What are some disadvantages of BTC? - page 42.

dacsee

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Quote from: AwpDragonPoor on October 01, 2017, 10:37:22 PM

We all know the advantages of BTC, but what are some of the disadvantages??

Theft, if you are unsafe about your private keys, the coins are binary and you either have them or you don't,

no central bank support or fraud department that can refund you.

Jgatsby

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Pretty kewl right?

here are some disadvantages of Bitcoin:

-It relies on the internet, you can't access or operate offline
-Not noob-friendly, one wrong move for the unfamiliar user can cause problem or even lost of bitcoin
-Volatile/Erratic - investing comes with a greater risk compared to other businesses (though can be advantage as well)
-Digital currency, lose your digital wallet or accounts and your Bitcoin is gone.
-No Refund - sending and receiving bitcoin is risky, 1 wrong letter in the address and say goodbye to your bitcoin

P.S it's my personal opinion, I might be right or wrong.

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Quote from: AwpDragonPoor on October 01, 2017, 10:37:22 PM

We all know the advantages of BTC, but what are some of the disadvantages??

I think one of it is the slow transaction confirmation and transaction fees are one of the disadvantages that BTC have. In my opinion one of the disadvantages of it is the lack of shops and merchandises around the world to give a reason to spend your bitcon , atleast with this we can spend bitcoin and use it as a currency not just an investment.

lucifochrome

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Well the good and bad, as what you have said, we all know the advantages of bitcoin but as for the disadvantages, first is i think it can be easily manipulated, by easy it is not for the common joe. It is from the higher people. People with power, with money people who have so much influence, these people can easily manipulate bitcoin. Say for example, if you have money and you wanted to buy bitcoin but in order to gain more profit you have to do something to make the market fall. For influential people they can just say negative things about bitcoin, then buy when it dips and then say something positive about it then sell when price already hiked. Second is if you don't know much about wallet. It can be forgotten. Long phrase codes tend to be forgotten. If ever you write it down and it was stolen then there goes your bitcoin. When you only have one wallet and that gets destroyed, corrupted etc. then goodbye bitcoins. Other thing are scams, there are so many scam site. it is very difficult to find legit ones.

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Quote from: AwpDragonPoor on October 01, 2017, 10:37:22 PM

We all know the advantages of BTC, but what are some of the disadvantages??

It can be use from criminal activity such as money laundry or corruptor which our country are against them
Other than that, bitcoin may help people with it's power so overall it's depend on who use bitcoin whenever they want to use it for good or bad

Granxis

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It is a big problem that the transfers that are made can not be returned. Because newbies and beginners are sending huge amounts of false addresse. Unfortunately, there is no solution to this problem.

pekingcoepo

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Quote from: AwpDragonPoor on October 01, 2017, 10:37:22 PM

We all know the advantages of BTC, but what are some of the disadvantages??

Behind many advantages, Bitcoin has many disadvantages, one of which is related to storage. To be able to spend it, the owner needs a private key stored in a digital wallet and can be stored locally on the computer or printed. This private key can be stolen or lost.
The value of digital currencies is also very volatile. The exchange rate can be very high and fluctuate due to the limited amount but the demand is very much. For that, beginners have to explore the ins and outs first in order to avoid the fatal losses.

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Quote from: AwpDragonPoor on October 01, 2017, 10:37:22 PM

We all know the advantages of BTC, but what are some of the disadvantages??

This is the universal truth in every field that if we have advantage then there will exists chances of much loss .
Here bitcoin have many advantages but few people are using it for wrong things .
Few people are using bitcoin for illegal payment , and few are using it for the money laundering which is really a bad thing for the future of the bitcoin .few countries are against the bitcoin Because they are thinking that misuse of the bitcoin going increasing and can harm the grow of the coin back , But here in my opinion the government can make everything online so that no one can use bitcoin as an money laundering or unknown payment purpose

If here you will talk about some technical disadvantage then here it is the confirmation system during the transaction , every time we needed to have confirmation to have the reliability of transaction that will not reverse .

