Topic: What are some disadvantages of BTC? - page 22. (Read 7950 times)
The biggest disadvantage of bitcoin is that it can not be used everywhere and so little places accept it. The other one is the volatile price of it which can surprise many people within a short time.
We all know the advantages of BTC, but what are some of the disadvantages??
There are many disadvantages of bitcoin now. And one of them is that it can be used to buy and sell drugs all over the world because it doesn't leave any tracks about your transactions that you made. This bitcoins is used by people on black market. Do you know the druglord that uses bitcoins for his transactions gets warrant.
First of all, If we talk about the shortcomings of bitcoins, then this is a large volatility of the currency. In other words, even a month the price of bitcoin can make huge leaps. What is more, Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency.
The most terrible dream for a person using Bitcoin will be the loss of a wallet. If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.
And, finally, Bitcoin has the signs of a financial pyramid with all its inherent properties: attractiveness of quick profit, high incomes of the first participants, extremely high difficulty in obtaining monetary units for new members of the system, etc.
The most terrible dream for a person using Bitcoin will be the loss of a wallet. If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.
And, finally, Bitcoin has the signs of a financial pyramid with all its inherent properties: attractiveness of quick profit, high incomes of the first participants, extremely high difficulty in obtaining monetary units for new members of the system, etc.
There are several disadvantages of bitcoin that I noticed eversince I enter the forum,one is that it is volatile,the value is constantly changing. But although it is volatile,the prices don't decrease that much,instead,it increases. Second,is we can't use bitcoin without internet. There are times that I want to posts when I'm bored,but I can't because I don't have internet.
But bitcoin is still amazing despite these disadvantages.
But bitcoin is still amazing despite these disadvantages.
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Here are some that I can think of on the top of my head:
- It's volatility in price(currently). Hence holding your funds entirely on bitcoin is a huge risk despite the advantages.
- Very unsafe for careless and technologically-illiterate people. Logging in to a phishing link? Say goodbye to your exchange's funds. Forgot to list down your wallet's seed? Say goodbye to you wallet's funds.
- Unable to operate offline or non-electronically. This is a downside on more on the 3rd world countries, whereas most poor people can't even afford smartphones or any device that can hold bitcoin.
- Not-so-good transaction fees and time. Transaction fees and times are definitely alot better now compared to months ago, but I still remember the days when txs were almost instant, with very very low fees.
- My personal opinion: The name "bitcoin". I personally think it sounds like something a person involved in pyramid schemes and Ponzi scams would use.
I agree with you on this statement and opinions to some degree on this subject. I use 2 bitcoin debit cards that let me use them for purchases even if i am somewhere that has mo interest or power. I have personally paid a buddy for a bet i lost while camping. All i meeded was my debit card and all he needed was hos cell phone and square pay hooked to his phone.
CoolYou nevertheless keep it.It will visit ways higher soon.HODLI also maintain some ot ETH, it ll visit celestial satellite
I don't experience some disadvantages of bitcoin because I don't have many coins to trade now but I often see these problems and probably these are some of the disadvantages. One is the transaction is too slow and second is the high transaction fee of bitcoin.
One of the disadvantages of Bitcoin is that there are a lot of hackers using it. This will afraid some people so we will lose potential users for bitcoin. We need people in order to get bitcoin as a great payment method.
I think that this is the most critical problem what we have now with Bitcoin.
I think that this is the most critical problem what we have now with Bitcoin.
We all know the advantages of BTC, but what are some of the disadvantages??
For now, I have personally identified the following disadvantages with respect to Bitcoins:1. It is not known or generally accepted by all as a means of exchange
2. slower transaction rate compared to altcoin
3. unstable price
We all know the advantages of BTC, but what are some of the disadvantages??
Disadvantages of bitcoin, too, is not enough. Sometimes the price for the commission for transfers reaches a large%, transfers can get stuck in the system and go for several days. Well, the fact that it is already expensive, this is also a drawback.
The downside of bitcoin is that the transaction is very slow and the transaction fee is very high compared to the current bitcoin price. And the trading system is still a lot of time to verify the coins come and go
We all know the advantages of BTC, but what are some of the disadvantages??
