Topic: What are some disadvantages of BTC? - page 20. (Read 7950 times)
the disadvantage of btc is you dont know when its stop because all of your effort will fade away.But now on im hoping the bitcoin will be forever.
We all know the advantages of BTC, but what are some of the disadvantages??
One of bitcoins disadvantage is its unpredicatable price rate. There were the times that it rises and goes up high but suddenly falls down. That causes the other people to hold for a long time and sometimes give up on bitcoin.
According to my opinion advantages of BTC are as follows:-
1)It's information is transparent with the block chain, all finalized transactions are available for everyone to see ,however personal info is hidden.
2) Anyone at anytime can verify transactions in Bitcoin block chain and Bitcoin protocol cannot be manipulated by any person, organization, or government.
3)There is a freedom in payment with Bitcoin, it is very possible to be able to send and get money anywhere in world at any given time .It does'nt requires any physical effort in earning and trading of money.
1)It's information is transparent with the block chain, all finalized transactions are available for everyone to see ,however personal info is hidden.
2) Anyone at anytime can verify transactions in Bitcoin block chain and Bitcoin protocol cannot be manipulated by any person, organization, or government.
3)There is a freedom in payment with Bitcoin, it is very possible to be able to send and get money anywhere in world at any given time .It does'nt requires any physical effort in earning and trading of money.
There are not many disadvantage. But still there is some issue like transaction fees is too high. Because of its raising price. It is not tengible . bitcoin is not acceptable in everywhere.
Bitcoin is quite inconvinient in my opinion. Holding bitcoin for example, If i hold it at online wallet then I risk to lose it because I let someone to hold my private key. If i use cold storage then I need a laptop to stay offline and big hard drive to run a node. If I use paper wallet then it does not let me to operate my funds easely. If I use Ledger then I have to pay decent amount of money for it. I am not advanced pc user, I dont fully understand how it works so all it is quite complicated for me, I dont see any easy and safety way to hold bitcoin
For most of people bitcoin being anonymous is an advantage. But for police this is a big disadvantage ,maybe the biggest one. People can buy drugs, fake identities, prostitutes and all kinds of illegal things with bitcoin. Yes, you can buy that with real money but that would be a lot easier to discover.
The big fees for low transactions(lower than 20$) are also a disadvantage. Bitcoin cannot be used to buy things like a coffee or a sandwich because you would pay double or triple of the normal price.
The big fees for low transactions(lower than 20$) are also a disadvantage. Bitcoin cannot be used to buy things like a coffee or a sandwich because you would pay double or triple of the normal price.
We all know the advantages of BTC, but what are some of the disadvantages??
Bitcoin disadvantage is when your money is not totally secured because it is online database. Bitcoin have some advantage too, if you invest your money, you didnt know if your money is totally secured. But it is greater advantage than disadvantage of bitcoin. And the last thing about of disadvantage of bitcoin is when the transaction is pending and waiting for being confirmed for a week. Thats happen everyday if the total transactions is being high or overload.
I am not worried about the disadvantages of bitcoin because at this point in the evolution of cryptocurrencies, we are all aware that there are multiple options of altcoins that can satisfy without any problem the limitations of bitcoin to carry out all kinds of transactions.
At this time bitcoin is the digital gold and we must take care of it and treasure it as such, not spending it on chocolates and cigarettes, for that we have more than 1000 alternate currencies that can fulfill that function perfectly.
At this time bitcoin is the digital gold and we must take care of it and treasure it as such, not spending it on chocolates and cigarettes, for that we have more than 1000 alternate currencies that can fulfill that function perfectly.
Possibly among the drawbacks is the price of transactions which are volatile,the price is extremely dependent on numerous external elements, making it difficult for someone to commit, higher unpredictability makes it a danger for traders
bitcoins is much the same as cash in light of the fact that bitcoins is satisfactory in practically every shopping centers and schools and furthermore healing facilities that is the reason it’s quite recently like cash however cash has a few detriments yet bitcoins has no impediments yet it has a few focal points which make bitcoins exceptional from different cryptocurrencies and those focal points are its high security and the quickly increasing costs.
