Topic: What are some disadvantages of BTC? - page 16. (Read 7899 times)

Yes there are only two disadvantages of bitcoin and I think they are every important to fix because everyone want to see and use bitcoin every time every place first disadvantage of bitcoin is that it has no physical shape or loge and secondly bitcoin is only working on internet if you have internet then you can sue it and if you don’t have internet so then there will be no bitcoin so I think bitcoin will fix this problem as soon as possible because its users are going to increased.

I think the main threat for bitcoin since its using internet it's also easy to hacker to hack the system.It depends if the security of bitcoin is though.

Bitcoin said to be one of the great form of investment nowadays. But it doesn't mean it doesn't have a disadvantage. One disadvantage of bitcoin is the security. Every wallet address has its own private key, there is a big possibility to be hacked because it is connected to internet. Another one is the sudden changes of bitcoin value. We can't predict when it rise and fall.
In transaction matter, bitcoin is can possibly misused because it can't be tracked.
In mining, the disadvantage I saw is it energy consuming for just android phone users and laptap.

This is not the disadvantage of bitcoin rather this is the major reason why people are so much involved with bitcoin. Just because that bitcoin is not a property of any single country rather it is owned by all people around the globe. It is a first public currency and it has given the true concept of globalization or you can say global village where all people are using one currency regardless of differences in religions, caste, creed etc. 

1. A limited stock of 21 million bitcoins.
2. Decentralised nature. Although it gives Bitcoin power in many arenas, it has also led to its unacceptance. Also it is devoid of a source to enforce responsibility.
3. Volatility. The market price increase and decrease in just a short span of time.
4. Threat of future regulation by the government.
5. Can be hacked if secure wallets are not used.

Everything have advantages and disadvantages and bitcoin have also a lot of good advantages and some disadvantages first of all bitcoin is only available on internet and if you don’t have no internet then there will be no bitcoin and secondly since bitcoin is arrived to market from that day till now one have seen bitcoin that how it look like because everyone not only support bitcoin but they also love bitcoin so I think it must be fix.

Actually there are some disadvantages of Bitcoin and may be a big drawback for its future usage and adaptability. It may be used as a currency if and only if devs can come up with a solution to this. First of it is its transaction fees. It has ridiculously high fees even with a very small amount to pay. Sometimes the fees is rather higher than the amount to be paid. It is discouraging to use it specially in small transactions. It has slower transaction rate also compared to fiat currency which is almost instant. Government are also concerned about being anonymous with the transaction. It can be used in illegal transactions and money laundering. Of course it depends on what perspective are you looking at. On us, it is an advantage being anonymous but for the government it is a major problem to deal with.

When Satoshi created Bitcoin his white paper title was "A Peer-to-Peer Electronic Cash System" So it was intended to be a currency replacing fiats (USD,EUR..). But the main problem of Bitcoin becoming a currency is it's transactions are extremely slow and fees are ridiculously high. The constant forks are happening to solve this problems.

Also currently it would cost a large amount of electricity to mine 1 bitcoin. In energy wise and environmental wise that is also a problem bitcoin seems to have

There is nothing wrong with BTC, wrong it is the user of BTC itself. Those who use BTC as a medium of illegal goods transactions; such as narcotics and fires. This happens because the identity of the transactor can not be found.

Bitcoin is very great currency, but there is a reason why bitcoin usually ban in some countries. Since it is a digital currency it can be use in illegal transaction, gambling and etc. to hide there identity to the law. Another is being volatile price, we have no idea when the price will increase so that our money have no assurance to earn profit or maybe it will lose. Additionally, it will works only using an internet and most of our payment is in cash or card that bitcoin has nothing (maybe in the future).

We all know the advantages of Bitcoin, however there are a portion of the disadvantages too. Its limited supply in the market, exceptionally capricious in its price, the volatility of Bitcoin is so high, some countries ban the usage of Bitcoin. But in my opinion people's interest in Bitcoin is increasing day by day.

the main deficiency of bitcoin, making it impractical and unused for everyday purchases, is a large commission for transactions with small purchases and too long for transactions. This deficiency converts bitcoin into a kind of digital gold, that is, as an accumulation tool, and not as a means of payment.

