The bad side of Bitcoin?

[Niftyyem]

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. In fact, Bitcoin’s decentralized structure makes it impossible for any single party to arbitrate disputes between users. While miners take responsibility for recording transactions, they’re not qualified to assess their legitimacy.

Yeah, you are so right. This is why several scammers and fraudulent individuals will rather pick bitcoin or any of the other cryptocurrencies as means of carrying out their transactions rather than make use of Paypal. The transactions are almost untraceable with no room for refunds or charge backs.

 

[LaylaG]

I'm not a cryptocurrency fan and I'm not really interested to invest in bitcoins or any other cryptocurrency because I cannot withstand the distress on the volatile behaviour of bitcoins and other cryptocurrency you people have been investing on,i can't do it.

 

[Goldentaby]

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

Governments have no control over the currency at all. For illegal purposes, such as money laundering or tax evasion, this makes the currency highly appealing. So, I wouldn't be shocked if governments are going to try to discredit the currency. Governments, however, do not fully stop the Bitcoin exchange, simply because there is no central party and things can not be traced.

 

[Ralphjoe]

The thing is that digital currency is a whole new ballgame in the currency market and the fact that it wasn't the government that first started the idea and implementation of a digital currency like Bitcoin makes most government not to trust it.

 

[Alexandoy]

I like the term "electronic currency" because it sounds cute than digital currency. In another thread I have said that I believe in the Bitcoin's staying power that it is getting stronger (the last price is $35k). But I have my hesitation regarding the nature of the currency and the regulation that it has. Is there a body that is regulating the crypto currency? If they are just digital commodity that is being traded then I don't think there is the stability in terms of legality.

 

[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 and you can't be refunded.

 

[Usman Sattar]

Cryptocurrency is a digital currency that is managed by using one of the most advanced encryption techniques called cryptography to secure its transactions. Bitcoin was the first decentralized cryptocurrency that was created in 2009.”

Bitcoin is crushing the markets with its high evaluations and a lot of interest from general people. It is not the only one, there are now a plethora of cryptocurrencies that people trade in the not so traditional market place. In fact, there are exclusive platforms, especially for trading cryptocurrencies. There is overall a general excitement about the whole cryptocurrency industry if you will categorize it so.

 

[Jimmie150]

Some people are still very scared of investing in it but my take is probably because of it been very volatile in nature and at such nobody would be happy loosing money through bitcoin. In all it is still worth trying.

 

[Patrik]

I think only volatility and high transaction fees, from a side, volatility is a kind of bad thing only when price drops, you lose a kind of important percent of your money (if you didn't earn yet when price increases)

 

[Lagazine]

Bitcoin has many bad sides, one of its bad sides is the way investors withdraw when they discover that the coin will fall. Sometimes, wrong predictions leads to emergency withdrawal of investors funds. Well and good, bitcoin has done a lots of investors good more than the negative effect.

Post automatically merged: Jan 31, 2021

Bitcoin has many bad sides, one of its bad sides is the way investors withdraw when they discover that the coin will fall. Sometimes, wrong predictions leads to emergency withdrawal of investors funds. Well and good, bitcoin has done a lots of investors good more than the negative effect.

 

[CeeJase]

It's volatility can leave one bankrupt. There's where the frustration sets in because it's more like starting the world afresh.
Lost of wallet ID is another problem and due the high security around the wallet, accessing it becomes more difficult.

 

[KvngMurphy]

​

Lack of market regulations​

Currently, there are no legit market regulations for trading cryptocurrencies. Even the governments are skeptical about the viability of bitcoins. Therefore no government-regulated financial institutions support the transaction of cryptocurrencies (e.g. encashing). Moreover, because of a lack of regulations, cryptocurrencies are extremely difficult to track and that’s why people often use it for dark trading. Thus, bitcoins are prone to bring financial chaos if all transactions are beyond the control of regulators.

Inefficient for retail​

The cryptocurrency transactions rely on blockchain technology which is a mutual agreement-based system. The blockchain technology involves sharing, updating, and validating ledgers (contracts) at multiple places, making the system very slow for retail transactions. In such scenarios, cash and cards are much faster.

 

[Tinaconcept]

Anything that have advantage also have disadvantantages but for bitcoin I think its limited for I think its not knowing when its bitcoin bearish or bullish period. Then again is transaction fee both buying or selling bitcoin transaction fee are being charged

 

[mcjerry]

It is not there fault. It is the way they are seeing it that makes them talked like that. China first banned the use of crypto currency. But now they are planning to create there own coin. There is nothing good that won't have it's own oppositions

 

[Mrallison]

The bad side of bitcoin is that, it never nostays 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.

Yes it's a bad side but it can also be considered a good side if you look at it from another direction, many investors use the rise and fall of price to know when to buy and when to sell also when to trade and when not to trade

 

[ahmedo24]

The only bad side or challenge I see in bitcoin is the insecurity in it as hackers are continuously attempting to hack into the system and steal people's bitcoin otherwise the volatility is a good one.

 

[redpogi16]

If a hard drive crashes, or a virus is getting in data , and the wallet file is corrupted, Bitcoins have essentially been lost. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. It's like throwing a coin in pacific ocean and finding it again but theres a 0.1% chance you will find it but in bitcoin it's a 0% chance you will recover it.

 

[Shivay]

Yes it's a bad side but it can also be considered a good side if you look at it from another direction, many investors use the rise and fall of price to know when to buy and when to sell also when to trade and when not to trade

Yeah it is great , those who are good traders are taking maximum pdofit from this opportunity but for the newbies , they should analyse and then invest because they invest when the price is high and expect profit.

 

[Yewande]

Outside that the risks of trading Bitcoins are mainly related to its volatility. They are high-risk and speculative, and it is important that you understand the risks before you start trading. They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price. Hence you can lose your assets

 

[Sammyesx]

I believe with time they will all come to accept the fact the crypto currency is here to stay. Some payment system are now accepting payment in bitcoin, very soon other will join and so on, then they would have no choice than to accept it.