pros and cons of bitcoin - page 2. | Bitcointalksearch.org

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Advantages:

You can transfer value oversea much faster than with the banking system.
You own your money and not an IOU from a bank.
It is permissionless.
It is censorship resistant.
It's always online.
There's no counterparty risk.
It's private and pseudoanonymous in contrast with the bank.

Disadvantages:

The majority sees it as an investment and thus, it makes it volatile.
The transaction fees can be really expensive.
Not all people are responsible and they may lose their private keys.

UserU

hero member

Activity: 2016

Merit: 531

FREE passive income eBook @ tinyurl.com/PIA10

Let's focus on the cons, since that would make things a tad more interesting:

1) Transactions are expensive when prices go up
2) Slow to confirm when it comes to deposits and withdraws. That's until Lightning Network comes along.
3) Speaking of Lightning Network, it still struggles with adoption.
4) Speaking of adoption, it still sees limited usage outside gambling, dark webby and trading/ speculation.
5) Mined (POW concept) so it takes alot of resources just to discover new ones.
6) Super volatile. Your $1,000 in holdings today can become $500 tomorrow.
7) Pain in the ass to procure through fiat from a combination of the above.

zasad@

legendary

Activity: 1736

Merit: 4270

Bitcoin has a huge market capitalization and the largest transactions are recorded in Bitcoin
https://whale-alert.io/transaction/bitcoin/4410c8d14ff9f87ceeed1d65cb58e7c7b2422b2d7529afc675208ce2ce09ed7d
$ 1 billion

Bitcoin transactions are unchanged even if a lot of money is stolen. Ethereum was hardforked to prevent a hacker from stealing more than 3 million coins while hacking the DAO smart contract.

But bitcoin loses in speed to modern coins,
where transactions are almost instantaneous or take a very long time.

mk4

legendary

Activity: 2716

Merit: 3817

Paldo.io 🤖

On the top of my head:

Pros

No fears of bans and account locks
Zero downtime
Transact freely, and having true ownership of your funds
More privacy compared to banks and other centralized services

Cons

The concept is pretty hard to grasp for the masses
Currently not as user friendly as tradfi platforms
People need to learn about security
Currently still volatile (as expected)

EDIT: thanks for the 2000th merit, pooya87! 🥳🎉

SadlyFox

newbie

Activity: 6

Merit: 0

Possibly an overused and stupid question, but anyway. What are the pros and cons of Bitcoin? To the pluses, I would classify the prevalence and universality. What else? It is interesting to hear your opinion.

Topic: pros and cons of bitcoin - page 2. (Read 282 times)