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.
Topic: What do you think is the biggest disadvantage of bitcoin? - page 6. (Read 1934 times)
Major two things for me which is disadvantages as considered for bitcoin is that not many merchants are accepting the bitcoin and as result in daily life it is difficult to use it or rather very hardly use in our life. Secondly due to price rise, the transaction fees have risen and thus confirmations are now also taking lot of time.
The adoption is really slow.
We already know that but since the pandemic started, a lot of people are putting their hands on cryptocurrencies because of their personal reasons, some actually use it as a payment or to transact money and most of these people are wanting to invest in them. Although the doption is slow, we are slowly getting there, it really takes some time.
In the recent years, several news about lost bitcoin was around the crypto corner, but nobody really talk about it. Building on a crypto system also has disadvantage which sometime hard for easy detection on the fault in it because it rarely happens, and if does, its because of users mistakes. Sending bitcoin to other altcoin is another disadvantage in it, inability to recover lost bitcoin if the owner is dead, this is the advantage fiat system has over bitcoin decentralized systems.
Expect it already that there are people like to use the advantage of the technology to make more money by doing such odd actions. And also, Bitcoin is different from other altcoins, just think the other altcoins as a copy of Bitcoin but different just like the BSV trying to imitate Bitcoin yet people don't trust it since someone is controlling behind it. Unlike Bitcoin which is why we call it decentralized because no one is controlling the whole Bitcoin market except for the trading part of course since this is an open market. 
Major two things for me which is disadvantages as considered for bitcoin is that not many merchants are accepting the bitcoin and as result in daily life it is difficult to use it or rather very hardly use in our life. Secondly due to price rise, the transaction fees have risen and thus confirmations are now also taking lot of time.
If something is done with the increasing transaction fee, I think more merchants will accept it as one of their payment methods. Volatility is always there. But it can be address by converting it right away to their fiat so as to avoid large margin of change, if they want it to. I think right now, the tx fee is the major disadvantage of btc. No question about its popularity.
Surely it is not without reason that Bitcoin is like that, having a high transaction fee, which would be even higher if adopted en masse.
That’s the nature and characteristics that blockchain technology first showed by Bitcoin.
Because since bitcoin was born more than over 10 years ago, and is not a legal entity, the risk of cybercrime has always lurked.
Although today’s blockchain technology systems are quite resilient, the possibility of hacking is definitely there.
For this, the government is not responsible only users are solely responsible for the management of their accounts
That’s the nature and characteristics that blockchain technology first showed by Bitcoin.
Because since bitcoin was born more than over 10 years ago, and is not a legal entity, the risk of cybercrime has always lurked.
Although today’s blockchain technology systems are quite resilient, the possibility of hacking is definitely there.
For this, the government is not responsible only users are solely responsible for the management of their accounts
In the recent years, several news about lost bitcoin was around the crypto corner, but nobody really talk about it. Building on a crypto system also has disadvantage which sometime hard for easy detection on the fault in it because it rarely happens, and if does, its because of users mistakes. Sending bitcoin to other altcoin is another disadvantage in it, inability to recover lost bitcoin if the owner is dead, this is the advantage fiat system has over bitcoin decentralized systems.
Lack of vast infrastucture accepting BTC for mass consumption goods and for high-cost purchase is the main drawback.
If we say disadvantages, these things affect our ability to use bitcoin right? Then I'm thinking a lot of things about disadvantages of bitcoin. First thing is the high transaction fees, this can't be controlled as we know that bitcoin is decentralized and high fees isn't a user-friendly. Those starters who have small amount of btc is at disadvantage, only few btc will left when converted into fiat. Second thing is the slow transaction process, how will merchants and other business to adapt the use of bitcoin if it has slos confirmation? The last thing is the security, if you don't have any knowledge of using cryptocurrency then your wallet is at risk. The security is mot guaranteed especially when you're using an online wallet.
Well, there are few things that’s comes to my mind when they talk about the disadvantages of bitcoin and the first one is the kind of damages or ills that can be caused to our environment as a result of mining of Bitcoin.
Some people have said that this is not true and that Bitcoin mining cannot have any bad effects on the environment, this seems to be a debate as for now, so I can’t come to a conclusion that it is true or false. The next one is the black market activities, yup we all are aware that so many of them from the dark web now prefers Bitcoin and it’s giving Bitcoin a bad reputation which I don’t like.
