Topic: What are some disadvantages of BTC? - page 6. (Read 7950 times)
One major disadvantage of bitcoin iis that lack of awareness among people and also the lack of technology in many parts of the world makes it very difficult to make bitcoin a globally accepted currency. So in developed countries, there is not much problem but when it comes to developing nation’s lack of technology is a big factor against the application of bitcoin.
Of course, I see more advantages in bitcoin than disadvantages, but I'm not satisfied with the low transaction speed, commission fees. It is also embarrassing that bitcoins still can not be accepted all over the world, that there is (albeit very low) probability of hacking a purse. And of course the fact that bitcoin is not unsupported. This creates a little insecurity in it, but I still continue to invest.
In addition, BTC transactions fees seem to be getting higher and higher which was suppose to be an advantage and core principal in the beginning.
you're practically anonymous when in btc transactions so if you get scammed it's hard to trace your scammer
bitcoin prices are not that stable, sometimes it can skyrocket and sometimes the price can go down just like now,
you can do trading or other business as a part time job but btc is far too unstable to be a fulltime job just in my opnion.
And lastly you have no assurance in bitcoin, in how long they will exist or will it be popular or it will be obsolete in the near future.
bitcoin prices are not that stable, sometimes it can skyrocket and sometimes the price can go down just like now,
you can do trading or other business as a part time job but btc is far too unstable to be a fulltime job just in my opnion.
And lastly you have no assurance in bitcoin, in how long they will exist or will it be popular or it will be obsolete in the near future.
One of the disadvantages of bitcoin is its price volatilily. Due to its changing and unpredictable price, you may or may not gain profit. So its very risky to invest or trade unless you are very knowledgeable. Second is that its highly technical. Since its a digital currency, one needs an internet connection to be able to use or do transactions with bitcoin. You also need to download wallet and learn how to use it. And i think thats very hard on the part of those people who are not techie. Some wallets also have limitations on the amount that you can receive or send per day, per month, or annually and verifications on limitations takes several days or weeks to be approved, and that makes it very hard to encash bitcoin.
If the transaction speed can still be reconciled, then commission fees I really do not like. Often, small transfers are very unprofitable because of this reason. In this regard, some altcoyins are more convenient to use.
there are many disadvantages of bitcoin one of that is it can be hacked and it system may get down and we are not sure about it's price if it is still good in the market place.
I really don't know but so far, there is really no incentives in hacking bitcoin because everything, all of the bitcoin transactions are recorded in ledger, and if there is a serious effort in tracking it, it can be tracked. I don't also hear that bitcoin is hacked but there are many cases of hacking to sites that handle bitcoin like recently the nicehash but no case really of hacking to bitcoin core itself.
Talking about hacking, hacking is one of the advantage of bitcoin..
There are other disadvantages also that i know. Its like slow transaction and high fee. They are both are my concern.
It depends where you at. Because not all places accepts bitcoin. You cant use bitcoin to pay for goods as of now.
Bitcoins Are Not Widely Accepted
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.
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.
One of the disadvantages of BTC is that many scammers have been taking advantage of people who have money to invest in bitcoin. For example the ponzi schemes and cloud mining scam. They will make you invest and for short time they will either be gone or your account will be banned for no reason.
The biggest disadvantage of Bitcoin is its price that changes from time to time, and its being unpredictable in market. Invest now at its low price yet too risky because there are still possibilities it will just go straight downward and might took a long time to go back at its price the time you invested, ending up losing your time and money.
high fees
one of the disadvantages is that it made investigation of some crimes more difficult.
For me maybe this are some of the btc disadvantages. Bitcoin has seen more than its fair share of medium-specific scams, fraud, and attacks. These range from small-time Ponzi schemes, such as Bitcoin Savings & Trust, to massive hack attacks. Also One of dis advantages of is the biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have.
In my opinion, the main disadvantage of Bitcoin is that transactions are pretty slow, so we must not being in a hurry.
The weakness of bitcoin can not penetrate international markets around the world, so it still needs breakthrough breakthrough to be promoted to developing countries so it can be a currency that many people demand. thank you
We all know the advantages of BTC, but what are some of the disadvantages??
There's a lot of advantages of bitcoin but as of now we talk about the disadvantages.1.The disadvantages of btc is when you got scammed and this is the reason that all your earings will disappear without tracing up on it.
2.When you are in offline mode which you can't do withdrawal transaction of it but this is important to secured the safetiness of individual participants who earned bitcoin.
But honestly even though there's disadvantages but i've really trusted in btc online earnings.
Everything has both good and bad sides. The advantages of bitcoin are anonymity and decentralization so that we can trade without a bank or other third party, but the advantages of bitcoin are its disadvantages. When our money is stolen because anonymous so we can not recover our funds, and many criminals use it to commit crimes, so the advantage of Bitcoin is two-sided.
Some minor disadvantage
1. Locations where no internet connection
2. you can not transact bitcoin in cases of calamity where the power supply is cut off.
3. Too volatile at the moment
4. You need a lot of applications to send and recieve money depending on your location (too advance for the elderly)
5. Transaction time takes too long
6. High fees
1. Locations where no internet connection
2. you can not transact bitcoin in cases of calamity where the power supply is cut off.
3. Too volatile at the moment
4. You need a lot of applications to send and recieve money depending on your location (too advance for the elderly)
5. Transaction time takes too long
6. High fees
User Anonymity
Bitcoin purchases are discrete. Unless a user voluntarily publishes his Bitcoin transactions, his purchases are never associated with his personal identity, much like cash-only purchases, and cannot be traced back to him. In fact, the anonymous Bitcoin address that is generated for user purchases changes with each transaction.
No Third-party Interruptions
One of the most widely publicized benefits of Bitcoin is that governments, banks and other financial intermediaries have no way to interrupt user transactions or place freezes on Bitcoin accounts. The system is purely peer-to-peer; users experience a greater degree of freedom than with national currencies.
Bitcoin purchases are discrete. Unless a user voluntarily publishes his Bitcoin transactions, his purchases are never associated with his personal identity, much like cash-only purchases, and cannot be traced back to him. In fact, the anonymous Bitcoin address that is generated for user purchases changes with each transaction.
No Third-party Interruptions
One of the most widely publicized benefits of Bitcoin is that governments, banks and other financial intermediaries have no way to interrupt user transactions or place freezes on Bitcoin accounts. The system is purely peer-to-peer; users experience a greater degree of freedom than with national currencies.
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