Topic: Negative influence of bitcoin - page 2. (Read 416 times)

Everything has both impacts or influence. If one has to influence by anything, then he has the choice to look to which value of the coin. If he wants, he can easily get influenced by the positive factor, and if required one can easily get spoilt through the negative part. The features you have mentioned is only possible due to the advantages of Bitcoins. Bitcoins are free from any tax and the anonymity it provides is really unique. Many scammers use this to target the common mass and hence Bitcoins are looked with hatred.

If Bitcoin isn't easy to understand for some people, it isn't a bad influence. Crypto scams aren't that different from other scams, and you don't need to be a blockchain expert to avoid them. You can be very similarly a victim of a fiat-based scam if you send someone money and expect to get back twice the amount because it's a 'giveaway', if you enter your online banking info onto a phishing website and so on.
#2 is more specific to Bitcoin, but that's just a result of decentralization and financial freedom. With freedom comes responsibility. #4 isn't specific to Bitcoin (or cryptos) either. As for #3, criminals use fiat as well, so it shouldn't be counted as an argument against Bitcoin. And #5 is the price volatility, which is higher than with many fiat currencies, but it's also a result of decentralization and financial freedom.

How many people actually understand the fiat monetary system? I suspect more people understand Bitcoin, than understand the realities of Fiat currencies. Certainly Bitcoin is talked about far more. Fiat operations and creation is kept a secret as far as possible.

I've had some horrific experiences trading Bitcoin, and some events in cryptocurrency are unforgettable, which makes me desire every day that I could move the hand of the clock in my favor. Now is the time to make up for the things I've missed in the past that are still bothering me today, not an easy tasks but with determination and consistency, it will be achieved. Bitcoin's existence in the ecosystem is a solid foundation that traders and investors rushing to profit without a solid base to back up their choice or line of action, Bitcoin has both positive and bad effects on traders. 

I wouldn’t call this a down side of bitcoin because it is a general problem, you hardly have even banks or centralized exchanges returning funds after loss or hack or any scam. The fiat banks are even worse because they will certainly blame you for losing your funds after they are responsible for having your informations online. I would rather have my funds been held by me, if something happens I will have myself to blame rather than some centralized bodies.

Bitcoin has a negative? right because I never let go of them since a few years ago and it's really sticking
But in this case I think everyone's perspective is different and indeed things like this cannot be forced further. you say it's negative then it's back to your rights because there are indeed some reasons that you might think are strong about it, but on the other hand I do it my way and I like it because there are good things that I get especially with the finances I have have at the moment.
When looking at comparisons like this I'm still doing what I think is bringing change and bitcoin is bringing that to my life right now so that's enough for me.

That is why everyone who is interested in Bitcoin should learn the basics about security, how transactions work, how to manage a wallet, and of course about investment strategy which must be always focused on long term goals, since we can't predict Bitcoin price on short run precisely.

Since many investors want fast profit, they claim to have lost money with BTC. But that was actually their fault for not having held their coins for longer.

Well I don't see any difference  in the negative aspect of bitcoin  and that of fat because all you've mentioned also occurs with fiat and most times we shouldn't  be expecting  so much from bitcoin  but rather just see it simply see it as a digital  currency  which can also serve as a digital investment  and asset.

There is nothing wrong with the volatility  of bitcoin  because its the volatile  nature of bitcoin  that also makes it possible  for people to earn gain or loss and the profits people make are also paid from  the losses of others, and hence  we ought to stay at the top of the game always and stay very smart as well.

Change is inevitable , if you don't want to move with it...it will go without you! This is as good as the Tin can telephone days and then the telephone came and you say am not ready for the new tech, am sorry these technological development's will happen and people need to be invested in them....Same thing applies to crypto, this is the digital age and most of the stuff we do today has a footprint in the digital world and this is whats happening even with our money.

definitely one of the downside of crypto but this also solves the issue of bad actors trying to scam sellers or other parties after a successful transaction,  it's all about getting used to it.

I think people are now woke and will see such a mile away.

