The bad side of Bitcoin?

[Braga13]

There is a divergence in the views of economists about this currency, the British Capital Market Authority has warned investors that they may lose all their money if they buy electronic currencies.
But the US Capital Market Authority allowed two of the traditional companies operating in securities activities, namely, CME Group and CBOE Global Market, to start completing financial contracts in the currency of "Bitcoin".
In the same context, an economic observer of Al-Marada pointed out that “despite the fame enjoyed by the virtual electronic currency bitcoin, it has not been accepted in the Arab oil-producing countries and in some countries that do not recognize it because it has negative consequences for dealers.
What is your reading of this matter ?

 

[Niftyyem]

It is a fact that several people and nations still harbour some form of skepticism when it comes to bitcoin and Cryptocurrencies in general. However, just as we have such people, many are also embracing Cryptos and the technology behind it. I must say it will be a game of waiting to see what will happen in the future. I just hope they would not be seeing the overall benefits later rather than sooner.

 

[Ureka]

Some people are still a bit skeptical about Cryptocurrencies especially bitcoin but I don't think they need to be, Cryptocurrencies has come to stay and it's not going anywhere. It's the currency of the future and the people. Let them deal with it.

 

[Vladv26]

Bitcoin value is very volatile and that's why many big companies don't want to accept it. It's dangerous for them because they could lose a lot of money in a short time. Think if a company receives bitcoin worth of 10 million dollars today, tomorrow that bitcoin could be worth only 7 millions dollars because price has gone down. Of course the price could also go up, but it is just too big of a risk for them to deal with.

 

[hani20980]

There is nothing to worry about bitcoin i think they are just affraid because they don't have enouph infos about it

 

[Bookwormlux]

Some people are still a bit skeptical about Cryptocurrencies especially bitcoin but I don't think they need to be, Cryptocurrencies has come to stay and it's not going anywhere. It's the currency of the future and the people. Let them deal with it.

Absolutely, we just have to embrace these things the way we did for other advancements that came into the world. People have made a lot of fortune from Bitcoin and it is not wise for anyone to doubt it.

 

[Ureka]

Absolutely, we just have to embrace these things the way we did for other advancements that came into the world. People have made a lot of fortune from Bitcoin and it is not wise for anyone to doubt it.

Yeah, Cryptocurrency especially Bitcoin has made a lot of fortune to a lot of people, these people still skeptical need to see the positive side to Cryptocurrency

 

[btaliat]

This problem is not centered on bitcoins alone but all cryptocurrencies except for some few like ripple that are being used in banks of some part of Asia countries. But I don't see this as a problem because their non involvement doesn't stop the progress of the coin.

 

[Sake]

It's too early for Bitcoin to be adapted by the whole world right now, let's give it time those businesses currently can't use Bitcoin because of its unstable nature. It's understandable really. Who wants to accept a million dollars worth of Bitcoin but the next day your 1 million can be just 900k?

 

[Donolatunji]

Probably the greatest disadvantage is an absence of normalized strategy for chargebacks or discounts, as all Mastercard organizations and customary online installment processors have. Clients influenced by exchange misrepresentation – for example, they buy merchandise that the vender never conveys – can't demand a discount through Bitcoin.

 

[Nurudeen]

At the rate at which Bitcoin is at the moment I don't think anybody should be scaring investors that they will lose money if they invest in crypto currency exchange Business. So far since Bitcoin was introduced it can gained more than 1009% so what are they doubting about Bitcoin at this stage of it's growth

 

[Bilal0087]

There is a divergence in the views of economists about this currency, the British Capital Market Authority has warned investors that they may lose all their money if they buy electronic currencies.
But the US Capital Market Authority allowed two of the traditional companies operating in securities activities, namely, CME Group and CBOE Global Market, to start completing financial contracts in the currency of "Bitcoin".
In the same context, an economic observer of Al-Marada pointed out that “despite the fame enjoyed by the virtual electronic currency bitcoin, it has not been accepted in the Arab oil-producing countries and in some countries that do not recognize it because it has negative consequences for dealers.
What is your reading of this matter ?

In under developing countries, there are several difficulties for implementation of cryptocurrency because of scammers & hackers.
A proper security system must be developed for safe and reliable transactions of cryptocurrency all over the world which is not easy to attain, that's why many Arab countries and under developing countries do not accept it yet.

 

[Mrallison]

I also at this point still have my skepticism about Bitcoin but that doesn't take away the fact that it has done very well in past years and is still doing very well with chances of doing greater. It's only a matter of time and it's Will be wildly acceptable

 

[Adetayo100]

One of Bitcoin's biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can't request a refund through Bitcoin.

 

[Adeyoola7]

One of Bitcoin's biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can't request a refund through Bitcoin.

 

[Shivay]

The bad side of bitcoin is that, it never stays stable and there there is very big difference in the price of ups and downs which makes difficulty for traders in the favour of profit and losses.

 

[Abibatabosede]

Within the little period of study the features of Bitcoin, I don't think anyone should be scared of the coin because I foresee a great future with the bitcoin rate is sky rocketing every moment,apart from the little drop in the value.

 

[Sotherefore]

The bad side of bitcoin is that, it never stays stable and there there is very big difference in the price of ups and downs which makes difficulty for traders in the favour of profit and losses.

Bitcoins is a cryptocurrency and the characteristic of a good cryptocurrency is instability but the instability of bitcoins is that it can come down now and it will go up later in the day but even with it instability ,the price of bitcoins as a cryptocurrency is moving up and up,you do not expect a cryptocurrency with good potential to be stable because a stable cryptocurrency does not have a future take a look of a cryptocurrency like usdt, no one is buying it.

 

[tuna89]

The only way the whole world would collectively accept bitcoin into the central banks is by making sure that the btc details of everyone is connected to their bank details, this will enable the financial institutions track every btc transactions to detect fraud as it is done to hard currencies, all these steps are to ensure transparency in the financial sector.

 

[singlej007]

Bitcoin is the first virtual coin accepted worldwide, it has a lot of features that was not implemented before it was launch... The processing is slow, I mean the sending to other bitcoin to other wallet... The fee is also high mining of bitcoin is not an easy task too.