What are some disadvantages of BTC? - page 38.

Razick

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Some disadvantages of Bitcoin:

extremely difficult for beginners to understand
currently expensive, making it less appealing than before
mining is unpractical now which makes the entire network less secure
other coins/token coming along with better technology
highest fees of any crypto - and growing
corrupt community, full of scammers
mentioned above, scammers take advantage of the fact Bitcoin transactions are non-reversible
not truly anonymous, can be traced by government

This list is in no way complete. The fact is if Bitcoin were to be remade today it would be a lot better. Hopefully we see improvements going forward, otherwise something new and better will likely take it over at some point.

dificanovi

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Quote from: Syella.A on October 02, 2017, 12:22:42 AM

The weakness of bitcoin, has not been recognized by many countries, and the transaction system is still a long time in verifying incoming and outgoing coins

right, bitcoin has not become an official currency for all countries. bitcoin also has weaknesses such as old transactions and expensive costs. bitcoin also has a weakness in terms of shape, because bitcoin is just a digital currency in the form of numbers only, has no form.

Wingo

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The price is very unstable. Bitcoin being decentralized, caused its price to fluctuate at a fast rate. The great fluctuation of price can be good(the price increases) or ungood(the price decreases) for many of us. The better use of bitcoin these days is for short term investments and trading, pump and dump, using the volatility of bitcoin to earn profit in shorter time.

d.mas

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The main disadvantage of bitcoin is that people are unaware of these digital currencies and also bitcoin is volatile. Furthermore bitcoins are not widely accepted everywhere and also there is no stability in its price.

Colt81

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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 think one of the disadvantages of bitcoin is you can't use it in offline store and transactions. Some of disadvantages of bitcoin is the price because the price is volatile so that there is a possibility that the price of bitcoin will goes up or goes up. Lastly, I think also the supply of bitcoin is one of the disadvantages of it.

Fazlurkhan.kz

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As we all know, bitcoin is not recognised in all parts of the world. It's just useless in some places, and if you live in one of those places, it's a disadvantage. And also sometimes it's not safe, as the Bitcoin wallet might get hacked. Sad

tiggytomb

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A couple that come to mind, the fact it isn't accepted everywhere is a major pain and also the nagativity that is always associated with bitcoin whenever you hear about it in the mainstream although this is starting to change.

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Bitcoin is still under development. For me, it's a great form of long term investment. However, I would like to participate somehow in its development. Transactions take far longer to confirm than for example for Visa. Transactions fees are pretty cheap right now. 1 month ago I paid about $10 for one transaction! 3 days ago I paid about 30 cents, that's what I was expecting.

if you paid $10 for a transaction then that means your transaction size was HUGE. because $10 was nearly 0.0022BTC. so your transaction should have been nearly 1 kilo Byte that it needed such a huge amount of fee.
regular transactions which regular size always required less than 1/3 of that amount you paid.

Flomo

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bitcoin is a profitable investment, the disadvantage is that prices can go down and rise at any time, meaning there is no price stability. other than that bitcoin can be hacked and has no legal body so that it can be used by people in crime.

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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??

Well if you want to invest in bitcoin for profit, like you would on any commodity, then I don't really see any disadvantages, beside the lack of regulation in some countries. We all saw what happened in China, and what the suspension of exchanges did to users. They were forced to sell their coins and then re-invest on other exchanges, so they wouldn't risk losing their money. Of course BTC should be hold on wallets and not exchanges, so I guess this wouldn't be a problem for them if they didn't had their coins on the exchanges in the first place, but it's still a little concern. If you are in a country where regulation is already implemented at some level, like Japan for example, then you shouldn't have any problems.

