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Kate

The two big pros and cons for you of Bitcoin ?

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Bitcoin a coin we all love and sometimes hate when its price drops like from 20000 usd to 3000 usd pther than that it is a great coin and all but what about its weakness ? Every coin has pros and cons and a big pro and a big con . So what do you think is it for Bitcoin ?

For me the pro is that the coin is accepted almost every online store where we want to buy various different things and that every single person i sell to online has it and every person i buy from accepts it. 

And for the con is the volatility is the main con because of this adoption becomes much harder and for shops to accept bitcoin is also much harder hence reducing the amount of shops from accepting this as a payment method and that is the worst wish it was much more like not controlable by whales xD

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Pluses of bitcoin is its price and the prevalence due to which you can buy anything for the bitcoins and pay off anywhere. Minus is a high transaction fee and the duration of confirmations.

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1 hour ago, Kate said:

And for the con is the volatility is the main con because of this adoption becomes much harder and for shops to accept bitcoin is also much harder hence reducing the amount of shops from accepting this as a payment method and that is the worst wish it was much more like not controlable by whales xD

It is not a "con" of bitcoin but every speculative asset out there.

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My biggest problem with bitcoin is the (sometimes) rapid price fluctuations. It is super difficult to use bitcoin as a means of exchange during the times where the value changes dramatically every 5 mins.

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The pros, it's obtainable by mining (was very profitable at first), exchangeable including to our fiat currencies, and easy to have transaction all over the world without complicated verification, and we can use them to get trading in many exchanger out there.

The cons are... like ultra said above, bitcoins are (digital) assets with high fluctuation, and sometimes when unconfirmed transactions are clogged their fee become very high. And not all countries are accepting bitcoins as transactional currencies including in my country, in which any business entity permit could be revoked if those business entity found using bitcoins on any of their transaction.

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Bitcoin has its own disadvantage, but the one i dont wish to experience is the one of high transaction fee, the higher the price of bitcoin, the higher the transfer fee per transaction. Its the reason i play with Alt coin for now

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1 hour ago, Dboyeric said:

Its the reason i play with Alt coin for now

But also if you play with altcoin there is still a disadvantage you know ? Well when you try to exchange for real money it is really hard to get buyers who are genuine where as bitcoin it is easy to get buyers. 

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pros.... ez wallet no bank,᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎ payment to anyone, anonymous (somewhat)
cons.... sometimes hard to buy, and hard to send... tx time can be a biatch

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11 hours ago, Kate said:

True it is not a con but when you are investing into a coin or any asset then you expect to get back there price at what you bought that is an asset and bitcoin is an investment. 

Bitcoin was never meant to be an investment. It has become so because people think of it to be one. It is a speculative asset and it can go down to zero anytime as well though the possibility of that is very low. Nowhere is it every a guarantee that an investment would return your money - you are investing at your own risk.

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23 hours ago, Kate said:

Bitcoin a coin we all love and sometimes hate when its price drops like from 20000 usd to 3000 usd pther than that it is a great coin and all but what about its weakness ? Every coin has pros and cons and a big pro and a big con . So what do you think is it for Bitcoin ?

For me the pro is that the coin is accepted almost every online store where we want to buy various different things and that every single person i sell to online has it and every person i buy from accepts it. 

And for the con is the volatility is the main con because of this adoption becomes much harder and for shops to accept bitcoin is also much harder hence reducing the amount of shops from accepting this as a payment method and that is the worst wish it was much more like not controlable by whales xD

PRO - Transactions are private. You can transact payments, fund transfers and the likes without being traced. 💯

CONS - Its almost unpredictable price movement. Though we have historical data of its price movement, you cannot really say what could happen to BTC. Well, same for all crypto coz thats how it is. But still a con for me.

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Big PROS:

- Decentralized since it has no individual ownings and control for everyone that holds a piece of the market's cap.

- High Value cap since it's the most used coin for everything from network transactions, real life tradings and so on (stable coin, trusted).

Big CONS:

- We don't know what will happen when 21 million coins are mined, we can only speculate.

- Not legal in every country due to government selfish rules.

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15 hours ago, dmbadillo10 said:

PRO - Transactions are private. You can transact payments, fund transfers and the likes without being traced. 💯

 

Actually transactions arent private at all because there are ways that a company can come to know if the fund are coming from. An exchange or some other place. Thats how coinbase finds out and locks the accounts. 

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52 minutes ago, Kate said:

Actually transactions arent private at all because there are ways that a company can come to know if the fund are coming from. An exchange or some other place. Thats how coinbase finds out and locks the accounts. 

They find out who's who if the wallet came from them.

In general, transactions are undetectable. ✌🏽💯

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Pros of BTC are numerous like the concept of decentralization , no third part , you can send value to another person located in another region of the world for small fees , anonymously and fastly thanks to its Network , the Blockchain.  

