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.
Topic: Bitcoin Pros and Cons - page 2. (Read 1147 times)
Pro: I'm in control of my own bank
Con: ...........
You can avoid paying exorbitant fees by checking the mempool at https://jochen-hoenicke.de/queue/#0,24h first. See mempool size in MB and calculate the tx fee needed for the next block. If you want cheaper and have more time, maybe see the possible tx fee for the next two blocks. Please note that each block contains approximately 4mb.
Lastly, you cannot apply the above method if you do not use a wallet that allows you to customize the transaction fee.
Wallets that automate usually set the fees higher than what's actually needed.
Con: ...........
Pro: can be made as a store of value aside from gold, I make this statement from my experience. Especially during coronavirus came, I highly believe that bitcoin can be made as a store of value comparing to another investment place.
Cons: Can't be used as a payment system anymore since its fee per 1 transaction is high already, I could spend 0.0005 BTC or $4 per 1 transaction only.
These fees only happens when the network becomes congested but you really do not have to pay $4 for a single bitcoin transaction. If fees could shoot up fast, it could easily go down too. Cons: Can't be used as a payment system anymore since its fee per 1 transaction is high already, I could spend 0.0005 BTC or $4 per 1 transaction only.
You can avoid paying exorbitant fees by checking the mempool at https://jochen-hoenicke.de/queue/#0,24h first. See mempool size in MB and calculate the tx fee needed for the next block. If you want cheaper and have more time, maybe see the possible tx fee for the next two blocks. Please note that each block contains approximately 4mb.
Lastly, you cannot apply the above method if you do not use a wallet that allows you to customize the transaction fee.
Wallets that automate usually set the fees higher than what's actually needed.
Probably the biggest pros for Bitcoin is that this is the first cryptocurrency created and is acknowledge by the world. But why is Bitcoin acknowledge? because it gives you the freedom over your money. Unlike the early digital coins before Bitcoin, Bitcoin is the first digital coin that is decentralized and semi-anonymous. You don't need any banks, verifications, or any authority to use your money. You are your own authority.
Because of its anonymous features, the worst cons of Bitcoin that I've noticed so far is the amount of scammers and fraudsters using this in order to steal money from unsuspecting victims. Authorities are having a hard time tracking criminals as Bitcoin could be split into many parts or wallets. We have mixers and other services that helps them do this.
Although people might say that fee might be a con, I disagree as Bitcoin can adjust overtime.
Because of its anonymous features, the worst cons of Bitcoin that I've noticed so far is the amount of scammers and fraudsters using this in order to steal money from unsuspecting victims. Authorities are having a hard time tracking criminals as Bitcoin could be split into many parts or wallets. We have mixers and other services that helps them do this.
Although people might say that fee might be a con, I disagree as Bitcoin can adjust overtime.
For me personally, the biggest advantage is the fact that Bitcoin is the first decentralized cryptocurrency completely independent of the banking system, which for centuries has made the rich even richer and the poor even poorer. The idea is great, but people are too trained (brainwashed) to believe in something new, it’s much easier to swim down a river than upstream.
The biggest drawback, however, is that Bitcoin is still technically demanding for the vast majority of people. Today we have people who have trouble remembering a simple 4-digit PIN from their bank card, so for most Bitcoin is still in the realm of science fiction. One who has such problems in life is certainly not ready to be his own bank.
The biggest drawback, however, is that Bitcoin is still technically demanding for the vast majority of people. Today we have people who have trouble remembering a simple 4-digit PIN from their bank card, so for most Bitcoin is still in the realm of science fiction. One who has such problems in life is certainly not ready to be his own bank.
I have been an average user of bitcoin since 2014 and here are the pros and cons that I have noticed.
Pro - I guess the anonymity and how you can purchase basically anything online.
Con - The fees and the waiting time of purchases.
Pro - I guess the anonymity and how you can purchase basically anything online.
Con - The fees and the waiting time of purchases.
This is base on what I know. Maybe some shared their own opinions already.
PRO
- Less Hassle
- No need for banks
- Volatility - this makes the traders profit faster
CONS
- Slow adoption
- Complex for some Average Joes
- Volatility - it can give profit to traders but it can give losses to them in a short amount of time.