If you use bitcoin for daily use, like buying goods etc, then I think the only disadvantage is it's high fees when spending small amounts. Also it's still not accepted in most places or merchants.

dasdo

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It seems to me that its shortcoming is a commission that is growing in price. Well, the fact that few people believe in him. And so, almost the same virtues. Pay attention to this currency)

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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 think everyone's different point of view. I myself don't see the weakness side of bitcoin. because I am very grateful to get involved and gain knowledge about blockchain and bitcoin.

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Other than the already mentioned heavy reliance on infrastructure necessary to support its usage, is that it should be easier for criminals that are going to rob you, and it's much easier to lose your assets due to human error.

Nowadays, there's also the scaling issues it's had, and the relative high fees that make it impractical for smaller transactions, but that might get better eventually. For the time being some other alts are doing better in these aspects.

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Quote from: jorneyflair on October 01, 2017, 11:40:07 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??

Quote from: The Alchemlst on October 03, 2017, 11:59:16 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??

Its service relies purely on internet connection which makes it impossible to use anytime and anywhere specially in some third world countries which internet is not a basic commodity.

Quote from: The Alchemlst on October 03, 2017, 11:59:16 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??

Its service relies purely on internet connection which makes it impossible to use anytime and anywhere specially in some third world countries which internet is not a basic commodity.

yes i agree but this is the one of disadvantage of bitcoin
No Buyer Protection When goods are bought using Bitcoins, and the seller doesn’t send the promised goods, nothing can be done to reverse the transaction. This problem can be solved using a third party escrow service like ClearCoin, but then, escrow services would assume the role of banks, which would cause Bitcoins to be similar to a more traditional currency.

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.

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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??

Its service relies purely on internet connection which makes it impossible to use anytime and anywhere specially in some third world countries which internet is not a basic commodity.

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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 disadvantages of Bitcoin, i have listed few below:
1) Bitcoin supports the fraud and other criminal activities, which is absolutely the single most salient feature of Bitcoin’s anonymity.
Conventional currencies are indeed subject to laundering and counterfeit.
2) Digital QR codes make it vulnerable to theft. Scanning that QR code means anyone can anonymously steal Bitcoins.
3) Mining Bitcoins is a health hazard and It affect's the environment by producing the heat problems.
4) There is no central bank for Bitcoin and because of this a Bitcoin economy cannot grow in future because it cannot deploy excess capital for innovation.

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Need some spare btc for a new PC

If we're speaking of disadvantages comparing to fiat, the not so wide spread use of it outside the internet and dodgy markets, the instability of the price.. in my opinion. I wouldn't call the "almost completely anonymity" a disadvantage because it already has a higher factor of anonymity in comparison to fiat.

Wicked17

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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??

Disadvantage of bitcoin are the increasing/decreasing in a short period of time and bitcoin can be use in a fraud or other criminal activity because they can use it in a transaction without showing their real identity. If you lose your private key in your bitcoin wallet it will be hard to retrieve your account. And lastly many people doesnt recognized bitcoin.

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Quote from: malboroman on October 03, 2017, 04:28:11 AM

Quote from: kotajikikox on October 03, 2017, 02:44:06 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 disaadvantage of bitcoin for me i think for now on i can't use directly as a payment in my location but really hoping the bitcoin someday will use any kind of transaction as a payment to buy all needs for the daily life i think this is not possible because the new technology are continue progress the reason is bitcoin is come the new technology as decentralized crypto world.

Fully agree with you. But i believe that there are a huge investments into btc infra now, which will allow to change the situation in several years.

The most common advantage of btc is it make the transaction easier and it act as a bank for us when we are able to save and control our finances.

malboroman

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Quote from: kotajikikox on October 03, 2017, 02:44:06 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 disaadvantage of bitcoin for me i think for now on i can't use directly as a payment in my location but really hoping the bitcoin someday will use any kind of transaction as a payment to buy all needs for the daily life i think this is not possible because the new technology are continue progress the reason is bitcoin is come the new technology as decentralized crypto world.

Fully agree with you. But i believe that there are a huge investments into btc infra now, which will allow to change the situation in several years.

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