What are some disadvantages of BTC? - page 27.

SmallBit

newbie

Activity: 21

Merit: 0

Quote from: cryptokath19 on November 14, 2017, 01:17:02 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??

We all know that bitcoin has an advantages and disadvantages, the disadvantages of bitcoin are Lack of awareness and understanding, risk and volatility, still developing and In Conclusion.

And the acceptance. Merchants should search for a way to accept bitcoin and this could defeat the disadvantages.

cryptokath19

member

Activity: 406

Merit: 11

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??

We all know that bitcoin has an advantages and disadvantages, the disadvantages of bitcoin are Lack of awareness and understanding, risk and volatility, still developing and In Conclusion.

tiger2monkey

full member

Activity: 208

Merit: 100

Bitcoin is a great invention and has experienced a lots of growth. At this stage, some disadvantages of BTC are: 1) high fee; 2) long transaction confirmation time (block time is 10 minutes, and there are many unconfirmed transaction in mempool waiting for confirmation).

Gudhal Untu

full member

Activity: 845

Merit: 100

I think costs are getting more expensive, I think the bitcoin transaction costs should be lowered, if this problem keeps happening then I'm afraid it costs $ 50 to send a bitcoin for $ 10.

stevanprice

newbie

Activity: 40

Merit: 0

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??

although many of the benefits of bitcoin itself also has weaknesses or deficiencies, such as the unstable value means that at any time can go down in value or even become up and then the risk of lost or stolen is still possible because it is still in the form of files and if stored on the hard disk is vulnerable to damage.

aimata27

member

Activity: 531

Merit: 10

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??

Well for me, the biggest disadvantage of bitcoin and the one that I hated the most is that the bitcoin's price are very volatile. There's no stable value of its price, every minute or every second it can increase (which is good) but it can also decrease which is the bad thing for me, especially for those who are holding bitcoins for long term.

genology

member

Activity: 168

Merit: 10

For Bitcoin, I can only think of three disadvantages. First, it can't be often used in my country. Second, it can be a source of illegal transactions. Lastly, it has high fees and slow transactions. Despite of these disadvantages, we must also look at Bitcoin as something that can be improved and can be very useful in the future.

dafang

member

Activity: 178

Merit: 10

Bitcoin is anonymous. So bitcoin can easily be exploited by criminals, but the government can not track criminals, which is why some countries ban bitcoin. This is the disadvantage of bitcoin.. Sad

Sarah08

full member

Activity: 238

Merit: 100

Quote from: magneto on October 02, 2017, 12:04:54 AM

Quote from: mk4 on October 01, 2017, 11:59:23 PM

Here are some that I can think of on the top of my head:

It's volatility in price. 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.

This here pretty much are all my personal concerns as well, apart from the last point. I think that bitcoin is a perfectly fine name and i don't know why you would associate that with some sort of pyramid scheme at all.

But, volatility and bitcoin being very technical are problems that will be solved as it moves along into the future. More applications such as exodus will simplify the user experience of bitcoin, and as more merchanst accept bitcoin its value will stabilize naturally.

Yes there are some disadvantages in bitcoin, but you may take it as positive, I believe so. As far as I know,I'm not having troubles in using bitcoin now. In fact,my goals are slowly achieved. Maybe there is a small factor that I may consider it as disadvantage and that is the indirect cash but it's only a small issue but there is a purpose on that and I know it's for security. All in all I like the way bitcoin caters to people and soon it will pump more and more in the future and a number of people are trusting of bitcoin. Consequently , we won't be neglected in the society or in the economy.

DySWv

member

Activity: 164

Merit: 10

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.

cutecute

full member

Activity: 378

Merit: 100

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??

I think some of the disadvantage of bitcoin is some of the user here are consider it as their work they don't find a decent job because from this bitcoin they can earn money and they can supply their own needs. But for me bitcoin is just a sideline it's better that you have a job.

dynospytan

sr. member

Activity: 364

Merit: 256

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??

