Bitcoin Forum

We keep saying bitcoin is a nice currency, because of lots of reasons like deflation, freedom etc. There are times though that we find some kind of inconvenience on its use.

IMO, bitcoin has a huge disadvantage. The fee part. I've made a transaction 5 days ago with a charge of 500 satoshis (in total). That's pretty cheap and I set that fee because I'm transferring money to myself, but thinking that it may never be confirmed is kinda annoying. Based on bitinfocharts (https://bitinfocharts.com/comparison/bitcoin-median_transaction_fee.html), the median fee right now is $7! I'm playing on an online trading card game that accepts only paypal, and I'm trying to convince them accept bitcoin. How exactly?? All those HODL enthusiasts look forward to see bitcoin touching the $100k. In order for this to happen, it means more demand. This leads to more transactions per second which also leads to higher fees. Who knows how many satoshis we'll have to pay for having a high priority among miners' choices.

Am I the only one that starts unseeing bitcoin as a medium of exchange?

Bitcoin has a number of disadvantages. Let me list out a few even though everyone knows about it,

1. High fees - yes, it's not a regular problem but it keeps on popping up
2. Confirmation time - on an average, a bitcoin transaction takes around 30 minutes to get 3 confirmations. Usually  1 confirmation is fine but majority of the websites look for 3 confirmation before they can accept it as a valid payment
3. Psuedo anonymous - many see it as a benefit of using bitcoin but that's the only reason why bitcoin is increasingly being used by illegal miscreants or terrorists. That's worrying - look at Europe now!

Bitcoin was never an ideal medium of exchange, rather it was always an investment or an avenue to hide income for majority of us!

The security aspect. To be able to secure your funds correctly on non-custodial wallets, you'd have to do a good amount of research especially if you're not tech-savvy. And one thing's for sure, the masses don't like doing research. Everyone's simply too used to the email:password with email/SMS 2FA combination.

Bitcoin being really bad as a means of exchange isn't really new when prices are extra volatile, and it really sucks. But that doesn't mean it will stay this way forever. Lightning wallets are getting BETTER by the daily. It's just that we have the chicken and the egg problem. Not much people use Lightning because not much exchanges and services accepts lightning, and vice versa.

There is no doubt that there is a challenge when it comes to fees, but it is something that is an integral part of what makes Bitcoin unique compared to other payment methods. At the end of 2017, those fees were even over $50, but since then we have achieved a significant adaptation of SegWit, LN is slowly evolving and more and more people are using it, and crypto exchanges are sending transactions in batch.

Micro transactions for less than $5 are really a problem, and I really don't see the logic of sending such a small amount and paying more than twice the fee - but my personal attitude is to always adjust to the moment and pay in a way that is currently more convenient for me. Yet Bitcoin remains the perfect choice when it comes to larger amounts, as people move millions for just a few $ fee.

Internet. It's dependence on internet might be the biggest disadvantage for bitcoin. We are moving to a much divided world that may lead to more localized and closed economy as well as internet. If the differences keeps on rising, different region would detach themselves from the global internet and create their own WAN. Bitcoin on different WAN won't be compatible.

Internet will depend on our location, in terms of BTC being dependent on Internet to be use is normal as it's the only way to determined its price due to supply and demand as it is not based on our economy but based on the global usage of users. Those who have high speed Internet have the advantage for a much faster transactions. The only disadvantage I see in BTC is the fees since unlike banking transactions that have certain fees fixed in doing transactions bitcoin prices differs every now and then as the price itself is too volatile.

The decentralization should be an advantage but the space is actually controlled by some people. It is difficult to deny the manipulation of price and the process of hoarding. Bitcoin cant be the king in the space for ever and the whales will become threat in the space in the future. A million bitcoin holder can easily manipulate the market that holds trillions of dollar that is in the world economy, it could be threatening to government and world leaders.

It is true that there are problems with the fee and with the confirmation time but the disadvantage that other people have is that they can't actually use their bitcoins other than trading and holding which I hope we could use for a lot of things especially as a mode of payment online. The rate of adoption of bitcoin is so slow is also a big disadvantage of it.

This tweet by Michael Saylor is relevant here;
https://i.imgur.com/eUuoqq1.png

I can't think of a perceived disadvantage in Bitcoin's protocol without a sufficient reason for that which makes the network unique.
One of the comment new members make often is that: 'Bitcoin is too complex to understand as opposed to the centralized financial sector', this however is necessary to create a decentralized system which is fully controlled by the holder, if one is going to have autonomy of their finances then they have to make the effort to understand how it works.

High fees also presents an issue from time to time, but this depends on your perspective; One who makes a transaction in Bitcoin which is equivalent to $1billion can pay fees of about ~$3 which is relatively cheaper than virtually all other payment platforms, but such high transactions are not common and do not account for daily payments.
Greater adoption for 2nd layer platforms like LN and relevant BIPs can help solve scalability issues.

VOLATILITY

For me, in purpose of being a coin, the big disadvantage of Bitcoin is volatility, but this disadvantage can be mitigated in the future when Bitcoin become widespread.

In economics to something be considered a coin, is necessary to fill some requirements as:  Store of value, unit of account and medium of exchange.

At this moment, the volatility of bitcoin impact too much on its usability as a coin, its hard to use a unit of account, when it is so volatile, and it impact on that other requirements.

I agree with the first two points, but I think they can be covered by one major issue as its consequences: scalability. Bitcoin cannot process enough transactions per second, which leads to higher fees if people want their transactions to be confirmed faster and longer waits because there are many transactions awaiting confirmation. And it's indeed a big problem if we're talking about the prospects of global adoption because even nowadays the fees are sometimes very significant, and we're very far from Bitcoin usage being widely spread. As for #3, I think it offers a good balance between complete anonymity and ID verification. And I don't take this argument seriously because fiat is used for terrorism a lot, and yet we use it nevertheless.

Bitcoin got off from a bad start that's why I am thinking this is the biggest disadvantage of Bitcoin. What I mean by a "bad start" is peoples' general idea of Bitcoin is it is a dark web money that it is simply a money from criminals this thing led to a great contribution why isn't it accepted by majority of the businesses out there. If the government has accepted Bitcoin from the beginning and didn't treat it as some kind of accessory to any crime I believe Bitcoin's acceptance must be better right now.

I think the biggest disadvantage of bitcoin is internet connection and second is the high transaction fees. You can't use bitcoin without internet and if you make transaction you need to pay a higher fees in order to make sure that you will have a successful transaction.

Hi all!
I am new here, but I have been following bitcoin and cryptos for about 5 years now.   8)

I agree that the Bitcoin transaction fees are quite expensive, but this is also is because of the amount of electricity used to validate a transaction.
Every transaction is consuming about 740kWh! Then you also have to compensate the miners for the cost of the mining hardware, rent of datacentre space, salaries and their gain on the investment. So it's no wonder that the transaction fees are high.

This is also one of the main problems regarding the adoption of bitcoin for everyday transactions: if you do the math, it is simply not feasible (at least as it is right now):

- Credit cards are making about 4000 times the transactions of Bitcoin
- Replacing the credit cards would consume about 300'000 TWh/year, while the current worldwide electricity production is only about 23'000 TWh/year!

If I have to write a list of the 3 main disadvantages of bitcoin, I would say:

1) Power consumption: has an impact on adoption and cost of the transaction.  :-\

2) Very slow: this is one of the reasons why I prefer other cryptos!  :'(

3) No privacy: this is a fundamental feature that is currently missing for bitcoin. That's why I like Monero.  ::)

Except for this, bitcoin still has the first-mover advantage, that makes it very popular even if in my opinion, there are better alternatives nowadays.  ;D

I had never thought of that before, but it really makes sense.

Recently we see some less free countries, taking some strange moves in a direction of deprive its entire people of using internet. Iran passed by a internet blackout this year and some specialists are saying that some countries like Iran, Russia and China in future, claiming espionage risk, can block worldwide internet access and install a kind of governmental intranet.

unfortunately you are not wrong. the increasing fees and the volatile market are the two main reasons why bitcoin can't seamlessly act as was meant to.
for some reason the scaling discussions seem to have stopped after 2017 whereas it should always take place. as Antonopoulos once said scaling issue is not something you solve. instead it is something you fix for now then in the future fix it more and more.

if you consider this an issue then you should never use fiat anymore because for every single satoshi that may be used for something illegal there are trillions of fiat dollars being used by terrorists.

For me, the biggest disadvantage of bitcoin is the number of transactions it can process, we have blocked every 10 minutes and each block has approx 2500 transactions. And this is one of the main limits of bitcoin, This is why not all can move to bitcoin. If we try to make the same amount of transactions that we have on Visa in 24 hours, we will realize how the bitcoin network gets doomed with a damn crazy queue that could take more than 1 month to confirm.

That's for me the main and biggest disadvantage of bitcoin.

The transaction cost has nothing to do with the power consumption.

Its a free market!

The power consumption is high because there are a big competition against miners, and those miners just are keeping their ASICS on because at this moment, considering the current Bitcoin price, they can mine and obtain a profit, if the price of Bitcoin drops a lot, the miners will have losses and then will turn off their machines.

The high fee tax happens when the Bitcoin price is very high and the demand for block size is too big!

Digital currency bitcoin of course uses the internet and high cost bitcoin according to its high price, all digital currencies of altcoin also use the internet and transactions also require fees.

Initially, bitcoin was known as a means of payment for Deepweb and was used as a tool for laundering money by criminals. But the original purpose or origin of bitcoin was made as a digital transaction that is transparent and is not controlled by anyone. However, some uses of bitcoin have changed the viewpoint of bitcoin.