If bitcoin will fall 2 to 3 times in 2018 is there a possible way an other crypto currency will go higher 2 to 3 times maybe ethereum will be on top by then we do not know you need to believe in bitcoin.

Obviously,
Bitcoin has some disadvantages also. we all are familiar with several types of advantages but we have to know also some disadvantages regarding this system.

Firstly, Bitcoin price rate is very much volatile and it doesn't stay at a point because of the high rate of gambling.
Secondly, Bitcoin is totally dependent on the internet connection. So that without internet, you can't get any access to this system.
And finally, Bitcoin is not regulated by any authorised platform and it's totally an open source system, that's why disaster is not a difficult for this platform.

I think some of its advantages can be disadvantage also, like for example its accessibility can also exposed its users to hackers and phishing sites while its continuously changing value can sometimes be a problem as a mode of payment between real time transactions.

Currently things which I see as disadvantages of bitcoin are low transaction speed and high transaction fee which is making it difficult to use in small business. While many other coins are there with fast speed and low fee like monero, dash, deeponion etc

Since bitcoin is manipulated by the internet. I am afraid of the hackers that might break in my account. Eventhough I still dont have big amount of bitcoin in my wallet,I'll still be disappointed because it is the fruit of my hardwork.
Also,unlike physical money, you can't transact with bitcoin because it isn't still approved by the government as a mode of payment.

It seems like Bitcoin is getting its head out of the clouds. According to coinmarketcap, its price lost of about 29% during the week and equals now of about $13.700. Capitalization exponential growth turns out to be not quite coherent with the Bitcoin degree of integration into the real life. Undoubtedly, this fact is considered to be one of distinguishing peculiarities of so-called ‘bubble’. According to the majority of analytical forecasts, Bitcoin is to fall three times in 2018-2019, what thus will approximate its capitalization value to a more reasonable one.

Possible reasons of Bitcoin’s decline can be accumulated risks, connected with Bitcoin data storage difficulties in some systems as well as with increase in time and cost of its transactions. Investing in Bitcoin can rightly be called ‘extreme’, and cryptocurrency exchange infrastructure at first sight is struggling with recently established overload. From the other hand, such high volatility is generally very representative for cryptocurrency market, where the significant role is given to political game of main holders.

In addition to the ongoing informational attack towards Bitcoin in terms of Ministry of Finance of Japan and Monetary Authority of Singapore statements concerning its unreliability, there were other events contributing to the fall. Emil Oldenburg, co-founder of Bitcoin.com, declared that Bitcoin has no perspective as a trading currency and sold his holdings. Getting rid of Bitcoin, agents usually invest in its direct rivals, such as BCH.
Simultaneously with Bitcoin decline, one can see rapid growth of most altcoins’ rates. Index of dominance has dropped to approximately 50%. More technologically and informatively loaded, altcoins definitely can have a higher potential. What they really lack is mass accessibility. In order to become a mass instrument, altcoin is to provide an easier and clearer way of its generation.For example, VICoin is based on Ethereum technological platform, which has time and again updated its positions in TOP-10 cryptocurrencies recently, what emphasizes transparent advantages of the system. Moreover, with ‘digging’ (as compared to ‘mining’) being more apprehensible and easier to manage, Virtonomic$ turns VICoin into a massively available alternative cryptocurrency. Analyzing and forecasting cryptocurrency market motion, Virtonomic$ is to meet the basic needs of participants along with highest possible technological standards.

One of the many disadvantage of Bitcoin is its a decentralised cryptocurrency. Hard, real-life currencies such as the Pound sterling or US dollar are managed by a central bank.
It has no overall regulation, but it relies on the activity of miners. This is the most complicated part.
The currency’s quantity can only be increased if it is mined by a process which involves computers collecting pending bitcoin transactions and turning them into a complex mathematical equation.

Second point i think that it is too much volatile and risky investment. You can see its quick history of its peak price in the last six years.

Trading with a bitcoin hides certain risks that need to be taken into account by entrepreneurs and private money deals.
First of all, the most serious threat is the lack of legal protection for consumers. In the event of a liquidity crisis, the consumer can not be protected