Bitcoin is something new in our society and this is the one of the disadvantage of btc ,people thinks this is scam 
We all know the advantages of BTC, but what are some of the disadvantages??
Transaction fees are out of this world. In my opinion, transaction fees are costly in some exchanges. I know we're paying for the security, but come on, transaction fees are more expensive than the bitcoins I'm about to transfer. It's just my two cents about bitcoins. Another would be the long time for a confirmation of transaction.
Without being careful, your coins can easily be stolen thru hacking. also, it is not that widespread yet, transactions are limited.
the basical disadvantage of BTC is the huge waste of energy associated with its mining.
speed of transactions & high commission are the current problems but that will be fxed anyhow - but nodoby will use that wasted gigawatts again..
speed of transactions & high commission are the current problems but that will be fxed anyhow - but nodoby will use that wasted gigawatts again..
Bitcoin is not accessible without internet so the people who are not having an internet connection are not able to use it.It has a volatile nature due to which their is always a fluctuation in it's price that's why it is always risky to invest in Bitcoin. It is decentralized in nature due to which it is not considered as legal in many countries.It is not physically present so we cannot directly use it. It is not under the control of government due to which it is not trusted by many people. Transaction thorugh it are anonymous due to which it is sometimes used by people in criminal activities.These are some disadvantages of Bitcoin.
Yes i agree on that but i think people around is really not expecting that internet can be shut down because there is no way out to internet in this modern world maybe the dis advantage of bitcoin is that it is only can be use with the use of internet also but i believe that internet will not going to shutdown because some government and life of individual today really defend on internet so then internet is really supported by tbe government itself and if the government support internet maybe it will be upgraded in a high status.In short bitcoin has no dis advantage at all because internet connection will a connection through forever. 
Since everything in this world deals with using technology. Bitcoin provides convenience to the fullest but what are the disadvantages once you are engage of using it. One of the primary disadvantage of using it is; some people or country do not accept it as a medium for exchange or a not consider it as a money. Since some of the people are not well educated about what is cryptocurrency and its importance in the society. Another factor is not all countries a well develope, I mean there are not yet open for modernization and considered only the cash-based system. Another factor also it does not provide a physical substance or appreance, you cannot use bitcoin in some trasactions like ; buying some things in dry/wet market, paying transportation expenses in jeepneys, bus , utility vehicle express, taxis and tricycles and etc.
Some of the disadvantages are the security issues with bitcoin. It seems to be still in a somewhat grey area in terms of how to securely keep your bitcoin and use them without fear of theft.
In addition, bitcoin transactions fees seem to be getting higher and higher which was suppose to be an advantage and core principal in the beginning.
Lastly, the energy consumption bitcoin uses for transactions and mainly mining are escalated at a time when the world needs to be using and creating energy more wisely.
Especially the latter I hope is solved quickly, or else we will continue to see devastation to our natural world.
In addition, bitcoin transactions fees seem to be getting higher and higher which was suppose to be an advantage and core principal in the beginning.
Lastly, the energy consumption bitcoin uses for transactions and mainly mining are escalated at a time when the world needs to be using and creating energy more wisely.
Especially the latter I hope is solved quickly, or else we will continue to see devastation to our natural world.
Bitcoin is not accessible without internet so the people who are not having an internet connection are not able to use it.It has a volatile nature due to which their is always a fluctuation in it's price that's why it is always risky to invest in Bitcoin. It is decentralized in nature due to which it is not considered as legal in many countries.It is not physically present so we cannot directly use it. It is not under the control of government due to which it is not trusted by many people. Transaction thorugh it are anonymous due to which it is sometimes used by people in criminal activities.These are some disadvantages of Bitcoin.
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
You are right, but for me there is no disadvantage of BTC. Bitcoin came out in the real world just because people need such like miracle to help them, bitcoin is now the most popular digital currency in the world and those people who selected bitcoin and invest in bitcoin before sometime now they are enjoying the fruit of their patience and trust on bitcoin. Jump to: