. I know it is hard to accept that what you like have some bad side but it is nothing unusual even fiat currency had disadvantages such as; fragility, inflation, and changes in public confidence so also bitcoin has disadvantages such as volatility, high transaction fee, false anonymity and difficulty in general acceptability in lieu of a legal tender etc. 
Topic: What do you think is the biggest disadvantage of bitcoin? - page 5. (Read 1934 times)
The post clearly stated the disadvantages of bitcoin and I can see a lot of folks still defending bitcoin . I know it is hard to accept that what you like have some bad side but it is nothing unusual even fiat currency had disadvantages such as; fragility, inflation, and changes in public confidence so also bitcoin has disadvantages such as volatility, high transaction fee, false anonymity and difficulty in general acceptability in lieu of a legal tender etc.
. I know it is hard to accept that what you like have some bad side but it is nothing unusual even fiat currency had disadvantages such as; fragility, inflation, and changes in public confidence so also bitcoin has disadvantages such as volatility, high transaction fee, false anonymity and difficulty in general acceptability in lieu of a legal tender etc. Bitcoin is a movement, which every investors need to understand, before buying. And the biggest mistake is to buy when the price is extremely high, which it will take more time to sell for a profit, secondly the big mistake of disadvantaged of bitcoin is base on exchange that is not more secure, with a weak password.
First, its high volatility is a minus. On the other hand, it is a great plus for those, who hodl Bitcoin or trade it. Secondly, the security is still not so good. Finally, we need BTC ATMs, and it seems to me, these machines are available in the USA only.
I think the only disadvantage is the high transaction fees, and this makes it difficult for bitcoin to become a payment method and get mass adoption. Apart from that I think everything is fine.
There is no big disadvantage with bitcoin. It hasn't reached the common man's hand, because of its technical things and the transaction fee. The success will be very big, once it gets used by the common people who contribute a majority of the economy. Another thing is the transaction fee, it hasn't got the fee structure which stops people from microspending.
Because of high volatility, I don’t feel safe using bitcoin as a medium of exchange yet. Just imagine, when bitcoin is bullish like it is today
and when we are making payments for food, suddenly one second later the price of bitcoin goes up, but we can’t do anything because we have already paid bitcoin.
This is an obstacle for everyone to think twice about using bitcoin as a medium of exchange.
If we keep it as a long-term asset then the current bullish moment is very profitable for anyone who keeps bitcoin.
and when we are making payments for food, suddenly one second later the price of bitcoin goes up, but we can’t do anything because we have already paid bitcoin.
This is an obstacle for everyone to think twice about using bitcoin as a medium of exchange.
If we keep it as a long-term asset then the current bullish moment is very profitable for anyone who keeps bitcoin.
Yeah, I was just going to write that fee is the biggest disadvantage of BTC right now (during days when BTC spikes hard and when we need to pay fortunes to get our transactions confirmed). Don't you think that miners do it just to stop us from selling and just hodl longer? I mean, just think of it differently. Anyways, I believe there's one more thing that's disadvantageous to BTC and that is its monopolistic possession of big investors. You already know the number and it's fixed, 21 million and all the BTC gone, we just need to buy it at their prices if they become successful in accumulating almost each Satoshi available in the markets. This is too bad and if overlooked, it can make BTC a game of some "supernatural" investors and big bulls who will take BTC to some levels unmatchable by small investors.
I do not think we need a conspiracy to explain what we see when it comes to the fees when it is a clear case of supply and demand at work, the space on each block is limited and if you make a transaction then you want some of that space for your transaction to be confirmed, so in effect you are bidding against other people in an auction to see who gets the fastest confirmation, and this means that those that have a greater need or the most money can get faster confirmations making the fees to go up in value, can miners manipulate this process? Of course they can, but without a real need for faster transactions they will get nowhere.
I'd say the biggest disadvantage is the transaction fees, they can be really high sometimes.
But that's perfectly solvable. Most of the fees can be lowered through user influence, and many of the fee hikes are politics at work that can be stopped if users make it clear they aren't happy.
But that's perfectly solvable. Most of the fees can be lowered through user influence, and many of the fee hikes are politics at work that can be stopped if users make it clear they aren't happy.
One of the biggest disadvantage of bitcoin is lack of facilitator. Facilitator mean those who help other to achieve their goal in the country. I came to discover that there are many scammer in the forum claiming they are facilitator to help and teach people the right thing to do the right in the forum than to see them try to know all your personal details to scam your money.many people have loss so much money on scammer just because it hard them to different scammer from facilitator.
scammers are different from facilitators . you know the difference when it comes to asking sensitive data's and money .
we dont need to give our data to a facilitator but we can still communicate on them anonymously . if you are serious and wants to meet them locally, there should be safety measures that you must follow to keep your self safe . faciliator is not a big disadvantage on bitcoin because we have this forum and we have the net , we can learn and educate our self alone if we want to improve our bitcoin and crypto knowledge .