Fiat suffers from such kind of attacks and not new to crypto but its all about improved cyber security measures  and getting educated on how best to protect ourselves and have zero tolerance on pirated software as this is also a source of compromise.

Unpredictable but system  still works thanks to supply  and demand!

Nobody had a knowledge of bitcoin, everyone learnt. If you do not understand bitcoins, learn from credible sources and not from any person new and even old sometimes.


This is why we should be more care every time.

The price volatility is also a positive side to bitcoin that many people have benefited.

Most people are too lazy to learn and do research.  They wanted to be spoonfed and don't want to exert effort in learning new stuff.  Aside from that, the greed makes people fall into scam and fraud.  it isn't the action of Bitcoin but the people itself.  Bitcoin is in no way can influence people to do fraud.



No one will refund a person because of their negligence.  The same rule applies to every services.  if it is the person fault, even banks can't refund him of his fault.


So it is the bad people and not Bitcoin.


Still this is human generated crime.  Bitcoin isn't a part of this.


Almost all markets are unpredictable.  It is a normal thing in trading.

The only negative influence I can see in Bitcoin is when you put your shoe on the financial institution place.  Bitcoin can take away clients, users, and believers of the traditional financial system.  But if we put ourselves on the users shoe, it is a good thing to have freedom of financial transactions.  Most influence you stated are caused by a human greed.  Bitcoin has nothing do about them.

There are many men of God preaching about Jesus Christ, but is it everyone that's receiving this message? Hell no... It's the same with bitcoin.. some persons choose ignorance over information and knowledge that can put power in their hands.

When you're careless with your debit or credit card information and it gets into the wrong hands and your money is wiped off from your bank account... Do your bank give you a refund? Hell no.

Scammers, fraudsters can never stop trying to use it to defraud people but that doesn't make Bitcoin bad either.

Bitcoin is a volatile asset, the price is not stable and that's one of the things that makes it beautiful.

I often have problems understanding why ignorance they say is a "no excuse" but in this @ OP, this I could understand.
You know, there is a hunger difference with when you clearly are aware of the existence of something than, when your fully aware, don't care a thing about it and then some day you just jump on it and hope not to get hurt. Come on, life isn't a place to be comfortable about when you ain't doing great. You have to be willing to put figure things out on your interest.

1. If you don't know something, you learn. That's how you cure ignorance and even better now, we've got multiple source of information.
2. Nothing is perfect and there are rules to ensure safety. Follow them and you won't bother about losing your keys or seeds and refunds.

Nothing comes to you when you do nothing.

It is a fact that some individuals may experience losses in Bitcoin due to a lack of patience. This is because there will always be someone selling and someone buying, meaning that some individuals will gain while others may lose. It's important to keep in mind that Bitcoin is constantly changing hands, which can contribute to its volatility. However, if you are a strong holder who doesn't engage in frequent buying and selling, you may be more likely to experience gains. It's also worth noting that scams and frauds can be found in any industry, and should not be the sole basis for developing negative opinions about Bitcoin.

@Godlovesyou   In summary, of your four points about the negative influence of Bitcoin, can you point out which of those negative influences is new to society as a result of the development of Bitcoin?

The only negative influence I see here is people like you who choose to put all the blame regarding all the bad influence and negative things going on in society on Bitcoin, as if Bitcoin is the problem. All your listed negative feedback is also seen in every other financial sector.
Regarding losing funds when you lose access to your private key and all that, if you can't take care of your own personal belongings, why then own them? Those are not things you should blame on Bitcoin, but individual mistakes and carelessness for which anyone should take responsibility for their own security.

Hacking and hijacking of funds are primarily for those who hand over their funds security to a third party, and when that third party's security is compromised, everything is lost. It also happens in the banking sector, which is not something new; bank accounts are being hacked and individual funds are being hijacked. Any money that is in your personal wallet, especially a self-custodial wallet, cannot be controlled or moved out by anyone aside from you unless the security of your wallet has been compromised by you, which is mostly as a result of users carelessness in clicking on malicious and untrusted links, which gives hackers control over their wallet. It's not something new.

