Disadvantages of Bitcoin

Golden9 · Jan 16, 2023

One of it's strongest selling points is also a disadvantage; decentralization.
This makes it unstable and it can be manipulated if someone owns enough of it.

It's transactions are also anonymous, making it ideal for those who want to steal, and it's also not reversible. If you mistakenly lose it, it might just be home forever.

eldavis · Jan 16, 2023

One major disadvantage i have with bitcoin and so many other cryptocurrency out there is the price value. The price value is never stable hence it cannot be used as a means of saving capital in anyway.

Suba · Jan 16, 2023

There are several drawbacks to Bitcoin, one of which is Bitcoin cannot be used as a measuring tool like fiat money, because the value of Bitcoin is always fluctuating. As a result of government intervention, Bitcoin is now not very anonymous.

Shavkat · Feb 20, 2023

The only disadvantage that I can think of about BTC is the difficulty to acquire it for free. I cannot afford to buy them because of certain reasons and it is related to random fluctuations of their values.

Knowledge Quest · Feb 20, 2023

Like you said, Lossing your Bitcoin cash means you won't be able to get it back or reverse it. So it is important to check the address of the receiver before sending payments .

gammarays · Mar 6, 2023

Bitcoin is a good tool in the hands of scammers because of it's decentralized state. It's also difficult to make it a legal asset because of it's volatility and unstable prices.

uptrendfinancialsignal · Mar 8, 2023

The disadvantage of Bitcoin is that it is very volatile.

riberet19 · Mar 10, 2023

The main disadvantage of bitcoin we could say is too volatile for the appetite of many investors and that prevents more institutional capital from entering it for now i think

Elendu · Mar 10, 2023

Bitcoin is known for its extreme price fluctuations, which can lead to significant losses for investors. The value of Bitcoin can swing wildly in a single day, making it a very risky investment

Stardom22 · Mar 10, 2023

The bitcoin are very volatile and the price keeps on changing according to the current economic trends and dynamics according to the Blockchain network in the so called international markets of the world.

Suba · Mar 10, 2023

There are many disadvantages of Bitcoin including Bitcoin Mining will damage the environment and require high fees, become the target of hackers, and fraud, is intangible, so that people cannot hold or feel like fiat money.

jetsaints30 · Mar 10, 2023

Golden9 said:
One of it's strongest selling points is also a disadvantage; decentralization.
This makes it unstable and it can be manipulated if someone owns enough of it.

It's transactions are also anonymous, making it ideal for those who want to steal, and it's also not reversible. If you mistakenly lose it, it might just be home forever.

I see your point but I think decentralization is more of an advantage than a disadvantage it means that no one can control or censor the network and that everyone can participate and verify transactions. It also makes it more resilient and secure against attacks or failures.

Reedex · Mar 17, 2023

The only disadvantage of Bitcoin is the level of volatility that it has because it is highly volatile.

Disadvantages of Bitcoin

Golden9

Notable

eldavis

Very Familiar

Suba

Notable

Shavkat

Very Familiar

Knowledge Quest

Notable

gammarays

Notable

uptrendfinancialsignal

Well Known

riberet19

Notable

Elendu

Unfamiliar

Stardom22

Very Familiar

Suba

Notable

jetsaints30

Somewhat Known

Reedex

Well Known

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