Disadvantages of bitcoins | Bitcointalksearch.org

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

The above mentioned points even put Bitcoin at an advantage than disadvantage from my point of view, the above mentioned points are not really common with or Fiat, scalability is one with some levels of concerns of which the domestic Fiat may have a slight advantage over Bitcoin but with volatility, it keeps Bitcoin at a high end where it turns out to go beyond just a payment means for transactions but even as a store of value in which it can be seen to posses investable attributes.

The concerns around mining have been of great concerns actually and this bothers most on the environmental effects that can be seen around the mining of Bitcoin, but then gradually we were getting pass the era where such becomes a problem to really bother on or probably see as a disadvantage a d this is because there are now environmental friendly means of mining such as the Green mining with leaser to almost no emissions that causes environmental issues, the disadvantages keeps winding down to the nearest minimum daily and will soon no longer be seen as a reason not to utilize the opportunities around Bitcoin, so I will advise you see beyond all this and take an opportunity in Bitcoin if you find one suitable with you.

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In my opinion, in this world, everything has advantage and disadvantage, but it's how we handle it, that it won't affect us negatively.

We should know the principal guiding Bitcoin before we invest or trade, and know when to invest and trade too because if we made a wrong move in anyway, it will affect us badly, that is why we should be very careful and also be observant, especially when the market is fluctuating.

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

You should consider a few things when you are doing the examination. Since when did price volatility become an issue for Bitcoin? One of the biggest reasons why so many people are interested in Bitcoin and cryptocurrencies in general is the price volatility which provides an opportunity for them to earn money by buying them lower and selling them higher, so I don't see this being an issue but it's a property that makes them so popular.

Scalability is an issue, no doubt, and we can often see the negative effects of this issue when the network gets congested whenever there are a lot of transactions being made because the block size isn't enough and the gap between blocks being mined is a lot compared to other blockchains.

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

Are you among those discouraging people from bitcoin or you are working with the government, or are you told all these, then they are all lies. The potential of bitcoin and the advantage of adopting bitcoin is far better whatever FUD you are spreading. Read and understand how bitcoin works, so that you will be enlighten and take those dumb ideas of your head. Bitcoin is freedom, bitcoin is the future, fiat holders will regret in future.

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Quote from: moneystery on June 04, 2024, 09:44:54 AM

if we discuss about the disadvantages of bitcoin, maybe it will be quite long to discuss, especially on the 3 subjects you mentioned. however even though bitcoin is not perfect, it has disadvantages which make it not as perfect as people think, but it is much better than what fiat offers, it is much more secure and decentralized, which makes bitcoin an alternative payment that can be accessed by everyone and it's much more reliable.

The system is risky and we should avoid crypto market if we're not ready to make substantial losses. I've learnt my lesson the hardway and will not give up easily other than fighting for improvement and massive gains. Bitcoin have done much harm than good in my region. It's hyped to be legit, which is true but most of these investors failed to make good finding about Bitcoin and they go ahead to invest, they have no clue about the current season they're enrolling themselves.

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Quote from: Rockstarguy on June 04, 2024, 09:55:08 AM

Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

Price volatility is not a disadvantage of bitcoin instead it is advantage to investors who invest in bitcoin. Without the volatility of bitcoin there will be nothing like profit in bitcoin, no volatility there won't be any investment.

Indeed. In fact, price volatility is also one of the things that functions to get profits in trading. Bitcoin is not a stable coin, and Bitcoin has always been volatile. However, there are many parties who can optimize its volatility to gain profits, trading being one of them. So, if we just look at the negative side, we won't get good results from Bitcoin and whatever it is. Because nothing is 100% perfect, we have to be prepared for all the risks. And we also have to be smart to optimize all existing opportunities, including the volatility of the Bitcoin price, to exploit it for much bigger profit opportunities.

Quote from: Marykeller on June 04, 2024, 02:29:30 PM

Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

OP, with your mention disadvantages of bitcoin, what's your advice to it? Should we stop investing in bitcoin or stop having it as a store of value knowing its disadvantages?

