Here are some disadvantage of bitcoin
1. high fees (For some people),
This is just a remembrance of the past, 8 years ago exacly. I'm just a little funny about this, bitcoin has zero fee or near zero transaction fee. But now it will become a problem when 1 BTC have thousands dollar.
2. confirmations time
I think this is major problem for me and everyone. When you send money $10 it will consume few hours to get confirm, you can speed up confirm but it will require more transaction fee.
3. power consumption
I think this problem is only for miner, where they need huge electricity to generate crypto. What ever algo will eat electricity (including pos algo)
4. No way back
This is also major problem for new user. There's no way back for
- Wrong address
- Loss Key
- Loss Hardware Wallet
- Got scammed
However i just back to crypto again after several years leave it, and need warm up my brain with new case
Topic: What do you think is the biggest disadvantage of bitcoin? - page 3. (Read 1943 times)
I think high fees aren't a disadvantage of bitcoin properly, but a network one. Or at least a temporary disadvantage of dealing with bitcoins, which can be solved in the future.
I see it as an disadvantage. But that really stops someone to send a transaction if it's unnecessary and the fees being asked is that much. Well, one can say that high fees are really a disadvantage and if you're too meticulous with the fees.You'll see it as an advantage or sometimes if you don't have much and the fees are a lot, it is dismaying.
Actually its pro's do consider to be its con's for other peoples. Ex. non reversible.. We know that once you had sent out your funds then theres no turning back or shall we say its already
into its final destination once you had set out an address. Sounds not nice for someone but majority is really seeing this as a good thing and this is how decentralized thing works.
When it comes to disadvantage then i do only complaint about its block size on when the time the network clogged then for sure rise will also going up too which had been
a common problem into those times.
Other than that then i dont see any valid reason which i do consider about disadvantages through bitcoin because this project is a revolutionary one.
into its final destination once you had set out an address. Sounds not nice for someone but majority is really seeing this as a good thing and this is how decentralized thing works.
When it comes to disadvantage then i do only complaint about its block size on when the time the network clogged then for sure rise will also going up too which had been
a common problem into those times.
Other than that then i dont see any valid reason which i do consider about disadvantages through bitcoin because this project is a revolutionary one.
For me, there really are no disadvantages. I guess if I had to choose something I would say the fees are too high sometimes during congestion and the transfer times can be quite long but it's still nothing compared to waiting for the bank to "authorize" something or another that can take a day or sometimes even more. Other than that and the fact you can't spend it everywhere I really can't fault it.
The biggest disadvantages of Bitcoin are high transfer fees, transfer speed and volatility. Unfortunately, all three features do not help Bitcoin to be a good exchange tool.
The development of Segwit from the Bitcoin wallet addresses didn't help that much, most of the transactions still are high specifically right now, the fees are high because most of the people are transacting at the same time which causes huge market congestion/traffic. This will limit the miners to choose and prioritize first the transaction with a higher transaction fee to be confirmed first. It seems like some sort of automatic bidding on their end and this should be solved in order for bitcoin to be a mode of exchange for minor transactions. I am not saying that Bitcoin cannot become a mode of exchange but in order to fully appreciate each transactions, the users should first transfer a high amount of BTC to make them feel that transaction fee are nothing. This somehow means for me that Bitcoin might be for those who can buy a decent amount of it or simple, for cryptocurrency-rich individuals.
I think high fees aren't a disadvantage of bitcoin properly, but a network one. Or at least a temporary disadvantage of dealing with bitcoins, which can be solved in the future.
Actually High fees are depend on which is lookingat it,Because for the Trader this will Hurt them While the Miners are being pampered.Remember that this market is not consisted by Traders alone.there are other areas in which needed to be considered for this Market to progress.
For me there isn't issues with bitcoin. It was a very well planned currency since the beginning. I just would point volatility that is a double edge sword in my opinion, because at same time it has its benefits creating the opportunity for a lot of profit for investors on short run,
And to prove how Healthy is this market thats why Volatility is always there to Make movements. it also has the disadvantage of big losses without warnings. Every investor must learn how to get along with this, as it's just the nature of bitcoin.