But in recent years Bitcoin has become increasingly recognized as a revolutionary alternative payment platform and can be used anywhere. For the problems of regulations provided by several governments, it does hinder the growth of bitcoin, but some of these regulations do not completely prohibit the use of bitcoin. Many of the adoption of bitcoin by large companies have made the name bitcoin soar, such as Paypal, which added bitcoin to its platform.

Yeah me too. I prefer to use penny crypto like tron and doge atm.
I do accept bitcoin but not for micro transactions.

I do not want to pay high fees for small transactions.
I do not want to wait more time for urgent transactions.
Also with the high volatility, the waiting time may effect your money significantly.

I love using bitcoin. However, I knew it since the price were low, the fee were also low back then. If I know it now, maybe it can change my perspective.

I can agree upon that. Making block size equal with 1MB would be a nice idea back in 2012. Over time, storage becomes cheaper and cheaper. If 1 block could handle 10MBs of data (which would also mean 3,6TBs of blockchain, costing around $400 if it's ssd), we would pay a lot less.

Bitcoin isn't a developing experiment anymore. It's useless for anyone with few hardware to start generating coins in contrast with the miners of 2012. Unfortunately, I don't see such change coming since it would be considered as fork. Although, if bitcoin continues being in development, surely some things are going to change whether we want it or not.

The conclusion is that other cryptocurrencies (like litecoin) can be used for micropayments. Bitcoin cannot, making it a more store-of-value asset like gold.

bitcoin's blocks aren't just some video you stream or store that  you don't care about what the content is! each byte has to be verified that means you also use your CPU a lot specially during the initial synchronization.
every time a new block is found it also has to be propagated as fast as possible so that the miners can start working on the next one without wasting time.

any altcoin that has copied bitcoin whether directly like LTC or indirectly only the technology like ethereum suffer from the same issue. the fact that you don't see the congested networks is either because you are not looking (eg the horrible ethereum network) or because it is not used (eg. LTC) and the day it started being used more it would have issues that are 10 times worse than bitcoin.

I agree to your point! Fiat has been used for centuries for all kind of illegal trades! Why?? It's because no other option was there! Gold biscuits and precious metals were also used for such illegal traders but they are minuscule.

What I am trying to say is that, bitcoin and especially Monero has bestowed the illegal traders with a huge advantage of transferring any amount to anyone without letting the world know it! It's definitely an advantage for them!

Bitcoin always had one weakness and this weakness is also a great advantage which will allow anyone to transfer any amount of money anonymously because by abusing this advantage any terrorist or illegal gun/drug dealer can anonymously trade illegal good, however this can be also a great advantage because we won't deal with the corrupted systems of governments. Also, the other disadvantage is the confirmation time and transaction fee for each transaction, this why this will be hard for people to buy anything from supermarket and pay with bitcoin (however, there is a theory saying bitcoin was not ever made for this goal).

actually the main reason for using fiat is that it is a lot easier to hide illegal transactions using fiat than it is to hide them on a public ledger that anybody can see with click of a button.
laundering fiat is also a lot easier than laundering cryptocurrencies.

I think most people would answer that bitcoin's downside is its transaction fees and speed.
Bitcoin has a very high transaction fee and it is the big downside that makes it difficult for bitcoin to become a currency, imagine that you pay for a $ 5 item for $ 2 in fees.

Up until now, most people see bitcoin as a place to invest and make a profit rather than a currency of exchange. And bitcoin also has a lot of limitations of which the biggest one is transaction fees. There won't be any transaction fees issues if you want to transfer large sums of money to a remote location, then the dollar fees seem very cheap. But if you want to pay off a few retail invoices then the cost of bitcoin is a big deal.

Implementation of Lightning Network would address and solve the issue of speed in transaction of Bitcoin, unfortunately LN is still in infancy stage, it complexity in it's mode operation is a big barrier,  the present high fees has now become a regular occurrence whenever Bitcoin is experiencing a massive pump, a replica of the present high fees also occurred in 2017 when Bitcoin attained ATH..
Bitcoin scalability issue has to be addressed once and for all else the adoption of Bitcoin as a currency or payment gateway wouldn't become feasible, and will be a major drawback especially when the users demand peaked.

Yeah, until now Bitcoin has yet to become a coffee currency. That is sad as it hinders the adoption of Bitcoin as a day-to-day medium of exchange. That is what a lot of people have in mind when speaking of adoption, that they can enjoy a cup of coffee or tea or pizza or a massage paying Bitcoin. I guess we have to wait for the Lightning Network to get fully rolled out to enjoy these.

For now, and notwithstanding the very slow pace of Bitcoin adoption as a coffee currency, the demand is still rising. Which means that despite the disillusionment of some as regards Bitcoin as a real currency, they have no plans to let go of Bitcoin. If you can't buy a cup of coffee with Bitcoin, at least you can take advantage of it so that you can buy two more with its value in fiat.

For me aside from Fee disadvantage ?since this may change and may be lower depend on our desire speed of transactions,because if we are not in a hurry i guess lowest fee that may took days or more is enough to use.

The other disadvantage is the Irreversible part of Bitcoin in which once you mistakenly sent this you have no chance of recovering this unless the receiving party is concern and honest( though this part is also advantage at some point).
But remember that Ethereum is following this trend as well,Because recently Ethereum Fee increases insignificantly also.and many users are having issue like what Bitcoin does.

There are many reasons but I think the biggest disadvantage of Bitcoin as of now is the transaction fees.
I already felt the very high transaction fees as of now because I can't transfer my funds because of the high fees. I mean I can transfer but I can't bear that huge transaction fees and one thing more is that the total Bitcoin I have is low that I will only get at least half of the total if I will transfer it now.

I know that Bitcoin is considered a currency by other people and it has always been but with the problems and disadvantages of it, most of the users are just considering it as an investment or an asset.

Bitcoin helped me hide my total income per month. I'd rather like that than showing my monthly income to the public :D.

I agree with the OP about the fee problem.
We got every problem with Bitcoin base on what we encountered. For me about these kinds of problems. There will be a problem always, it's like "with great power, comes with great responsibility".
It's like, you are good at this X, but you have Y weakness because you are good at that X.
For me, altcoins will help Bitcoin about the fee, or the lightning network that runs on top of Bitcoin.

The biggest problem for me is the volatility of the bitcoin prices. The fees could be the second but it can be regulated. Volatility on the other hand is the biggest disadvantage because it can discourage potential investors when they look at the prices all through the years. We can control this although, it takes a whale to do that kind of control which is close to impossible.

 BTC Is not used as a currency on "real world".. i think this is a unique disadvantage ...

This , on my opinion, is

All others points as disadvantages on this topic can be solved if you not use dolar as a comparator...

Think with me... if dolar disappear.. and all wolrd use btc as a dolar, fees, or deflation, or "price" is not a problem anymore, because your base is BTC


a car is 2 btc, a house 30 btcs, clothes 0.02 btcs, so Bitcoin is a great "mindset" change.

While world not accept it as a currency, is easy to found disadvantages unfortunately..

Bitcoin biggest problem is when its price goes down bitcoin is really very fashionable in some cases many of us are ignorant about digital currency and bitcoin to use it within the lives of ordinary people got to be educated about bitcoin first has been adopted in many businesses it's impossible to use it in large quantities thanks to its limitations the worth of bitcoin is far more volatile. Because its demand is growing in no time and therefore the quantity is restricted it's hoped that this example will ease over time.

As what other members said, bitcoin disadvantage is about the fee, the time confirmation of the transaction, the volatility of the bitcoin price. I know that there is maybe another disadvantage of bitcoin, but I don't think that will be a problem for us because no matter what is the disadvantage of bitcoin, people still use bitcoin. Many of them are investing in bitcoin. So that is not the disadvantage for them because they can accept everything that bitcoin has.

I think we don't have to think about the disadvantage (even if that thing is to exist) because we want to use the advantage of bitcoin to us. If you only think about the disadvantage of bitcoin, you will not get the advantage of bitcoin. It will be like that with bitcoin.

Merchants are happy with that "disadvantage" of bitcoin because not all customers are concerned and honest. Malicious customers would reverse their transactions every time if it were possible. Thanks to the immutability of bitcoin, merchants no longer have to trust their clients provided that the number of confirmations they wait to send packages is sufficient.

It is also a good thing for you, because no hacker can undo your sent transaction and spend your funds.

If you mistakenly sent your bitcoin to a wrong address, you can still cancel your transaction by double spending the same inputs with a higher fee. As far as I know, some wallets have already implemented a specific feature for cancelling a transaction (Brain Wallet as an example) or you can do that manually.

500 satoshi in total . does that mean there are other smaller fees under 500 sats that you did before you end up on a total of 500 sats. thats surprisingly small and what do you mean by transfer money to yourself , is that a kind of test only to see if you can recieve the incoming transaction with a tiny fee or you withdrew your coins on the online platform where your playing to the btc wallet that you use  . its okay if for testibg purpose but dont do it on a real transaction because your only going to waste time and money because there is a great chance that your coins wont arrive on your wallet .

I have never used bitcoin as a means of payment for now it is more of an investment, so why is there an alternative coin where people can use it as an alternative to transfer funds, currently only need intelligence for that so you may not think of using an alternative other, usually if I want to make a transaction I have to wait for the fee to really be cheap or if I want to move funds from exchange 1 to exchange 2 I will use my bitcoins to buy alternatives like XLM XRP or others which only require low fees so I can moving funds, it's easy to think, the other one is currently full for bitcoin transactions so avoid that pile and wait for everything to return to normal, Ethereum was also previously expensive

Bitcoin is a crypto coin and day by day people are interested in this digital coin. Bitcoin has some major disadvantage.
1.Fee: Blockchain Competitively Raises Fees for bitcoin transactions.So  You need to pay the blockchain fee to ensure your transaction. Blockchain fee depends on network performance if you use it fast transaction must pay high.
2.Confiramatin: Bitcoin transaction needs to confirmation to successful your payment so it will depend on blockchain net speed.I was in trouble many times when withdrawing money from the exchanger.
3.violant: Bitcoin prices are very volatile and increases/decrease at a very high pace.

