Topic: What do you think is the biggest disadvantage of bitcoin? - page 8. (Read 1943 times)
The biggest Bitcoin disadvantages are high fees and volatility. Both features don't help Bitcoin to be a good medium of exchange.
privacy,fungibility,scalability..those 3 disadvantage.i wont mention 21m cap miner paradox.
And guess which commodity is private,fungible and scalable? infinite supply GOLD
The biggest disadvantage is for the not investors of BTC because the price keeps rising and if you ain't getting even just a bit of BTC in your wallet then you are at a bit of a disadvantage. Price keeps rising must the be biggest advantage of BTC and not just decentralization.
The high fees can be resolved using Lightning though but another disadvantage, probably the 2nd biggest is that bitcoin is traceable.
-High transaction fees
-Long Confirmation time, the time is not fast enough for a direct transaction like for example if your buying in a physical store.
-Volatility, market price could go pump or dump in just a small amount of time giving a big risk to every investor.
-Adaptation? not yet adopt in most of the countries so pretty much you cant use it directly or needs to convert it first.
-decentralized, not really a disadvantage but this is the reason why bitcoin can only be an alternative to fiat money because in a certain country they can only trust a currency that they can regulate.
Still, bitcoin is under the adaptation process so we don't know what's gonna happened in the future, it might adopt or something could happen affecting it.
Behind all the advantage there must be drawback. Everyone know that bitcoin is not completely without its drawback. Bitcoin still need development and will continue to grow over time.-Long Confirmation time, the time is not fast enough for a direct transaction like for example if your buying in a physical store.
-Volatility, market price could go pump or dump in just a small amount of time giving a big risk to every investor.
-Adaptation? not yet adopt in most of the countries so pretty much you cant use it directly or needs to convert it first.
-decentralized, not really a disadvantage but this is the reason why bitcoin can only be an alternative to fiat money because in a certain country they can only trust a currency that they can regulate.
Still, bitcoin is under the adaptation process so we don't know what's gonna happened in the future, it might adopt or something could happen affecting it.
A little explanation from me for your point.
- High transaction fees are only felt when bitcoin price and transaction increase, a problem that has been raised dozen of time by user. The scalability problem must be resolved and LN may be the solution.
- Volatility, this shouldn't be a problem if bitcoin is a tradable asset. Without volatility, trader will lose potential profit.
- Adobsi, there has been a lot of increasing adoption of bitcoin as a mean of payment but it still need improvement. You can find more product from store that accept bitcoin as a mean of payment here.
- Regulation, this must be a drawback from bitcoin that must be taken into account. Not all countries accept bitcoin as a legal mean of payment because the government legally prohibit it. Adobsize will affect many of these thing and regulation will hinder the growth rate of bitcoin adoption in a country.
The transaction cost can be pretty discouraging.
Volatility can get you in trouble.
The fact it's irreversible (once it's sent, it's sent) can be a big deal if you made a mistake with the wallet. Unlike banks, they can somehow get your money back.
Just these two hit my head but man, sometimes the bright side outshines the darkest part. Everything must have its downside. innit?
Volatility can get you in trouble.
The fact it's irreversible (once it's sent, it's sent) can be a big deal if you made a mistake with the wallet. Unlike banks, they can somehow get your money back.
Just these two hit my head but man, sometimes the bright side outshines the darkest part. Everything must have its downside. innit?
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?
-High transaction fees
-Long Confirmation time, the time is not fast enough for a direct transaction like for example if your buying in a physical store.
-Volatility, market price could go pump or dump in just a small amount of time giving a big risk to every investor.
-Adaptation? not yet adopt in most of the countries so pretty much you cant use it directly or needs to convert it first.
-decentralized, not really a disadvantage but this is the reason why bitcoin can only be an alternative to fiat money because in a certain country they can only trust a currency that they can regulate.
Still, bitcoin is under the adaptation process so we don't know what's gonna happened in the future, it might adopt or something could happen affecting it.
Lol you call people who wants price to hit $100k Bitcoin enthusiasts? Then what do you call those who don’t care about price and are just making use of Bitcoin because of how good the technology is?