There will never a profit if there will no loser,and that is trading is all about.So The volatile market open Doors for opportunity or disadvantages ,But in the end of the day still no one can deny that this Market is one of the most promising. Am I the only one that starts unseeing bitcoin as a medium of exchange?
It is the reality that Bitcoin is not perfect and fees are the only way for Bitcoin to scale. This is how it is was created and it was known since the beginning that it would be tough to scale.
There was a long debate in 2015 and consensus decided to move forward with Segwit and with the Lightning Network as solutions and there was later a split in summer 2017 of the BCH having in mind the possible gap in the merchant and payments sector.
I think that with the final development of the LN, Bitcoin will once again gain recognition as a medium of exchange. I don't think this will be bad for Bitcoin price or hurt the chances of being established as a store of value. Quite the opposite it would reinforce this. We shouldn't forget that gold was used as money for thousands of years even though paper money IOUs were already forced to be used since the Mongolian empire. A store of value doesn't mean we have an asset just sitting around doing nothing.
Bitcoin has a number of disadvantages. Let me list out a few even though everyone knows about it,
1. High fees - yes, it's not a regular problem but it keeps on popping up
2. Confirmation time - on an average, a bitcoin transaction takes around 30 minutes to get 3 confirmations. Usually 1 confirmation is fine but majority of the websites look for 3 confirmation before they can accept it as a valid payment
3. Psuedo anonymous - many see it as a benefit of using bitcoin but that's the only reason why bitcoin is increasingly being used by illegal miscreants or terrorists. That's worrying - look at Europe now!
Bitcoin was never an ideal medium of exchange, rather it was always an investment or an avenue to hide income for majority of us!
yes I agree with you, one of the biggest drawbacks of bitcoin is the transaction fees that are getting more expensive, but bitcoin provides a lot of benefits, that's why many investors go into bitcoin, they are just looking for a lot of profit regardless of high transaction fees because they see a lot of profit in bitcoin. I myself only use bitcoin only for profit, not others. 1. High fees - yes, it's not a regular problem but it keeps on popping up
2. Confirmation time - on an average, a bitcoin transaction takes around 30 minutes to get 3 confirmations. Usually 1 confirmation is fine but majority of the websites look for 3 confirmation before they can accept it as a valid payment
3. Psuedo anonymous - many see it as a benefit of using bitcoin but that's the only reason why bitcoin is increasingly being used by illegal miscreants or terrorists. That's worrying - look at Europe now!
Bitcoin was never an ideal medium of exchange, rather it was always an investment or an avenue to hide income for majority of us!
The disadvantage of Bitcoin is when people who get hacked and get their Bitcoins stolen. There's no refund system for that.
That is the user's fault and is applicable to almost everything an individual posses. Wallets won't be hacked if private keys won't be known by other people aside from the user/investor himself. Thus, it is a threat to everything that's why users should be careful on sharing informations. The biggest threat I think is prohibition of its usage which is quite blurry especially at this moment wherein it is having wider acceptance on different businesses across countries. But this is the only way I think Bitcoin will be in danger.
I think high fees aren't a disadvantage of bitcoin properly, but a network one. Or at least a temporary disadvantage of dealing with bitcoins, which can be solved in the future.
For me there isn't issues with bitcoin. It was a very well planned currency since the beginning. I just would point volatility that is a double edge sword in my opinion, because at same time it has its benefits creating the opportunity for a lot of profit for investors on short run, it also has the disadvantage of big losses without warnings. Every investor must learn how to get along with this, as it's just the nature of bitcoin.
For me there isn't issues with bitcoin. It was a very well planned currency since the beginning. I just would point volatility that is a double edge sword in my opinion, because at same time it has its benefits creating the opportunity for a lot of profit for investors on short run, it also has the disadvantage of big losses without warnings. Every investor must learn how to get along with this, as it's just the nature of bitcoin.
Like any currency, there are disadvantages associated with using Bitcoin:
The biggest disadvantages of Bitcoin are high transfer fees, transfer speed, and volatility. Unfortunately, all three features do not help Bitcoin to be a good exchange tool.
