What do you think are the biggest disadvantages of Bitcoin? - page 40.

Webetcoins

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Quote from: Rostadom on August 04, 2017, 07:42:12 AM

Quote from: Zemangat on August 04, 2017, 07:06:35 AM

I think the fluctuating price that makes us profit or loss .. we can not predict the price of bitcoin like that. As well as the security of bitcoin wallets that are vulnerable to hackers .. it becomes a weakness bitcoin in my opinion.

I think the only bitcoin wallets that are prone to hackers are online wallets. Simply using a separate computer to make a desktop wallet saves you from it. But I guess not all of us can afford to do that. What I did was I reformat my computer and installed a new OS. You can use Linux if you want so you don't have to install an antivirus. I installed ESET Nod because it's the one a lot of people are recommending. Before I even installed that, I've already made an Electrum wallet, wrote the seed on a paper, and then deleted the wallet file. Made another wallet file using the seed so I can recheck if I copied the seed correctly, and then moved the wallet file to a flash drive.

Now I'm confident that I'm not going to be hacked. The only way I'm going to be hacked is when someone found that paper which I believe no one will except me or my family.

You are really prudent and generous as well for sharing your safety measures with all. Yep, online wallets are vulnerable to hacking and already hackers are warning people about their wallets. Though bitcoin does provide good level of security; but nothing is safe in the world of computers rather internet.

millgates

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Quote from: AMHURSICKUS on August 04, 2017, 08:03:24 PM

The disadvantages of bitcoin is that it is not fully developed, it is not fully accepted, lack of knowledge about bitcoin and the value of bitcoin is fluctuating. When you are also mining bitcoin the consumption of electricity can be a problem, because mining involves running a lot of high-powered computer.All the electricity you use to run your hardware may make the bitcoins less of an investment than you thought in the beginning.

Not only that, I think bitcoin in terms of usage and transaction is transaction fee is only marginally better than debit or credit card. Bitcoin should be better to be the main choice of the world community. The transaction fee should be close to 0% and bitcoin should be easier to obtain.

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The disadvantages of bitcoin is that it is not fully developed, it is not fully accepted, lack of knowledge about bitcoin and the value of bitcoin is fluctuating. When you are also mining bitcoin the consumption of electricity can be a problem, because mining involves running a lot of high-powered computer.All the electricity you use to run your hardware may make the bitcoins less of an investment than you thought in the beginning.

andrei56

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Quote from: NickChandi on August 02, 2017, 07:33:54 AM

According to the biggest disadvantages of bitcoin is: 1. It's price is very volatility and decrease/increase at a very high pace.

2. If your BItcoin lose, then you cannot regain it. In simple words you lost it forever.

Your second point is not really a disadvantage, as the saying goes, it is not a bug it is a feature, bitcoin is that way by design, this is to avoid any third party being able to chargeback transactions, while this seems like a nice idea that allows a central authority to take your bitcoins without your permission, that is why satoshi decided against it.

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Quote from: marketone on November 30, 2016, 06:01:20 AM

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

I am strongly agree with you, bitcoin is new to our economy so many country is not accepted it or maybe they are studying how they implement this cryptocurrency and how it can help in there country. all I can see disadvantage of are the Bitcoin price, is not also stable sometimes its up and sometimes its down, bitcoin is hard to predict, lack of information what really bitcoin is, we need further information about it so that many people understand the digital currency and also there are few businesses accepting bitcoin as a payment.

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Quote from: Zemangat on August 04, 2017, 07:06:35 AM

I think the fluctuating price that makes us profit or loss .. we can not predict the price of bitcoin like that. As well as the security of bitcoin wallets that are vulnerable to hackers .. it becomes a weakness bitcoin in my opinion.

yes that is right that the fluctuation price of bitcoin is the advantage to make money form it. because if the price of bitcoin goes up and we have some bitcoins then we can get good profit from it and the we are waiting for the price to fell down so that we can get chance to but it again at a low price and in this way we get another chance to make some profit again, so we can say that bitcoin price fluctuation is a good advantage of making money.

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Quote from: sofi@ on August 04, 2017, 03:19:22 AM

I think the biggest disadvantage of bitcoin is it's being unpredictable I mean the fluctuation on it's value... you cannot tell what gonna happen tomorrow it's either you wake earning on your investment of losing everything in just a snap of a finger.

Some other person would argue that the fun in Bitcoin comes from the fact that though it's price fluctuates, it always comes around and that is kind of reassuring those times when one ends up with more expensive coin and I don't see how that suggests that Bitcoin is unpredictable.

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Bitcoin is no legal protection, so there may still be concerns about possible disasters such as natural disasters.
Time Trading takes too much time and that is why it is not used in local markets, local businesses or daily trades in the real world.

