What are some disadvantages of BTC? - page 29.

joebrook

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Quote from: SrujanPanuganti on November 04, 2017, 09:25:13 AM

There are few disadvantages of bitcoin.

1) Can be traded for drugs and other things
2) illegal transactions cannot be traced out
3) high transaction fee compare to other cryptocurrencies

Cash can be traded for drugs and other things as well,so that's a problem not only with bitcoins. I am actually concerned about the fees being charged at the moment because I though the duty of the fork was to prevent this but it's actually is not.

SrujanPanuganti

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There are few disadvantages of bitcoin.

1) Can be traded for drugs and other things
2) illegal transactions cannot be traced out
3) high transaction fee compare to other cryptocurrencies

blozo

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Biggest disadvantage are the transaction time and cost. The average transaction time is 10 minutes and the transaction fee is 1/2$ for a segwit transaction, 4/5 $ for a non segwit transaction

An Ethereum transaction has 1 minute of average transaction time and few cents as cost (with 5-10 gwei as gas cost)

Mr. Thang

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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??

The things that I can think of are due to its decentralized nature, there is really no collateral in the event the prices of bitcoin should fall. Lack of security in terms of compensation in the payment are the things you need to accept before investing. Another one is that, its high volatility makes it a risk for investors since its price might increase/decrease without sudden notice. Lastly, its price is highly dependent on many external factors, making it harder for one to invest.

Overall, despite the said reasons, bitcoin is still considered one of the best types of investment due to its "high-risk, high-reward" factor that has the opportunity of yielding great amounts of profit in the shortest time.

zombie6

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Quote from: qwertyup23 on October 01, 2017, 11:47:21 PM

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 advantages of bitcoin are also its disadvantages depending on the current situation of the market. Here are some of disadvantages of using bitcoin today:

1. The volatility of bitcoin is a double-edged sword, very unpredictable in its price and might result to a profit/loss on an individual;
2. Its limited supply of 21 million in the market;
3. Some counties ban the usage of bitcoin, resulting to a decrease on potential investors;
4. There are many external factors that can affect its price like the banning of ICOs in China; and
5. Its decentralized nature makes it as a perfect medium under the dark web for illegal transactions.

Those are some of my opinions regarding its disadvantages but the advantages of using bitcoin in the community supersede all of those what I stated. There may be some drawbacks from transacting bitcoin but let us not forget its endless opportunities in the community.

It is not anonymous, but criminal networks use it as a means

Obito

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Quote from: qwertyup23 on October 01, 2017, 11:47:21 PM

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 advantages of bitcoin are also its disadvantages depending on the current situation of the market. Here are some of disadvantages of using bitcoin today:

1. The volatility of bitcoin is a double-edged sword, very unpredictable in its price and might result to a profit/loss on an individual;
2. Its limited supply of 21 million in the market;
3. Some counties ban the usage of bitcoin, resulting to a decrease on potential investors;
4. There are many external factors that can affect its price like the banning of ICOs in China; and
5. Its decentralized nature makes it as a perfect medium under the dark web for illegal transactions.

Those are some of my opinions regarding its disadvantages but the advantages of using bitcoin in the community supersede all of those what I stated. There may be some drawbacks from transacting bitcoin but let us not forget its endless opportunities in the community.

For me, there are somethings that makes bitcoin disadvantage is that it takes our capabilities to do other things in our home like households and many more. And also it takes a lot of time for me and it is very annoying for me.

MommyElsa

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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??

A very high transactions fees is one of the disadvantages of bitcoin. Unable to claim your btc when you put the wrong wallet information. Those are the disadvantages of bitcoin.

mykha

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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??

one of the disadvantage is when u loss ur wallet and forgot the address it would be a lost forever!another is the incompetent kbs of internet to trade or mine bitcoins

trk

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To me the most annoying thing about bitcoin is its high transaction fee
The more expensive it is, the more expensive the transaction fee is
Most exchange charge 0.0005 which equal to $4, so if you are depositing and withdrawing it'll cost you $8 Huh

saeron-ssi

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Since bitcoin is in the internet, it is highly possible to be hacked. Another thing is that, it can be use to manipulate illegal transactions since it hides your identity.

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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??

I have no constraints about bitcoin, i like bitcoin service, Perhaps that is blocking my mind. coin exchange rate to btc high.

alexzorgo

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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(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.

Feeble capitalization of the market of bitcoin is the reason of the majority of shortcomings. When the market grows to the one tenth part of the market of traditional assets (an assets, shares etc.), many problems will disappear. Because it is a problem of absence of the accompanying market infrastructure. There is no sufficient capitalization - there is no potential motivation to develop this infrastructure. Those who will develop infrastructure, shall have an opportunity to earn on service of the market and its participants

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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??

