortunately, this also makes me uncomfortable because I am fully responsible for all the risks I face, hacking, including security, risk of loss, etc. all those actions are my responsibility, and if there are mistakes then I could lose them all.
Pro - Investment opportunity. ~
Con - High tx fees as of now. ~
I am also very interested in the investment opportunities provided by BTC, although I am more inclined to use them as commodity trading, the opportunities provided are the same. That's what I'm interested in here and try to make the most of this great opportunity. As for the fee ... hmm ... I'm not too much of a problem, because it's already worth the opportunity we get, right? Con - High tx fees as of now. ~
Pro - Investment opportunity. Bitcoin has transformed my life from a freelancer to someone who got the potential to run a business. I mean I bought bitcoins when it was around $300 in 2015 and now I am enjoying 30x growth for my money in 5 years. I could not imagine anywhere else for such a growth rate. I guess when bitcoin will be having another 10x growth, I may retire.
Con - High tx fees as of now. Even it is a temporary problem after segwit, sometimes it enforces me to make use of other coins for quick settlement. Usually I do hate using any altcoins but high tx fees is leading me to do so.
Con - High tx fees as of now. Even it is a temporary problem after segwit, sometimes it enforces me to make use of other coins for quick settlement. Usually I do hate using any altcoins but high tx fees is leading me to do so.
Pro:
Anonymity, the user you are transacting with can be anyone, no one knows his real identity of the person they are transacting with, only a wallet address is sufficient enough for transacting.
Unfortunately it is only anonymous as long as your address has not been linked to your identity.Anonymity, the user you are transacting with can be anyone, no one knows his real identity of the person they are transacting with, only a wallet address is sufficient enough for transacting.
As soon as someone can link your address (your pseudonym) to your real identity, all your transactions can be assigned to you. (and probably also other addresses)
But of course you can use mixing services or Coinjoin to improve the anonymity of your transactions.
Here's my pro and con:
Pro: I trust myself more than I trust my bank
Con: use as everyday currency - slow, pretty complicated for beginners, volatile (and nobody wants to be the next pizza guy)
Pro: Bitcoin is able to act as a global currency even though each country has their own currency, but bitcoin is still present as a global currency that knows no boundaries of any country, cannot be influenced by politics, government or others. Bitcoin is able to survive in any economic crisis.
Cons: Bitcoin is a money laundering tool that can't be controlled by the government or even financial institutions. That way bitcoin will be a great opportunity as a tool for money laundering without being able to be controlled for criminal acts or tax evasion. With the lack of control by the government of bitcoin being a digital currency that seems worthless, bitcoin is considered an illegal currency without any clear regulation on bitcoin in the eyes of the law.
Cons: Bitcoin is a money laundering tool that can't be controlled by the government or even financial institutions. That way bitcoin will be a great opportunity as a tool for money laundering without being able to be controlled for criminal acts or tax evasion. With the lack of control by the government of bitcoin being a digital currency that seems worthless, bitcoin is considered an illegal currency without any clear regulation on bitcoin in the eyes of the law.
I'm making a little research into the Bitcoin and how people perceive it.
It boils down to people's experiences with Bitcoin and the value it gives them.
I won't be giving any of my experiences or views or any other information which might alter your opinion.
All I'm proposing is you give 1 PRO (positive) and 1 CON (negative) about Bitcoin. 1 of each, no more. You can give an explanation to your choice if you so wish.
At the end of each week, I will make a post and present all PROS and CONS gathered thus far so we can all see what drives people away and towards Bitcoin.
Pro: It boils down to people's experiences with Bitcoin and the value it gives them.
I won't be giving any of my experiences or views or any other information which might alter your opinion.
All I'm proposing is you give 1 PRO (positive) and 1 CON (negative) about Bitcoin. 1 of each, no more. You can give an explanation to your choice if you so wish.
At the end of each week, I will make a post and present all PROS and CONS gathered thus far so we can all see what drives people away and towards Bitcoin.
Anonymity, the user you are transacting with can be anyone, no one knows his real identity of the person they are transacting with, only a wallet address is sufficient enough for transacting.
Con:
Volatility, Bitcoins price is many a times highly volatile, at the start of the day your wallet balance can be $10k but at the end of the day your balance can become $11k or $9k with the same amount of bitcoins kept in it.
Transparency is the best thing I like about bitcoin, everything is public to everyone. Anyone can check and verify all the tx details. Another thing I like is irreversible nature of BTC.
Volatility is the resistance towards BTC being the main currency worldwide. If the value was constant, I guess we had so many users. May be none too, LOL.
Volatility is the resistance towards BTC being the main currency worldwide. If the value was constant, I guess we had so many users. May be none too, LOL.
Good topic op. These are what I believe are the biggest advantages and disadvantage associated with BTC.
Pro:
- BTC helps conduct online transactions across the world without any interference in an anonymous manner. No need to use services like Western Union etc which are governed by a central authority.
Con:
- The learning curve is steep for beginners which is the biggest drawback. There is no simple tool to make learning the basics of cryptocurrencies easier currently.
Pro:
- BTC helps conduct online transactions across the world without any interference in an anonymous manner. No need to use services like Western Union etc which are governed by a central authority.
Con:
- The learning curve is steep for beginners which is the biggest drawback. There is no simple tool to make learning the basics of cryptocurrencies easier currently.
Might agree since you are going to encounter a lot of problems or maybe you're going to ask a lot of questions about bitcoin when you're just getting started but probably it was just normal since bitcoin network etc was just really easy to understand.
It would take a lot of time to understand how the system works and how the marketplace of bitcoin moves, but there is no doubt that the bitcoin is really more reliable for transactions than the fiat money that we are using especially at times like this where we have a pandemic.
The biggest con imo is how hard it is to fully understand how the system works. Takes years and it's not something that newer generations would be accustomed to like we were to mobile phones. A mobile phone requires putting in that SIM card, powering it on and you're free to text/call.
But BTC requires a lot of things you don't already know even as a tech geek unless you start studying it. The worst part is, the largest mistakes are usually learned on the go. You can pay $10 using a $50 bill anywhere and anyhow without having to think about high fees due to congested network, about only being able to use it once (paper wallets) or your $40 might go in the void et cetera.
As a pro, decentralization is the one that wins me.
But BTC requires a lot of things you don't already know even as a tech geek unless you start studying it. The worst part is, the largest mistakes are usually learned on the go. You can pay $10 using a $50 bill anywhere and anyhow without having to think about high fees due to congested network, about only being able to use it once (paper wallets) or your $40 might go in the void et cetera.
As a pro, decentralization is the one that wins me.
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