I have read quite a number of previous answers about the disadvantage of bitcoin. But most users say fee are one of the most prominent answers to bitcoin's disadvantage. I'm sure there will be more fixe for this fee issue in the future, but to date every bitcoin upgrade has had issues with transaction fee.
Are there any steps to prevent transaction fee from increasing when the bitcoin price goes up ?
Are there any steps to prevent transaction fee from increasing when the bitcoin price goes up ?
Yeah, I was just going to write that fee is the biggest disadvantage of BTC right now (during days when BTC spikes hard and when we need to pay fortunes to get our transactions confirmed). Don't you think that miners do it just to stop us from selling and just hodl longer? I mean, just think of it differently. Anyways, I believe there's one more thing that's disadvantageous to BTC and that is its monopolistic possession of big investors. You already know the number and it's fixed, 21 million and all the BTC gone, we just need to buy it at their prices if they become successful in accumulating almost each Satoshi available in the markets. This is too bad and if overlooked, it can make BTC a game of some "supernatural" investors and big bulls who will take BTC to some levels unmatchable by small investors.
One of the biggest disadvantage of bitcoin is lack of facilitator. Facilitator mean those who help other to achieve their goal in the country. I came to discover that there are many scammer in the forum claiming they are facilitator to help and teach people the right thing to do the right in the forum than to see them try to know all your personal details to scam your money.many people have loss so much money on scammer just because it hard them to different scammer from facilitator.
Bitcoin is a movement, which every investors need to understand, before buying. And the biggest mistake is to buy when the price is extremely high, which it will take more time to sell for a profit, secondly the big mistake of disadvantaged of bitcoin is base on exchange that is not more secure, with a weak password.
There are many things to consider when buying some bitcoins. You are free to buy but let it be a lesson to everyone that you should understand first the consequence of buying when the price is high. Ofcourse the best timing to buy is when the price is low and it is best to sell when the price is high. Next, the unsecured exchange is not a disadvantage of bitcoin. Bitcoin does not hold any exchange but exchanges use bitcoin for their site.
Bitcoin is a nice currency with lots of advantages and like we all know anything that has advantage have disadvantage. Bitcoin is surrounded with lots disadvantage and among them I will like to highlight the High fee in time of transactions and also the irreversible aspect in transactions.
Irreversible transactions: bitcoin is known for it’s irreversible transactions, meaning bitcoin sent to a wrong wallet can not be recovered. How good is these? When we all make mistakes and sometimes out of stress or pressure we forget ourselves.
High fee: it’s almost normal to us now because it’s continue to pop up
When it comes to irreversible transactions this is a classic case of it’s not a bug it’s a feature, this is not a bug or a weakness of bitcoin but one of its strongest points, the reason satoshi did this is because banks can reverse transactions and as such the money in your bank account is never truly yours, but in the case of bitcoin there is no centralized institution and no way to reverse transactions, I know that this means that if you make a mistake you are out of luck but this passes the responsibility back to the end user which is exactly what satoshi was looking for. Irreversible transactions: bitcoin is known for it’s irreversible transactions, meaning bitcoin sent to a wrong wallet can not be recovered. How good is these? When we all make mistakes and sometimes out of stress or pressure we forget ourselves.
High fee: it’s almost normal to us now because it’s continue to pop up
We keep saying bitcoin is a nice currency, because of lots of reasons like deflation, freedom etc. There are times though that we find some kind of inconvenience on its use.
IMO, bitcoin has a huge disadvantage. The fee part. I've made a transaction 5 days ago with a charge of 500 satoshis (in total). That's pretty cheap and I set that fee because I'm transferring money to myself, but thinking that it may never be confirmed is kinda annoying. Based on bitinfocharts, the median fee right now is $7! I'm playing on an online trading card game that accepts only paypal, and I'm trying to convince them accept bitcoin. How exactly?? All those HODL enthusiasts look forward to see bitcoin touching the $100k. In order for this to happen, it means more demand. This leads to more transactions per second which also leads to higher fees. Who knows how many satoshis we'll have to pay for having a high priority among miners' choices.
Am I the only one that starts unseeing bitcoin as a medium of exchange?
IMO, bitcoin has a huge disadvantage. The fee part. I've made a transaction 5 days ago with a charge of 500 satoshis (in total). That's pretty cheap and I set that fee because I'm transferring money to myself, but thinking that it may never be confirmed is kinda annoying. Based on bitinfocharts, the median fee right now is $7! I'm playing on an online trading card game that accepts only paypal, and I'm trying to convince them accept bitcoin. How exactly?? All those HODL enthusiasts look forward to see bitcoin touching the $100k. In order for this to happen, it means more demand. This leads to more transactions per second which also leads to higher fees. Who knows how many satoshis we'll have to pay for having a high priority among miners' choices.
