Topic: Disadvantage of bitcoin - page 4. (Read 701 times)

Just try to independently secure your assets ...it's not a scary idea for me, considering I've experienced losing a chunk of my crypto assets in a wallet I secured on my own. The amount was quite big, but I didn't drown in sorrow. I recognized the risks, so I let go of those coins without considering it a fatal mistake...it's just part of my journey, nothing more.

Instead of parking money in banking platforms that end up using our funds for their own gains without giving us significant benefits, it's better to stash it independently in the form of BTC, which I trust as a hedge asset. Totally, everyone's got their own take on this, and personally, I'm all about having full control. Start small, like with our own assets. At least, it'll make a difference in gauging our ability to keep things in check.

Moreover, there are plenty of folks in this forum sharing tutorials on securing our wallets. Here's a link you can check out to learn how to secure your Bitcoin wallet, including encryption:
https://bitcointalksearch.org/topic/tips-enkripsi-file-penting-private-key-seed-dengan-pgpgpg-key-pair-5130103

It is no surprise that people still trust banks more than they trust them because banks exist and we have been dependent on them for hundreds of years. It can be said that it has become a culture, a habit that is difficult for people to change quickly. Freedom, decentralization, privacy have only been mentioned a lot since bitcoin appeared and only 15 years have passed. Therefore, it will take time for people to completely change their habit of depending on banks.

Moreover, nothing is 100% perfect, if they don't fit that characteristic then it's a disadvantage for them but for those who like that characteristic it's an advantage, we can't force everyone who thinks like us.

It is important for Bitcoin holders to understand that the Bitcoin system is not at fault if they lose access to their Bitcoin wallet. Instead, the responsibility rests solely with the owner of the Bitcoins. It is crucial to take all necessary precautions to safeguard access to Bitcoins, such as storing them in a secure wallet and keeping private keys safe. While it is true that losing access to Bitcoins can be a frustrating experience, it is not a disadvantage to Bitcoin.

Look cash is not going to vanish overnight. So a  bank with cash and btc is kind of already in place

its coinbase.

the cash in it is fdic so it is essentially a bank.

This is probably because banks in the coming days are going to accept BTC in the user's account and those who believe banks are better, will be doomed. Banks today are failing and FDIC will give back $250.000 only while BTC will be more than that amount in the future. 

So this advert tells banks they are safer and is only for those who are not aware of what they have done before. If they can freeze funds today for whatever reason like political views, they can also do it when they already have your BTC. BTC in the bank means you don't hold your keys.

Banks are not safest but they are safer than alternate cryptocurrencies aka. altcoins include stable coins. Audits from banks can be faked and they can be bankrupted too but banks have no Mint function to use like developers who create altcoins and stable coins.

Commercial bank industry at least have more laws and stricter regulations than cryptocurrencies and stable coins. They are safer than those alt cryptocurrencies but of course can not compare to Bitcoin. Your money stores in banks won't be safe if those banks collapse and your bank transfers can be reverted by banks too.

With Bitcoin blockchain, its strong and decentralized network, there is no way to attack Bitcoin network, there is no reversed transactions on Bitcoin blockchain.

With open source non custodial wallets, if you create your wallet properly, you are safe with your bitcoin. No one can seize your bitcoin, freeze your Bitcoin wallet, it's very big different than money in banks.

It's up to each person to make a choice, just remember.

Not your keys, not your money/ bitcoins.

Banks aren't the safest, of course. The advantage, however, is that accountability and responsibility are on them. The money kept in banks are insured up to a certain amount.

In Bitcoin, on the other hand, accountability and responsibility are on the owner. That's what freedom is all about. With full control comes full responsibility. That's what being your own bank means.

Now, it's up to everybody to choose. However, this is just one facet of the story. The list of pros and cons of both banks and Bitcoin is quite long. In totality, however, Bitcoin is a world better than banks.

Both a bitcoin wallet and a bank account are at risk if the owner of the account is not careful enough. Anyone who is careless can lose access to their funds, irrespective of where the money is. In a centralised system, which is the banking sector, if I have money in my account and I'm careless with either my credit or debit card details and it gets into the wrong hands, and the person who has access to it is smart enough to know how to move out funds from my account, and he succeeds in doing that, does my money being in a bank account make it immune from being stolen because of my carelessness?
 
If I also have a bitcoin wallet, a self-custodial wallet, and I'm the only one in total control of my holdings, but it happens that I was careless with my phrase and someone got their hands on it, and I later discovered that my bitcoin wallet has been emptied, will I have to blame the bitcoin network or should I blame my carelessness?
 
Anyone who loses access to their account details can go straight to the bank and file a complaint, in which they could request some sort of detail and later rectify the issue after some stress, and you will get your money back. If anyone needs such a service and still wants to remain in the old traditional ways but still wants to get involved in bitcoin, they can always make use of a centralised exchange. They don't have to be afraid of the risk since they are all good with the banking sector. Give them control of your holdings if you are too lazy to protect yourself, and whatever comes after you bears the detriment. It's as simple as that.
 