Some people have said that this is not true and that Bitcoin mining cannot have any bad effects on the environment, this seems to be a debate as for now, so I can’t come to a conclusion that it is true or false. The next one is the black market activities, yup we all are aware that so many of them from the dark web now prefers Bitcoin and it’s giving Bitcoin a bad reputation which I don’t like.
Some of the shortcomings that bitcoin face is not a big problem for me because I will keep using it as long as bitcoin is profitable and can change my life for the better.
maybe in general what we often encounter is the slow process of transactions and which in my opinion is reasonable because it requires a supporting internet network, and has a large price volatility so that it cannot be predicted to be used as a currency.
and have high transaction costs and even higher if you want a bigger adoption, so whatever the problem does not matter because nothing is perfect there must be advantages or disadvantages.
maybe in general what we often encounter is the slow process of transactions and which in my opinion is reasonable because it requires a supporting internet network, and has a large price volatility so that it cannot be predicted to be used as a currency.
and have high transaction costs and even higher if you want a bigger adoption, so whatever the problem does not matter because nothing is perfect there must be advantages or disadvantages.
I haven't seen another disadvantage besides the fee transaction in bitcoin. Because many people think that its volatility is another disadvantage for bitcoin, I don't disagree about it. I can make money in a few times at least 15 minutes by trading without its high volatility yeah I'm sure I need more time to make money. But the fees problem seem like can't be changed since the system is decentralized so there is no party who will manage all the transaction and reduce the fee transaction in order to many always comfortable to use it, you will give a fee to the random miners.
So, if bitcoin getting a high price like $100.000 there is no one who will use it as a means of payment or an alternative to sending money because they must spend a lot of money for each transaction. They will only use bitcoin for trading/investing purpose, as an alternative to withdraw their money or for sending money they will use an altcoin to do so. And I guess you can also do it right now, you can change bitcoin to altcoin first and sending them to your another account and after that, you can sell the altcoin to your money fiat.
So, if bitcoin getting a high price like $100.000 there is no one who will use it as a means of payment or an alternative to sending money because they must spend a lot of money for each transaction. They will only use bitcoin for trading/investing purpose, as an alternative to withdraw their money or for sending money they will use an altcoin to do so. And I guess you can also do it right now, you can change bitcoin to altcoin first and sending them to your another account and after that, you can sell the altcoin to your money fiat.
From what I have experience is the transactions fees when sending bitcoin from the wallet. It takes time to confirm and received into another wallet, although we know when btc price increase the fees do increase also. This is the most concern by the users of bitcoin and if we have Bitcoin especially in our country it is limited to use since only few accepting Bitcoin payment. And that's we need to convert it to fiat to buy things. Hopefully in the future we could see an improvement in bitcoin.
For me the biggest disadvantage of Bitcoin are.
1. Fee as price of Bitcoin increase the price of transaction has been pricey.
2. Slow confirmation I would need to wait for few minutes if I am lucky but mostly an hour or more to receive my transactions.
3. Not everyone accepts it we couldn't easily use Bitcoin to pay for anything that we want.
4. Price fluctuation the price of Bitcoin or any crypto could go up or down in just a short time.
For me those are the disadvantages of Bitcoin if I would compare it to Fiat.
1. Fee as price of Bitcoin increase the price of transaction has been pricey.
2. Slow confirmation I would need to wait for few minutes if I am lucky but mostly an hour or more to receive my transactions.
3. Not everyone accepts it we couldn't easily use Bitcoin to pay for anything that we want.
4. Price fluctuation the price of Bitcoin or any crypto could go up or down in just a short time.
For me those are the disadvantages of Bitcoin if I would compare it to Fiat.
In my opinion, the main weakness of Bitcoin is the limited internet service. because bitcoin can only be accessed using the internet network. and we all know only developed countries where almost all of the population can access the internet. whereas in third countries only 50% of the population has access to the internet. but I am optimistic that over time the internet network will expand. and bitcoin will be a revolutionary currency that is very suitable for us to use in a digital era like this.
There's this hardware wallet such as Ledger Nano S/X, wherein a user would be able to receive funds even without the use of Internet. But things are different when you will send funds to another wallet, if I'm not wrong. So maybe, from this, there is still a chance in the future to solve this, if this will really be problem in the future.The biggest disadvantage I think, but also one of its advantages is its volatile market value. It is a downside on the aspect of it, being a digital currency because not all people are interested to invest because there are risks of losing money. Advantage on the other hand for investors because it gives profit.