Yes there are many advantages of bitcoin but there are also some disadvantages. For me one of the disadvantage of bitcoin is when the price is increasing the fee also is also increasing. One more thing also is there is a limitation when buying a bitcoin. The miners should remove that so many users can invest in bitcoin even they just have a small capital.

Osarman

hero member

Activity: 952

Merit: 503

Quote from: chrismartin on November 05, 2017, 06:26:23 AM

Bitcoin is a volatile, we can bot predict if the price will be go down or it will be up, also our bitcoin will be reached of those expert hackers if we will not be secure our wallets

For sure the price of the bitcoin will increase more and more in the future so I hope the bitcoin will increase and the price of the bitcoin will help the bitcoin in the future.

I hope the bitcoin will help the poor and the needy people to have the proper value and the encouragement as the best value of the money I hope this will be the best value of bitcoin increase at the pump and I can proudly say that the bitcoin does not have any disadvantage.

rb26

full member

Activity: 247

Merit: 101

OPEN GAMING PLATFORM

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 digital so I think one of the disadvantages of it is its nature. We all know that there many online fraud, hackers everywhere around the world. There are also spammers which is not choosing their victims, so it can be anyone out there. Bitcoin also depend on your on line connection, means you should always be connected to internet for you to be able to transact using it. So as the device you are using needs power source.

barabut

full member

Activity: 224

Merit: 100

Some disadventagous of bitcoin are the transaction times if you would like to make shopping or transfer it and the fees that you paid. On the other hand there is many adventageous though.

thugpi

member

Activity: 84

Merit: 10

I think the only disadvantage of Bitcoin is we don't know when its value go up or down. It don't have steady value. But investors didn't take it as disadvantage, but it's oppurtunity to buy cheaper btc.

wizmo

sr. member

Activity: 658

Merit: 251

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??

One of the biggest disadvantage of using bitcoins is that you can't use it for small payment like $2 or $1 because of the transaction fees. It's isn't anonymous as we thing transactions can be tracked back to you. Your bitcoins can be lost if you send it to wrong address there is no protection to get back your lost coins.

There are many advantages of using bitcoins than disadvantages so one can use it only if they know the risk behind it.

ORiN

sr. member

Activity: 532

Merit: 250

Besides the fact that it's hard to mine or buy it, BTC also doesn't support smart contracts unlike Etherium

justspare

hero member

Activity: 1022

Merit: 538

Quote from: Crafts12 on November 05, 2017, 11:36:51 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??

There are many disadvantages of bitcoin but i will tell you some of it that i know. First is it consumes too much of your time as well as your effort. In order for you to gain more of it, you need to spend more time and effort to it. Another is sometimes so may lose a large amount of money if you dont know how to monitor your btc.

Bitcoin does require a lot of time and effort. I think it is not worth considering these two characteristics as disadvantages of digital assets if anyone actually wants to be successful in his life then there is no shortcut except hard work which is the key to real success.

Stating the disadvantages can include the price fluctuation that is common problem and moreover being an illegal currency also poses some threats to its users.

DIMKAZDS

hero member

Activity: 704

Merit: 500

Quote from: Peashooter on November 05, 2017, 11:32:28 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??

The major disadvantaged of bitcoin is the price and we all know that the price of bitcoin is volatile and anytime the price would change. In addition to that, you can't also used it in offline store or in offline transactions so that I think it is also one of disadvantages of bitcoin.

Some of the disadvantages are that we need to invest a lot of our precious time in bitcoin which we can either use to do some productive activity.If you want to gain more,you need to give more time.Another one is that it requires internet accessibility which is not possible in every corner of the world.Also it requires knowledge to use it.But many people still do not know how to read and write.You also cannot do offline transactions with bitcoin.The high transaction fee also serves as a disadvantage.Moreover it is not controlled by and central bank or any institution so there can be cases of fraud.

Topic: What are some disadvantages of BTC? - page 27. (Read 7924 times)