Sometimes this week, a similar topic regarding the disadvantages of Bitcoin was also listed, which is almost the same point as yours. You guys just need to understand that whatever you are seeing as a disadvantage of Bitcoin is not the fault of Bitcoin but something that has already existed even before the invention of the currency. The earlier you start realizing this, the better it will relieve you of this negative energy you are having with Bitcoin.

Where is the negative if someone can place bitcoin correctly and cases of fraud in the name of bitcoin cannot be separated from individuals or groups who try to take advantage of other people's stupidity, but it is not actually bitcoin that initiates fraud?

More precisely, it is stupidity that brings people to the stage of fraud, what is the difference from the fiat system that has existed so far?

Again talking stupidity about refunds due to errors in transactions. Can you exchange when you buy the wrong item?

All the complexity in this world is inseparable from how you can control it, including privacy, counterfeit apps and fake bitcoin sites. Attempts to scam are everywhere and many people fall for it due to ignorance.

If people can why not us. If they are able to deceive why can't we avoid being deceived? while there are secure wallets to store bitcoins.

The advantages possessed by bitcoin and for this reason we believe in a system of freedom in holding bitcoins. Meanwhile the fiat system tends to be controlled by certain parties and can be monopolized according to interests.

You list the negative aspects of bitcoin. Do you think that cash, bank accounts, the stock market or other financial instruments have no disadvantages? Everywhere has its downsides.

Cash, for example, can also be stolen from you, it is subject to strong inflation, paper banknotes burn very well and so on and so forth. But the world doesn't stop using it, right?

I'll add some of my comments:
1. Moreover,bitcoin is not convenient for use by ordinary average people.
2. Bitcoin doesn't forgive mistakes of its users. Wrong amount or recipient address - your funds are lost forever. The need to ensure safe and secure storage of seed phrases.
3. Pseudo-anonymity and permanent preservation of the entire history of transactions in the public domain.
4. Almost the same as the 2nd paragraph. The need to take on the role of a security guard and be your own bank for yourself.
5. Non-constancy of bitcoin price and unpredictability of changes.

Despite these shortcomings (and not only) bitcoin still continues to be an excellent digital money and investment tool. This is the case when the positive aspects more than compensate for the negative ones, which can be neglected under certain conditions (that is, subject to certain actions).

Scammers are everywhere and they're not just taking advantage of bitcoin but also even in the use of fiat, they can be found.

While someone who's enthusiastic about bitcoin don't see bitcoin's volatility is a negative thing to be considered. It is for sure that newbies will think of when you say that it doesn't have a stable price but instead it has got a variance on its price.

These are people that knows nothing but want people to see on their misfortune. As a Bitcoin investor, we don't intend to see non-bitcoin investors miss these opportunities.

But them to expect bitcoin to fail, these minds are nothing but crab mentality.

People having a misconception about bitcoin is not a negative influence to me, they people has the lapse from their end in the lack of the ability to try out something new, take a risk and believe in what bitcoin has come to offer in the entire financial system and economy


I can't accept this is well as a demerit to bitcoin becau if you're been careless with your fiat currency abd lost to due to vulnerability or attack it's all gone for life, same applies to bitcoin, you can make a mistake and expect it to be reversible or undo when you're at fault and not the blockchain technology.


The more reasons to avoid storage of your asset on centralized exchanges, or believe all those crypto influencers and some crypto projects, NFTs and their likes, the bad ones are many than the few good ones.


The problem here is not bitcoin but you for using a centralized exchange and been careless with your wallet security and private keys.

Imagine you have no idea about Bitcoin and someone out of no where tell you that something is far superior to Fiat currency, bro you will be laughing nonstop, because it will sound to stupid to you, for some people till today, Bitcoin is nothing but the largest successful Ponzi scheme.

There are many friends and relatives that believes this, and they believe that one day the bubble will burst, they are trying to rebel against Bitcoin, hoping to prove that it's a scam after it's burst and made people lose their money.

Instead of them to try figuring out what Bitcoin is all about, they hope for it to fail.