Topic: Few cons to be aware of before going into Bitcoin (Read 316 times)

Compared to the positives of Bitcoin and the smoothness and huge revolution it has achieved in the financial system, I consider all these negatives to be essentially nothing, and anyone may be able to overcome them and may find them to be positives. However, some may classify them as negatives that may flaw Bitcoin.

If the transaction is confirmed, it is irreversible, as you mentioned. If anyone can retract the transaction after confirmation, this will increase the fraud rate, making people refrain from using Bitcoin as a secure payment method. Also, whoever knows the Bitcoin system and basics can avoid any mistakes when sending a financial transaction and will know that his private key and seed phrase are the most important things that must be secured and kept in a safe place after creating the wallet.

As for price volatility, it can be an advantage for traders and can be exploited to achieve good profits, but the person must be able to predict trends and utilize technical and fundamental analysis, along with proper capital management, and never forget the advice "Invest what can afford to lose."

When Bitcoin transactions have confirmation, it tends to be irreversible, but if the transaction is yet to be confirmed, there is a chance of reversing the transaction or transferring to wallet different from the one you initially sent to.


Lack of government regulations is not a disadvantage to bitcoin, it is an advantage so that the aim of having financial freedom, because if government is involved, the bitcoin price will be affected and the government regulations will hinder bitcoin’s success.




We are working generally on global adoption of Bitcoin through sharing good news about Bitcoin in our local communities because lack of global adoption is actually a disadvantage.

I agree with the other points, but for the irreversible, I think all money or wealth transaction is basically irreversible, so I wouldn't list it as one of the con since the other 'competitor' do the same. Other thing is about the government regulation, it's good and bad at the same time, I think some people prefer that Government doesn't do much regulation on Bitcoin, just like how people doesn't like Bitcoin ETF that much. I also would prefer if government would just legalize Bitcoin or just allow people to use it without involving much in how it is being transacted, but I guess that's just impossible.

Is there, anything we ever need for the irreversible transaction because it can cause a lot of scams and issues if this feature gets deployed in the network, On the same time people are here in Bitcoin to have a better risk to reward, so volatility is the beauty of the market and so far it's now getting stability on some level because the total coins are getting distributed into a much large number of users.   

Government acceptability is just a dream because why, a country let go of its own currency and adopt a currency in which if they don't have enough quota (Supply) they cant even control their economic policies, on the same with their native currency they can do whatever they can and this what restricts bitcoin to be a universal currency, but it still can be a payment mode.

Irreversible: But that’s what you expect when you are in charge of your money. You can make mistakes and you’re in charge of the mistakes as well. So it’s all on you if you send money to the wrong address.

Volatility: It goes both ways; it isn’t necessarily a bad thing because it can be a pro or a con depending on the market. So just have it in mind before you invest.

No government Regulations: If it were to be regulated then it shouldn’t exist because it was created to not be regulated, it is intentional.

Not accepted everywhere: Now you have a proper con! But over time, the use of Bitcoin as a payment method increases. Let’s hope it gets to that point where 2/3 of the world uses it.

So to you OP,  no government regulation is a con? That should be a pro for bitcoin because in the first place the government shouldn't be the one in control of Bitcoin, it's not a centralized digital currency, I am here today because Bitcoin is decentralized, of cos it's something that the government won't like, but at the same time it's something that people like me will want because we don't like that the government involvement in everything.

What's left for the government to regulate is the exchange where bitcoin investors are selling off their Bitcoin, they have every right on such platforms due to crime rate and activities, so I understand,  and since Bitcoin is traceable it will be easy for them to go after criminals that might want to use Bitcoin for illegal funding and activities.

I used to hate how Bitcoin is not been accepted worldwide already, both offline and online but now I see that this doesn't matter, because Bitcoin is decentralized, it's automatically against the system that the government is ruling over, I think it's better fit that Bitcoin should stay as digital gold than trying to go the route of payment solution.