There are many advantages of bitcoin, like it is very easy to transact using bitcoin, sending money overseas without filling up many papers and you are guaranteed that if you invest on it you can get a big profit but still there are also disadvantages of bitcoin. For example its security, if you are not aware of many virus in internet you can be a victim of scam unlike if you invest on bank there is still a chance to get you money back but in bitcoin there are no guarantee that you can still get it back.

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Quote from: HAARP on October 31, 2017, 02:45:26 PM

Quote from: coinfinger on October 31, 2017, 02:25:59 PM

Quote from: Slipknot79 on October 30, 2017, 10:21:46 AM

It really depends on how you look at it. A disadvantage can also be an advantage.

For example. Bitcoin is unstable in its price to the dollar.

It does however always seem to bounce back and go higher - therefore being a huge advantage.

I think there are two disadvantages of bitcoin first one is that bitcoin is working only if you have internet and secondly bitcoin have no physical shape because people love bitcoin and day by day its users are going to increases so everyone want to see bitcoin and I hope in future bitcoin will arrange its physical shape as considering people demand.

Working with only internet is very normal, because this is valid for most of the businesses. This is not a disadvantage, it's a feature of bitcoin. The problem for me is that sending bitcoin to another person sometimes takes 6-7 hours. This is just crazy. It needs to be much faster in the future.

It is true that bitcoin only works online and if there is no internet there is no bitcoin, but lets face it, every thing we do in our current lives is connceted to the internet, we shop we work and we communicate with others, even food we get online, and banks also do all their work through internet, so if the internet goes down the whole world will stop, so i don't think that will be seeing that anytime soon.
In my opinion probably the biggest disadvantege of bitcoin is you can't reverse your transactions so the smallest mistake on the address and your coins are lost for ever, and also bitcoin is a cryptocurrency which means it is unstable and it is not controlled wich makes invastors and bussines owners not that confidant when it comes to investing their money in it or accepting it as a pyament method, but we haven't seen a drmatic fall of the price in a long time so i think it is on the right track.

mikki14

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Maybe one of the disadvantages is that the transactions are irreversible. Once you made a mistake, say goodbye to your coins. No one can help you recover it. Once it's lost, it will be lost forever. So we have to be careful, always.

pinkliar

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Quote from: Slipknot79 on October 30, 2017, 10:21:46 AM

It really depends on how you look at it. A disadvantage can also be an advantage.

For example. Bitcoin is unstable in its price to the dollar.

It does however always seem to bounce back and go higher - therefore being a huge advantage.

the price of bitcoin that are not stable that was the big disadvantages of it thats right i may agree on it because we all know that this currency are may not have stable price because this is up and down so that was the disadvantages that bitcoin face and for some other disadvantages of it this is can make some way for it to be advantage.

HAARP

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Quote from: coinfinger on October 31, 2017, 02:25:59 PM

Quote from: Slipknot79 on October 30, 2017, 10:21:46 AM

It really depends on how you look at it. A disadvantage can also be an advantage.

For example. Bitcoin is unstable in its price to the dollar.

It does however always seem to bounce back and go higher - therefore being a huge advantage.

I think there are two disadvantages of bitcoin first one is that bitcoin is working only if you have internet and secondly bitcoin have no physical shape because people love bitcoin and day by day its users are going to increases so everyone want to see bitcoin and I hope in future bitcoin will arrange its physical shape as considering people demand.

Working with only internet is very normal, because this is valid for most of the businesses. This is not a disadvantage, it's a feature of bitcoin. The problem for me is that sending bitcoin to another person sometimes takes 6-7 hours. This is just crazy. It needs to be much faster in the future.

rumexx

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The exchange fees are high in most of the exchanges, also it is possible to use BTC fund some nefarious activities because of its decentralized nature.

coinfinger

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Quote from: Slipknot79 on October 30, 2017, 10:21:46 AM

It really depends on how you look at it. A disadvantage can also be an advantage.

For example. Bitcoin is unstable in its price to the dollar.

It does however always seem to bounce back and go higher - therefore being a huge advantage.

I think there are two disadvantages of bitcoin first one is that bitcoin is working only if you have internet and secondly bitcoin have no physical shape because people love bitcoin and day by day its users are going to increases so everyone want to see bitcoin and I hope in future bitcoin will arrange its physical shape as considering people demand.

Mumbeeptind1963

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Sovryn - Brings DeFi to Bitcoin

Quote from: Slipknot79 on October 30, 2017, 10:21:46 AM

It really depends on how you look at it. A disadvantage can also be an advantage.

For example. Bitcoin is unstable in its price to the dollar.

It does however always seem to bounce back and go higher - therefore being a huge advantage.

Theres a lot of disadvantages of bitcoin like its value does not remain constant which creates instability in the market. And also can use in some illegal activicties like buying ang selling drugs, weapons and even cause of thefts, murders, frauds and other social evils. Bitcoin is a good servant and a bad master.

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