There,s nothing in the world that doesn't have its disadvantage. In that case, bitcoin is no exception. Truth be told, in as much as the transaction is seamless, etc, it also has some disappointing sides. First for me is that the transaction fees are quite high. Second; considering such high fees, one cant send little amount of bitcoin as the fee itself would be higher than the value. These are the only two disadvantages to me right now. But then, how you'll know if its worth it is when you compare its advantages and disadvantages to that of fiat. I'd rather pay a 7$ transaction fee and feel great than pay less and disappointed. So, I don't a valid reason to unsee bitcoin as a medium of payment.

I went through all the opinions people have about the biggest disadvantages of bitcoin and have come to the conclusion that most people accusing bitcoin of being decentralized, open, censorship-resistant, neutral, immutable, borderless cryptocurrency. In short, it doesn't behave like centralized fiat currencies we all used to.

So, in my opinion, the biggest disadvantage of bitcoin is that it requires people to exercise some mental gymnastics to comprehend its nature and the reason why it sometimes has high transaction fees and was designed to be irreversible and immutable.

Most traders think that the biggest problem with Bitcoin is the exchange fees. Due to the increasing demand for Bitcoin they have increased the amount of fees on the exchange site. But there is nothing to be disappointed about everything changes over time. In order to overcome the biggest disadvantage of bitcoin limitations the exchange fee is much lower when different parties transact together. Even if the fee is high there is no restriction the transaction is secure.

Fungibility That is the most vital for a monetary system.Bitcoin is NOT fungible like Gold..Traced back to 2009 everything,and can be traced in the future.

I think that the biggest disadvantage of Bitcoin is at the same time its biggest advantage and that is connection to Internet.
Through Init should be available to everyone but when we look at number of people who still don't have electricity and Internet they can only dream on then it's clear why mass adoption is so troubled and not very likely to happen.

Scalability and fee issues are a huge downside to Bitcoin adoption. Some advise the use of the second layer of the Lightning Network to solve them so I think it is time that we have to put it into practice if we want a greater use of Bitcoin. Now that Bitcoin is in a new stage towards being used by more users around the world. Everyone will want to use Bitcoin and will find this disadvantage and will only have to buy and hold.

Lol you call people who wants price to hit $100k Bitcoin enthusiasts? Then what do you call those who don’t care about price and are just making use of Bitcoin because of how good the technology is?

Yes the fees seems to be a disadvantage, though the only reason I don’t worry much about that is because I always say to myself that when it comes to international transactions Bitcoin is better. But the fees seems to be increasing as the price of bitcoin is increasing and a lot of people have been pointing this out for long and complaining about it, so I believe that the devs are fully aware of the issue and just don’t want to do anything about, or maybe lightening network is the solution and we should wait for it?

-High transaction fees
-Long Confirmation time, the time is not fast enough for a direct transaction like for example if your buying in a physical store.
-Volatility, market price could go pump or dump in just a small amount of time giving a big risk to every investor.
-Adaptation? not yet adopt in most of the countries so pretty much you cant use it directly or needs to convert it first.
-decentralized, not really a disadvantage but this is the reason why bitcoin can only be an alternative to fiat money because in a certain country they can only trust a currency that they can regulate.

Still, bitcoin is under the adaptation process so we don't know what's gonna happened in the future, it might adopt or something could happen affecting it.

The transaction cost can be pretty discouraging.
Volatility can get you in trouble.
The fact it's irreversible (once it's sent, it's sent) can be a big deal if you made a mistake with the wallet. Unlike banks, they can somehow get your money back.

Just these two hit my head but man, sometimes the bright side outshines the darkest part. Everything must have its downside. innit?

Behind all the advantage there must be drawback. Everyone know that bitcoin is not completely without its drawback. Bitcoin still need development and will continue to grow over time.

A little explanation from me for your point.

• High transaction fees are only felt when bitcoin price and transaction increase, a problem that has been raised dozen of time by user. The scalability problem must be resolved and LN may be the solution.
• Volatility, this shouldn't be a problem if bitcoin is a tradable asset. Without volatility, trader will lose potential profit.
• Adobsi, there has been a lot of increasing adoption of bitcoin as a mean of payment but it still need improvement. You can find more product from store that accept bitcoin as a mean of payment here (https://spendabit.co/).
• Regulation, this must be a drawback from bitcoin that must be taken into account. Not all countries accept bitcoin as a legal mean of payment because the government legally prohibit it. Adobsize will affect many of these thing and regulation will hinder the growth rate of bitcoin adoption in a country.

The biggest disadvantage is for the not investors of BTC because the price keeps rising and if you ain't getting even just a bit of BTC in your wallet then you are at a bit of a disadvantage.  Price keeps rising must the be biggest advantage of BTC and not just decentralization.

The high fees can be resolved using Lightning though but another disadvantage, probably the 2nd biggest is that bitcoin is traceable.

 

 privacy,fungibility,scalability..those 3 disadvantage.i wont mention 21m cap miner paradox.

 And guess which commodity is private,fungible and scalable?  infinite supply GOLD

The biggest Bitcoin disadvantages are high fees and volatility. Both features don't help Bitcoin to be a good medium of exchange.

I think its high fees and slow confirmation time are the main disadvantages when using bitcoin. About the volatility, it could a double-edged sword, as you can it can be advantageous and disadvantageous. The volatility is it what makes bitcoin interesting. You can earn money in such a short period of time but you can also lose money in a short time.

There is nothing perfect in this world right?
Include bitcoin , when there is no disadvantage there is no development , means there is no business on top of that.
So the disadvantages that you people listed above sometimes become an advantage for the other side.
We are all hate those problem , there is a lot of space for the development to solve it , lets wish everything will get fixed as soon as possible as bitcoin looks not ready for the mass adoption.

That is without a doubt a disadvantage and taking into account that a great deal of digital transactions offered by banks are free of charge then bitcoin cannot effectively compete against that on your average transaction, but like many people have pointed out in the past if you make a large transaction then banks will take a percentage of that transaction while bitcoin will take the same fee regardless of how big it is, in that case bitcoin has an advantage, however I think the issue here is that many think of bitcoin as an ideal currency and that is not true, it has many strong points but it also has some weak points and the one you are pointing out is one of them.

Quite simply, the biggest disadvantage of bitcoin is buying at an expensive time. and unable to manage and pay no attention to price movements. always in a rush to sell it. maybe my opinion is quite understood.
because in the management system we do not only have a lot of money, but pay attention to various aspects. choosing a market must also be considered, not necessarily any market, you must look at the market with great potential in terms of trading volume.

4. object of manipulation, thus the price very volatile.
5. require mining expenses (hardware, electricity, shed, maintenance)


No, it's not always that bad. Bitcoin ever be an ideal medium of exchange, most of the time, as long as it's not on a rally like these days.
Someone could transfer millions of dollars from one country to another with a low fee, just a few bucks, without having to fill out any documents.

Anyone that says that bitcoin is the perfect crypto currency and can be used as a normal currency are in the stage of denial. Bitcoin is no where near being the perfect. Though it is currently better than most of the crypto currencies out there. But, yeah, it is still in its infant stage and there are a lot of space for improvement. We are seeing those improvement and give it few more years and then we might have a perfect "bitcoin".
I would say one of the biggest disadvantage is the bitcoin scalability problem which causes the fee surge during heavy network load.

Based on my knowledge and experience in crypto currency, below are some disadvantages of Bitcoin which are to take note of;
Built in Deflation
Since the entire big variety of bitcoins is capped at 21 million, it'll reason deflation. Each bitcoin are going to be really worth greater and additional because the complete quantity of Bitcoins maxes out. This device is meant to reward early adopters. Since every bitcoin are going to be valued greater with every passing day, the query of when to spend turns into important. this might motive spending surges which can motive the Bitcoin economic system to fluctuate very rapidly, and unpredictably.

No Physical Form
Since Bitcoins do not have a bodily form, it cannot be utilized in bodily stores. it might continually need to be transformed to different currencies. Cards with Bitcoin pockets facts saved in them are proposed, however there's no consensus on a particular system. Since there would be quite one competing systems, retailers would locate it unfeasible to help all Bitcoin cards, and consequently customers would be pressured to convert Bitcoins anyway, until a daily device is proposed and implemented.

No Valuation Guarantee
Since there's no central authority governing Bitcoins, nobody can warranty its minimal valuation. If a huge crew of shops determine to “dump” Bitcoins and get away the system, its valuation will reduce noticeably which can immensely harm customers who have an enormous quantity of wealth invested in Bitcoins. The decentralized nature of bitcoin is each a curse and blessing.

Every good things also have some disadvantages. But it depends upon its user. If anyone use science in bad ways then its not the fault of science. It's the fault of the bad thinker user. In this case Bitcoin is a good coin. But no one can trace its transaction. For this reason some bad people use it to buy illegal things, laundering black money etc.

Being FOMO is normal in every market as this what makes others rush into buying bitcoin which makes it more interesting as investment. It can be a disadvantage for us but an advantage for others who already invested in Bitcoin before us. The only disadvantage that I see in BTC is that my countries were using BTC to scam others that makes many people in my area not believe in BTC and didn't able to see the benefits it can do for them.

It's been a long time already that fees are playing around BTC0.0004 as calculated fees on Exchange. Because bitcoin price increase, BTC0.0004 now becomes around $6-$7 which is just $2-$3 before. If we are calculating in USD value, it's really high but for the Bitcoin unit, it's just on average. Back then, for example, Coinbase even charges BTC0.0025 as a median fee but if I'm not mistaken, the USD value of it is around $5 at that time.