Yes the fees seems to be a disadvantage, though the only reason I don’t worry much about that is because I always say to myself that when it comes to international transactions Bitcoin is better. But the fees seems to be increasing as the price of bitcoin is increasing and a lot of people have been pointing this out for long and complaining about it, so I believe that the devs are fully aware of the issue and just don’t want to do anything about, or maybe lightening network is the solution and we should wait for it?
Yes the fees seems to be a disadvantage, though the only reason I don’t worry much about that is because I always say to myself that when it comes to international transactions Bitcoin is better. But the fees seems to be increasing as the price of bitcoin is increasing and a lot of people have been pointing this out for long and complaining about it, so I believe that the devs are fully aware of the issue and just don’t want to do anything about, or maybe lightening network is the solution and we should wait for it?
Scalability and fee issues are a huge downside to Bitcoin adoption. Some advise the use of the second layer of the Lightning Network to solve them so I think it is time that we have to put it into practice if we want a greater use of Bitcoin. Now that Bitcoin is in a new stage towards being used by more users around the world. Everyone will want to use Bitcoin and will find this disadvantage and will only have to buy and hold.
I think that the biggest disadvantage of Bitcoin is at the same time its biggest advantage and that is connection to Internet.
Through Init should be available to everyone but when we look at number of people who still don't have electricity and Internet they can only dream on then it's clear why mass adoption is so troubled and not very likely to happen.
Through Init should be available to everyone but when we look at number of people who still don't have electricity and Internet they can only dream on then it's clear why mass adoption is so troubled and not very likely to happen.
Fungibility That is the most vital for a monetary system.Bitcoin is NOT fungible like Gold..Traced back to 2009 everything,and can be traced in the future.
Most traders think that the biggest problem with Bitcoin is the exchange fees. Due to the increasing demand for Bitcoin they have increased the amount of fees on the exchange site. But there is nothing to be disappointed about everything changes over time. In order to overcome the biggest disadvantage of bitcoin limitations the exchange fee is much lower when different parties transact together. Even if the fee is high there is no restriction the transaction is secure.
I went through all the opinions people have about the biggest disadvantages of bitcoin and have come to the conclusion that most people accusing bitcoin of being decentralized, open, censorship-resistant, neutral, immutable, borderless cryptocurrency. In short, it doesn't behave like centralized fiat currencies we all used to.
So, in my opinion, the biggest disadvantage of bitcoin is that it requires people to exercise some mental gymnastics to comprehend its nature and the reason why it sometimes has high transaction fees and was designed to be irreversible and immutable.
So, in my opinion, the biggest disadvantage of bitcoin is that it requires people to exercise some mental gymnastics to comprehend its nature and the reason why it sometimes has high transaction fees and was designed to be irreversible and immutable.
There,s nothing in the world that doesn't have its disadvantage. In that case, bitcoin is no exception. Truth be told, in as much as the transaction is seamless, etc, it also has some disappointing sides. First for me is that the transaction fees are quite high. Second; considering such high fees, one cant send little amount of bitcoin as the fee itself would be higher than the value. These are the only two disadvantages to me right now. But then, how you'll know if its worth it is when you compare its advantages and disadvantages to that of fiat. I'd rather pay a 7$ transaction fee and feel great than pay less and disappointed. So, I don't a valid reason to unsee bitcoin as a medium of payment.
Bitcoin is a crypto coin and day by day people are interested in this digital coin. Bitcoin has some major disadvantage.
1.Fee: Blockchain Competitively Raises Fees for bitcoin transactions.So You need to pay the blockchain fee to ensure your transaction. Blockchain fee depends on network performance if you use it fast transaction must pay high.
2.Confiramatin: Bitcoin transaction needs to confirmation to successful your payment so it will depend on blockchain net speed.I was in trouble many times when withdrawing money from the exchanger.
3.violant: Bitcoin prices are very volatile and increases/decrease at a very high pace.
1.Fee: Blockchain Competitively Raises Fees for bitcoin transactions.So You need to pay the blockchain fee to ensure your transaction. Blockchain fee depends on network performance if you use it fast transaction must pay high.
2.Confiramatin: Bitcoin transaction needs to confirmation to successful your payment so it will depend on blockchain net speed.I was in trouble many times when withdrawing money from the exchanger.
