What are some disadvantages of BTC? - page 24.

mevmike

full member

Activity: 294

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for me these are the factors that i can consider as an disadvantage with bitcoin:
1. slow transactions, and i know e cant do anything about this Sad

2. transactions fees as of now is just getting higher and higher as day passes.
3. there are only few shops or store that currently accepts bitcoin in exchange for their goods and services.
Cheesy

TIDOVEE

sr. member

Activity: 1246

Merit: 255

Few disadvantages of bitcoin include;
- Its full attachment to internet, at the absence of internet making bitcoin will be difficult.
- Its anonymity
The time it takes to be processed is not fully on ones control.
It is not yet generally acceptable.
- issues of scam or hackers which can frustrate users.among others.

skylark001

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Activity: 228

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GIF by SOCIFI

Disadvantages are;

- Its crypto currency, you cannot hold it physically.

- Very volatile. Involves high risks for the holder

- Supply is limited as mining is limited

- Prone to theft by hackers. If one is careless about their account security the same can be hacked. Not 100% safe

- Anonymity. No personal data is stored so the person who has the details of that account, can trade/ use it freely.

- Trading fees are usually higher than the normal currency trading

swscowods

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Quote from: DySWv on November 12, 2017, 10:13:16 AM

Bitcoin is still on the development stage. It is not known by all places in the world. Therefore, there are just a small number of stores that accept Bitcoin. Using Bitcoin has a limit. And since Bitcoin is a digital currency, Bitcoin is prone to hacking and data corruption.

Exactly! It is just the beginning of bitcoin. The thing is everything has its own pros and cons. If we look at the bright side of bitcoin, then there will be number of things which we’ll notice. There are of course certain disadvantages as well. The thing which is creating lot of troubles for the investors of bitcoins is high transaction fee and tiring transaction process. These are things which need serious attention.

johnleo

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currently the fee is damn too high and the transfer a bit slow compare to a few years ago and if you compare to ethereum.

iamzill

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Merit: 250

Quote from: AwpDragonPoor on October 01, 2017, 11:37:22 PM

We all know the advantages of BTC, but what are some of the disadvantages??

of course there is a weakness of the legal power that protects bitcoin in my country is still very minimal even not yet exist, there must be facilities and infrastructure that can support bitcoin access predictive price also can not be monitored consistently

Marileno

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✔ Crypto portfolio | ✔ Telegram/APP

Transaction costs are way too high
Speed of confirming transactions is way too slow.

These 2 factors will hinder BTC in the context of become a transactional currency. In fact, unless the transactions can be done for close to nothing and become instant, then BTC will never be adopted by main stream as a transactional currency.

misterj

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The disadvantages in my opinion is that first its value is way too high as of now that only few individuals can do purchase otherwise through mining and working for it which takes a lot of time now. Second is that when you have or when someone who is a hacker discovers that you have let say at least 1 bitcoin in your wallet, the threat in your wallet increases. Third is that the value is still increasing that some in my opinion is planning to divide it by two so that its value would be lesser but still on purpose. I believe that there are still disadvantages that I do not know and to discover.

Aymen95

newbie

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Sending and recieving bitcoin leaves no traces so bitcoin is the perfect currency for using money in criminal activities. It's so unfortunate to see people using bitcoin for the wrong reasons instead of figuring out how it can improve their lives.

Jendral Istimewa

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Quote from: tamoymie on November 18, 2017, 02:33:12 AM

disadvantage? one thing i have on my mind. its when you're on a non civilised area. bitcoin is an electronic money like. so if signal and technology is not accessible in some places. the benefits we all know about bitcoin is just a dreams only. sense people that living there might not recognize its worth! or even dont know it excise.

indeed the internet network as a bridge directly to the bitcoin forum if there is a problem with the internet network we can not berbut anything, the weakness of bitcoin that is very harmful is losing bitcoin or stolen by irresponsible party.

