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What do you think are the biggest disadvantages of Bitcoin?

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  • What do you think are the biggest disadvantages of Bitcoin?

    The single biggest disadvantage that Bitcoin has is by far the time it takes to confirm a transaction, either with one, two or three confirmations. There is no point when it comes to having more than one confirmation imo, but even then it can take between 10 to 30 minutes to confirm a single transaction, something not realistically possible for normal purchases! But I hope these issues are handled well in future.

  • #2
    I think the fees are very high, as when it started, it was very low fees which made it so good but now the fees are increasing with time and has reached to really high levels, I feel it’s really not suitable for newbies.

    However, it is irrelevant for big players given they can afford to pay any fees and not blink an eye. It’s bit sad scenario but unchangeable one given that the fees were always likely to rise with the model it had.

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    • #3
      There are disadvantages no doubt, but when you see the whole picture, it is fair to say that there are more advantages than disadvantages and to me, it’s the MOST crucial aspect of things and needs to be taken quite seriously. At least, I take it quite seriously and believe that if we are to be really gaining well then we need to keep eye on all these things, as they are likely to make big difference into giving us profits.

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      • #4
        I agree, it’s only fees which we can refer as the biggest disadvantage, but I think it is fair to say that there are so many advantages that you can overlook few disadvantages which in 3real way is not exactly disadvantage, but it’s just the way the system is built where you will see the fees increase day by day as we see the popularity in BTC grow, so it’s not really anything unique but very much written to happen.

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        • #5
          Yeah, I will say same thing. We must buy on with major things whether its with positive or negative.

          This is where I feel that BTC is the way to go and I don’t think we get too much by counting what is wrong. But, if we simply turn tide opposite in positive way and think what is right then we will have better chance at achieving success and will be able to make more money as well in every way.

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          • #6
            Why does anyone want to list down disadvantage for sake of it? I don’t think it is necessary to point out disadvantages if we don’t feel it’s there. I am one who will not mention any disadvantage, as I feel there is no disadvantage and anyone with common sense will agree with me without any doubt at all. However, it’s my view and that’s why I will request others not to comment on it. If you disagree then it’s the personals wish.

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            • #7
              Bitcoin reacts on more than just fiat falls or rises. It basically goes up and down depending on what happens around the world. While that is awesome for traders (and for me, because it's always going to be unexpected), there are some bad things about it..

              For example, if something like Bitfinex happens, Bitcoin is going down a lot, the mainstream media is writing all this stuff about Bitcoin and people will be afraid to ever invest in it..

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              • #8
                A big disadvantage of Bitcoin - that people in communities like this sometimes overlook - is that Bitcoin is still seen as something exotic, new and sometimes even shady (they associate it with the dark web) by "regular people". Bitcoin needs to improve its image and get a more reliable, solid reputation in order to really become a mainstream currency that is on par with traditional money. It might happen, but it is depending on marketing.

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                • #9
                  I think the problem if you haven’t entered is that now things are too far and it’s not looking good for lower investors.

                  It is awesome for people who have already joined in the race, as now they will only be gaining. But, as I said if we are not having it then we will not feel comfortable. So these are little things that make advantage into disadvantage for me that we need to understand very carefully.

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                  • #10
                    I think it is the fee, I am now collecting my bitcoin from a signature and it's really hard for me to transfer it to another exchange wallet because of the big transaction fee, ( yes for me it's big), as far as i remember , there is no transaction fee way back 2016(? the year i started on bitcoin) and i think this the disadvantage of bitcoin has right now, it is okay if it's really necessary to have a transaction fee, but having that big amount of fee i think i cannot use bitcoin or transfer bitcoin always because of the transaction fee, but still i'm hoping for that this will be given a solution and I am willing to wait.

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                    • #11

                      Biggest disadvantage is we keep holding it thinking it will go even more high when it goes high and fails to sell and take advantage of it and again when it comes very low we fear to buy thinking it will go down more.

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                      • #12
                        Originally posted by cryptokraze View Post
                        Biggest disadvantage is we keep holding it thinking it will go even more high when it goes high and fails to sell and take advantage of it and again when it comes very low we fear to buy thinking it will go down more.
                        I think at current scenario, it is not really any disadvantage at all. I believe that holding it right now is only rewarding and I don’t see any stage where this has applied. So far, it’s only gone strength to strength, so this at least so far has not been any disadvantage. In fact, I believe it is advantage of holding it and only lucky people have managed it which has brought them huge rewards as well.

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