3.violant: Bitcoin prices are very volatile and increases/decrease at a very high pace.
I have never used bitcoin as a means of payment for now it is more of an investment, so why is there an alternative coin where people can use it as an alternative to transfer funds, currently only need intelligence for that so you may not think of using an alternative other, usually if I want to make a transaction I have to wait for the fee to really be cheap or if I want to move funds from exchange 1 to exchange 2 I will use my bitcoins to buy alternatives like XLM XRP or others which only require low fees so I can moving funds, it's easy to think, the other one is currently full for bitcoin transactions so avoid that pile and wait for everything to return to normal, Ethereum was also previously expensive
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.
500 satoshi in total . does that mean there are other smaller fees under 500 sats that you did before you end up on a total of 500 sats. thats surprisingly small and what do you mean by transfer money to yourself , is that a kind of test only to see if you can recieve the incoming transaction with a tiny fee or you withdrew your coins on the online platform where your playing to the btc wallet that you use . its okay if for testibg purpose but dont do it on a real transaction because your only going to waste time and money because there is a great chance that your coins wont arrive on your wallet . The other disadvantage is the Irreversible part of Bitcoin in which once you mistakenly sent this you have no chance of recovering this unless the receiving party is concern and honest( though this part is also advantage at some point).
Merchants are happy with that "disadvantage" of bitcoin because not all customers are concerned and honest. Malicious customers would reverse their transactions every time if it were possible. Thanks to the immutability of bitcoin, merchants no longer have to trust their clients provided that the number of confirmations they wait to send packages is sufficient.
It is also a good thing for you, because no hacker can undo your sent transaction and spend your funds.
If you mistakenly sent your bitcoin to a wrong address, you can still cancel your transaction by double spending the same inputs with a higher fee. As far as I know, some wallets have already implemented a specific feature for cancelling a transaction (Brain Wallet as an example) or you can do that manually.
As what other members said, bitcoin disadvantage is about the fee, the time confirmation of the transaction, the volatility of the bitcoin price. I know that there is maybe another disadvantage of bitcoin, but I don't think that will be a problem for us because no matter what is the disadvantage of bitcoin, people still use bitcoin. Many of them are investing in bitcoin. So that is not the disadvantage for them because they can accept everything that bitcoin has.
I think we don't have to think about the disadvantage (even if that thing is to exist) because we want to use the advantage of bitcoin to us. If you only think about the disadvantage of bitcoin, you will not get the advantage of bitcoin. It will be like that with bitcoin.
I think we don't have to think about the disadvantage (even if that thing is to exist) because we want to use the advantage of bitcoin to us. If you only think about the disadvantage of bitcoin, you will not get the advantage of bitcoin. It will be like that with bitcoin.
Bitcoin biggest problem is when its price goes down bitcoin is really very fashionable in some cases many of us are ignorant about digital currency and bitcoin to use it within the lives of ordinary people got to be educated about bitcoin first has been adopted in many businesses it's impossible to use it in large quantities thanks to its limitations the worth of bitcoin is far more volatile. Because its demand is growing in no time and therefore the quantity is restricted it's hoped that this example will ease over time.
BTC Is not used as a currency on "real world".. i think this is a unique disadvantage ...
This , on my opinion, is
All others points as disadvantages on this topic can be solved if you not use dolar as a comparator...
Think with me... if dolar disappear.. and all wolrd use btc as a dolar, fees, or deflation, or "price" is not a problem anymore, because your base is BTC
a car is 2 btc, a house 30 btcs, clothes 0.02 btcs, so Bitcoin is a great "mindset" change.
While world not accept it as a currency, is easy to found disadvantages unfortunately..
This , on my opinion, is
All others points as disadvantages on this topic can be solved if you not use dolar as a comparator...
Think with me... if dolar disappear.. and all wolrd use btc as a dolar, fees, or deflation, or "price" is not a problem anymore, because your base is BTC
a car is 2 btc, a house 30 btcs, clothes 0.02 btcs, so Bitcoin is a great "mindset" change.
While world not accept it as a currency, is easy to found disadvantages unfortunately..
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