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    Author Topic: What do you think is the biggest disadvantage of bitcoin?  (Read 2016 times)

    • Conley
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    January 23, 2021, 09:28:15 AM
     #181
    Disadvantage is the risk and volatility, the lack of notification and understanding, with incomplete functions, but which are developing, so Bitcoin is not perfect.

  • FlightyPouch
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    January 23, 2021, 12:18:22 PM
     #182
    Quote from: Conley on January 23, 2021, 09:28:15 AM
    Disadvantage is the risk and volatility, the lack of notification and understanding, with incomplete functions, but which are developing, so Bitcoin is not perfect.

    As my programmer friend always says, there is no perfect system, and neither is bitcoin. There are risks that need to be taken, there are a lot of things to consider and we should be aware that it is not always a profit. All in all, the biggest advantage and disadvantage of bitcoin is the fact that it is a volatile crypto currency.
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  • minersday
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    January 23, 2021, 05:25:58 PM
     #183

    It is very true that Bitcoin has some disadvantages, but you should also understand that there nothing that does not have disadvantages. The disadvantages of bitcoin are what makes it unique. We just need to accept the flaws of Bitcoin and try to understand these flaws in order to take full advantage of Bitcoin in terms of building a decentralized financial ecosystem.


    Quote from: Conley on January 23, 2021, 09:28:15 AM
    Disadvantage is the risk and volatility, the lack of notification and understanding, with incomplete functions, but which are developing, so Bitcoin is not perfect.

    Yes, Bitcoin is not perfect. You should also understand that nothing is actually perfect in this ecosystem we find ourselves. We don't need bitcoin to be perfect.

  • MicroGuy
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    January 24, 2021, 12:36:23 AM
     #184
    Umm. Have you ever tried using it as a cash payment system to make a purchase?

  • n0ne
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    January 24, 2021, 01:04:24 AM
     #185
    It is already known, the transaction fee with bitcoin is quite high and it keeps rising when the price bounces high or there is high volatility in the market. With large volume transactions the fee doesn't seem to be big. Maybe someday the same scenario will prevail with low volume transactions, because only through that it is possible to have bitcoin into real life usage.

    Bitcoin is an alternate to the traditional fiat, and it is created to fulfill things that aren't possible with traditional fiat. Nothing in the world is perfect, the perfection is upon the way we use it based on the need.

  • maculeth
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    January 24, 2021, 01:25:13 AM
     #186
    Quote from: BlackHatCoiner on November 04, 2020, 01:50:35 PM
    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?
    I also consider bitcoin to be loose as a digital currency but now it is an investment asset. many people who buy not for transaction needs but they buy even in large quantities to hodl then when the price goes up, they will sell it.
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  • Khaos77
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    January 24, 2021, 05:27:33 AM
     #187
    Quote from: Upgrade00 on November 04, 2020, 02:46:51 PM
    Greater adoption for 2nd layer platforms like LN and relevant BIPs can help solve scalability issues.

    Nope.

    LN is an offchain system, it does nothing to increase onchain scaling.
    LN does not solve bitcoin low transaction capacity.

    You have to actually increase bitcoin's onchain transaction capacity to increase scalability.

    1.  Increase blocksize
    2.  Faster block speed

    These are the only ways to increase transaction capacity and lower the transaction fees.

  • Traderbtcc
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    January 24, 2021, 08:29:13 AM
     #188
    Quote from: BlackHatCoiner on November 04, 2020, 01:50:35 PM
    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?
    Bitcoin transactions fees is something I really dislike when transferring bitcoins, cause the  in order for your transaction to be processed real fast you have to pay higher fees else your transaction will be considered as less important, with more people adopting bitcoin daily we might see a fee higher than even $7 soon, for this reason I doubt if bitcoin is ready to become a global currency or used as a medium of exchange, cause you can't be spending $7 TX fee for any commodity you buy, lately bitcoin is used for investment purposes only and not as a medium of exchange.

  • A62662
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    January 24, 2021, 10:19:30 AM
    Last edit: January 24, 2021, 10:42:31 AM by A62662
     #189
    No, Bitcoin is not used for investment purposes. You can invest in buying a house, the usecase will be to live in it or rent it out. You can invest in the stock market, the usecase will be that the business grows in selling more stuff or providing more services. You can invest in gold, the usecase is jewelry and industrial use.
    Bitcoin has no usecase, it is to slow and expensive and is hardly used for anything.

    Buying bitcoin is no investment because it has no usecases, it is a pure ponzi scheme. It cannot technically be classified as an investment.

    For instance if you give me money, that is your cost and my gain. Giving out money is not an investment.
    If you buy BTC at an exchange, that is your cost. Again, giving out money is not an investment. You have simply put money into a ponzi scheme. Now you hold BTC for the money you gave to the exchange. When the ponzi scheme ends, you lose most of your money. This is not investing.

  • emmybd
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    January 25, 2021, 06:32:23 PM
     #190
    Popularity of bitcoin and Market value are increasing incredibly day by day.
    But it has some disadvantages too. We can't ignore those disadvantages.
    High fees.
    Most of the governments don't like bitcoin.
    In most of the countries bitcoin is banned.
    It has a high chance of corrupting the bitcoin system.
    Virus can attach to the bitcoin system anytime.
    It is difficult to understand incomplete bitcoin functions.
    Black marketers can easily use bitcoin. As a result, it will damage the reputation of bitcoin.
    It has no refund system.
    It has a high chance that other currencies will overshadow bitcoin.
    The bitcoin system can be hacked by hackers.
    Nowadays, bitcoin is a breathtaking money transaction system. It is popular all over the world. It's a time consuming and easy transaction system. But we can't also ignore the above disadvantages of bitcoin.
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  • batang_bitcoin
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    January 25, 2021, 07:28:51 PM
     #191
    Quote from: A62662 on January 24, 2021, 10:19:30 AM
    No, Bitcoin is not used for investment purposes.
    In the past, many have said the same.

    Quote from: A62662 on January 24, 2021, 10:19:30 AM
    Bitcoin has no usecase, it is to slow and expensive and is hardly used for anything.

    Buying bitcoin is no investment because it has no usecases, it is a pure ponzi scheme. It cannot technically be classified as an investment.
    It is an investment and that's why many people are getting their own portfolios with bitcoin. It is not a ponzi scheme, a ponzi scheme guarantees you profit but bitcoin is volatile and that's its nature asset that you have to decide whether to invest or not. Being expensive, no use case and slow. Well, investors won't be getting in and holding it if those descriptions you have mentioned are existing on it. About it being slow, segwit is making it quicker.

    Quote from: A62662 on January 24, 2021, 10:19:30 AM
    Now you hold BTC for the money you gave to the exchange. When the ponzi scheme ends, you lose most of your money. This is not investing.
    You hold the money that you have. What if you didn't bought from exchanges and you just mined it?

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  • tyz
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    January 25, 2021, 07:29:26 PM
     #192
    Quote from: MicroGuy on January 24, 2021, 12:36:23 AM
    Umm. Have you ever tried using it as a cash payment system to make a purchase?

    Definitely one of the biggest drawbacks, the lack of scalability. But all PoW coins have the problem as soon as they have a critical number of users transactions. This also applies to PoS, but there is more leeway here.

  • BlackHatCoiner (OP)
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    July 04, 2021, 12:07:23 PM
     #193
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