The bad side of Bitcoin?

[Laurentta]

The bad thing about this bitcoin or any crypto currency is that they haven't been accepted worldwide. A lot of nations and countries see bitcoin or any other crypto currency as illegal or not real.

 

[greenie]

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.

 

[Sincerem]

This is one of the reasons sometimes the future of cryptocurrency may not be 100% predictable. it will really be something of great sadness if every government of the world decide to ban cryptocurrency which we believe they will not.

 

[GIFTMICHAEL]

Some country seems not to really put their trust in cryptocurrency. Me I don't see anything wrong with cryptocurrency as long as the Masses is very happy about it.

 

[Joseph555]

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.

 

[Bigron]

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 ?

One major drawback regarding bitcoin, and cryptocurrencies at large, is that many countries
and governments consider bitcoin and other altcoins to be fake or illegitimate. This lack of acknowledgment points to their skepticism

 

[tyrim88]

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.

The advent of cryptocurency has really made things ery easy for those who are making use of the e-commerce platforms to confirm payment and carryout transaction acros borders.

 

[Mohammed Rashid]

Absolutely, we just need to accept them the same way we did with earlier world improvements. Bitcoin has made many people very wealthy, so it would be foolish for anyone to doubt that.

 

[frederick_9]

All cryptocurrencies, with the exception of a few, like ripple, which are used in banks in several countries in Asia, are involved in this issue, not just bitcoins.
However, I don't think this is a problem because the coin's advancement is unaffected by their lack of participation.

 

[Sincerem]

Countries that are not accepting cryptocurrency are just sceptical that this may leads to some bad effects on their economy and some other things. I believe that In due time they will be able to see it the way other countries are accepting.

 

[Skysaint]

The bad side if Bitcoin is that the coin already have a very high value and so unless you're investing with a very high amount, you would not make much profit from it.

 

[tyrim88]

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

On the aspect of being accepted,it has been accepted by many platforms and online commerce platforms as well,but most countries would not want to use it as part of their legal tender.

 

[Ronny_4son]

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 ?

The disadvantage of bitcoin and more so, the other cryptocurrencies is that they are volatile, and not that far away from a bear run or a rug pull. A prime example is the collapse of FTX recently which has left people financially handicapped

 

[Genie01]

Everything that has and advantage has its disadvantaged, I believe that one of the most notable disadvantage is the way scammers are using it for fraud and money laundering.

 

[Agbalagbaa]

Everything that has and advantage has its disadvantaged, I believe that one of the most notable disadvantage is the way scammers are using it for fraud and money laundering.

I truly agree with your perspective, even though cryptocurrencies and Bitcoin has helped alot if people in making transactions easily, some use it for the sake of fraud.

 

[Sincerem]

Everything that has and advantage has its disadvantaged, I believe that one of the most notable disadvantage is the way scammers are using it for fraud and money laundering.

That is exactly what I was also thinking . A lot of people are using the encryption technology in cryptocurrency for their own dubious advantage. Even with that it is still our responsibility is to guide our self against any form of crypto related fraud. Scammers are getting serious each day.

 

[Sotherefore]

The bad side if Bitcoin is that the coin already have a very high value and so unless you're investing with a very high amount, you would not make much profit from it.

Personally this is not really a bad side effects for me because there are other alternative cryptocurrency I would like to invest on.
Bitcoins generally is at the high side we knows that but the volatility is nothing to write home about if you have to compare it to other alternative cryptocurrency . Other alternative cryptocurrency has a better chance of generating much profit.

 

[Smiles20]

One of the disadvantages of bitcoin is that you can lose a lot of money in it. You need a seed phrase that is long for you to store your cryptocurrency and why is you misplaced it that is all.

 

[Skysaint]

Personally this is not really a bad side effects for me because there are other alternative cryptocurrency I would like to invest on.
Bitcoins generally is at the high side we knows that but the volatility is nothing to write home about if you have to compare it to other alternative cryptocurrency . Other alternative cryptocurrency has a better chance of generating much profit.

Bitcoin is actually a cryptocurrency that doesn't worth my investment or it might be me that actually doesn't worth investing in the coin. It's a coin for the he rich and established individuals.

 

[Sotherefore]

Bitcoin is actually a cryptocurrency that doesn't worth my investment or it might be me that actually doesn't worth investing in the coin. It's a coin for the he rich and established individuals.

Well you don't have what it would take for you to invest in the coin Because the value of the coin is far more higher than your standard. Only people with thousands of Dollars should be investing in the coin.