Jafri101

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Activity: 546

Merit: 250

There is only one disadvantage i guess and that is price fluctuation. I mean if i buy a coin worth 7500k and after a week it downs to 6700k so that is very much risky plus lossy. But overall, today's loss could might change into tomorrow's profit. That is bitcoin!.

xiaoweidada

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Anonymity, bitcoin anonymity. Bitcoin is used by criminals. Criminals use bitcoin to buy drugs or guns. The government can not track criminals, so some countries ban Bitcoin. Sad

djgtr

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Quote from: Blackwhite69 on November 18, 2017, 02:39:49 AM

Quote from: Raven91 on November 15, 2017, 04:46:29 AM

Quote from: AwpDragonPoor on October 01, 2017, 11:37:22 PM

We all know the advantages of BTC, but what are some of the disadvantages??

Even though bitcoin has many advantages , it also has disadvantages that are causing issues in bitcoin. But i believe that this disadvantages are not big enough to destroy or disrupt the system of bitcoin. People use bitcoin to scam or trick other people and that is one disadvantage of bitcoin. But it will not happenif you take extra care and be alert always to your surroundings. So for this one i can say that bitcoin has really no big disadvantage.

Nothing is perfect in this world, any excess will have its flaws. convince it.
Bitcoin has many advantages and disadvantages Wink

On my own way of investigating bitcoin i see that there is no negative feedback behind the investors line .i believe that there is no negativity detected on using bitcoin but we really need to make sure about it. That is why some people who try to invest it at first really didnt put a big capital.that was really thier own way of observing because nothings really sure in this world and we can can really see that there is no forever.

Blackwhite69

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Activity: 560

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Quote from: Raven91 on November 15, 2017, 04:46:29 AM

Quote from: AwpDragonPoor on October 01, 2017, 11:37:22 PM

We all know the advantages of BTC, but what are some of the disadvantages??

Even though bitcoin has many advantages , it also has disadvantages that are causing issues in bitcoin. But i believe that this disadvantages are not big enough to destroy or disrupt the system of bitcoin. People use bitcoin to scam or trick other people and that is one disadvantage of bitcoin. But it will not happenif you take extra care and be alert always to your surroundings. So for this one i can say that bitcoin has really no big disadvantage.

Nothing is perfect in this world, any excess will have its flaws. convince it.
Bitcoin has many advantages and disadvantages Wink

tamoymie

member

Activity: 108

Merit: 10

"SIMPLE SHOPPING AND SAFE PAY"

disadvantage? one thing i have on my mind. its when you're on a non civilised area. bitcoin is an electronic money like. so if signal and technology is not accessible in some places. the benefits we all know about bitcoin is just a dreams only. sense people that living there might not recognize its worth! or even dont know it excise.

bennypagulayan

member

Activity: 280

Merit: 10

MEGATRON - THE RISE OF BLOCKCHAIN REVOLUTION

The basic disadvantage of Bitcoin is you need to have a high technology system to use it . If you don't have it so you could forget about using it .

tanginamoo

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Quote from: AwpDragonPoor on October 01, 2017, 11:37:22 PM

We all know the advantages of BTC, but what are some of the disadvantages??

Bitcoin is very popular yet the security is a thing to be questioned. Is the users are secured from transactions? Maybe terrorist can use this and others can use this as a scam. Also, its price stability is very hard to predict. Sometimes there is a great rise and after great roll back.

neowebwallet

newbie

Activity: 17

Merit: 0

   Like any currency, there are disadvantages associated with using Bitcoin:

   Bitcoins Are Not Widely Accepted

   Wallets Can Be Lost

   Bitcoin Valuation Fluctuates

   No Buyer Protection

   Risk of Unknown Technical Flaws

   Built in Deflation

   No Physical Form

   No Valuation Guarantee

xamxam

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Activity: 409

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I think some disadvantage of bitcoin is being not accepted in some countries because of some reason and because of that if youn want to share your bitcoin or send it to your family that live in the country which bitcoin is banned you can't send them.

Blueblade

member

Activity: 266

Merit: 10

Bitcoin is indirectly allocated for money laundering and is illegal. Bitcoin thieves are likely to steal. You can not get back to stealing

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