Maybe it's just to spread negative rumors and make people think about investing in Bitcoin. However, in fact the issues related to the things raised by the OP have actually happened frequently and we have even often encountered various negative news about Bitcoin. However, they still can't stop people from investing and doing various things related to Bitcoin. Yes, because with every risk, there are benefits that we can take advantage of, right? So as long as we can use it well, why not?

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

OP, with your mention disadvantages of bitcoin, what's your advice to it? Should we stop investing in bitcoin or stop having it as a store of value knowing its disadvantages?

That being said, the mentioned disadvantage don't matter, and it can never matter to us how we regard bitcoin as our future digital money created by Satoshi, to give masses total control of their finances rather than depending on the government or the banks to take care of their money

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Quote from: SquirrelJulietGarden on June 03, 2024, 09:16:02 PM

Vijay notes it on Medium too.

I know its on medium I read it and that's why I shared my POV on it, I don't plan to buy his book, but first search if I could get it from someone for free. As many people love to read books and then share them hehe. Overall, to support the writer we should buy his/her books, and I will also consider this option as well, only if the book convinces me too. So before making my mind, I will follow him and read his other readings as well. Overall the topic is not about buying his books etc. the point was to make sure what's the real deal behind BTC.

Quote from: SquirrelJulietGarden on June 03, 2024, 09:16:02 PM

There are many characteristics make Bitcoin is unique and scarcity is one of them. Scam developers can create their Proof of Work coins with total supplies like 11.5M or 5.525M or whatever smaller total supply number but I believe their altcoins will not have good utility and value like Bitcoin has.

Developers are making such coins and I think we should not call them scam, as they are not trying to develop a coin of the name BTC to scam people, they are developing there own coin (along with Blockchain) or there own token so nothing bad in it until they don't try to scam people by rug pulling or other types. The point is, scarcity is really a big factor, and the only factor that helps it to increase in value is its adoption, and why would people go after 11.5 M or 5.5 M alts while they know this is in the market for long period of time and have more usecases (ETFs approve now as well).

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

You are posting these based on what you have heared about Bitcoin; I will urge you to learn about Bitcoin from the links provided to you in the comments section to lear about all these before making conclusions.
Bitcoin if far above what you are expecting and you need to learn before you understand.
Price volatility and environmental concerns are all discussed by several people and we have come to conclude that Bitcoin investment is risky because of the price volatility, and the mining is the main reason why Bitcoin value will keep appreciating with time.

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

Before saying anything, I will recommend you to read through this thread and learn how bitcoin has become environmental friendly and the mining process is not placing any harm to the environment and people, read further from here.

debunking bitcoin energy in mining bitcoin by fillippone
https://bitcointalksearch.org/topic/m.56613804

Other challenges you have mentioned like scalability have been dealt with through the introduction of bitcoin layer 2 protocols.

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Quote from: Rockstarguy on June 04, 2024, 09:55:08 AM

Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

Price volatility is not a disadvantage of bitcoin instead it is advantage to investors who invest in bitcoin.

Thank you, I think that's rather wise. And to minimize risks, woudl it be a good idea to use some tools, such as Aria crypto, to get an aggregation of news or something like that ? What do you use, you all ?

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

Price volatility is not a disadvantage of bitcoin instead it is advantage to investors who invest in bitcoin. Without the volatility of bitcoin there will be nothing like profit in bitcoin, no volatility there won't be any investment. The volatility that bitcoin has is what makes bitcoin to be an investment. Volatility is what makes bitcoin to be better than fiat. Having fiat in the bank for a very longtime, instead of the money to add value it will depreciates but in bitcoin the case is deferent, hodling Bitcoin for a very longtime volatility makes it to have good values. Bitcoin has good volatility which is good and fair compare to other cryptocurrencies that volatility is not reliable, the price can go up and when it falls it will never increase again.

moneystery

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if we discuss about the disadvantages of bitcoin, maybe it will be quite long to discuss, especially on the 3 subjects you mentioned. however even though bitcoin is not perfect, it has disadvantages which make it not as perfect as people think, but it is much better than what fiat offers, it is much more secure and decentralized, which makes bitcoin an alternative payment that can be accessed by everyone and it's much more reliable.

