The bad side of Bitcoin?

[Chumzy]

For me bitcoin is just a currency so it feels weird asking that. One thing I know is that crypto currencies are revolutionary and growing. Their excessive fluctuations in value is the only obstacles I have seen so far.

 

[Kamon c4]

Bitcoin has gained a lot of popularity within the public and large, tycoon investors are endorsing the cryptocurrency. However, there’s still more improvement to be done on its blockchain. There’re some irregularities that needs to be worked upon in case of human error and scam

 

[Samuel77]

According to my own point of view bitcoin is a very good business to invest in the only bad side of Bitcoin is that it is not accepted all over the world and it is not accepted by bank and also so you have to wait for sometime for it to appreciate and at the same time the price can still fall down sometimes it's all about luck

 

[zenith]

I don't believe in all these their so called analysis on this coin.to me they are just theories.let them say what ever they want to say,paper money had failed and it will continue to fail because they are the ones controlling it.they push it to any direction they want and to even go in their favour.

 

[Hasan Raza]

This issue isn't focused on bitcoins alone yet all digital currencies aside from somewhere in the range of not many like wave that are being utilized in banks of some piece of Asia nations. Be that as it may, I don't consider this to be an issue in light of the fact that their non association doesn't postpone the coin.

 

[Taimoor Jutt]

It has disadvantages also like advantages. It's volatility level is very much higher.
It's gas fee is too much high. A beginners or smal investors can not invest in it because of high gas fees.
Anyway but it is very good coin for investors.

 

[Dubai]

To me, the bad side if bitcoin is that it is widely used for internet scams. It is the means of exchange that notorious and fraudulent scammers use online for their transactions. Because it is virtual and can not be traced, yahoo yahoo guys make use of it for their dubious means. Secondly, once you loss your wallet ID, then all the money you have is gone.

 

[AmirSohail]

What are the advantages of cryptocurrency but one disadvantage is that there is no government security on its back end۔But despite all this, cryptocurrency has many advantages.

 

[Sheyemanu]

I would say that bitcoin 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 can either move up or down, I doubt if you can call this a bad side because the instability or volatility is what brings money in

 

[Ltherman]

I was hoping to get a darkside of bitcoins lectures and probably the disadvantage of using bitcoins.
For me i think the possible downside is the fact that the technology enables decentralization and untraceability in transactions carried out on its network.

 

[nasiusman95]

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

 

[Josephjossy]

Like we all know, everything that have advantage also have disadvantage. The disadvantage of Bitcoin is that you may buy at the price of $33,000 Hoping that it will increase to 35,000 or so but it will decrease to something like 31,000 then if you are in a hurry to sell yours you can loss lots of money

 

[gbadebo9]

Bitcoin also has bad side . I want to tell u that during the time of lockdown a lot of people suffered loss on but coin. Some people bought it expensively but during thrle lockdown they suffered by loosing a lot if money. In I mentor some people on investing on bitcoin but some them investing that time loosed a lot of money. Pls we need to study the trend before investing. Thanks

 

[Profwriter]

The bad side of bitcoin is that it can crash in value and prices at anytime.
Yes, bitcoin is the world's most valuable digital coin but no one can tell how long it will remain in that position, alot of uncertainties and volatilities acompanies cryptocurrencies.

 

[Eodine]

As at now, crypto currency is bigger than anyone or any group. The technology behind it has been accepted and passed along, with Bitcoin being the first general accepted crypto currency and capping the market, there is future for crypto currency

 

[Sanusi]

You can never take away the good sides of bitcoin because it has really helped many youths in my country, to me i think the good side is over the bad side, moroever the bad had to be a situation where bitcoin moves up in price then suddenly it goes down. Bitcoin can go down in price at any time.

 

[Abisola]

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

 

[Ebensco]

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.

 

[GoldenLady]

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.

This will be good if we want cryptocurrency to be acceptable by the government, but it will defeat the entire essence of anonymity that cryptocurrency has.

It's very doubtful anyway that banks will accept cryptocurrency.

 

[Royalty]

Bitcoin is at the (very) “high-risk” end of the investment spectrum. The price of cryptocurrencies is volatile; some can go bust, others could be scams, and occasionally one may increase in value and produce a return for investors.