While we are using BTC units to pay for fees, expect that the USD value of it will increase as Bitcoin price skyrocketing its price.

Let's get some things cleared here. Real HODL enthusiasts want to see it at 100k, but they aren't waiting for that level to dump everything. I used to hodl at 1k and waiting for 2k to come, but I kept hodling at 3,4,5k and so on. If we hit 50k, I'd probably sell 1 BTC to celebrate and pay for big holidays for my friends and family at some beach resort, but I wouldn't dump my coins. Hodling 4 life!

Fees are not going to be much higher in satoshis. Satoshis will be much more valuable in fiat so if we go up fast to reach 50k next year you will probably reach a point where a transaction will cost you $50, but it will still be 0.001 BTC The same 0.001 that you have to pay now for a fast tx.

This is what I am thinking, due to massive demand the fee gets higher and higher, especially this season? you may see the fee next month it will become higher than expected and it will give you so much longer in time before you will received it. Fees and network congestion is the most disadvantage thing of bitcoin to me. Yes bitcoin has a good and high value, but the moment it increase, the higher the fee and the slower it could be.

We use bitcoin nowadays as a store of value. And I'm expecting when bitcoin hits $100k, we could pay as high as $100 for one transaction with that huge amount depending on the size and amount you're about to send to the exchange or any receiver you'll have by that time.

But as long as we can check and opt to pay for the lower fees, this is also an advantage for bitcoin. If we don't like the fee, we can change it and choose to customize. But just to make sure that you're paying with the recommended fee.

- It relies on outside influences to function.
- Subject to manipulation. Trading bots, etc.
- Governments.

If you are without power like a lot of people in today’s world, bitcoin won’t do you much good.

If your internet service provider or phone provider decides to limit your access due to a number of factors from government meddling, or because of maintenance issues resulting in blackouts, bitcoin won’t do you much good.

If miners are backlogged or simply don’t accept the transaction you’re transaction might be held up. Another cause for concern is the huge mining operations. Governments know where the power consumption comes from and can easily take over the large mining operations, making bitcoin centralized.

Wallets are subject to attack in numerous ways.

No anonymity.

Everything an address does is there forever.


If you prefer to avoid the above mentioned headaches precious metals would work 100% of the time. At least they have for the last 6,000+ years.

The volatility of the Bitcoin's price and second is the high transaction fee when the blockchain is congested. Actually there's a lot of disadvantage of cryptocurrency compared to fiat since in fiat one thing is the ignorance of many people in regards with cryptocurrency since it is a  complicated thing.

ya.ya.yo!

The biggest disadvantage of bitcoin for me is the increasing numbers of scammers and hackers. Bitcoin becomes the assets of the scammers to bait victims. The number outgrew when bitcoins price goes up. But aside from that, I have no problem when it comes to bitcoin because it helps me so much specially my financial needs.

Many people choose volatility and high transaction fees as the biggest disadvantages of Bitcoin. I agree with this, if the volatile price of
Bitcoin cannot be controlled, it will be difficult to make Bitcoin a means of payment. Then related to high transaction fees owned by Bitcoin,
we have tried to overcome it with Segwit and the Lightning Network,  but have not been proven to be effective, because it is still too high,
when compared to altcoins which have much lower transaction fees. Hopefully in the future there will be other solutions that can overcome
the two disadvantages that I have mentioned.

Based on my experience so far, for me the hackers, and scammers are the disadvantages of cryptocurrency, there are many criminals in this virtual world compared in real life based on my experience because I never been fooled and lost my money in real life unlike in this crypto world where in I lost my money because of a fake website way back when I was a beginner, the second one is the transaction fees, some exchanges here have huge transaction fees.

The biggest disadvantage of Bitcoin is its transaction time and fees. It's not expecting to wait at least 30 minutes or more for a single transaction, it can be improved to get super fast service for making transaction. Then the time will be saved. The transaction fees need to be reduced more.

I completely agree. A large number of cryptocurrencies have appeared long time ago, which bypass Bitcoin in all respects. But since bitcoin was the first, so it is still at the top of the cryptocurrency market. The only one who managed to conquer the market is Ethereum, but still it is far from the first place.

This will be a problem in other countries but not to Bitcoin directly.

One of the popular and main problems people repeatedly are talking about is the transaction fees. Another thing is that people don't actually care about the security of their wallets if they are using it and if they are hacked or scammed they will all be blaming it on Bitcoin.

being sincere:

- the high transaction fees that the person has to pay at times

- the slowness

- hundreds of places do not accept bitcoin as a means of payment

- To buy bitcoin using bank card Is a headache with KYC and has high hidden fees. If you now add $ 1000 to your bank account and want to buy bitcoin?

first you have to create an account at an exchange and go through KYC (it takes time and there are a lot of burrocracies) and after you go through KYC to buy $1000  in bitcoin and in your wallet you will see that you have  $800 in bitcoin ... that is just a lot annoying. I don't know if these high hidden fees are only valid for people in my country or it will be my bank's problem, but the fact is that it is the nightmare I live in! visa charges a 5% fee, the exchange charges a fee, the bank also charges a fee at the end the person has disappointment in the bitcoin wallet

Million people only discussing with advantage of bitcoin but never have some ideas how to explain disadvantage of bitcoin, I have several way about why I think disadvantage of using bitcoin, first bitcoin transaction take long time when blockchain have many transaction you need waiting more than few hours, secondly you have to pay higher fees transaction when adopting for your online store or as payment transaction, if sending bigger amount  I think is not have to worry but how if you send with little fund of bitcoin and need payment fee more than $5? will costumer buy at your online store if have higher payment fees?

^ Fees are really one of the disadvantages of bitcoin and slowness to be confirmed. Is there any solution to almost every everyday congestion of the network? Even though we had a lot of bitcoin miners this problem will not solve?
I don't see any reason bitcoin should be used in medium exchange but as a form of investment in a long time holding, probably that is a good answer at all. Nevertheless, the reason why people keep holding bitcoin than spending on it. It seems a waste of money to pay a few $ in a single transaction was made.

In my opinion, the main weakness of Bitcoin is the limited internet service. because bitcoin can only be accessed using the internet network. and we all know only developed countries where almost all of the population can access the internet. whereas in third countries only 50% of the population has access to the internet. but I am optimistic that over time the internet network will expand. and bitcoin will be a revolutionary currency that is very suitable for us to use in a digital era like this.

It's not something that cannot be solved though. Bitcoin does not necessarily need an active internet connection, there are several workarounds for that. There are quite a few people who've worked on keeping Bitcoin active even in the event of EMPs or full internet shutdowns. The main issue with this is, you'd need special equipment.

For areas or population without internet access, there are some other larger issues they'll have to confront soon such as the slow disappearance of cash. At one point, they'll have to go digital anyway. It's the dream of our current world's governments. The more digital, the more control so the happier they are.

There's this hardware wallet such as Ledger Nano S/X, wherein a user would be able to receive funds even without the use of Internet. But things are different when you will send funds to another wallet, if I'm not wrong. So maybe, from this, there is still a chance in the future to solve this, if this will really be problem in the future.
The biggest disadvantage I think, but also one of its advantages is its volatile market value. It is a downside on the aspect of it, being a digital currency because not all people are interested to invest because there are risks of losing money. Advantage on the other hand for investors because it gives profit.

For me the biggest disadvantage of Bitcoin are.
1. Fee as price of Bitcoin increase the price of transaction has been pricey.
2. Slow confirmation I would need to wait for few minutes if I am lucky but mostly an hour or more to receive my transactions.
3. Not everyone accepts it we couldn't easily use Bitcoin to pay for anything that we want.
4. Price fluctuation the price of Bitcoin or any crypto could go up or down in just a short time.
For me those are the disadvantages of Bitcoin if I would compare it to Fiat.

From what I have experience is the transactions fees when sending bitcoin from the wallet. It takes time to confirm and received into another wallet, although we know when btc price increase the fees do increase also. This is the most concern by the users of bitcoin and if we have Bitcoin especially in our country it is limited to use since only few accepting Bitcoin payment. And that's we need to convert it to fiat to buy things. Hopefully in the future we could see an improvement in bitcoin.

I haven't seen another disadvantage besides the fee transaction in bitcoin. Because many people think that its volatility is another disadvantage for bitcoin, I don't disagree about it. I can make money in a few times at least 15 minutes by trading without its high volatility yeah I'm sure I need more time to make money. But the fees problem seem like can't be changed since the system is decentralized so there is no party who will manage all the transaction and reduce the fee transaction in order to many always comfortable to use it, you will give a fee to the random miners.

So, if bitcoin getting a high price like $100.000 there is no one who will use it as a means of payment or an alternative to sending money because they must spend a lot of money for each transaction. They will only use bitcoin for trading/investing purpose, as an alternative to withdraw their money or for sending money they will use an altcoin to do so. And I guess you can also do it right now, you can change bitcoin to altcoin first and sending them to your another account and after that, you can sell the altcoin to your money fiat.

Some of the shortcomings that bitcoin face is not a big problem for me because I will keep using it as long as bitcoin is profitable and can change my life for the better.
maybe in general what we often encounter is the slow process of transactions and which in my opinion is reasonable because it requires a supporting internet network, and has a large price volatility so that it cannot be predicted to be used as a currency.
and have high transaction costs and even higher if you want a bigger adoption, so whatever the problem does not matter because nothing is perfect there must be advantages or disadvantages.

Well, there are few things that’s comes to my mind when they talk about the disadvantages of bitcoin and the first one is the kind of damages or ills that can be caused to our environment as a result of mining of Bitcoin.

Some people have said that this is not true and that Bitcoin mining cannot have any bad effects on the environment, this seems to be a debate as for now, so I can’t come to a conclusion that it is true or false. The next one is the black market activities, yup we all are aware that so many of them from the dark web now prefers Bitcoin and it’s giving Bitcoin a bad reputation which I don’t like.