I agree that volatility is a real cons and an actual issue of cryptocurrencies(except stablecoins ofc). But I disagree with the rest of the statements. Bitcoins and other cryptocurrencies are way more regulated by governement than cash money, and being irreversible doesn't belong to cons, it belongs to pros actually as it prevents any kind of censorship. Futhermore it's the same thing with cash money, once you've hand over your cash money, you won't be able to cancel the transaction if the person is not anymore in front of you.

One of the things we need to understand about the market is that Bitcoin transactions are irreversible.
Some persons especially the newbies mostly ask this question if the transaction can be cancelled? Sometimes the reply they get could annoying because we could expect them to know that the transaction is not reversible in most certain condition.
Volatility is another thing newbies need to understand because they invest in the crypto market so that they can be aware of bear and bill season.

    One of the conceits of cryptocurrencies is that anyone can mine them using a computer with an Internet connection. However, mining popular cryptocurrencies requires considerable energy, sometimes as much energy as entire countries consume. The expensive energy costs coupled with the unpredictability of mining have concentrated mining among large firms whose revenues running into the billions of dollars. Though cryptocurrency blockchains are highly secure, other crypto repositories, such as exchanges and wallets, can be hacked. Many cryptocurrency exchanges and wallets have been hacked over the years, sometimes resulting in millions of dollars worth of "coins" stolen.
   Bitcoin and other cryptocurrencies still have their fair share of haters and critics. Being a relatively new currency, it will take time to gain widespread trust and adoption. That’s why it’s risky to invest in bitcoin. Critics and haters try to spread distrust in cryptocurrencies such as bitcoin, which can impact the value and your investment in bitcoin. But when it comes to investing, you've got to balance your adventurous spirit with some down-to-earth sensibility. Do your research, diversify your investments, and never put all your eggs in one basket — unless it’s a basket you’ve crafted yourself from end-to-end, and even then, be cautious. So, yes, Bitcoin could be a thrilling part of your portfolio. Just make sure it's a part you can afford to take a wild ride with, or possibly even afford to lose. Enter the game with eyes wide open, a solid plan, and an exit strategy.

Isn't this a pro instead of a con? Why would any payment made in the world you want it to be reversed. Also, it can be reversed until and unless its confirmed.
There's no way you just took a pro of the blockchain and made it a con just because you want it to be reversible.

if you send to a wrong recipient, it's gone. And that's how it should be. Bitcoin is not for everyone.

It doesn’t really add up to say decentralization is an advantage to Crypto and in the very next sentence, you say it’s a disadvantage to Bitcoin. Well, we might say Bitcoin isn’t crypto as, it’s a term that is more accredited to the various altcoins out there but, Bitcoin is still a cryptocurrency from which crypto is coined and it’s very much a digital asset with all its attributes.

You are right as there are just about a means to making a scam out of everything and not just Bitcoin itself. Bitcoin might have been fit forward following its none persona attachment to an address nature but, it’s even worst in fiat where you have an account detail or channel and still, they make it disappear just with a statement or a written document.

Government regulations been absent from Bitcoin isn’t a minus. I don’t know how the starter of this topic got that idea but, I would recommend a little more reading. I am on that path when I get the chance but, Bitcoin is something out of the usual. That’s what advancements is about, something not within the norms of the society but, created out of the norms of society to serve the society.
While we might use signatures and passwords to transfer value rights to another individual in banks and available spending means, Bitcoin uses private keys or seed phrases as signatures to transfer these rights. It’s just the same thing but, using different means and you serving as the sole right to this with miners to confirm legitimacy and putting your transactions in blocks and it gets adopted by nodes to ensure security of the whole system.

This is simply the law of demand and supply. It’s everywhere and in every commodity that is been exchanged out there. Flood it in the market and it’s price goes down, reduce it in the market and the price goes up. It’s that simple.

