The bad side of Bitcoin?

[Yohanna]

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.

I think the bad side of Bitcoin is its high level of volatility and this makes it very difficult for people to make correct predictions of the Bitcoin because it is a highly volatile and it fluctuate greatly.

 

[Kennysplash]

It is not easily accessible by everyone. There are people that live in underdeveloped areas and have no access to modern technology. These ones find it hard to even understand what Bitcoin is.

 

[Potuse]

Though, cryptocurrency might have its own bad part but I believe the good it brings still outweigh the bad.


For me, The bad side of Bitcoin is that it can be use for more fraudulent activities and can be a way for corrupt people to loot more money.

Because the transaction done with bitcoin remain anonymous and that is why the scammers hide under the umbrella of Bitcoin transaction to carry out different sort of transactions.

 

[eenya00]

As long as there is a good side of thing, there is also the bad side of it as well, one bad thing I know about Bitcoin is the high rate of volatility which can make you to lose your investment.

 

[Mayorla]

Because the transaction done with bitcoin remain anonymous and that is why the scammers hide under the umbrella of Bitcoin transaction to carry out different sort of transactions.

Yes, exactly most people hide under the anonymosity of Bitcoin to commit different scams. This days, I think centralized exchanges have solution in place to tackle this problem of fraud since they have done KYC for all their users.

 

[Lens]

The drawback in Bitcoin investment is that it is very difficult to predict the movement because all the experts are predicting based on the information at their disposal and it is totally based on luck.

 

[Ononivami]

Though, cryptocurrency might have its own bad part but I believe the good it brings still outweigh the bad.


For me, The bad side of Bitcoin is that it can be use for more fraudulent activities and can be a way for corrupt people to loot more money.

It is true that many bad eggs uses cryptocurrency as a means of defrauding the people because the transaction done in Bitcoin cannot be traced.

 

[Mayorla]

It is true that many bad eggs uses cryptocurrency as a means of defrauding the people because the transaction done in Bitcoin cannot be traced.

Yes, that is true. But I noticed that if the fraud was committed using a Centralized Exchange like Binance, Then the transaction can be traced. But if it is a Decentralized Exchange then I doubt the possibility, They do not even have your details.

 

[Ononivami]

Yes, that is true. But I noticed that if the fraud was committed using a Centralized Exchange like Binance, Then the transaction can be traced. But if it is a Decentralized Exchange then I doubt the possibility, They do not even have your details.

The people are not using centralized exchange to perpetrte illicit activities because they knew that centralized exchange in pally with the government and that is why they embark on kyc programs.

 

[Emmy]

Bitcoin has bad side when it comes to adoption indeed but there is nothing in the world that doesn't have bad side. To change people's scepticism about this matter, you can regulate Bitcoin which will be able to prevent the economy in financial markets.

 

[Ononivami]

Bitcoin has bad side when it comes to adoption indeed but there is nothing in the world that doesn't have bad side. To change people's scepticism about this matter, you can regulate Bitcoin which will be able to prevent the economy in financial markets.

The drawbacks that is attached to bitcoin could be an advantage sometimes because the major drawback in Bitcoin is its high level of volatility level and that is what rakes in money for the cryptocurrency investors.

 

[Mayorla]

The people are not using centralized exchange to perpetrte illicit activities because they knew that centralized exchange in pally with the government and that is why they embark on kyc programs.

Yes, that is another angle, and you are not far from the truth. People who intend to commit fraud would not bother using Centralized exchanges to receive money from fraudulent activities, because They know they would get caught.