Topic: What are some disadvantages of BTC? - page 3. (Read 7950 times)
The biggest problem with bitcoin now seems to be the slow transfer rate, and the transfer fee is too expensive. This is the biggest problem. No one will pay such an expensive fee in daily life.
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.
Fees and anonimity will be sorted out
https://medium.com/@nopara73/anonymous-bitcoin-1fae5d1e33b7
Mining is required to create new coins and carry out transactions. Bitcoin uses for this process a scheme that involves a huge number of calculations and turns into a waste of a lot of energy. With the growth of the value of the cryptocurrency, the mining of new bitcoins is becoming more profitable. Therefore, miners increase the capacity of their systems, and energy is consumed more and more. Now the maintenance of the bitcoin's work consumes so much energy that this would be enough for some countries.
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. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.
We all know the advantages of BTC, but what are some of the disadvantages??
The volatility of bitcoin is a double-edged sword, very unpredictable in its price and might result to a profit/loss on an individual. And Some counties ban the usage of bitcoin, resulting to a decrease on potential investors.
The biggest problem is that Bitcoin is not a stable price currency - it does not have any authority to control it. So its value can be much higher. For a 100 rupee note like 100 rupees, but the value of 1 bitcoin is not always the same. It may be that many times you may have to accept many losses.
1. Not Stable
( Bitcoin is a currency that is speculative. While there are not enough companies currently offering the purchase and sale of products with bitcoin as a means of payment. )
2. Very risky lost or stolen
( As a virtual currency, bitcoins are encapsulated in the form of digital files or known as wallet files. In use, the wallet file is similar to the cash register function. )
3. Money laundering tool
( The use of bitcoin currency is not controlled by the government or authorized financial institution. As a result, such conditions provide great opportunities for criminal activities such as money laundering and tax evasion. )
( Bitcoin is a currency that is speculative. While there are not enough companies currently offering the purchase and sale of products with bitcoin as a means of payment. )
2. Very risky lost or stolen
( As a virtual currency, bitcoins are encapsulated in the form of digital files or known as wallet files. In use, the wallet file is similar to the cash register function. )
3. Money laundering tool
( The use of bitcoin currency is not controlled by the government or authorized financial institution. As a result, such conditions provide great opportunities for criminal activities such as money laundering and tax evasion. )
Perhaps many people think it's safe, but I think there's a bit of a weakness in terms of saving the virtual currency. You store your bitcoin in the wallet and then store it on your hard drive or other electronic equipment. So if it is damaged or exposed to the virus, virtual money stored in the wallet is very vulnerable lost.
We all know the advantages of BTC, but what are some of the disadvantages??
One disadvantages of Bitcoin I know is it price is not fixed and it is very unpredictable. It always varries everytime. It is very easy to decrease but it never increase higher than we expected. Like now, we can't exchange our tokens to bitcoin because its price is lower than we expected.
As I see most of the user ask for advantages, now I see who is asking the disadvantages. Based on my experience the transaction speed couldn't fit to the need of the merchants. Like in a credit card or debit card, once a payment will be pushed the bank could easily reply the necessary info like balances thus almost instant payment is happened. But in bitcoin wallets, the delay who needs several confirmation some in a minimum of 3 confirmations adds to the delay of transaction. Imagine if you are paying a cab and you and the driver would need to stay for a while waiting for confirmation before you been fully paid him and getting out of the cab.
We all know the advantages of BTC, but what are some of the disadvantages??
Bitcoin is formed and launched for a long time. However, it has only been popular for many years. The peak is 2017.Bitcoin formed from online technology. It is not easy to use or invest.
Bitcoin provides fairness in peer transactions. It does not have any guarantees and responsibilities.
Bitcoin can increase crime syndicates, tax evasion, money laundering
For me, the drawback is that they are quite large commissions when translating, sometimes it's a pity!
There are few things that make bitcoin not a perfect coin. Bitcoin is very unpredictable, one wrong move will lead you to a big lose of money. Another disadvantage of it is you cant buy goods using bitcoin because it is not yet accepted in other countries.
Buying goods using bitcoin can still be done even though their country has not received bitcoin as a means of payment. It can still be done on the agreement on both parties who will transact. If talking about predictions, not just bitcoin I guess, all alts are also unpredictable. I personally want the price of crypto can be stable, although not 100% stable can at least be able to survive in high prices.
There are few things that make bitcoin not a perfect coin. Bitcoin is very unpredictable, one wrong move will lead you to a big lose of money. Another disadvantage of it is you cant buy goods using bitcoin because it is not yet accepted in other countries.
The slow transaction and high fees comments are clearly coming from people who don't do transactions in btc everyday. I do and the network is faster and fees are again just a few dollars for thousand dollar transactions. At this moment, I have multiple $2600-$3100 transactions going through and it's $1.25 to $1.40 per transaction. Across the world in around 10-30 minutes at present for less than half the cost of the average drink at Starbucks.
Some disadvantages of bitcoin that I know is the unpredictable price that might result to loss of money or profit in every people who do bitcoin. The low transaction of money, some countries that banned bitcoin that affect the number of investors, and the unsafe of using bitcoin especially those who have enough knowledge about bitcoin.
The disadvantage of BTC is that now it's too expensive to start.
I hear that a lot, but that's like saying I can't open a bank account for $8200 because I don't have enough to start. You don't have to start with a whole bitcoin, just like you can open a bank account with $50.
and my own idea
I think some disadvantages of bitcoin are very long transcription times, we all know that the bitcoin confirmation time is currently very long compared to Ethereum or other tokens, this is the biggest disadvantages of bitcoin.
I think some disadvantages of bitcoin are very long transcription times, we all know that the bitcoin confirmation time is currently very long compared to Ethereum or other tokens, this is the biggest disadvantages of bitcoin.
The disadvantage of BTC is that now it's too expensive to start. New investors are afraid to invest a lot of money to bitcoin because of its price volatility and there's no promise that you always gain profit.
Slow transaction and high fees
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