Akash1243

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There are many people who still doesn't know about bitcoins yet and it's use in world are really limited.I think it's fees is too much for small transactions.We can't cancel the transactions once we had broadcast it which might be scary if you would send the bitcoins to wrong address.Bitcoin's volatile nature is both an advantage and also an disadvantge as if prices spike high fast it can also drop very fast too.

makishart

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Quote from: jorneyflair on October 01, 2017, 10:40:07 PM

Quote from: AwpDragonPoor on October 01, 2017, 10:37:22 PM

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.

I must say that BitPay, an API which often used by many merchants widely around the world accepting zero confirmation, I don't know how they can solve the double spend issue in their internal but it's really a good thing.
Talking about fee, mainly because people want the confirmation to arrive fastly so that they set the fee higher than usual, when mass people do this, the fee will increase significantly, i can say that's the disadvantage of blockchain though.

wiepers

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Quote from: Marry Finch on October 01, 2017, 11:20:44 PM

The main drawbacks of bitcoin, making it cumbersome and unadapted for everyday purchases, is its large commissions for transactions with small purchases and too long time for transactions. These drawbacks turn bitcoin into some kind of digital gold, that is, rather as a means of accumulation, and not as a means of payment.

there are other things, such as the number of hackers who target bitcoin, and make us who keep bitcoin to worry. bitcoin security system is not strong enough to withstand hacker attacks

SiDtHeBeSt

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Well,there are many disadvantages of bitcoins,most people dont know/dont accept payment in bitcoins also another major disadvantage would be its unstable prices.

erwan

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Quote from: pandanaran on October 01, 2017, 11:13:07 PM

For now I think the bitcoin the disadvantages is in the transaction and confirmation, when compared to altcoin like eth, doge and ltc, bitcoin is under the altcoin in terms of transactions and confirmations.

Yes I agree with you. Compared with other altcoin transactions and Bitcoin Tansactions is very long more than 5 minutes. In contrast to Doge and ETH which only takes less than 1 minute to complete all transactions.

Destroyeroff98

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First of all, using your wallet anonymously, you have only the password and bitcoin-code, which are necessary for authorization. In case you lose the password or forget it, you will simply lose both the purse and the money on it. You will not be able to contact any supervisory authority or bank and demand the restoration of the password and access - there is simply no such body. Also, the disadvantage of the system is that by sending a payment, you can neither stop it nor change the conditions - it is carried out irrevocably. If you specified an incorrect amount or a recipient, then you can not change anything. The disadvantage is the volatility of the course of this crypto currency. Thus, we get a very variable price for bitcoins, which varies unpredictably.

pooya87

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Quote from: pandanaran on October 01, 2017, 11:13:07 PM

For now I think the bitcoin the disadvantages is in the transaction and confirmation, when compared to altcoin like eth, doge and ltc, bitcoin is under the altcoin in terms of transactions and confirmations.

everything comes at a cost and sometimes that cost is very expensive.
in this case, the confirmation time has a very expensive cost, the cost of centralizing the cryptocurrency. or in other words prevent people from being capable of running full nodes. a coin like ETH has a huge blockchain which is much bigger then what bitcoin has and it is growing at an alarming speed. if things continue this way you should soon expect to see only a dozen nodes run by 2-3 people who can afford paying for a strong system that can run that thing. kiss the last shred of decentralization goodbye then.

and after a couple of years even they can not run such a huge blockchain. you know it is not just about the size of it since blockchain is not just something you keep, it is what you load up and constantly read to verify transactions and reject invalid tx.

Syella.A

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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

Marry Finch

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The main drawbacks of bitcoin, making it cumbersome and unadapted for everyday purchases, is its large commissions for transactions with small purchases and too long time for transactions. These drawbacks turn bitcoin into some kind of digital gold, that is, rather as a means of accumulation, and not as a means of payment.

shamzblueworld

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Quote from: AwpDragonPoor on October 01, 2017, 10:37:22 PM

We all know the advantages of BTC, but what are some of the disadvantages??

I think high fees of transactions and/or slow transactions is the biggest one, which is not actually allowing bitcoin to be accepted at local markets and stores.

pandanaran

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For now I think the bitcoin the disadvantages is in the transaction and confirmation, when compared to altcoin like eth, doge and ltc, bitcoin is under the altcoin in terms of transactions and confirmations.

magneto

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Quote from: mk4 on October 01, 2017, 10:59:23 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.

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