Cons are the extreme volatility of the coin,  it's hard to use btc for all kind of purchases , and also the congestion of its network when there's a big number of transactions..

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On 27/06/2019 at 05:26, Kate said:

Actually transactions arent private at all because there are ways that a company can come to know if the fund are coming from. An exchange or some other place. Thats how coinbase finds out and locks the accounts. 

You are wrong because there are already many Primedice and Stake users who use Coinbase to cashout / withdrawal their funds there in first place....

On 27/06/2019 at 06:20, dmbadillo10 said:

They find out who's who if the wallet came from them.

In general, transactions are undetectable. ✌🏽💯

Same as my thinking which has been proven like wise ;)

Also that's only detectable if you provide such addresses and if you can somehow trace them with a strong algorithm.

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On 28/06/2019 at 19:50, DreamStage said:

You are wrong because there are already many Primedice and Stake users who use Coinbase to cashout / withdrawal their funds there in first place....

Same as my thinking which has been proven like wise ;)

Also that's only detectable if you provide such addresses and if you can somehow trace them with a strong algorithm.

Exactly. 💯

I don't know such technique or way to easily detect or trace as to whom the wallet address is. Or if they have way to trace the exact person that is transacting the coins. If there is such way, hackers would have been busted easily. Lol. 😅👌

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Posted (edited)
5 hours ago, dmbadillo10 said:

Exactly. 💯

I don't know such technique or way to easily detect or trace as to whom the wallet address is. Or if they have way to trace the exact person that is transacting the coins. If there is such way, hackers would have been busted easily. Lol. 😅👌

If you are for example a multiple exchanges owner where the money is transfered / transactioned.

Then you will be able to track them down easily

Edited by DreamStage

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27 minutes ago, DreamStage said:

If you are for example a multiple exchanges owner where the money is transfered / transactioned.

Then you will be able to track them down easily

Oh. I see. So they do have a way of tracking you down anyways. Lol. 😂😂😂

Still. I say that crypto transactions has a higher level of identity security than ordinary monetary transactions. 👌

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Posted (edited)
53 minutes ago, dmbadillo10 said:

Oh. I see. So they do have a way of tracking you down anyways. Lol. 😂😂😂

Still. I say that crypto transactions has a higher level of identity security than ordinary monetary transactions. 👌

Well yeah just because addresses are stored somewhere like a database or some schema.

There will always ways to achieve such informations :D

Edited by DreamStage

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Advantages :
Bitcoin always has the most significant total trading volume in Cryptocurrency every day.
Great Bitcoin prices and significant fluctuations help us to earn profits every day.

Defect :
Always a big trap created by whales. They push prices up and make a profit.
Blockchain systems are slow and always have trouble transition when Bitcoin prices rise.

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Posted (edited)

The Pros

The are a lot of pros that can be seen with bitcoin. The first is that there is no one that can control the way money comes to your hand and the way money flows out. There is no central place that keeps monitoring everything. Bitcoin is everywhere, and no one can determine its price or tell you how much you can get. (With that alone, the pros are much more than the cons.)

Another pro is that, bitcoin is now going world wide and it is been used in almost all the countries of the world. Even in a country that has put a ban on bitcoin, bitcoin can still find its way around. It is so easy to make transactions in any place with just the use of bitcoin.

Now to the Cons.

Bitcoin breeds corruption and stealing from any Government officials. Because bitcoin cannot be traced, any top Government officials can steal the country's money and make it his own with the help of bitcoin. Because I stay in Africa and my country is the corruption headquarters of the World, I am so skeptical with the use of bitcoin by top Government officials. Because when there is a currency that can be traced, government officials always steal the people's money. Now think of it that there is no way money can be traced. You see the calamity I am seeing?

The second of its con is it's fluctuation. Stores may not want to accept bitcoin again, if they know today it is 10k$ and the next minute, it is 9k$. It's so hard to make that kind of business. But I feel when bitcoin is now more in circulation, it will be stable and people will not buy or sell the coin again, rather it will be used as transaction. By that time, it will be more stabilize and it won't be this volatile again.

 

Edited by Bimfo

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6 hours ago, DreamStage said:

Well yeah just because addresses are stored somewhere like a database or some schema.

There will always ways to achieve such informations :D

Yea. Its still a good to know for me.

I think the wallet that I use has that kind of data base. As it has my personal info when i registered for it. 💯👌

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The presence of Bitcoin (and similar currencies) also invites pros and cons. For the pro, Bitcoin is considered a brilliant system and is a new level of currency evolution. As for those who are contra, Bitcoin is considered dangerous.
There are some concerns about Bitcoin activity. For example, some countries find that Bitcoin is widely used in various crime transactions such as money laundering, illegal drug and weapons trafficking.

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