PRO
- Less Hassle
- No need for banks
- Volatility - this makes the traders profit faster
CONS
- Slow adoption
- Complex for some Average Joes
- Volatility - it can give profit to traders but it can give losses to them in a short amount of time.
Pros : decentralization; this is the ultimate importance of bitcoin and virtually every other cryptocurrencies. It breaks the wheel of centralization, Middlemen as well as the long chain of influence that has driven Fiat currencies.
Cons : volatility and security; this has led to lots of user losing their life asset due to the high nature of bicoin volatility... Bitcoin can have a huge movements overnight which can go either high up or way down and this sudden movements have scared a lot of people away from tge usage of bitcoin
Cons : volatility and security; this has led to lots of user losing their life asset due to the high nature of bicoin volatility... Bitcoin can have a huge movements overnight which can go either high up or way down and this sudden movements have scared a lot of people away from tge usage of bitcoin
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.
Pro-Bitcoin is secure and there's no double spending.
Con-Transactions are not reversible,so Bitcoin is kinda "scammer friendly".The victim just sends his coins to the scammer's BTC address and they are gone forever.Many people might argue that irreversible transactions are actually an advantage,but I don't think so.
I wouldn't write about the price volatility and all the "make money with Bitcoin" type of BS,because I think that the topic should be more focused on the Bitcoin protocol and the BTC Core Blockchain.
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.
Pro = decentralization, This Freedom Attracts many of us.
Con = volatility, Has a high risk to book loss.
Pro: can be made as a store of value aside from gold, I make this statement from my experience. Especially during coronavirus came, I highly believe that bitcoin can be made as a store of value comparing to another investment place.
Cons: Can't be used as a payment system anymore since its fee per 1 transaction is high already, I could spend 0.0005 BTC or $4 per 1 transaction only.
Cons: Can't be used as a payment system anymore since its fee per 1 transaction is high already, I could spend 0.0005 BTC or $4 per 1 transaction only.
Pro: Decentralized currency
Con: Has a negative reputation from outsiders; it's perceived as a currency used by criminals to conduct black market activities
Con: Has a negative reputation from outsiders; it's perceived as a currency used by criminals to conduct black market activities
I'm making a little research into the Bitcoin and how people perceive it. 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 : bitcoin offers everybody the ability to have a decentralized financial transaction we without much of control from others as typical with FIAT
Cons : anonymity of bitcoin gives an easy escape for scammers and hacker due to the fact that tracking is difficult, they do seems to get away with stealing and siphoning of funds
PRO: Bitcoi is the first, and thanks to him interest and training was aroused; industry formed by enthusiasts; Necessary actions have been taken to build and adopt a global infrastructure.
CON: Bitcoin is not intended to solve problems and it has many limitations.
CON: Bitcoin is not intended to solve problems and it has many limitations.
The biggest pro IMO is decentralization, while some may see it as a problem that slows down Bitcoin's adoption due to government pushback and KYC requirements.
The main con is that it requires the Internet to operate, so you need some degree of technological infrastructure to use it. This makes it more difficult for Bitcoin to penetrate into poor societies and places where the level of education is low, like central Africa. Also, this feature makes it almost impossible to comprehend for older people (those who are over 70 now). It's going to change because in time, we will be at that age and the problem will cease to exist, but for now it is there and I hope Bitcoin can survive for the next 30 years to turn it around.
The main con is that it requires the Internet to operate, so you need some degree of technological infrastructure to use it. This makes it more difficult for Bitcoin to penetrate into poor societies and places where the level of education is low, like central Africa. Also, this feature makes it almost impossible to comprehend for older people (those who are over 70 now). It's going to change because in time, we will be at that age and the problem will cease to exist, but for now it is there and I hope Bitcoin can survive for the next 30 years to turn it around.
PRO for me is control. I know if I use the right instructions, I know exactly what I'm doing with my money, exactly who I'm sending it to, and exactly how much I want to send, and am 100% confident it will get there and can never be intercepted or withdrawn or sent mistakenly. Every other money alternative I have less than 100% confidence as I have to trust someone and rely on someone. Most likely a set of someones I don't even know or am unaware of. I note that this is a CON for many people I know personally, who WANT someone else to be in control of their money.