If we say disadvantages, these things affect our ability to use bitcoin right? Then I'm thinking a lot of things about disadvantages of bitcoin. First thing is the high transaction fees, this can't be controlled as we know that bitcoin is decentralized and high fees isn't a user-friendly. Those starters who have small amount of btc is at disadvantage, only few btc will left when converted into fiat. Second thing is the slow transaction process, how will merchants and other business to adapt the use of bitcoin if it has slos confirmation? The last thing is the security, if you don't have any knowledge of using cryptocurrency then your wallet is at risk. The security is mot guaranteed especially when you're using an online wallet.

Lack of vast infrastucture accepting BTC for mass consumption goods and for high-cost purchase is the main drawback.

In the recent years, several news about lost bitcoin was around the crypto corner, but nobody really talk about it. Building on a crypto system also has disadvantage which sometime hard for easy detection on the fault in it because it rarely  happens, and if does, its because of users mistakes. Sending bitcoin to other altcoin is another disadvantage in it, inability to recover lost bitcoin if the owner is dead, this is the advantage fiat system has over bitcoin decentralized systems.

Surely it is not without reason that Bitcoin is like that, having a high transaction fee, which would be even higher if adopted en masse.
That’s the nature and characteristics that blockchain technology first showed by Bitcoin.
Because since bitcoin was born more than over 10 years ago, and is not a legal entity, the risk of cybercrime has always lurked.
Although today’s blockchain technology systems are quite resilient, the possibility of hacking is definitely there.
For this, the government is not responsible only users are solely responsible for the management of their accounts

If something is done with the increasing transaction fee, I think more merchants will accept it as one of their payment methods. Volatility is always there. But it can be address by converting it right away to their fiat so as to avoid large margin of change, if they want it to. I think right now, the tx fee is the major disadvantage of btc. No question about its popularity.

Expect it already that there are people like to use the advantage of the technology to make more money by doing such odd actions. And also, Bitcoin is different from other altcoins, just think the other altcoins as a copy of Bitcoin but different just like the BSV trying to imitate Bitcoin yet people don't trust it since someone is controlling behind it. Unlike Bitcoin which is why we call it decentralized because no one is controlling the whole Bitcoin market except for the trading part of course since this is an open market.

The adoption is really slow.

We already know that but since the pandemic started, a lot of people are putting their hands on cryptocurrencies because of their personal reasons, some actually use it as a payment or to transact money and most of these people are wanting to invest in them. Although the doption is slow, we are slowly getting there, it really takes some time.

The biggest disadvantage I noticed on bitcoin is pump and dump. Many trader will be busy with their trading hoping that the price has increased for them to supply to market but the next thing is to see the price has fall down.
No investors will be happy, see market decrease because of some coins they are holding for a long time. Few weeks ago bitcoin pump very well, that make some investors have hope that it will still go higher before they can sell in the market. Over few days now the price is gradually decrease which many trader don't want to use their eyes see market decreasing.

But this is the proof about market that is Volatile and active same as healthy market mate,remember that with this Pump and Dump price many are gaining but of course there is also a loser.
this is how the market goes mate.
If that is true then why still many traders and holders are staying in this market?that is because they have seen this movement so many times and know that it will come back in some time.

Bitcoin is a nice currency with lots of advantages and like we all know anything that has advantage have disadvantage. Bitcoin is surrounded with lots disadvantage and among them I will like to highlight the High fee in time of transactions and also the irreversible aspect in transactions.

Irreversible transactions: bitcoin is known for it’s irreversible transactions, meaning bitcoin sent to a wrong wallet can not be recovered. How good is these? When we all make mistakes and sometimes out of stress or pressure we forget ourselves.
High fee: it’s almost normal to us now because it’s continue to pop up

everything has a disadvantage. that is impossible for anything in the world to be perfect. Bitcoin disadvantage for governments is that it can be easily used in any place and there is no regulation about it.

Bitcoin is a movement, which every investors need to understand, before buying. And the biggest mistake is to buy when the price is extremely high, which it will take more time to sell for a profit, secondly the big mistake of disadvantaged of bitcoin is base on exchange that is not more secure, with a weak password.

Here are some of the the disadvantage I notice over 3 year on bitcoin:
1) Dumping: since bitcoin is a decentralized currency that is not control by the government, it would have been pumping on the time not to cause trader worry about their trading in the market .
Digital: many uneducated people like to have interest on bitcoin because it is a digital currency is causing them not to have access on bitcoin platform. Some cannot read and write but they can speak very well if it come to exchange of words but they find it difficult to make use of bitcoin because they cannot read and write.

That is the nature of cryptocurrency. The volatility of its price is normal so before you invest in a particular project or buy some tokens, you should understand that the price will dump or pump anytime since there are many transactions happening worldwide that may affect the price of a certain token. I see some disadvantage of bitcoin is that the fees are getting higher once the price rises.

Bitcoin is currently not a very good medium of exchange.  Large commissions, high volatility, low liquidity, etc. 

But this does not mean that bitcoin is not interesting as an investment asset.  Gold is also a poor medium of exchange.  Diamonds are also a bad medium of exchange ...

Bitcoin has other functions as well.  Bitcoin is a capital preservation tool.  Bitcoin is a very easy way to make international payments.

Imagine that there is a war or revolution going on in your country.  You need to quickly leave for another country.  What assets can I take with me?  The property?  Bank accounts?  Ingots of gold?  No, these are not very good assets (for an overseas escape). 

Bitcoin is the perfect solution!  12 English words (seed) = $ 1,000,000.

When it comes to irreversible transactions this is a classic case of it’s not a bug it’s a feature, this is not a bug or a weakness of bitcoin but one of its strongest points, the reason satoshi did this is because banks can reverse transactions and as such the money in your bank account is never truly yours, but in the case of bitcoin there is no centralized institution and no way to reverse transactions, I know that this means that if you make a mistake you are out of luck but this passes the responsibility back to the end user which is exactly what satoshi was looking for.

There are many things to consider when buying some bitcoins. You are free to buy but let it be a lesson to everyone that you should understand first the consequence of buying when the price is high. Ofcourse the best timing to buy is when the price is low and it is best to sell when the price is high. Next, the unsecured exchange is not a disadvantage of bitcoin. Bitcoin does not hold any exchange but exchanges use bitcoin for their site.

One of the biggest disadvantage of bitcoin is lack of facilitator. Facilitator mean  those who help other to achieve their goal in the country. I came to discover that there are many scammer in the forum claiming they are facilitator to help and teach people the right thing to do the right in the forum than to  see them try to know all your personal details to scam your money.many people have loss so much money on scammer just because it hard them to different scammer from facilitator.

Yeah, I was just going to write that fee is the biggest disadvantage of BTC right now (during days when BTC spikes hard and when we need to pay fortunes to get our transactions confirmed). Don't you think that miners do it just to stop us from selling and just hodl longer? I mean, just think of it differently. Anyways, I believe there's one more thing that's disadvantageous to BTC and that is its monopolistic possession of big investors. You already know the number and it's fixed, 21 million and all the BTC gone, we just need to buy it at their prices if they become successful in accumulating almost each Satoshi available in the markets. This is too bad and if overlooked, it can make BTC a game of some "supernatural" investors and big bulls who will take BTC to some levels unmatchable by small investors.

I have read quite a number of previous answers about the disadvantage of bitcoin. But most users say fee are one of the most prominent answers to bitcoin's disadvantage. I'm sure there will be more fixe for this fee issue in the future, but to date every bitcoin upgrade has had issues with transaction fee.

Are there any steps to prevent transaction fee from increasing when the bitcoin price goes up ?

scammers are different from facilitators . you know the difference when it comes to asking sensitive data's and money  .

 we dont need to give our data to a facilitator but we can still communicate on them anonymously  . if you are serious and wants to meet them locally, there should be safety measures that you must follow to keep your self safe . faciliator is not a big disadvantage on bitcoin because we have this forum and we have the net , we can learn and educate our self alone if we want to improve our bitcoin and crypto knowledge .

I'd say the biggest disadvantage is the transaction fees, they can be really high sometimes.

But that's perfectly solvable. Most of the fees can be lowered through user influence, and many of the fee hikes are politics at work that can be stopped if users make it clear they aren't happy.

I do not think we need a conspiracy to explain what we see when it comes to the fees when it is a clear case of supply and demand at work, the space on each block is limited and if you make a transaction then you want some of that space for your transaction to be confirmed, so in effect you are bidding against other people in an auction to see who gets the fastest confirmation, and this means that those that have a greater need or the most money can get faster confirmations making the fees to go up in value, can miners manipulate this process? Of course they can, but without a real need for faster transactions they will get nowhere.

Because of high volatility, I don’t feel safe using bitcoin as a medium of exchange yet. Just imagine, when bitcoin is bullish like it is today
and when we are making payments for food, suddenly one second later the price of bitcoin goes up, but we can’t do anything because we have already paid bitcoin.
This is an obstacle for everyone to think twice about using bitcoin as a medium of exchange.
If we keep it as a long-term asset then the current bullish moment is very profitable for anyone who keeps bitcoin.

There is no big disadvantage with bitcoin. It hasn't reached the common man's hand, because of its technical things and the transaction fee. The success will be very big, once it gets used by the common people who contribute a majority of the economy. Another thing is the transaction fee, it hasn't got the fee structure which stops people from microspending.

I think the only disadvantage is the high transaction fees, and this makes it difficult for bitcoin to become a payment method and get mass adoption. Apart from that I think everything is fine.

First, its high volatility is a minus. On the other hand, it is a great plus for those, who hodl Bitcoin or trade it. Secondly, the security is still not so good. Finally, we need BTC ATMs, and it seems to me, these machines are available in the USA only.