In my opinion, the main weakness of Bitcoin is the limited internet service. because bitcoin can only be accessed using the internet network. and we all know only developed countries where almost all of the population can access the internet. whereas in third countries only 50% of the population has access to the internet. but I am optimistic that over time the internet network will expand. and bitcoin will be a revolutionary currency that is very suitable for us to use in a digital era like this.
It's not something that cannot be solved though. Bitcoin does not necessarily need an active internet connection, there are several workarounds for that. There are quite a few people who've worked on keeping Bitcoin active even in the event of EMPs or full internet shutdowns. The main issue with this is, you'd need special equipment.For areas or population without internet access, there are some other larger issues they'll have to confront soon such as the slow disappearance of cash. At one point, they'll have to go digital anyway. It's the dream of our current world's governments. The more digital, the more control so the happier they are.
In my opinion, the main weakness of Bitcoin is the limited internet service. because bitcoin can only be accessed using the internet network. and we all know only developed countries where almost all of the population can access the internet. whereas in third countries only 50% of the population has access to the internet. but I am optimistic that over time the internet network will expand. and bitcoin will be a revolutionary currency that is very suitable for us to use in a digital era like this.
^ Fees are really one of the disadvantages of bitcoin and slowness to be confirmed. Is there any solution to almost every everyday congestion of the network? Even though we had a lot of bitcoin miners this problem will not solve?
I don't see any reason bitcoin should be used in medium exchange but as a form of investment in a long time holding, probably that is a good answer at all. Nevertheless, the reason why people keep holding bitcoin than spending on it. It seems a waste of money to pay a few $ in a single transaction was made.
I don't see any reason bitcoin should be used in medium exchange but as a form of investment in a long time holding, probably that is a good answer at all. Nevertheless, the reason why people keep holding bitcoin than spending on it. It seems a waste of money to pay a few $ in a single transaction was made.
Million people only discussing with advantage of bitcoin but never have some ideas how to explain disadvantage of bitcoin, I have several way about why I think disadvantage of using bitcoin, first bitcoin transaction take long time when blockchain have many transaction you need waiting more than few hours, secondly you have to pay higher fees transaction when adopting for your online store or as payment transaction, if sending bigger amount I think is not have to worry but how if you send with little fund of bitcoin and need payment fee more than $5? will costumer buy at your online store if have higher payment fees?
being sincere:
- the high transaction fees that the person has to pay at times
- the slowness
- hundreds of places do not accept bitcoin as a means of payment
- To buy bitcoin using bank card Is a headache with KYC and has high hidden fees. If you now add $ 1000 to your bank account and want to buy bitcoin?
first you have to create an account at an exchange and go through KYC (it takes time and there are a lot of burrocracies) and after you go through KYC to buy $1000 in bitcoin and in your wallet you will see that you have $800 in bitcoin ... that is just a lot annoying. I don't know if these high hidden fees are only valid for people in my country or it will be my bank's problem, but the fact is that it is the nightmare I live in! visa charges a 5% fee, the exchange charges a fee, the bank also charges a fee at the end the person has disappointment in the bitcoin wallet
- the high transaction fees that the person has to pay at times
- the slowness
- hundreds of places do not accept bitcoin as a means of payment
- To buy bitcoin using bank card Is a headache with KYC and has high hidden fees. If you now add $ 1000 to your bank account and want to buy bitcoin?
first you have to create an account at an exchange and go through KYC (it takes time and there are a lot of burrocracies) and after you go through KYC to buy $1000 in bitcoin and in your wallet you will see that you have $800 in bitcoin ... that is just a lot annoying. I don't know if these high hidden fees are only valid for people in my country or it will be my bank's problem, but the fact is that it is the nightmare I live in! visa charges a 5% fee, the exchange charges a fee, the bank also charges a fee at the end the person has disappointment in the bitcoin wallet
I think the biggest disadvantage of bitcoin is internet connection
This will be a problem in other countries but not to Bitcoin directly.
One of the popular and main problems people repeatedly are talking about is the transaction fees. Another thing is that people don't actually care about the security of their wallets if they are using it and if they are hacked or scammed they will all be blaming it on Bitcoin.
Jump to: