the advantage and disadvantage of Bitcoin?

X-ray

hero member

Activity: 3066

Merit: 536

Leading Crypto Sports Betting & Casino Platform

Quote from: cookiemonster07 on May 27, 2016, 04:17:16 AM

the advantage and disadvantage of Bitcoin Huh

The Advantages. - Low fees on every transaction. - More secure than use the other currency or another way to save your money like Paypal etc. - You can grow your bitcoin to make more profit.

Disadvantages. - Unstable value. - Take a long time to wait block confirmation. - Many scammer in bitcoin.

Enotche

full member

Activity: 196

Merit: 100

Quote from: Mvaporis1961 on June 06, 2016, 12:48:16 AM

One of the advantage of bitcoin is you can earn and use it to buy or pay some bills and one of the worst disadvantage of bitcoin (for me) is anonymity because many criminals taking advantage of it and using that feature to make an illegal transaction like selling drugs and illegal firearms online.

Crime also uses conventional money or electronic means of payment. I would even say that they use it to a greater extent than Bitcoin.
It's like anonymizer and tor network.

Moreover, the anonymity of owners of Bitcoin wallets is such only until such time as there is no exchange Bitcoins for traditional currency Bitcoin or implementation of goods and services outside the Tor network, in other words, law-abiding sector of the economy the vast majority of Internet and traditional shops exchanger network on the stock exchanges, banks, etc.

Mvaporis1961

sr. member

Activity: 364

Merit: 250

One of the advantage of bitcoin is you can earn and use it to buy or pay some bills and one of the worst disadvantage of bitcoin (for me) is anonymity because many criminals taking advantage of it and using that feature to make an illegal transaction like selling drugs and illegal firearms online.

daringdiscovered

hero member

Activity: 700

Merit: 500

Advantage
-Anonymous transaction
-Low transaction fees
-Can send or recieve instantly
-Can be use at different things like top-up moblie phones, etc.
-No age restriction or don't need any requirements

Disadvantage
-Can be used in illegal ways

KenR

hero member

Activity: 910

Merit: 1000

「きみはこれ&#

Quote from: quintiilieo on June 01, 2016, 03:18:04 AM

Advantage that it is a fast transaction because of the technology we have just like throwing trash on the trash can. Just sent it and wait for the confirmation to put thru.

The throwing trash into the trashcan did not make much sense.Transactions are fast in IMPS and National Bank Transfers too.Actually with low fees,even bitcoin transactions take quite a lot of time these days.Pay more tx fees if you wish to have it confirmed fast.So the point you mentioned is not really an advantage worth listing out.Maybe saying it is anonymous and fast would make sense.

Quote from: quintiilieo on June 01, 2016, 03:18:04 AM

Disadvantage of this that its a technology yes it is. But always remember when you say technology it is a software a virtual that we can't see knor we can't touch. it can disappear on a blink of an eye so be very careful if you have full funds on it.

No,when we say technology its not always software .So you mean hardware is not part of technology because we can tough it ?This point didn't make sense either.

Supercrypt

legendary

Activity: 1554

Merit: 1054

Advantages of bitcoins include the anonymity factor, easy of transferring bitcoins from one wallet to another, transfer fee is less and price is volatile.

Disadvantages include the risk factor, bitcoin address are difficult to memorize, irreversible/non-traceable wallets and confirmations not having a fixed time.

crairezx20

legendary

Activity: 1638

Merit: 1046

Disadvantage for me in bitcoin is the slow transaction that it needs confirmation from the miners before you can receive the trasacted bitcoin..
And the advantage for bitcoin i think bitcoin don't need your real identity..

quentincole32

hero member

Activity: 518

Merit: 500

Quote from: franky1 on June 01, 2016, 02:41:31 AM

Advantages :
- You can make any number of accounts you want (wallets/addresses)
- You can't get your wallet/addresses limited.
- You don't have to provide any real information's (like name etc ...) unless you decide to use a service like Coinbase of course. (your own fault).
- It's secure (Cryptography)
- It's a long-term investment.

Disadvantage :
- though bitcoins blockchain is secure, how humans use and treat it is not secure. you can fool proof bitbut, but can't fool proof a fool
- some services need to wait few confirmations to fully trust that transaction.
- there is no guarantee, fees change, confirmation times are different and not set to exact times(only averages)
- requires a internet connection
- still not 'grandma friendly'
- bitcoin doesnt have natural growth capacity increases, requires humans to bicker and argue about how and when to increase capacity
- new capacity increases are not implemented by several different code bases forming a majority consensus. or automated by bitcoin itself.. but by one code base that people then blindly follow

you posted more disadanvtage of bitcoin than it advantage,thanks franky1 now i get some information and facts that bitcoin have many disadvantage.
and most than it coming up from human error,this is major problem for me and many people for looking for how to become good bitcoin holder.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Quote from: Nowl1935 on June 01, 2016, 03:31:00 AM

Disadvantages
-Very long confirmations
-Many scammers

You have obviously not used Remittance services or international bank transfers yet, because some of these can take days. You also cannot blame the Bitcoin currency for the people who misuse it for scam purposes. If you look deeper into this, you will see most scammers operate with cash and credit cards, not with Bitcoin. ^hmmmmm^

Indrawan77

hero member

Activity: 1274

Merit: 516

The advantages are easy to use especially you want to do global transaction, the anonimity feature makes you stay anonymous when you gamble
The disadvantages are not all store accepting bitcoin, also bitcoin got a bad reputation due to a lot of people scamming using bitcoin

Nowl1935

full member

Activity: 224

Merit: 100

Advantages
-Easy to use
-You can create more than 1 wallet
-Too many source of bitcoins
-You can gamble it

Disadvantages
-Very long confirmations
-Many scammers

quintiilieo

sr. member

Activity: 420

Merit: 250

Advantage that it is a fast transaction because of the technology we have just like throwing trash on the trash can. Just sent it and wait for the confirmation to put thru.

Disadvantage of this that its a technology yes it is. But always remember when you say technology it is a software a virtual that we can't see knor we can't touch. it can disappear on a blink of an eye so be very careful if you have full funds on it.

Ardenyham

legendary

Activity: 980

Merit: 1000

Don't Hesitate to Tip me for My Helps and Guides.

Quote from: bitcoineverything on May 31, 2016, 07:50:50 PM

For me, bitcoin has more advantages than disadvantages and this is what I like about it. The only thing I do not like are the wallets. They are not that really secure. Bitcoin can still be stolen. It is hard to hold so much bitcoin.

because wallets are softwares and apps. it is not bitcoins fault basically. but people still consider it a disadvantage of bitcoin (actually they are also right in their point of view)..
bitcoin have lots of advantages and lots of disadvantages as well,
but the good thing is bitcoin still accepted and adopted by majority with its disadvantages, because advantages are bigger then disadvantages...
Security issue is everywhere. your money not even 100% safe in a bank or anywhere.

hermanhs09

hero member

Activity: 574

Merit: 500

The advantage and disadvantage of bitcoin is the same thing in my opinion. IRREVERSIBILITY.

If you are a seller of some goods, irreversibility is good for you because you do not want someone to chargeback on you and you lose all your money.

But if you are a buyer, if you get scammed by the seller you will not be able to chargeback and therefore also losing all your money.

In my opinion though, the goods outweigh the bads.

franky1

legendary

Activity: 4410

Merit: 4766

Advantages :
- You can make any number of accounts you want (wallets/addresses)
- You can't get your wallet/addresses limited.
- You don't have to provide any real information's (like name etc ...) unless you decide to use a service like Coinbase of course. (your own fault).
- It's secure (Cryptography)
- It's a long-term investment.

Disadvantage :
- though bitcoins blockchain is secure, how humans use and treat it is not secure. you can fool proof bitbut, but can't fool proof a fool
- some services need to wait few confirmations to fully trust that transaction.
- there is no guarantee, fees change, confirmation times are different and not set to exact times(only averages)
- requires a internet connection
- still not 'grandma friendly'
- bitcoin doesnt have natural growth capacity increases, requires humans to bicker and argue about how and when to increase capacity
- new capacity increases are not implemented by several different code bases forming a majority consensus. or automated by bitcoin itself.. but by one code base that people then blindly follow

Enotche

full member

Activity: 196

Merit: 100

On the advantages already mentioned and they populyarnyy and familiar to all. I will not repeat, so talk about the disadvantages.

- Insufficient dissemination and recognition.
Despite all its advantages, Bitcoin payment system has not yet been large-scale distribution.
- Government bans.
Different states have different attitudes to the Bitcoin payment system, and at any moment can enter all sorts of restrictions on its use, for example, as a means of payment for goods and services. In particular, the ban Bitcoin risks are very high in Russia. Loss of monopolizing the role of emissions for the state money will mean a loss of power over the people, so they will try to prevent it, or somehow take the Bitcoin system under its control.

The Sceptical Chymist

legendary

Activity: 3500

Merit: 6981

Top Crypto Casino

Ugh. The main advantage, perhaps the only one that matters to me at all, is the fact that bitcoin is not controlled by government. And that advantage has already been stated. All of this other crap matters not one whit to me. I don't care all that much about anonymity. I can use dollar bills to buy drugs and TV sets and all that other stuff and that's anonymous. I don't care about sending money across borders easily. Those aren't problems for me that bitcoin solves. I still can't find a good reason to go out of my way to buy bitcoin just to spend it. No one has come up with one I can get behind.

bitcoineverything

sr. member

Activity: 504

Merit: 250

InvestnTrade. Latest from the crypto space.

For me, bitcoin has more advantages than disadvantages and this is what I like about it. The only thing I do not like are the wallets. They are not that really secure. Bitcoin can still be stolen. It is hard to hold so much bitcoin.

MWesterweele

hero member

Activity: 1372

Merit: 564

Too many advantages and disadvantages when it comes to bitcoin.First advantage is you can make infinite number of money if you have a big or even small amount of capital.Second is you can earn money anytime anywhere and for free as long as you have internet.Bitcoin can be use as mode or payment on some internet shops.Disadvantage of bitcoin for me is the transactions that taking over an hour to be confirmed and aside of that no more disadvantages for me.

CryptoBjorn

hero member

Activity: 714

Merit: 500

Quote from: Superways on May 31, 2016, 02:50:48 PM

Everyone here will mostly provide the advantages of bitcoin as there is a lot of advantages of bitcoin rather than disadvantages( or I will say for me there is no any disadvantage in bitcoin as there is no any lose for me in bitcoin)

By the way the more popular and attractive advantages of bitcoin are:
1. It si a currency which allow the world to connect, I mean everywhere in the world it is easily used without any restriction.
2. Its transaction is anonymous so you can send money to anyone in any part of the wrld, o matter they are hostile to each other.
3. It is providing a lot of opportunities for the people to earn money online, means more of the paid tasks are available on internet with this currency.
4. Its value is increasing every days so with that your money invested in it is also increased.

These are the advantages which I have found in it.

Well the price can be a disadvantage too, since you don't know how much it will be worth tomorrow.
But yes overall bitcoin has way more advantages then disadvantages, speed and anonymity being the major ones.

Topic: the advantage and disadvantage of Bitcoin? (Read 2448 times)