The bad side of Bitcoin?

[nasiusman95]

By no means are cryptocurrencies the only asset to be hacked by thieves, but there are serious fraud and theft concerns that accompany bitcoin. For instance, novice bitcoin investors may not understand the need to store their tokens in a digital wallet, thereby leaving them susceptible to theft by hackers

 

[WhiteHouse]

Putting resources into and utilizing Bitcoins, a digital cash that can be moved straightforwardly from individual to individual through the Internet, is an especially ill-conceived notion since it is insecure, unstable, volatile and is being utilized as a theoretical vehicle.

 

[Josephjossy]

Everything that have advantage also have disadvantage, Bitcoin as well have disadvantage. The bad side of Bitcoin is decrease in price. You can buy Bitcoin hoping for the price to rise so you can sell then it will go the other way instead. The price may start decreasing

 

[Nomad]

The only bad side of bitcoin that I see it the power it uses in mining. If that can be reduced, or if, renewal energy like wind and solar are used, I think Bitcoin will be the best.

 

[Grandeur]

One bad thing about crypto currency is the bearish run especially this one that doesn't seem to want to end, for some people that were invited to crypto in the recent months are in the loss as the market has been downtrending.

 

[Mostee501]

So many people and bodies has different views on bitcoin digital currency but what i know is that with time they'll accept the digital coin.

 

[delnovem]

The price of bitcoin is always rippling back and forth.
Threat of online hacking. Hacking is a big threat facing a bitcoin investor.
Little or no regulation. The bitcoin market currently operates with no major regulations.
Wallet can be lost.

 

[skyliequiz]

You can't touch or grasp the currency since it's digital. Its value varies wildly. It's made by anonymous programmers using a process that's far too complicated for most people to comprehend, let alone engage in.

 

[Kelly5]

My view on the subject you're discussing right now is that it doesn't stop the prestige that Bitcoin has gotten or will keep expanding to. Bitcoin value can't and won't be affected by decision of any country as long as people believe and keep transacting in the currency

 

[Yusuf]

Bitcoin is really a good investment option any investor can look into. However, the downside of the business that I hate most is that the crypto currency exchange Business is very prone to manipulation which is very bad for retail investors

 

[Justin]

The only bad side I see with bitcoin is its energy consumption in mining. If this issue can be fixed, I think Bitcoin will be without any visible flaws. It is people's money.

 

[Nomad]

Agreed. El Salvador is using Volcanic energy to mine bitcoin, which I think is one of the great alternatives for the use of fossil fuel for bitcoin mining. Hydro power, Solar and wind can also be better options.

 

[Skysaint]

Well, Bitcoin can't be full of merits, there's supposed to be a downside and I think one of its downsides is the fact that it consumes too much power while mining and this can cause environmental hazards.

 

[Thinker009]

Bitcoin is a volatile coin, just like the forex market and others , before investing they should notr the risk attached and what they would face investing in the coin

 

[Nomad]

Volatility can be a bad side of bitcoin, but then every crypto currency is volatile. Volatility is not just the character of Bitcoin but all other crypto currencies.

 

[Sotherefore]

It is not something to be so surprised to find out that some countries and some people don't see the need of cryptocurrency, you can't just believe everyone to see everything in your own point of view , they might have the reason why they are not accepting cryptocurrency and you have to respect their decision.

 

[HayKay]

I think that a lot of these people are just scared of the potential of this electronic assets. The only downside to Bitcoin in my opinion is that it somewhat controls the price movements of almost all other currencies which in my opinion isn't good.

 

[Noor khan]

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.

Well I think rules for bitcoin are not favourable that's why many of the biggest countries not accepting it on the other hand 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.

 

[Hammad1245]

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 ?

To deal with crypt is really a risky work. The values fluctuate every moment and there are also chances that your money may get hacked. Some countries like Pakistan has banned crypto.

 

[Blessedsam60]

What I know is that every business has both good and bad side. Crytocurrency can be very dangerous and at the same time profitable. You just have to invest wisely. That's invest what you can afford so you won't be hurt.