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[Dagov]

What drawbacks does Bitcoin have?
The drawbacks include the following: -

Because so few individuals are aware of its advantages, there is a very low level of acceptance.
Especially in comparison to what it should be, there are a very minimal number of Bitcoins in circulation overall. Because of this, the price of Bitcoin might become unstable with even a slight change.
Since bitcoins are currently in beta, many unfinished features are being actively developed.

 

[Wisdom01]

The fact is that we have different types of risk takers. And majority of crypto users are high risk takers who always want to either make it big or lose it big. Though expert are always find in this category.

Yeah majority of the cryptocurrency users or investors are high risk taker ,some actually don't measure the risk properly before taking , they should understand the risk system before involving themselves in the risk affairs of the business and others I think

 

[btaliat]

Another setback of crypto is that it is indivisible. This mean it may be difficult to buy small amount of products using crypto coin.. I wonder how it will be easier to use crypto to buy commodities like groundnut and other daily use items.

 

[Wisdom01]

Another setback of crypto is that it is indivisible. This mean it may be difficult to buy small amount of products using crypto coin.. I wonder how it will be easier to use crypto to buy commodities like groundnut and other daily use items.

It's possible to buy small amount of products in cryptocurrency because there are units of cryptocurrency , the only thing is that it would be hard to buy smaller items of cryptocurrency compared to others

 

[Margery]

Like cryptocurrencies, bitcoin has practically no drawbacks. Other cryptocurrencies, altcoins and shitcoins may have disadvantages.
This is because bitcoin is the very first and everything else is only compared with it.
All the shortcomings that can be listed do not swing bitcoin, but the people and organizations that work with it.

 

[btaliat]

Like cryptocurrencies, bitcoin has practically no drawbacks. Other cryptocurrencies, altcoins and shitcoins may have disadvantages.
This is because bitcoin is the very first and everything else is only compared with it.
All the shortcomings that can be listed do not swing bitcoin, but the people and organizations that work with it.

Bitcoins like other crypto coins have drawbacks. The coins cannot be used by the illiterate. I could remember how Bukele, the president of El Salvador was 'begging' the citizens with $30 just for them to accept the adoption of the coin.

 

[Margery]

Bitcoins like other crypto coins have drawbacks. The coins cannot be used by the illiterate. I could remember how Bukele, the president of El Salvador was 'begging' the citizens with $30 just for them to accept the adoption of the coin.

But this is not a disadvantage of bitcoin. As I wrote already, this is a lack of people who are trying to work with it, use it.
Its high cost in relation to something else, on the contrary, is its advantage.
If a person cannot buy bitcoin, this is a person's disadvantage in that he does not have money to buy.

 

[btaliat]

But this is not a disadvantage of bitcoin. As I wrote already, this is a lack of people who are trying to work with it, use it.
Its high cost in relation to something else, on the contrary, is its advantage.
If a person cannot buy bitcoin, this is a person's disadvantage in that he does not have money to buy.

You may not get my point. I am claiming that Bitcoin is structured in a way that will not allow the illiterate to use it. Most people that are not using Bitcoin now don't use it because they don't understand how it works not because they don't like it.

 

[Margery]

You may not get my point. I am claiming that Bitcoin is structured in a way that will not allow the illiterate to use it. Most people that are not using Bitcoin now don't use it because they don't understand how it works not because they don't like it.

Yes, most likely I did not understand you.
Indeed, people are afraid of cryptocurrencies in general, I don't understand the principle of making money on them.
Yes, far to go. Half of Internet users can only turn on the computer. They can't even enter the right search query to get the information they need.

 

[Riberet19]

Well one of the drawbacks that you can see is the volatility according to the eye since you look at it, another may be the lack of acceptance as a method of payment, but I think this will be accepted to a greater degree progressively, another may be the transaction time but as I say with the previous one this can be relative since bitcoin is one of the most reliable and secure transaction networks in the world also You can always use the layer 2 solution called Lightning Network

 

[btaliat]

Well one of the drawbacks that you can see is the volatility according to the eye since you look at it, another may be the lack of acceptance as a method of payment, but I think this will be accepted to a greater degree progressively, another may be the transaction time but as I say with the previous one this can be relative since bitcoin is one of the most reliable and secure transaction networks in the world also You can always use the layer 2 solution called Lightning Network

I want to agree with the second drawback. It is quite saddening that crypto has not being regarded as global medium of exchange despite its relevance. This has really been contributing to the reason why many don't partake in cryptocurrency.