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

I think that more than half of the mining farm facilities, the huge ones are using renewable energy because of how expensive it is to operate one. It is a never ending debate about the energy that's being used to mine Bitcoin. Whoever starts this context will always get to the point to make people convince that mining Bitcoin is using unclean energy instead of clean, renewable and environment friendly energy. I have watched footages of these big mining operations that uses, hydroenergy, solar energy and wind energy. So, I don't understand why this is always being brought up without doing some research.

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

There are no perfect ecosystem on blockchain. Some will have cons as well but it doesnt mean it is called a "disadvantage" maybe we can revise that to flaws which can be amend or improved under different circumastances. Price volatility isnt alone on bitcoin but everything on crypto even stablecoin have their down throat sometime. Scalability still in progress and being improved at the moment. Like the one said above, the introduction of lightning network helps it.

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

Take it easy bro.

All our life faces scalability issues (as we need to take care of the next generations), volatility of the cost of living, environmental concerns relating to the life expectancy.

And with all above you can't contend that your live is disadvantage for your. Or you can?

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Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

I don't know if I'd say your statement feels incomplete or whatever I may assume but regarding the topic, the only system in bitcoin that I may define to be disadvantage is the volatility but I'd always take take to be a norms because there's no phase of investment that doesn't face pressures as a major challenge.
Bitcoin is just programmed in such a scalability of encountering increase and decrease but it's sure that its way forward is the direction of increments.
Just keep holding your bitcoin nomatter the phenomenon and you'd always account to the increase values.

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Quote from: SquirrelJulietGarden on June 03, 2024, 09:16:38 AM

Quote from: G-aluminum on June 03, 2024, 08:31:08 AM

Examining the challenges bitcoin faces including scalability issues, price volatility, and environmental concerns relating to mining

I give you some resources to read by yourself rather than explaining everything here for you.

If you want to learn, I am sure you can read.

End the fud. Find many related documents on Energy consumption, environmental issues, price.
Bicoin clean up. Read to understand facts about Bitcoin mining.
Bitcoin mining council with quarterly reports and more detailed on Youtube.

After reading those resources to debunk Bitcoin fud, you will need to read
The bullish case for Bitcoin

I commend you for taking out time to list out all these links for the Op to satisfy his curiosity (if any) but I also won't be surprised too if all this is to create a thread they may not respond to. Say to generate traffic and go away.
I wonder sometimes why these newbies who ask for guidance on how to operate on the forum or what books to read to know more about cryptocurrencies don't come back here and at least try to educate us on what they were able to understand, at least show that the effort by other users wasn't wasted by participating, but no, you'd rarely see them. Rather it will be more "I'm a newbie" posts you'd see.

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Quote from: pooya87 on June 03, 2024, 11:08:19 PM

Since you used these two together let me remind you that bitcoin scalability and the recent fee spike are not related at all. The recent mess where we experienced a prolonged mempool congestion and a big rise in fee rate is due to an ongoing spam attack against bitcoin known as Ordinals. It is not because of scaling or block capacity. Even if block capacity were a lot bigger than this, we still would experience a similar situation due to such an attack.

Ordinals in 2023 and Runes in 2024 shortly after April halving.
The emergence of Ordinals
Inscriptions, Mempools and Miners

Runes attacks in April but they are dying.
The Bitcoin Halving Is Here, and With It a Giant Surge in Transaction Fees
Bitcoin Transaction Fees Come Crashing Down Post Halving
Bitcoin Runes Protocol Sees Traction Waning After Much-Hyped Introduction

Ordinals and Runes hypes make Bitcoin miners richer but they also warn people of risk of investment, bets on BRC20 tokens, inscriptions even they are on Bitcoin blockchain.

Bitcoin is here to stay many more years but we can not say the same for future of Ordinals, Runes.

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Since you used these two together let me remind you that bitcoin scalability and the recent fee spike are not related at all. The recent mess where we experienced a prolonged mempool congestion and a big rise in fee rate is due to an ongoing spam attack against bitcoin known as Ordinals. It is not because of scaling or block capacity. Even if block capacity were a lot bigger than this, we still would experience a similar situation due to such an attack.

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