The post clearly stated the disadvantages of bitcoin and I can see a lot of folks still defending bitcoin  ;D. I know it is hard to accept that what you like have some bad side but it is nothing unusual even fiat currency had disadvantages such as; fragility, inflation, and changes in public confidence so also bitcoin has disadvantages such as volatility, high transaction fee, false anonymity and difficulty in general acceptability in lieu of a legal tender etc.

For me the only drawback of bitcoin was the mere fact that it was a very volatile currency which makes it also a unique characteristics of bitcoin too. And this was the sole reason that every traders should be keep in mind and not to deny it because we face it a lot. And this was also the major challenge in bitcoin that we should overcome to be able to generate an income from here. Even bitcoin has a good side still we can't deny that it also has a bad side.

Good and bad sides will always exist in a business, especially in the financial sector, but in terms of benefits and principles, bitcoin remains unchanged. Because basically bitcoin exists as a tool for alternative transactions from conventional transactions.

Of course, as we know now that some have started to accept bitcoin, like paypal and others, it is not impossible that the banking system will also be able to cooperate in the near future.

Personally speaking, transaction fees and processing time are the biggest disadvantages of bitcoin.

The two things I've mentioned are pretty much of a hassle whenever I'm using bitcoin specially when I'm exchanging. The transaction fees are way too high for a small amount I'm going to exchange. I feel like the exchangers are charging up higher rates than the what they're supposed to. In addition, the processing time of a single transaction takes a quite long time to be confirmed. It takes for about 10 minutes for one transaction. If you are planning to have 6 transactions, that's for about an hour to process which is a long time compared to other digital platforms wherein, in a matter of seconds, confirmation receipt is guaranteed to be received by the user.

Hopefully these issues will be addressed in the future, so that it won't be a headache to most users of bitcoin.

The average person complains of quite expensive transaction fees and longer delivery times than fiat currency transfers, but on the other hand, bitcoin can make us rich in the near future, as happened at this time, namely a fairly high price increase. with the huge advantage of bitcoin, all the shortcomings of bitcoin are not a problem for me.

That complain about slowness and transaction fee never gets old. I've done many times and transacted with the current recommended fees and I don't find it expensive at all. The confirmation time is good and it didn't take any longer. Despite we're on the bull run, the confirmation time is better this time compare to the bull run of 2017. One problem that I can see is not for bitcoin but for people who comes out when bitcoin is getting the attention when it's pumping.

Being characterized as an speculative bubble, volatility of bitcoins and transaction fee is the biggest disadvantages to some users and investors like me. Aside from that, Internet connection and speed in any part of the world can be considered too. I agree with the several people here that keep saying it. Without an internet, we definitely cant access our digital wallets and do some transactions. And with the transactions itself, higher fees brought so much pain to us who really work hard just to earn profits.

As all know, the disadvantages of Bitcoin are highly paid fees, late confirmation, unsecure main systems, highly volatile, compared by many, etc. Having that it is the number one digital currency but offline it has a more complex situation. In my sense, the most important disadvantage is scams in BTC.

 One of the biggest disadvantage of bitcoin is, know the time to sell or buy in the market. I find it difficult to understand when and where to sell my coins that will enable me to make a good profit in the market. Many people have lose their profit base on, they buy when they suppose sell in the market.
When you buy when the price of bitcoin is low and wait for the market to go up so that you can sell and make a good profit.

micro-transactions are not suitable for bitcoin. like you said, we could pay more fees with a longer confirmation time just to make a small transaction.
however, big transactions could get benefits from bitcoin. you can read it on this forum, a month ago there is a thread about a huge bitcoin transaction. the sender only pays $3.54 for the fee. a big and cross-border transaction surely gets the benefit from bitcoin. https://bitcointalk.org/index.php?topic=5285199.0

meanwhile, I used my debit card a few days ago to buy computer stuff, it charged me 1%  ;D
it's a cross-bank local transaction.

I agree with you, that it is difficult to avoid market manipulation for crypto users.  But I understand how the whales control the market, and there are a few tricks to avoid the whales' manipulation of the market. 
1. Do not often monitor the order book.  The less that depends on measuring the depth of the order book, the better.  Most exchanges allow traders to minimize the order book from the trading screen display.
 2. ignore large individual trades and focus on longer price trends to avoid confusion to avoid wash trading. 
3. avoid detection when whales prop up prices to liquidate their exposure by taking a long-term look at crypto price action.

But there are times that the mempool is not busy. However, if this will be used for payment method, I don't think people will want to wait for the time that they can pay low fee for their transaction. So for me, the biggest disadvantage is the fee when it comes to payment options and the time of confirmation. But for remittance purposes, btc has advantage as you will pay relatively low fee at a faster time as compared to big remittance companies like WU.

Disadvantage are the resources to be use like internet connection, devices to store the files to access the bitcoin in the blockchain, the keys that you can't remember due to long characters being used,  the possible hacking activity by hackers, scammers, fraudsters and phishers. All of this are disadvantagr but we can say that all can be prevented and we know also that bitcoin is a  secured system.

In my opinion, the main disadvantage of Bitcoin is the centralization of its mining. 

At the same time, there is both monopolization of the production of mining equipment and monopolization of the hash rate.  Currently, the main manufacturer of mining equipment is Bitmain.  If everyone on the planet had the opportunity to participate in bitcoin mining, bitcoin would be more decentralized.  Currently, many people are not involved in the mining of bitcoins and in the process of maintaining the network of the first cryptocurrency. 

Many people see Bitcoin solely as a speculation tool.  Bitcoin lacks ideological supporters involved in the industry.

I don't believe that this is a disadvantage. At least not on bitcoin itself. My question goes on what bitcoin can't provide to its users.

That's why we use a seed, for 2 main reasons.
1) Less characters to remember/write down.
2) Access to unlimited addresses, instead of one.

That's true, but as long as no one touches the 51% of CPU power, it remains purely secure. As for the decentralization, it will always be. Mining doesn't make it more centralized.

The problem with this argument is that this makes it seem as if it is impossible to commit any kind of crime with fiat currencies, and even if we exclude cash which is completely anonymous and cannot be controlled we know that many financial institutions are at the service of criminals and corrupt politicians and despite having the opportunity to stop large operations that they know are completely illegal they decide to allow them so this argument holds no ground in my opinion.

Its obviously for me the transaction cost. If i send 0.001 btc than sending fees 0.0005-8  as well as if i send 0.1 btc transaction fees are remaining same. Its too hard to believe sometime if u send 7$ in btc fee is 6$.

The biggest disadvantage of bitcoin is still illegal payment transaction when we got problem with sending or our wallet stole by the other we can process to the law because not get legal as currency payment transaction and bitcoin not available for investing. During bitcoin keep safety for saving and holding maybe we not afraid for hold bitcoin in long term, but when get problem we can't know what have to do if our bitcoin fund is gone. Maybe when bitcoin have been legal payment transaction many people will use and invest on bitcoin because anything get legal will give positive and any respond from many investors.

Talking about the word "Biggest Disadvantage" is not appropriate because if there is some things that is not serving us from Bitcoin it cannot be that big.

of course first the volatility in which many has been asking why need this to happen not knowing that with this we can generate or lose money.

Why irreversible but this is one of the safest way to generate transactions.

This is not permanent because it change from time to time and we also have option how much to use.

These are not really the disadvantages because internet is free and no resources has been used extra, and if bitcoin become main payment medium then we don't need banks which means we can save lot of work force, electricity,tax money to pay the employee and all other expenses so we are going to save more than 90% actually.

It's not really difficult to believe and in fact we see many situations like this happening especially when the network is very busy and while this may seem to be odd at the same time it is just part of the nature of bitcoin, and while that may seem to be a disadvantage when it comes to sending large amounts of money bitcoin is way cheaper than any other method which is one of the reasons that we are seeing that institutional investors are getting really interested in this market.

The biggest disadvantages of Bitcoin are high transfer fees, transfer speed and volatility. Unfortunately, all three features do not help Bitcoin to be a good exchange tool.

The main impediment I taken note on bitcoin is pump and dump. Numerous dealer will be active with their exchanging trusting that the cost has expanded for them to supply to advertise but the thing is to see the cost has drop down. No speculators will be cheerful, see advertise diminish since of a few coins they are holding for a long time. Few weeks back bitcoin pump exceptionally well, that make a few financial specialists have trust that it'll still go higher some time recently they can offer within the showcase.

The biggest disadvantage of bitcoin is its volatility its a YO-YO it exist in a volatile market which susceptible to losses the losses can be incured when the prices plunges or drops when market forces comes to play and the HOLDER has no infulence over the prices it becomes a disadvantage

The disadvantage of Bitcoin is when people who get hacked and get their Bitcoins stolen. There's no refund system for that.

I remember back then when I was just trying to send a half a thousand worth in USD of Bitcoin and the miners fee that time was double the amount of what I send.
Not sure if the online wallet that I am using is just trying to screw with my money or something but that was just absurd of an amount.

From my perspective, the biggest disadvantage of bitcoin is the transfer speed and high transaction fees because many bitcoin users are having trouble making transactions with this kind of issue. Many people hate the bitcoin volatility, but for me, bitcoin's volatility can both be a good and bad thing for our investment; it only depends on us on how we will handle our investment.

I have always believed that bitcoin is the best and most beautiful in my life. I am very happy to know bitcoin, but now the price is going up and this strong inflation is making bitcoin transaction fees expensive, but I think it has a point when many bitcoin users and miners have to work more and use more tools and huge power, consuming the time of the miners maybe this is what strengthens them to keep working as good servants is this wrong ?? I think bitcoin remains fair

Like any currency, there are disadvantages associated with using Bitcoin:

The biggest disadvantages of Bitcoin are high transfer fees, transfer speed, and volatility. Unfortunately, all three features do not help Bitcoin to be a good exchange tool.

Here some important disadvantages of bitcoin:

Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Bitcoin Valuation Fluctuates
No Buyer Protection
Risk of Unknown Technical Flaws
Built-in Deflation
No Physical Form
No Valuation Guarantee

but, bitcoins are a good platform to exchange your currency.

While reading these Disadvantage i almost wildly reacting because those points maybe disadvantage for others but for some those are opportunity.

Buyer protection can be held obligatory for us to Protect our own coins,thats why there are safe wallets or ledgers to help up took care of our crypto assets.
But when i read this?i understand your concern and you did not mentioned those to Make bad impression for Bitcoin instead those are the part that we must be ready and willing to adopt before investing in this risky currency.

I think high fees aren't a disadvantage of bitcoin properly, but a network one. Or at least a temporary disadvantage of dealing with bitcoins, which can be solved in the future.
For me there isn't issues with bitcoin. It was a very well planned currency since the beginning. I just would point volatility that is a double edge sword in my opinion, because at same time it has its benefits creating the opportunity for a lot of profit for investors on short run, it also has the disadvantage of big losses without warnings. Every investor must learn how to get along with this, as it's just the nature of bitcoin.

That is the user's fault and is applicable to almost everything an individual posses. Wallets won't be hacked if private keys won't be known by other people aside from the user/investor himself. Thus, it is a threat to everything that's why users should be careful on sharing informations. The biggest threat I think is prohibition of its usage which is quite blurry especially at this moment wherein it is having wider acceptance on different businesses across countries. But this is the only way I think Bitcoin will be in danger.

yes I agree with you, one of the biggest drawbacks of bitcoin is the transaction fees that are getting more expensive, but bitcoin provides a lot of benefits, that's why many investors go into bitcoin, they are just looking for a lot of profit regardless of high transaction fees because they see  a lot of profit in bitcoin.  I myself only use bitcoin only for profit, not others.

It is the reality that Bitcoin is not perfect and fees are the only way for Bitcoin to scale. This is how it is was created and it was known since the beginning that it would be tough to scale.
There was a long debate in 2015 and consensus decided to move forward with Segwit and with the Lightning Network as solutions and there was later a split in summer 2017 of the BCH having in mind the possible gap in the merchant and payments sector.

I think that with the final development of the LN, Bitcoin will once again gain recognition as a medium of exchange. I don't think this will be bad for Bitcoin price or hurt the chances of being established as a store of value. Quite the opposite it would reinforce this. We shouldn't forget that gold was used as money for thousands of years even though paper money IOUs were already forced to be used since the Mongolian empire. A store of value doesn't mean we have an asset just sitting around doing nothing.

Actually High fees are depend on which is lookingat it,Because for the Trader this will Hurt them While the Miners are being pampered.
Remember that this market is not consisted by Traders alone.there are other areas in which needed to be considered for this Market to progress.
And to prove how Healthy is this market thats why Volatility is always there to Make movements.
There will never a profit if there will no loser,and that is trading is all about.So The volatile market open Doors for opportunity or disadvantages ,But in the end of the day still no one can deny that this Market is one of the most promising.

The development of Segwit from the Bitcoin wallet addresses didn't help that much, most of the transactions still are high specifically right now, the fees are high because most of the people are transacting at the same time which causes huge market congestion/traffic. This will limit the miners to choose and prioritize first the transaction with a higher transaction fee to be confirmed first. It seems like some sort of automatic bidding on their end and this should be solved in order for bitcoin to be a mode of exchange for minor transactions. I am not saying that Bitcoin cannot become a mode of exchange but in order to fully appreciate each transactions, the users should first transfer a high amount of BTC to make them feel that transaction fee are nothing. This somehow means for me that Bitcoin might be for those who can buy a decent amount of it or simple, for cryptocurrency-rich individuals.

For me, there really are no disadvantages. I guess if I had to choose something I would say the fees are too high sometimes during congestion and the transfer times can be quite long but it's still nothing compared to waiting for the bank to "authorize" something or another that can take a day or sometimes even more. Other than that and the fact you can't spend it everywhere I really can't fault it.

Actually its pro's do consider to be its con's for other peoples. Ex. non reversible.. We know that once you had sent out your funds then theres no turning back or shall we say its already
into its final destination once you had set out an address. Sounds not nice for someone but majority is really seeing this as a good thing and this is how decentralized thing works.

When it comes to disadvantage then i do only complaint about its block size on when the time the network clogged then for sure rise will also going up too which had been
a common problem into those times.

Other than that then i dont see any valid reason which i do consider about disadvantages through bitcoin because this project is a revolutionary one.

I see it as an disadvantage. But that really stops someone to send a transaction if it's unnecessary and the fees being asked is that much. Well, one can say that high fees are really a disadvantage and if you're too meticulous with the fees.
You'll see it as an advantage or sometimes if you don't have much and the fees are a lot, it is dismaying.

Here are some disadvantage of bitcoin

1. high fees (For some people),
This is just a remembrance of the past, 8 years ago exacly. I'm just a little funny about this, bitcoin has zero fee or near zero transaction fee. But now it will become a problem when 1 BTC have thousands dollar.

2. confirmations time
I think this is major problem for me and everyone. When you send money $10 it will consume few hours to get confirm, you can speed up confirm but it will require more transaction fee.

3. power consumption
I think this problem is only for miner, where they need huge electricity to generate crypto. What ever algo will eat electricity (including pos algo)

4. No way back
This is also major problem for new user. There's no way back for
- Wrong address
- Loss Key
- Loss Hardware Wallet
- Got scammed

However i just back to crypto again after several years leave it, and need warm up my brain with new case

High transaction fee is the biggest disadvantage of Bitcoin, but it isn't the only one. What's about high volatility? It makes Bitcoin a worthy investment and not so cool medium of exchange. And the network is so slow. Sometimes it takes up to a couple of days to get Bitcoin transactions approved. 

There are two biggest disadvantage of bitcoin for me. First is the transaction time, most of  the time even if you use recommended fees transactions can still take hours before getting confirmed and credited on the other parties wallet. The second one is the irreversible of each actions in bitcoin blockchain, there is no turning back no disputes no matter how valid your reason is once gone is gone forever is real in bitcoin.

The biggest disadvantage of bitcoin is unpredictable.
Bitcoin is unpredictable all over the world, that is really causing many users wondering why people don't know when it will start pumping in the market and when it will dump in the market. Bitcoin is still rising in the market that is making some traders to trade with fear because they don't know when it will dump in the market. 

You're totally right. I absolutely agree with you. I tried sending some bitcoins just today and I was amazed I had to a very fee of about $10 to send coins worth $75. That's a whole lot and it discourages users from using bitcoin and prevents new users from being users.
Secondly, just he said, confirmation time is really an issue. One have to wait for quite a while for confirmations to be made before it can be valid. I made a transaction some time ago and I had to wait for 10 confirmations. It's terrible, you know. 10 confirmations.
Pseudo anonymous isn't a disadvantage to me. It is part of what makes bitcoin, bitcoin. There isn't much to be done about that

In my impression Bitcoin has not been legalized which has stemmed from numerous communities earmarking violations with Bitcoin. Since Bitcoin has anonymity, no one can recognize it and can be effortlessly defrauded. There are multiple categories of disadvantages but this is an enormous one for me.

There is a lightning network and it's cheaper but only a few are into it. And we're on opposite reaction about volatility, it's not a disadvantage for me because that's how bitcoin became known.
If it's not for its volatility, everybody wouldn't see the advantage that it will make you gain through taking a high risk. And that's a high reward part for us, investors. It's still a currency and is used together with its attributes.

From time to time, Bitcoin transaction fees are quite annoying especially if this who make daily transactions and not just hold it. Solutions are on the way though. Lightning network should solve this issue, but it needs more development work and adoption.

I do think the advantages Bitcoin brings to the table far outweigh the periodic surge in fees.

I personally feel that utilizing illicit bitcoin is a major weakness and that is the motivation behind why numerous nations don't acknowledge it.
At the point when we send money to somebody for criminal operations, the bank makes a move promptly and capture you.
The reality is the bank has the capacity to follow fiat exchange and know where our cash goes.
Lawbreakers are very much aware of it and they utilize bitcoin so banks can not way to deal with it. Else I never observe bitcoins has any detriment.

In my opinion volatility of bitcoin is one of the big disadvantage.For this reason many traders are lose their money.If bitcoin volatility slow down then everyone will feel free invest on bitcoin.

In my opinion, the biggest issue with Bitcoin is scalability. Bitcoin was created to also perform as a payment system but with its scalability issue, it has now become only an asset. People are investing in it to make money more than using it as an alternate payment system. 

In my opinion, the blockchain technology that bitcoin offers increases security, but in contrast, the risk of not inheriting assets.  The acceptance of bitcoin or cryptocurrencies means your survival rate matters most.  The risk that you and the Transfer Gas is born from cannot be attributed to those characteristics.  Of course, the higher the value of bitcoin - the higher the transfer gas.  This attribute should accept.

Now, when there is an increase in bitcoin, the transaction fee will automatically increase. even though bitcoin is in concept for payment, but if the transaction is small-scale it requires
a fee of at least $ 3-10 This is a high cost. In addition, the volatility is high enough to make trading on bitcoin currently has a high investment risk category, apart from many people who
like the voting because it is suitable for trading in a short time.

In my opinion, the biggest issue with Bitcoin is scalability. Bitcoin was created to also perform as a payment system but with its scalability issue, it has now become only an asset. People are investing in it to make money more than using it as an alternate payment system.

Definitely transaction fees for me. For a transaction to get confirmed within reasonable-enough times to be able to use it for real life payments, the fees that needs to be included in the transactions is pretty high, and it isn't very feasible to do small transactions that are possible to do using fiat. Sometimes, I've seen lots of reports on the forums of accidentally carrying out transactions in which the fees was as much as 35% higher than the original amount that they were willing to transact. That's a major problem and I don't see any way of resolving it without the use of the Lightning network, which has its own slew of problems, mostly regarding fraudalent transaction possibility and over-reliance of the network on fund-concentrated nodes. Currently the bitcoin network, as it is, doesn't encourage small transaction amounts, due to the mining difficulty being so high already and ever-increasing.

The mempool just gets so much saturated when many transactions are going through, that sometimes even 1 single confirmation requires ~30mins, and usually 6 block confirmations are required for a transaction to get processed, so that takes a pretty long time, which wouldn't have been caused with fiat.

I'm pointing out two disadvantage that possibly can affect bitcoin. Volatility and Flexibility. Bitcoin being volatile can be you biggest asset or greatest enemy because it would solely dependent on how you play the flow of the price so being disadvantageous or not would be case to case basis. As to flexibility small scale business can't still adapt to using bitcoin due to added transaction fees which will make the product more expensive than usual.

In terms of flexibility, there are those exchanges that accept transactions without any fees and it is almost instant. The problem though is that you should be using the same exchange or mobile wallet. Coins.ph do that service so I don't think he is a problem if that is the wallet people are using. But still, transaction fees and transaction time is a problem to some.

I may be pointing the obvious here but the biggest obstacle to BTC and all the other crypto which leave the masses out is the volatility. The instability of the market worries everybody, I know we are far from getting this sorted but it is a no. 1 factor that an investor thinks about.

And, yh, the fees is another problem which is getting an in progress resolution.

Overall, there is still work to be done for BTC to become the biggest, stable crypto in the future, but atm it is what it is  8) can't be complaining much

I never imagine the fee to become one of its disadvantages but seeing how fees right now are also achieving another ATH. Lol! However, people and other users can still say that Bitcoin is still another financial income generator and its fee is part on how we can transact using Btc's. Its a way to move our coins within the internet because its part of the internet and not part of any institution in the physical world.

The point you raised as the fee issue I am also supporting the motion but for me the other disadvantage I see will not be from Bitcoin but from the holder not being able to hold long enough to before selling.

Bitcoin has a lot of disadvantages such us internet and transaction fees.  Without internet connection or Mobile date we can't use bitcoin that's why it's difficult for people live in a remote areas to adopt bitcoin because they are lack in electricity supply, no internet connection and not capable to buy cellphone and other gadget that can be use for using bitcoin and other cryptocurrency. Bitcoin transaction fees are too high, and maybe it bitcoins value continue to increase ,the transaction fee for it will also increase.

If i see the post of your this post in OP, then i am completely agree with you.
There are more masses present in the Earth who aren’t aware of BTCs.
We need to first educate them about this so that they will get to know how to use it.
Moreover there are still places which accept BTC as a mode of payment, but more services need to accept it.
The main reason for this maybe the Government who doesn’t still consider Bitcoins as legal.
Hope everything will be fixed soon.

Then I will consider you being naive about the cryptocurrency market.
Bitcoin is not the only volatility coin and the volatility aspect of the market is also what makes a lot of people Millionaire this year. The two things every trader need is to make knowledge about the market and how to trade/invest profitably.

With that been said, the things I consider to be the biggest advantage of Bitcoin is the mining (CO2, heat and TPS) and black market activities which may somehow affect Bitcoin now that the institution is the major investors because some Banks or group that are not happy about the interest of the institution in Bitcoin may use it as their weapon.

In the UK, tax is the biggest problem as you can't hold it in tax free investment accounts, and is therefore subject to Capitals Gains Tax.

Here is a typical story about a guy who made some money on Bitcoin, and cashed in just enough to avoid paying tax:

https://www.thisismoney.co.uk/money/investing/article-9151351/The-winners-literal-losers-bitcoin-boom.html

Holders have different point of views, most of the time those who don't have any idea and only investing due to friends or relatives advise

are the one who are losing patience, they usually sell whenever panics take over. Seeing that dumped are administering the market for

sure they'll be moving the same.

Of course, Bitcoin has the disadvantages, nothing has no disadvantage in the world. Some of the disadvantages are (1.) Bitcoin has an unstable price. So, the value can drop suddenly if the demand in the market is getting lower. (2.) It is not secure enough to keep Bitcoin on wallets. We know there are too many hackers in the world to steal Bitcoin. They always know how to steal people's Bitcoin if we hold it online. (3.) It is no acceptable in all places in the world. So, you cannot use Bitcoin as a payment tool in all places in the world. There are still many limitations of using Bitcoin in many places in the world.

Bitcoin is not a good medium of exchange because of the high gas fee. For big transactions, fees do not matter much but for a small transaction, I would say it's not worthwhile because it will cost more because of the fee. I also think the same fee is the biggest disadvantage for small transactions apart from this BTC is still not acceptable worldwide legally there are restrictions in some countries.

Bit coin is very hard to cash out of .
I mean how are you going to turn your bit coin into cash ?  There are so many fees ,by the time you get your cash you would have lost 20%  at the minimum .That's before your government taxes you on top of that.
The other alternative is to trade cash for someone you arrange to meet in a dark alley . Much like the dope deals we all have seen in the movies  . Except in the movies ,our hero gets his money or dope back from the robbers .

Disadvantage is the risk and volatility, the lack of notification and understanding, with incomplete functions, but which are developing, so Bitcoin is not perfect.

As my programmer friend always says, there is no perfect system, and neither is bitcoin. There are risks that need to be taken, there are a lot of things to consider and we should be aware that it is not always a profit. All in all, the biggest advantage and disadvantage of bitcoin is the fact that it is a volatile crypto currency.

It is very true that Bitcoin has some disadvantages, but you should also understand that there nothing that does not have disadvantages. The disadvantages of bitcoin are what makes it unique. We just need to accept the flaws of Bitcoin and try to understand these flaws in order to take full advantage of Bitcoin in terms of building a decentralized financial ecosystem.



Yes, Bitcoin is not perfect. You should also understand that nothing is actually perfect in this ecosystem we find ourselves. We don't need bitcoin to be perfect.

Umm. Have you ever tried using it as a cash payment system to make a purchase?

It is already known, the transaction fee with bitcoin is quite high and it keeps rising when the price bounces high or there is high volatility in the market. With large volume transactions the fee doesn't seem to be big. Maybe someday the same scenario will prevail with low volume transactions, because only through that it is possible to have bitcoin into real life usage.

Bitcoin is an alternate to the traditional fiat, and it is created to fulfill things that aren't possible with traditional fiat. Nothing in the world is perfect, the perfection is upon the way we use it based on the need.

I also consider bitcoin to be loose as a digital currency but now it is an investment asset. many people who buy not for transaction needs but they buy even in large quantities to hodl then when the price goes up, they will sell it.

Nope.

LN is an offchain system, it does nothing to increase onchain scaling.
LN does not solve bitcoin low transaction capacity.

You have to actually increase bitcoin's onchain transaction capacity to increase scalability.

1.  Increase blocksize
2.  Faster block speed

These are the only ways to increase transaction capacity and lower the transaction fees.

Bitcoin transactions fees is something I really dislike when transferring bitcoins, cause the  in order for your transaction to be processed real fast you have to pay higher fees else your transaction will be considered as less important, with more people adopting bitcoin daily we might see a fee higher than even $7 soon, for this reason I doubt if bitcoin is ready to become a global currency or used as a medium of exchange, cause you can't be spending $7 TX fee for any commodity you buy, lately bitcoin is used for investment purposes only and not as a medium of exchange.

No, Bitcoin is not used for investment purposes. You can invest in buying a house, the usecase will be to live in it or rent it out. You can invest in the stock market, the usecase will be that the business grows in selling more stuff or providing more services. You can invest in gold, the usecase is jewelry and industrial use.
Bitcoin has no usecase, it is to slow and expensive and is hardly used for anything.

Buying bitcoin is no investment because it has no usecases, it is a pure ponzi scheme. It cannot technically be classified as an investment.

For instance if you give me money, that is your cost and my gain. Giving out money is not an investment.
If you buy BTC at an exchange, that is your cost. Again, giving out money is not an investment. You have simply put money into a ponzi scheme. Now you hold BTC for the money you gave to the exchange. When the ponzi scheme ends, you lose most of your money. This is not investing.

Popularity of bitcoin and Market value are increasing incredibly day by day.
But it has some disadvantages too. We can't ignore those disadvantages.
High fees.
Most of the governments don't like bitcoin.
In most of the countries bitcoin is banned.
It has a high chance of corrupting the bitcoin system.
Virus can attach to the bitcoin system anytime.
It is difficult to understand incomplete bitcoin functions.
Black marketers can easily use bitcoin. As a result, it will damage the reputation of bitcoin.
It has no refund system.
It has a high chance that other currencies will overshadow bitcoin.
The bitcoin system can be hacked by hackers.
Nowadays, bitcoin is a breathtaking money transaction system. It is popular all over the world. It's a time consuming and easy transaction system. But we can't also ignore the above disadvantages of bitcoin.

In the past, many have said the same.

It is an investment and that's why many people are getting their own portfolios with bitcoin. It is not a ponzi scheme, a ponzi scheme guarantees you profit but bitcoin is volatile and that's its nature asset that you have to decide whether to invest or not. Being expensive, no use case and slow. Well, investors won't be getting in and holding it if those descriptions you have mentioned are existing on it. About it being slow, segwit is making it quicker.

You hold the money that you have. What if you didn't bought from exchanges and you just mined it?

Definitely one of the biggest drawbacks, the lack of scalability. But all PoW coins have the problem as soon as they have a critical number of users / transactions. This also applies to PoS, but there is more leeway here.