 

[Riberet19]

I want to agree with the second drawback. It is quite saddening that crypto has not being regarded as global medium of exchange despite its relevance. This has really been contributing to the reason why many don't partake in cryptocurrency.

Well, give it time, cryptography takes 13 years of existence I think every year we will see more adoption despite the falls, although it is true that in the Bull Run logically is when there is more adoption, but i think it takes a lil more time

 

[Margery]

Well one of the drawbacks that you can see is the volatility according to the eye since you look at it, another may be the lack of acceptance as a method of payment, but I think this will be accepted to a greater degree progressively, another may be the transaction time but as I say with the previous one this can be relative since bitcoin is one of the most reliable and secure transaction networks in the world also You can always use the layer 2 solution called Lightning Network

I understand that the Lightning Network is a kind of mutual assistance, which is based on pre-invested funds. I honestly didn't hear about it or just didn't pay attention to it. Of course, I don't need it now, but it's worth knowing in more detail. After all, the nodes also control all transactions, but here it turns out that it goes through the nodes alone? I don't quite understand, but I'll figure it out!

 

[Riberet19]

I understand that the Lightning Network is a kind of mutual assistance, which is based on pre-invested funds. I honestly didn't hear about it or just didn't pay attention to it. Of course, I don't need it now, but it's worth knowing in more detail. After all, the nodes also control all transactions, but here it turns out that it goes through the nodes alone? I don't quite understand, but I'll figure it out!

Lightning Network was created to have very fast transactions since the detractors of bitcoin always reported that this was a failure, when it is really normal to take about 10 minutes because of the security that the protocol entails, but it is a way for bitcoin to be more used due to a solution that gives it scalability and speed, with cheap and almost non-existent fees, I really do not know how it works because it is something very technical and I am not a blockchain's programmer, but the fact is that I have used it to send Bitcoin to my brother on several occasions and it works!

 

[brindagladden]

Disadvantages are there, but Bitcoin is still rising and more people are accepting it as they are getting familiar with it. And the biggest disadvantage is due to the fact that people and countries don't accept it. Once it becomes widely accepted, drawbacks will automatically disappear.

 

[btaliat]

Well, give it time, cryptography takes 13 years of existence I think every year we will see more adoption despite the falls, although it is true that in the Bull Run logically is when there is more adoption, but i think it takes a lil more time

That may be true. It took almost 9 years before Bitcoin came to limelight. When it was first launched in 2009, nobody took it serious until 2017 when it made its first landslide. So I won't lose hope on the future of Bitcoin.

 

[Riberet19]

That may be true. It took almost 9 years before Bitcoin came to limelight. When it was first launched in 2009, nobody took it serious until 2017 when it made its first landslide. So I won't lose hope on the future of Bitcoin.

yes and it was because of the great price increase that had that year in the end people adopt it mostly for speculation but there are other people who adopt it out of necessity because the currencies of their country are totally destroyed by inflation while the economic malaise continues in the general picture the adoption will continue

 

[btaliat]

@Riberet19, surely, there are many reasons why most people are now going for cryptocurrency. But the primary reason is still the need for money. Many want to make money off the niche. Unfortunately, it is only those that joined earlier and believed in it that really made money.

 

[btaliat]

@Riberet19, surely, there are many reasons why most people are now going for cryptocurrency. But the primary reason is still the need for money. Many want to make money off the niche. Unfortunately, it is only those that joined earlier and believed in it that really made much money.

 

[Riberet19]

@Riberet19, surely, there are many reasons why most people are now going for cryptocurrency. But the primary reason is still the need for money. Many want to make money off the niche. Unfortunately, it is only those that joined earlier and believed in it that really made money.

well surely there is a long way to grow, do not see it as a past opportunity I already earn money with the ecosystem and I continue to do it today, there are many opportunities still to come i think.

 

[btaliat]

To be honesty, Bitcoin is clouded with some secrecy. This has made some people not to trust the project. The alleged owner should have come out at least to explain in better way, his intention for creating a platform as big as crypto.