What ever has an advantage surely will have a disadvantage. Bitcoin is not all that perfect in the eyes and view of many; what matters is how someone who knows its value uses it and the ways you choose to make use of it. Whatever purpose you want to use it for, it all depends on you, and it's their job to serve you right.

Each option has its advantages and it is not possible to create a perfect currency, right? Probably the biggest advantage of the FIAT (and disadvantage of Bitcoin) method is the offline method.
The advantage of Bitcoin by cheap transactions seems to be starting to lose its importance with the arrival of these BRC tokens.

This will not only your question a lot of other members also think the same so let's clear this confusion. This is a warning for all those people who have bitcoins. We all know Bitcoin is very precious and has a high price. Looking at it security of the Bitcoin and the holder they give a reminder every time that if you lose your wallet address or wallet no one will ever recover your wallet and a lot of bitcoin will be wasted. This is not the disadvantage of Bitcoin but rather it is an advantage for keeping your security and saving you from thieves, hackers, or any other persons who want your bitcoins. if someone feels it disadvantage he just looks to those people whose bitcoin was stolen from an exchange or being kidnapped. If you realise this then you will never feel that this is the disadvantage of bitcoin.

I do not see this as a disadvantage of Bitcoin against the local bank.  Remember we are the ones keeping our own coins, it would be absurd if we blame our irresponsibility on others and make them reimburse it because of our mistakes.

What I get from this is that Bitcoin teaches us to be responsible and I never see this as a disadvantage.

Not at all. Many people simply stack 1 address in a cold wallet just in case they need to leave the place they are in. If done proper it means you have escape money.

Think if you fled the Ukraine you are not broke you have a wallet with btc in it. Plus you can send btc back to people in the Ukraine.

For some people it is, especially those that are bad with technology or bad at keeping order. But I would say volatility is the #1 reason why Bitcoin fails to achieve wide adoption as a payment method, people don't want to hold a currency that can lose its value suddenly. It's similar for a store of value use - people don't want to invest in something that is not guaranteed to grow.

There are so many disadvantages of Bitcoin guess we can mention a few. Let's begin with Price Volatility: Bitcoin's value can be highly volatile, leading to uncertainty and risk for investors.

• Irreversibility of Transactions: Once a Bitcoin transaction is confirmed, it is generally irreversible, which can be a drawback in cases of error or fraud.

• Security Concerns: Although the blockchain is considered secure, individual wallets and exchanges may be susceptible to compromise due to access given by custodian wallet users to third-party users.
 We can go on and about its disadvantages but still Despite the disadvantages given which of course also has their advantage/s Bitcoin has served investors better than our traditional banks providing us with a decentralized system where we make our own decisions to execute transactions without third parties or other institutions.

and that's the reason why a lot are still trusting the use of traditional banking system because of this aspect. however, if you are confident enough on this market, you will make sure you know what you are doing every step of the way
we can't blame those people who are sticking to their traditional ways because they have their reasons.

That is not a free signature space. There is Rollbit signature in that space. It is rather forum advertisement space.

Even with BTC volatility that makes people profit from bitcoin and despite the decentralized nature of bitcoin, some persons still prefer to save with the government highly centralised banks.
This does not mean that Bank is safer than BTC or is the safest means of saving. It is because of their ignorance and no one has been able to unlearn them what the centralised society taught them.

Some people are so lazy such that they would want to employ someone to be brushing their teeth. They have auditors, accountants, financial advisors and lawyers. They do not want to control their money themselves. To such people, bank is the best for them.

There's no technology without a disadvantage. But for BTC, the pros heavily outweighs the cons.

No, banks are even worse. Ask Venezuelans how they are enjoying their banking crisis. Imagine not being able to withdraw money while the money in your account is losing value. Ha. Please. Either trust the government or trust yourself.




It's just the human mistake of favoring something you already know and are deeply familiar with, no matter even if the facts say the new thing is much better …

So yeah, banks are probably going to stay around for a while, I bet. Banks are not going out of business, as long as the older generation exists. Hopefully they will be a smart part of our world. I would rather see Bitcoin on top.

Oh well, there will always be a trade off, no matter what kind of investments you have, either stocks or gold. So it will be the same on Bitcoin, but I wouldn't say it's a disadvantage, it's more on you should learn how to protect your own assets because who wouldn't, that is yours and obviously no one should take it away from you. But if you didn't take security very seriously, then it's your downfall.

We have a lot of methods already on how to keep Bitcoin safe, and it's also all over the forum. It's just a matter on whether you will execute them, I mean if you have like 1 BTC in your wallet, then you should also increased your awareness on how to protect it and also be private and not tell anyone about how much you have. There are also criminals in real world that are targeting Bitcoin holders.

A disadvantage if you don't keep your keys and won't make a back up. It's like that it's the form that we need to keep for ourselves as we fill in those information upon signing up.

There's always the message that we get for us to keep it whenever we're making our Bitcoin wallets. It teaches us things like being responsible to our own assets as we keep it as no one is going to do that for us.

It can be a problem, but this shouldn't really be a problem; it's just the fact that people are too reliant on account recoveries. But regardless, I think it still doesn't justify leaving most of your wealth with banks. In the end, the advantages and disadvantages of bitcoin and banks are totally subjective.