Am I the only one that starts unseeing bitcoin as a medium of exchange?
Bitcoin is currently not a very good medium of exchange. Large commissions, high volatility, low liquidity, etc.
But this does not mean that bitcoin is not interesting as an investment asset. Gold is also a poor medium of exchange. Diamonds are also a bad medium of exchange ...
Bitcoin has other functions as well. Bitcoin is a capital preservation tool. Bitcoin is a very easy way to make international payments.
Imagine that there is a war or revolution going on in your country. You need to quickly leave for another country. What assets can I take with me? The property? Bank accounts? Ingots of gold? No, these are not very good assets (for an overseas escape).
Bitcoin is the perfect solution! 12 English words (seed) = $ 1,000,000.
The biggest disadvantage I noticed on bitcoin is pump and dump. Many trader will be busy with their trading hoping that the price has increased for them to supply to market but the next thing is to see the price has fall down.
No investors will be happy, see market decrease because of some coins they are holding for a long time. Few weeks ago bitcoin pump very well, that make some investors have hope that it will still go higher before they can sell in the market. Over few days now the price is gradually decrease which many trader don't want to use their eyes see market decreasing.
That is the nature of cryptocurrency. The volatility of its price is normal so before you invest in a particular project or buy some tokens, you should understand that the price will dump or pump anytime since there are many transactions happening worldwide that may affect the price of a certain token. I see some disadvantage of bitcoin is that the fees are getting higher once the price rises. No investors will be happy, see market decrease because of some coins they are holding for a long time. Few weeks ago bitcoin pump very well, that make some investors have hope that it will still go higher before they can sell in the market. Over few days now the price is gradually decrease which many trader don't want to use their eyes see market decreasing.
Here are some of the the disadvantage I notice over 3 year on bitcoin:
1) Dumping: since bitcoin is a decentralized currency that is not control by the government, it would have been pumping on the time not to cause trader worry about their trading in the market .
Digital: many uneducated people like to have interest on bitcoin because it is a digital currency is causing them not to have access on bitcoin platform. Some cannot read and write but they can speak very well if it come to exchange of words but they find it difficult to make use of bitcoin because they cannot read and write.
1) Dumping: since bitcoin is a decentralized currency that is not control by the government, it would have been pumping on the time not to cause trader worry about their trading in the market .
Digital: many uneducated people like to have interest on bitcoin because it is a digital currency is causing them not to have access on bitcoin platform. Some cannot read and write but they can speak very well if it come to exchange of words but they find it difficult to make use of bitcoin because they cannot read and write.
Bitcoin is a movement, which every investors need to understand, before buying. And the biggest mistake is to buy when the price is extremely high, which it will take more time to sell for a profit, secondly the big mistake of disadvantaged of bitcoin is base on exchange that is not more secure, with a weak password.
everything has a disadvantage. that is impossible for anything in the world to be perfect. Bitcoin disadvantage for governments is that it can be easily used in any place and there is no regulation about it.
Bitcoin is a nice currency with lots of advantages and like we all know anything that has advantage have disadvantage. Bitcoin is surrounded with lots disadvantage and among them I will like to highlight the High fee in time of transactions and also the irreversible aspect in transactions.
Irreversible transactions: bitcoin is known for it’s irreversible transactions, meaning bitcoin sent to a wrong wallet can not be recovered. How good is these? When we all make mistakes and sometimes out of stress or pressure we forget ourselves.
High fee: it’s almost normal to us now because it’s continue to pop up
Irreversible transactions: bitcoin is known for it’s irreversible transactions, meaning bitcoin sent to a wrong wallet can not be recovered. How good is these? When we all make mistakes and sometimes out of stress or pressure we forget ourselves.
High fee: it’s almost normal to us now because it’s continue to pop up
The biggest disadvantage I noticed on bitcoin is pump and dump. Many trader will be busy with their trading hoping that the price has increased for them to supply to market but the next thing is to see the price has fall down.
But this is the proof about market that is Volatile and active same as healthy market mate,remember that with this Pump and Dump price many are gaining but of course there is also a loser.this is how the market goes mate.
Quote
No investors will be happy, see market decrease because of some coins they are holding for a long time. Few weeks ago bitcoin pump very well, that make some investors have hope that it will still go higher before they can sell in the market. Over few days now the price is gradually decrease which many trader don't want to use their eyes see market decreasing.
If that is true then why still many traders and holders are staying in this market?that is because they have seen this movement so many times and know that it will come back in some time. Jump to: