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Topic: What are some disadvantages of BTC? - page 35. (Read 7950 times)

hero member
Activity: 700
Merit: 500
October 22, 2017, 03:56:45 PM
Bitcoin has many advantages but it also has disadvantages as well. The most important drawback for me is the fact that I can not use Bitcoin in my real offline life. Restaurants and shops do not accept Bitcoin here in my country. I have to exchange it for the national currency at first. Also a disadvantage is the high volatility of it's price.
Lol! Firstly your country is not accepting bitcoin that’s not the disadvantage of bitcoin that is the flaw of your government and people who are not synchronizing with outer world and on top of this you talked about its volatility, volatility is the main thing that bring so high profit to the investor as it’s price will become stable at one value there will be no profit and there will be no more user rushing toward it.
sr. member
Activity: 420
Merit: 266
October 22, 2017, 03:38:23 AM
Bitcoin has many advantages but it also has disadvantages as well. The most important drawback for me is the fact that I can not use Bitcoin in my real offline life. Restaurants and shops do not accept Bitcoin here in my country. I have to exchange it for the national currency at first. Also a disadvantage is the high volatility of it's price.
full member
Activity: 210
Merit: 100
October 22, 2017, 12:12:07 AM
for me it would be the huge use of electricity that i hope bitcoin will overcome someday other than that i think bitcoin is good form of money that could replace or change the idea of fiat someday
newbie
Activity: 32
Merit: 0
October 21, 2017, 11:38:28 PM
The main disadvantage of bitcoin according to me is that bitcoin is highly volatile. Younever know in the future its prices are gonna high or low. In the past it has been recorded that within the span of one year bitcoin bubble burst and its prices decreased by 71℅.
Also since it has not been accepted by many countries makes it a great disadvantage.
member
Activity: 156
Merit: 10
October 21, 2017, 11:34:50 PM
The disadvantages are obvious. Transfer often jams. I'm used to ETH. But I will continue to buy BTC, because BTC is more suitable for investment.
sr. member
Activity: 574
Merit: 251
October 21, 2017, 10:38:12 PM
There are few disadvantages of Bitcoin. Hard forks are usually good because they help to break tension but unfortunately, people who are new to cryptocurrencies become confused and they don't know which Bitcoin is the real one. Bitcoin wasn't designed to be used for daily transaction (for example in store). It needs some upgrades before we will use it in our every day lifes.
That's why there are hard/soft forks, when the bitcoin blockchain upgrades a fork happens
legendary
Activity: 1274
Merit: 1004
October 21, 2017, 03:46:09 PM
Bitcoin has a lot of disadvantages too which are being tried to solve actually. One of them is the transaction fees and confirmation time problem. These both problem are actually related.i will count price voilation as an advantage thought it is the reason of a big deachi once. Third I will point to the trust people are trusting it blindly so it should not break it.
member
Activity: 112
Merit: 10
October 21, 2017, 02:41:58 PM
There are few disadvantages of Bitcoin. Hard forks are usually good because they help to break tension but unfortunately, people who are new to cryptocurrencies become confused and they don't know which Bitcoin is the real one. Bitcoin wasn't designed to be used for daily transaction (for example in store). It needs some upgrades before we will use it in our every day lifes.
member
Activity: 119
Merit: 10
October 21, 2017, 02:22:26 PM
There are two things that i can think of when we're talking about the disadvantages of BTC, first is it's volatile (yeah i know it can be advantage as well) holding BTC will be really risky for the value is erratic and very unpredictable, and the other thing is it can't operate offline, there's no way you can do any transaction offline.
full member
Activity: 336
Merit: 106
October 21, 2017, 02:19:25 PM
dis advantage of bitcoin its too long to received at the transaction fee is very expensive.
hero member
Activity: 756
Merit: 505
October 21, 2017, 02:14:17 PM
bitcoin disadvantages for me. i think only high fee transaction
only that for me i dont know anything else

That is a disadvantage, however the thing is I believe the network is artificially being bloated by an entity. So far after the bitcoin upgrade to segwit the memory pools were most of the time empty and I think the recent sudden spike in transactions was not an normal occurrence but more of an attack on the network to force people to move to segwitx2. Which is supposed to be something we should look out for as there might be some sort of trick that will happen if it does get activated.
legendary
Activity: 1148
Merit: 1048
October 21, 2017, 01:29:01 PM
Merchant adoption, and security.

Bitcoins are still only accepted by a very small group of online merchants  Wink 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. 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.

full member
Activity: 196
Merit: 100
October 21, 2017, 01:23:48 PM
It's still a little bit long to get confirms for your transactoin. Beside Bitcoin can be taken advantage to commit guilty by crime like tax evasion - cause in almost country in the world Bitcoin is not legalized so people living in these countries don't have to pay tax for Bitcoin income, money laundering - cause Bitcoin transaction is almost anonymous so there are so many crime trying to use Bitcoin to do this case, drug trafficking - buying drug with cash is very dangerous so crime has find out a new way to trade by using cryptocurrency especially Bitcoin cause it's much safer and hard to find out who did that trade.... There are some disadvantages of Bitcoin that I know and I think it's not everything Cheesy
member
Activity: 434
Merit: 10
October 21, 2017, 01:17:32 PM
for me the main disadvantages I suggest the big time and fee of transactions
full member
Activity: 630
Merit: 102
October 21, 2017, 01:14:02 PM
There is nothing that have advantages that do not have disadvantages. We have some disadvantages like easily been scam, someone wallet can be hacked at any moment if not properly protected.
full member
Activity: 177
Merit: 100
October 21, 2017, 08:43:19 AM
i think as we people know a lot of advantages of bitcoin, there is only one disadvantage of bitcoin in my mind which why it is not present in physical form.
full member
Activity: 140
Merit: 100
October 10, 2017, 10:26:29 AM
There are some technical disadvantages like -

1) The transaction fee is kinda high nowadays.
2) The transactions take a little bit too long to confirm.
3) The mining is now concentrate in few locations.
4) The major mining farms are deciding the future of BTC, not what satoshi originally wanted.
5) The technology is kinda too complicated for normal non-tech people that they start to think its a scam :/

Any system tech has a down side or a negative feel to some users but I think this is really not big issues because even if there are something like that bitcoin will continue to grow, even if there are some people that will adopt to it, a few can really work well with bitcoin and I think tech savy was really needed to understand the ups and downs of bitcoin.

Having negatives doesn't mean that a technology like bitcoin won't grow. And anways, the more valuable is the technology under the bitcoin protocol - which is the blockchain itself. Blockchain is the tech that all govts and companies are embracing now.
hero member
Activity: 837
Merit: 500
October 10, 2017, 10:14:02 AM
We all know the advantages of BTC, but what are some of the disadvantages??
The best one i think, and some of the bitcoin users problem is the fee in transaction, they worry about the transaction fee because when the price of the bitcoin is so high, the transaction fee is also high.
The fee now cheaper after segwit2x activation and the speed of confirmation also improves. So that is not a disadvantage anymore. The only disadvantage of bitcoin that I know was it can be used for ransom without any trace from the suspect.  Smiley
sr. member
Activity: 546
Merit: 250
October 10, 2017, 09:47:58 AM
We all know the advantages of BTC, but what are some of the disadvantages??
There are too many disadvantages when it comes to bitcoin, first we all know that bitcoin or crypto has no tax at all and no fees, so the government officials and the companies were the ones affected, they didnt get any income but the people were having too much demand. And another one the banks were affected and the money itself, the money and banks will be unestablished by the government. Many large groups were affected. Thosr are some of bitcoin disadvantage.
sr. member
Activity: 630
Merit: 250
★Bitvest.io★ Play Plinko or Invest!
October 10, 2017, 09:45:54 AM
We all know the advantages of BTC, but what are some of the disadvantages??

One of the most disadvantage of bitcoins in my opinion was the connection to the internet. If somewhat you lost or can't connect to the internet then your access to bitcoins would be limited and that will hinder on your current work the grants your earnings. Not all places have an access through the net and this would impose a great problem if your going to a place without internet.
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