Should some individuals or bodies with large holdings decides to sell off all they’ve got, be sure there are more than enough investors to buy them and when it’s all bought and stored away, scarcity is restored and the price gradually returns to its price. That’s joy heart breaking, it’s just business!

Truth anyone going into bitcoin must understand this facts you have mentioned. Although bitcoin transaction can be reversed if it has not been confirmed yet do it is important to always cross check the address you are sending to and if incase you have made use of the copy to clipboard its good we check the address again to be sure because sometimes some malware may take control of your device without you noticing.

How does keeping your coins in a wallet put you at risk of losing your funds, as long as you keep it in an open source and non-custodial wallet, your money is not at risk, what you need to do is to back up your seed phrase and work on your security. If you sign up to become your own bank, these are the responsibilities that come with it.
If you want centralized money/system, stick with fiat, Bitcoin is decentralized and if you are going to use it you have to be your own bank and be in control of your money and security.

Yes not beign acceptable by the government doesn't  affect  the decentralized  system of Bitcoin.

There's  only one way for someone  to be affected by the word not acceptable which is using a centralised exchange wallets for your bitcoin storage and this dispute the fact of it's  decentralisation as government could possibly  use the influence of KYC to distrupt your transaction  progress.

You don't  want to be affected by this?? Learn to embrace the world fo a decentralized  system

I don't also like how it's not widely accepted yet, there are times where I always want to use Bitcoin to make purchases but I can't, because the store won't accept bitcoin as means of making payment.

There are are also times when I feel like holding my Bitcoin is the best option, because look around you, how many people are willing to even spend their Bitcoin on anything than hold for future price appreciation? They aren't many, majority are ok with storing bitcoin for long term hold, it's more like a gold now than currency for making payments online and offline.

Just so you know, Fiat is the easiest one for criminal activities, if you think that it's bitcoin then your research is still half way, go back and do some research, Fiat is use mostly for funding attacks and terrors, bitcoin can be traced.

Totally agree to this saying because most regulatory agencies place by and policy if the government on fiat has course many scam beyond control but in the area of Bitcoin it's very minimal. Most scam in Bitcoin or crypto currency is due to inability to seek appropriate information and many after quick rich in buying shiltcoin and altcoin.
If people take all measure avoid certain things such as emotion why on trade, quick rich buying of altcoin and shiltcoin that your not fully convince of it value , seek knowledge and be smart I believe bitcoin will be running close to zero scam.

It has been proven many times that most scams happen with fiat money rather than with bitcoin. The lack of government intervention makes Bitcoin the most interesting for its owners, which means that no regulatory authorities will be able to manipulate it for their own interests. Only the owner is his own bank, and only he is responsible for his investments. I don't think this is a minus.

Bitcoin has biggest network in hash rate among many Proof of Work cryptocurrencies but in theory there is risk of 51% attack.

Depends on big or small your transaction is, you will have to wait 1, 3, 6 or 10 confirmations to make sure risk of reverse is nearly zero and don't affect your trade.

How many Bitcoin confirmations is enough?

This is more reason, why it's necessary to copy the right address and confirming it before processing a transaction. In  Bitcoin transactions, some might claim to be able to help you get back your lost cryptocurrency of which isn't true. Once lost, cannot be recovered. The only exception to this, is if you are familiar with the owner of the wrong address you had sent the funds to. If not then your funds are gone and there's no way to know any information about the user of that wallet.

Cryptocurrency or Bitcoin wallets isn't the problem as they provide for you your keys to safe keep. Some people carelessly keep their keys which lead then to losing their funds. As a Bitcoiner, keeping your keys should be your first priority.

Well its quite hard to let everyone just accepts it as it is. Not all are aware on how blockchain works and its advantages. Also there are some business enterprises that still prefer the traditinal payment system or lets just say partners. Probably some are trying it out for additional options or some are pro crypto but this will take time for massive and globally launch adoption.