Here some important disadvantages of bitcoin:
Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Bitcoin Valuation Fluctuates
No Buyer Protection
Risk of Unknown Technical Flaws
Built-in Deflation
No Physical Form
No Valuation Guarantee
While reading these Disadvantage i almost wildly reacting because those points maybe disadvantage for others but for some those are opportunity.The biggest disadvantages of Bitcoin are high transfer fees, transfer speed, and volatility. Unfortunately, all three features do not help Bitcoin to be a good exchange tool.
Here some important disadvantages of bitcoin:
Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Bitcoin Valuation Fluctuates
No Buyer Protection
Risk of Unknown Technical Flaws
Built-in Deflation
No Physical Form
No Valuation Guarantee
Buyer protection can be held obligatory for us to Protect our own coins,thats why there are safe wallets or ledgers to help up took care of our crypto assets.
but, bitcoins are a good platform to exchange your currency.
But when i read this?i understand your concern and you did not mentioned those to Make bad impression for Bitcoin instead those are the part that we must be ready and willing to adopt before investing in this risky currency.
Like any currency, there are disadvantages associated with using Bitcoin:
The biggest disadvantages of Bitcoin are high transfer fees, transfer speed, and volatility. Unfortunately, all three features do not help Bitcoin to be a good exchange tool.
Here some important disadvantages of bitcoin:
Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Bitcoin Valuation Fluctuates
No Buyer Protection
Risk of Unknown Technical Flaws
Built-in Deflation
No Physical Form
No Valuation Guarantee
but, bitcoins are a good platform to exchange your currency.
The biggest disadvantages of Bitcoin are high transfer fees, transfer speed, and volatility. Unfortunately, all three features do not help Bitcoin to be a good exchange tool.
Here some important disadvantages of bitcoin:
Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Bitcoin Valuation Fluctuates
No Buyer Protection
Risk of Unknown Technical Flaws
Built-in Deflation
No Physical Form
No Valuation Guarantee
but, bitcoins are a good platform to exchange your currency.
I have always believed that bitcoin is the best and most beautiful in my life. I am very happy to know bitcoin, but now the price is going up and this strong inflation is making bitcoin transaction fees expensive, but I think it has a point when many bitcoin users and miners have to work more and use more tools and huge power, consuming the time of the miners maybe this is what strengthens them to keep working as good servants is this wrong ?? I think bitcoin remains fair
From my perspective, the biggest disadvantage of bitcoin is the transfer speed and high transaction fees because many bitcoin users are having trouble making transactions with this kind of issue. Many people hate the bitcoin volatility, but for me, bitcoin's volatility can both be a good and bad thing for our investment; it only depends on us on how we will handle our investment.
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I remember back then when I was just trying to send a half a thousand worth in USD of Bitcoin and the miners fee that time was double the amount of what I send. Not sure if the online wallet that I am using is just trying to screw with my money or something but that was just absurd of an amount.
The disadvantage of Bitcoin is when people who get hacked and get their Bitcoins stolen. There's no refund system for that.
The biggest disadvantage of bitcoin is its volatility its a YO-YO it exist in a volatile market which susceptible to losses the losses can be incured when the prices plunges or drops when market forces comes to play and the HOLDER has no infulence over the prices it becomes a disadvantage
The main impediment I taken note on bitcoin is pump and dump. Numerous dealer will be active with their exchanging trusting that the cost has expanded for them to supply to advertise but the thing is to see the cost has drop down. No speculators will be cheerful, see advertise diminish since of a few coins they are holding for a long time. Few weeks back bitcoin pump exceptionally well, that make a few financial specialists have trust that it'll still go higher some time recently they can offer within the showcase.
The biggest disadvantages of Bitcoin are high transfer fees, transfer speed and volatility. Unfortunately, all three features do not help Bitcoin to be a good exchange tool.
Its obviously for me the transaction cost. If i send 0.001 btc than sending fees 0.0005-8 as well as if i send 0.1 btc transaction fees are remaining same. Its too hard to believe sometime if u send 7$ in btc fee is 6$.
It's not really difficult to believe and in fact we see many situations like this happening especially when the network is very busy and while this may seem to be odd at the same time it is just part of the nature of bitcoin, and while that may seem to be a disadvantage when it comes to sending large amounts of money bitcoin is way cheaper than any other method which is one of the reasons that we are seeing that institutional investors are getting really interested in this market. Jump to: