Topic: What are the biggest disadvantage of bitcoin ? - page 8. (Read 1193 times)
because its anonymous , no central authority so governments and institutions do not like to add as payment facility.
Biggest disadvantage for me is slow transaction time when a lot are using it.
For me the biggest is the price of bitcoin. Now it is deprived me to invest in bitcoin. And it can be used it illegal activities. It can be a problem to bitcoin to become legal.
Your post is very vague and it doesn't make any sense. How the prices affect its usage in illegal activities? And what role does the exchange rates play, in the legalization of Bitcoin. These are entirely different issues.
For me the biggest is the price of bitcoin. Now it is deprived me to invest in bitcoin. And it can be used it illegal activities. It can be a problem to bitcoin to become legal.
What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink
The biggest disadvantage of bitcoin is the value of the currency that in some countries is considered illegal it plummeted to US $ 100 to US $ 517 per bit. During this time the movement of Bitcoin exchange rate is very volatile. The end of last year alone was still at US $ 1,000, less than two months had decreased by the same amount.What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink
The biggest disadvantage of bitcoin is the exchange rate of digital currency or cryptocurrency that immediately dropped in a short time.
Doesn't help that most of the Bitcoins out there are concentrated in a small number of addresses. Came across this one article posted today that did a pretty good investigation. Or maybe it's a good thing? Some serious hodling here....
https://cryptocanucks.com/5-interesting-facts-about-the-richest-bitcoin-addresses/
Quote
On August 8th, 2011 (Black Monday) global stock markets crashed, following news of a Friday night credit rating downgrade of the U.S. sovereign debt by Standard and Poor’s. This date saw 15 of the 1658 richest addresses receive their first incoming transaction.
https://cryptocanucks.com/5-interesting-facts-about-the-richest-bitcoin-addresses/
For me the biggest disadvantage of bitcoin is its growing population. I can say that this is the biggest disadvantage of bitcoin because not all of the users now are using bitcoin in the right way and no one cannot control or do about it. We can say that now, some of the users are just using the name of bitcoin for their bad intention like making scam or fraud. Also some of the users now are using this as a mode of payment for their illegal trade or transaction. We cannot say that all are doing the same thing but as the population grows those people who are doing bad things follow thru.
A major trading tunnel for individual and nass trading should be created so that we can track every transactions of btcs globally
The biggest disadvantage is that every month, newer cryptos are being created with better technology when compared to Bitcoin. Bitcoin is getting outdated, due to the negative attitude of its developers.
I think the biggest disadvantage of bitcoin is that the price is going down at the moment. That means the long term holders are losing right now. But I also believe that bitcoin will be able to come back at the late quarter of the year and make earnings for us again.
Blockchain system is still an easy victim for hacking, so we need to compromise with that first before anyother things
The biggest disadvantages in Bitcoin is that it has no guarantee for it if it is lost or stolen it will be lost for ever since it is not regulated by any governing body. Bitcoin value fluctuates and there is no protection in purchasing goods if the traders doesn't send the promised goods and there is no remedy for the goods to be reversed .Cost of electricity used for mining Bitcoin is a great disadvantage .
Some of the bitcoin's disadvantages are: being vulnerable to hackers, the high transaction fees and the fact that some governments are banning it
I would like to point out that Bitcoin is NOT vulnerable to hackers, it is the exchanges or other third party services that are at risk of getting hacked.-> Bitcoin's problem include its volatility as compared to other fiat currencies, this is the reason Steam dropped Bitcoin as one of their payment methods.
-> Recently Bitcoin is getting media attention but still a very few percentage of population is actually involved in it.
-> Bitcoin is now getting used more as an asset than a currency due to the profits that people make in buying and selling it.
Some of the bitcoin's disadvantages are: being vulnerable to hackers, the high transaction fees and the fact that some governments are banning it
For the government, the biggest disadvantages are the lack of control and regulation, and hence the widespread use of this currency in black markets, while for the users, the biggest disadvantage is the slow speed of transactions.
Apart from this, there are a few other disadvantages like if the wallet keys get lost, you would lose all your money and in case such a scenario happens, you won't be able to claim your money back from anywhere.
Thus, one has to be alert at all times.
No other disadvantages of bitcoin and it is lack of awareness that is resulting in its use not being widespread.
Apart from this, there are a few other disadvantages like if the wallet keys get lost, you would lose all your money and in case such a scenario happens, you won't be able to claim your money back from anywhere.
Thus, one has to be alert at all times.
No other disadvantages of bitcoin and it is lack of awareness that is resulting in its use not being widespread.
The main advantage of bitcoin is the non-reimbursable payment. Once you have send the money to a wrong address or a person you can't do anything about it. Be careful when sending money through BTC.
There are quite some disadvantages when it talks about bitcoin. Everything has its opposing features. And bitcoin's disadvamtages are:
1. It is unstable. It has its good and bad parts when it talks about being unstable. It depends on how you see it.
2. It is somehow difficult to understand without prior knowledge to it. It has its complex nature in itself. Continuous study about bitcoin is required.
3. It is not for everybody. Again because of its complex nature it is somehow difficult to understand so without knowledge about bitcoin and cryptocurrencies, using it would make you prone to various things like being hacked and scammed.
4. It is still not accepted by the whole world meaning you still cannot use it everywhere because it is illegal in some places to use bitcoins.
1. It is unstable. It has its good and bad parts when it talks about being unstable. It depends on how you see it.
2. It is somehow difficult to understand without prior knowledge to it. It has its complex nature in itself. Continuous study about bitcoin is required.
3. It is not for everybody. Again because of its complex nature it is somehow difficult to understand so without knowledge about bitcoin and cryptocurrencies, using it would make you prone to various things like being hacked and scammed.
4. It is still not accepted by the whole world meaning you still cannot use it everywhere because it is illegal in some places to use bitcoins.
maybe my personal experience suffered a loss when it was too late to receive payment and by that time bitcoin dropped dramatically, but i keep calm and not panic ..
The main disadvantage of bitcoin is its constant instability. We don't know how bitcoin will behave in a week.
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