In first place of course it is bitcoin legalization, because large funds of dirty money are transferred through bitcoins, so many countries dont want legalize bitcoins in order to not destroy their economy. I also think that fees for transferring funds on another wallet are too bigs, because of this you losing decent money. Also, bitcoin course does not stand at one place, it can grow in price and fall down just in some minutes.
Bitcoin also has some disadvantages. Because bitcoin is a virtual currency, it fits into large payment transactions that are not suitable for small transactions. The main transactions through the network should be vulnerable to hacker attacks to steal
We all know the advantages of BTC, but what are some of the disadvantages??
The only disadvantage that I see in bitcoin is the fact that because of it's volatility, it's value might be too low that people would lose their trust and faith in bitcoin, and might end up looking and picking another coin. When this happens bitcoin will drastically lose it's value and no one will want to buy or invest on it anymore.
At this price ($9000+), the amount of fees has become a problem. At an average of 0.0003 to 0.0005 ($3 - $5) for each transaction, it feels too big for a daily and routine usage. I used to buy a lot of digital goods on Black Friday, things like domain, hosting, Steam games, and any other interesting offer, using Bitcoin. But during yesterday Black Friday, not anymore. The fee for payment is just way too big compared to the price of the goods. So I used Paypal instead, for the first time in a few years.
I know that some people argued that Bitcoin is not for micropayment, Bitcoin isn't meant for buying coffee, and Bitcoin should be gold-like. I'm on neither side of that debate. I realized that Bitcoin could be gold of the future, as a store of value, something that's very valuable instead of a currency. But I also like that I could use Bitcoin to buy almost everything on the internet. As of now, there is no other altcoin that has acceptance range as wide as Bitcoin especially on conventional huge companies like Steam. I hope further improvement like LN could solve the "issue".
I know that some people argued that Bitcoin is not for micropayment, Bitcoin isn't meant for buying coffee, and Bitcoin should be gold-like. I'm on neither side of that debate. I realized that Bitcoin could be gold of the future, as a store of value, something that's very valuable instead of a currency. But I also like that I could use Bitcoin to buy almost everything on the internet. As of now, there is no other altcoin that has acceptance range as wide as Bitcoin especially on conventional huge companies like Steam. I hope further improvement like LN could solve the "issue".
I think the amount of blocks to adjust the network difficulty is too high, it could theoretically destroy Bitcoin. Right now the time to adjust the difficulty is 2 weeks assuming that blocks are generated every 10 minutes, so 2016 blocks. But blocks are not always generated every 10 minutes, it depends on the total hashrate and difficulty. So when suddenly a lot of miners switch from Bitcoin to an other SHA-256 coin, Bitcoin's block generation time significantly increases. Resulting an even less profitable coin for miners, which could cause more miners quitting. This could end with a chain death cycle, where the difficulty adjustment never gets reached.
Though it's anonymity is a great advantage for bitcoin users, it is also disadvantage when it comes to tracking people who may have been duped, scammed or stolen from. There is no way that the coins could be retrieved when something like this happens.
We all know the advantages of BTC, but what are some of the disadvantages??
I think Bitcoin's Advantage is its Disadvantege. Like the unstable price that many bitcoin users are always scared of bump down of the value of bitcoin. 
We all know the advantages of BTC, but what are some of the disadvantages??
Well one that i can think of is that it is still not perfectly anonymous. Personally i'd like to see bitcoin evolve into the future into something like XMR with essentially in built coin mixing. This is probably not necessary but rather an add on.
Another thing is that, fees are often high.
Also, blocks are 10 minutes on average in between so that means you're probably not going to be able to get stuff irl instantaneously without the merchant having to trust you.
We all know the advantages of BTC, but what are some of the disadvantages??
- high fees
- slow processing times
- scalability
- proof-of-work flawed
- not fully decentralized
- not anonymous
for me, the disadvantages are the rather slow speed of the transaction and not the recognition everywhere...I want it to be generally available
We all know the advantages of BTC, but what are some of the disadvantages??
There are lots of pros and cons in this king of the cryptoworld (the bitcoin) and since you already know about the advantages of bitcoin, i can only give you 1 disadvantage it has. Bitcoin can only be transacted online and that means you can not use it if you're totally offline and that's may be the major disadvantage of bitcoin, IMO.
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