Topic: Disadvantages of bitcoins - page 2. (Read 328 times)

Concerns in terms of scalability, volatility and environmental problems are only felt by a small number of people who are still not ready for all the processes contained in Bitcoin technology. Losses from Bitcoin are due to being impatient to go through all the processes that occur due to a very volatile market. Personally, I have felt many benefits from Bitcoin due to taking advantage of the volatility that occurs in the market.
The interpretation depends on where you stand, Bitcoin has played a big role in building the economy and making it easier for everyone to carry out international transactions without having to use bank services. All the advantages offered by Bitcoin have made this technology increasingly developed, increasing public interest in Bitcoin will make Bitcoin adoption even more widespread in the future.

That article from Vijay is very old and it is originally on Medium, you can read and enjoy it there, but if you want to support Vijay, you can buy his book on Amazon.
https://www.amazon.com/Bullish-Case-Bitcoin-Vijay-Boyapati/dp/1737204118

Vijay notes it on Medium too.

Follow his X's account if you want https://x.com/real_vijay

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.

Unless you want to tackle more specific(and newer) aspects of the issues you've mentioned, you're probably better off just reading discussions on older threads concerning these issues.

https://bitcointalksearch.org/topic/could-the-scalability-of-the-bitcoin-blockchain-be-enhanced-without-sacrificing-5473700
https://bitcointalksearch.org/topic/bitcoin-volatility-5447045
https://bitcointalksearch.org/topic/use-of-clean-energy-in-bitcoin-mining-and-its-impact-5467209

Will put down the articles you mentioned since maybe you are interested on that topic.

This is helpful article to read

Scability issues  https://crypto.com/university/bitcoin-scalability

Price volatility https://www.bitcoin.com/get-started/what-is-volatility/

Environmental concerns related to mining https://news.climate.columbia.edu/2021/09/20/bitcoins-impacts-on-climate-and-the-environment/

This take long time to read so I do hope you take spend some of your free time reading this since for sure there would be a lot of learnings to get from this article. Although you can get an idea by ideas given by people but its more ideal if you can read the whole article so for you not to miss out some other information that you need to know.

I can’t see any disadvantages of Bitcoin here that you indicate in your subject in this thread. However, price volatility is not a disadvantage to the Bitcoin ecosystem; that is how it was created, and that is why you can invest in it. If the price remains in one place, how can you invest and expect any return from it? So don’t include volatility when mentioning the disadvantages of bitcoin for environmental concerns.

 This is applicable to any environment management where we have a small number of people who know about bitcoin, and people in such environments are not ready to learn about bitcoin and other cryptocurrencies. If not, I don’t think this is a big deal to the Bitcoin ecosystem in any way. 


Sure. You are right, most of these people don’t really know the main use of bitcoin and how it works. That is why they panic over many other things that are affecting the environment, but they are not ready to talk about them; they only focus on what will bring an easy life to the people. And Furthermore, even though miners are using the electricity people are using, I don’t think this will affect the power supply of such an environment. I’m very sure there are many other things going on that use the same electricity, but nothing has happened, so I don’t know how mining will affect the proper supply of power.

Didn't we experience the scalability issue several times?  When someone wants to play the network transaction fee, all these people have to do is congest the network.  It could not have been an issue if there was no problem with the scalability of Bitcoin.  I agree that developers are working on it but yet it has not been fully solved until now.  With these congestions also comes the transaction fee hike.

Regarding with price volatility, it is also one of the attractive factors of the Bitcoin market.  So I would not consider it as a disadvantage of Bitcoins.

Environmental problems regarding Bitcoin mining have been debunked many times I don't know why people still use these things to give a negative impression of Bitcoin.

Exactly.when people try to argue why they do not like bitcoin and they say because of its environmental impacts, they need to realize that bitcoin isn’t even the top producer of carbon emissions in the world. While we can indeed do better environmentally speaking, there are bigger problems to worry about.

Hmm, I won't comment on the Scalability issue with Bitcoin. Still, for the environmental concerns, buddy you need to realize that Bitcoin is not at all affecting the environment badly, because most of the miners use their power to run the mining setup like l=solar energy, on a large scale unit as well Now miners are putting their efforts to build self-powered units.

Even if Bitcoin miners uses the commercial electricity supply, still not an issue generated with Bitcoin, it's an issue that suppliers are not using ecosystem-friendly power generation sources, I believe maximum power is not based on renewable sources.

In my personal case I can't see any disadvantage or downside of Bitcoin especially in this digital age such a digital currency is playing a very important role in the economic development and improvement of the current civilization. However, although Bitcoin is currently used in various criminal activities, in that case, Bitcoin is not running in any bad direction by itself, but it only has bad effects automatically when the users run in the bad side. Bitcoin plays a very important role in controlling inflation and is used as an important medium of exchange in today's civilization.  Various countries are very active in legalizing Bitcoin and already some countries in the world especially El Salvador have already legalized Bitcoin.

Scalability issues:

Lightning Network (and possible other future L2 solutions)



Price volatility:

Not a disadvantage, simply part of the process of price discovery of an asset in its adoption phase.



Environmental concerns:

These concerns are from people who don't understand how mining works. The end result of mining is strengthening society's electrical production and specifically helping renewable energy by operating with excess energy at power plants or stranded renewables. Sure some energy use will continue to come from fossil fuels for as long as society uses fossil fuels, but that's no different than literally anything else in the world that uses electricity.

You have enlisted a good number of topics here, I already knew about the endthefud and read some of the threads there already but the last one from Vijay is quite new for me, and it's really a deep one. The author of the post really made a good effort to compile this up. Overall, the conclusion is enough to understand what the Vijay is talking about, which most of us already know that BTC is the new currency how it will dominate all other types of currencies.

That's why BTC will be adopted more and when more people will use it, due to scarcity factor it will increase in value thus proved to be a good source to store the value of money in it. Speaking of mining, there are some constraints like block size which can be managed to some extent via lighting network and the transaction fee which can also be managed to some extent via lighting network speaking of energy, I can say for sure that after reading the endthe fud website's article OP will know most of the concerns related to BTC mining energy are just excuses to start another side business of green energy. You will see a lot on this narrative.

Developers are looking for ways to solve its scalability issues though it might come still in a long time but I am sure it will come.

There’s really no solving this as this is part of bitcoin nay all cryptocurrencies’ nature. It is something we just have to live with in the present and the future.
There are plenty ways to address the environmental concerns such as using renewable energy instead. Again these are all challenging but I believe are doable. We just need to give it some time.

What exactly do you want to talk about OP, you did add the issues/disadvantages that bitcoin's got but you fail to deliver your own opinion about it. Shouldn't there be some substance with how you talk about this things, if you continue this kind of thing, it would probably not do you any better because you're going to be branded as low quality poster. Maybe add your own thing so people will have something to discuss and they don't have a hard time guessing.

Regarding those issues that you've mentioned, most of them aren't really a big deal, volatility isn't really an issue or a disadvantage for bitcoin, I mean if the price can drop that low or can go that high, I think that it would be a really good thing because if you look at it in a different way, it's going to be considered an opportunity for someone to buy at a lower prices.

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

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