CON for me is ease of use. It's easy for me to use, relatively, but at worst, I need a mobile smart device to use it. I've seen alternative money forms that take a simple $10 non-smart device to use just as instantly by people who can't read or write. One day Bitcoin has to be as easy to use, but that day isn't here yet.
CON for me is ease of use. It's easy for me to use, relatively, but at worst, I need a mobile smart device to use it. I've seen alternative money forms that take a simple $10 non-smart device to use just as instantly by people who can't read or write. One day Bitcoin has to be as easy to use, but that day isn't here yet.
There are lots of advantages that Bitcoin can offer to the people and there are also disadvantages that make people doubt investing in Bitcoin.
Probably all had been mentioned above of my post but Bitcoin's pros and cons are this all about.
In the end, it still depends on us how we weigh these pros and cons that will give as a full concept and perception about Bitcoin.
Probably all had been mentioned above of my post but Bitcoin's pros and cons are this all about.
- Pro = decentralization, will be the main advantage of Bitcoin for it will give everyone the freedom from bank authority and no government may have full control over it.
- Con = volatility for there is no way to anyone in predicting the Bitcoins stability in our current situation like this pandemic and global adoption.
In the end, it still depends on us how we weigh these pros and cons that will give as a full concept and perception about Bitcoin.
PRO
Relative Anonymity- I get to store Bitcoin without ever going through the typical "please fill up this personal information sheet", "where did you earn this?", "how did you earn this?", "can you provide us any proof?", and so on and so forth.
CON
Limited Usage- I cannot spend it where I want. I cannot go to my favorite bar, coffee shop, restaurant, and so on bringing only my Bitcoin wallet. At least for now.
Relative Anonymity- I get to store Bitcoin without ever going through the typical "please fill up this personal information sheet", "where did you earn this?", "how did you earn this?", "can you provide us any proof?", and so on and so forth.
CON
Limited Usage- I cannot spend it where I want. I cannot go to my favorite bar, coffee shop, restaurant, and so on bringing only my Bitcoin wallet. At least for now.
Pro: Decentralization / trustless
Con: Lack of simplicity for users (signing addresses, etc still a bit technical)
Con: Lack of simplicity for users (signing addresses, etc still a bit technical)
There are lots of pros for me, but I will start with the basics, which is about making transactions fast and cheap. Ever since I discovered Bitcoin I have been making use of it whenever I want to make transactions and I have recommended it to a lot of people that I work with and they have gladly accepted and it works for us. You can send money to anyone no matter where they are and they will receive it quickly.
Sometimes when I send money to my brother where he lives, he receives it that same minute and will then sell to exchanges and will have the money in his bank account. It's really quick. As for the Cons, I don't really know what to say here apart from the fact that it is volatile. But volatility is no longer a problem for me. I have gotten used to it and I know the right thing to do.
Sometimes when I send money to my brother where he lives, he receives it that same minute and will then sell to exchanges and will have the money in his bank account. It's really quick. As for the Cons, I don't really know what to say here apart from the fact that it is volatile. But volatility is no longer a problem for me. I have gotten used to it and I know the right thing to do.
Pros - volatility, it makes the currency good for trading and investing, one thing that I want from bitcoin is the feature of being volatile, because of that I can earn money from investing and testing for a short period of time. It makes a big profit when I do long term investment.
- it also makes us control our money, we have the right to control and do whatever we want on our own money.
Cons - Prone from hackers, just because it is an online transaction, hackers are always there whenever we talk about the internet, that is why there are many bitcoin that has been stolen day by day. We need to have strong security in order for us to keep our money safe.
- the volatility can be also a con for the bitcoin because there are many people who also lost their money from trading and investing, better to have knowledge and skills before you try both things.
- it also makes us control our money, we have the right to control and do whatever we want on our own money.
Cons - Prone from hackers, just because it is an online transaction, hackers are always there whenever we talk about the internet, that is why there are many bitcoin that has been stolen day by day. We need to have strong security in order for us to keep our money safe.
- the volatility can be also a con for the bitcoin because there are many people who also lost their money from trading and investing, better to have knowledge and skills before you try both things.
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