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Quote from: rababo on December 01, 2016, 08:07:34 AM

IMO, the biggest bitcoin disadvantage is bitcoin can't be use as easy as fiat does because it's lack of adoption. Only few online/offline stores that accept bitcoin as payment also those stores are only available in few countries.
I hope bitcoin can be use for daily transaction in real life in future, therefore I don't need to bring cash and it makes me safer.

In fact, the biggest disadvantage of bitcoin is you can’t use it in offline store and some of them don’t accept bitcoin as a payment. In addition to that, some people do not believe in bitcoin and some country doesn’t still accept bitcoin. Lastly, if you really want to the bitcoin in offline store you need to convert it first into fiat.

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Quote from: marketone on November 30, 2016, 06:01:20 AM

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

Yeah, the price of bitcoin is not stable but it has many benefits given to the users. And besides the advantages of this is you can use this as a toll for payment on the things that you want to buy.

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Quote from: marketone on November 30, 2016, 06:01:20 AM

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

The price of bitcoin was not stable because it wasnt legalized by the government. I doesnt agree on the low transaction fee. Because the truth is there is a high transaction fee that you need to pay if you want to have a fast transaction of money. When you used low fee it will take too long before it was done.

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Quote from: Zemangat on August 04, 2017, 07:06:35 AM

I think the fluctuating price that makes us profit or loss .. we can not predict the price of bitcoin like that. As well as the security of bitcoin wallets that are vulnerable to hackers .. it becomes a weakness bitcoin in my opinion.

I think the only bitcoin wallets that are prone to hackers are online wallets. Simply using a separate computer to make a desktop wallet saves you from it. But I guess not all of us can afford to do that. What I did was I reformat my computer and installed a new OS. You can use Linux if you want so you don't have to install an antivirus. I installed ESET Nod because it's the one a lot of people are recommending. Before I even installed that, I've already made an Electrum wallet, wrote the seed on a paper, and then deleted the wallet file. Made another wallet file using the seed so I can recheck if I copied the seed correctly, and then moved the wallet file to a flash drive.

Now I'm confident that I'm not going to be hacked. The only way I'm going to be hacked is when someone found that paper which I believe no one will except me or my family.

iyan33

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Because fluctuating bitcoin prices may be an attraction for everyone to use bitcoin. With the uniqueness of these bitcoin price fluctuations we can get a profit even though sometimes the loss, but the biggest drawback of bitcoin is i was late to realize about the nice progress in Bitcoin, but i have been using bitcoin since 2015 and i used to spend bitcoin on the gambling table.

Zemangat

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I think the fluctuating price that makes us profit or loss .. we can not predict the price of bitcoin like that. As well as the security of bitcoin wallets that are vulnerable to hackers .. it becomes a weakness bitcoin in my opinion.

karisiak123

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If online shopping it will not be a problem at all ,, but if it is already in use in offline stores then it is very difficult to confirm.

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Quote from: danjonbit on August 04, 2017, 03:26:02 AM

Quote from: sofi@ on August 04, 2017, 03:19:22 AM

I think the biggest disadvantage of bitcoin is it's being unpredictable I mean the fluctuation on it's value... you cannot tell what gonna happen tomorrow it's either you wake earning on your investment of losing everything in just a snap of a finger.

I will not put it as a disadvantage, we do trading knowing how risky it is, but we did hoping to have a profit on it. fluctuation is a part of the process and that's our rule it to analyze it to have a good profit,

I agree that flucutation in the value of bitcoin is not a disadvantage because it is the nature of bitcoin. It is part of its rule that is why investing and trading take a risk to gain profit. What i see as it disadvantage is being illegal and not acceptable in other countries.

Bacotan Bae

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I'm regret that since I knew bitcoin (3 years ago) I did not buy bitcoin, if I bought 1000 btc of course I will be rich and can watch live MU vs. Madrid.

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DanJoN

Quote from: sofi@ on August 04, 2017, 03:19:22 AM

I think the biggest disadvantage of bitcoin is it's being unpredictable I mean the fluctuation on it's value... you cannot tell what gonna happen tomorrow it's either you wake earning on your investment of losing everything in just a snap of a finger.

I will not put it as a disadvantage, we do trading knowing how risky it is, but we did hoping to have a profit on it. fluctuation is a part of the process and that's our rule it to analyze it to have a good profit,

sofi@

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I think the biggest disadvantage of bitcoin is it's being unpredictable I mean the fluctuation on it's value... you cannot tell what gonna happen tomorrow it's either you wake earning on your investment of losing everything in just a snap of a finger.

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Quote from: Konthol Ngaceng on July 26, 2017, 10:21:40 AM

Transaction costs are rising and expensive, I think the future coin is a small fee, a year ago we can send bitcoin for free, but currently it takes at least $ 2.5 to send bitcoin.

This should be fixed already or will be fixed later this month with the lock-in and activation of segwit. When we will have bigger blocks more transactions will fit which reduces the cost per transaction.

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