What do you think are the biggest disadvantages of Bitcoin?

[Mahanton]

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved

I think the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down. Another thing is about is transaction it is so slow this is a big downfall because people now a days always want fast, always want instant. If this advantages were to be fix for sure bitcoin will rise to its peak.

For a normal user of bitcoin this can be a disadvantage that price is not stable and you never know if the bitcoin price will rise or crash, but for the trader point of view who is actually trading the coins, this is the best thing for them to gather instant profits by right time sell/buy of the coins.

Many traders will agree with you, extreme price fluctuations can generate huge profits for speculators, the point is not to eliminate the value of bitcoin. In a trading business, if we want bitcoin price to go up, it must be ready with the opposite, no currency moves smoothly like gold. If price movements are stable, bitcoin will never reach its prime.

We cant really make money if the price are stable and traders will surely go out on this field since making money would be less compared into more volatile thing just like on bitcoin. Some may see this as an disadvantage but for most people this would really also a great feature or thing on making money. The bad thing that i can see on bitcoin is on its anonymity it do really have the negative side which people can use it on creating crimes since transactions are not traceable.

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[andrei56]

I don't find anything that prevent major mainstream adoption which is happening day by day, the biggest original difficulty is the price of bitcoin but it doesn't matter since it can be broken to as many small pieces as necessary.
Even the confirmations isn't an issue IMO, Few minutes are within acceptable waiting time.

A few minutes is a lot if you are buying something in a vending machine, or when you are buying groceries at the store, bitcoin right now works very well for payments over the Internet where you have a few hours to get a confirmation, but it is not ready for the real world.

Yeah also when you happen to go to some fast food chain and you ordered a meal and it just took so long before you can eat just because of long waiting of transaction. Like wth! Better to use cash instead of bitcoin. Maybe this is one of the hindrances that prevent bitcoin to widely be accepted.

To be honest that does not bother me that much, it would be nice to be able to do so, but at the end I care more about the protections that bitcoin gives, like the fact that no one can take our money from us without our consent, or the fact that you can move huge sums of money and no one can know, unlike other payment methods, like cash, gold jewelry or even traveler checks.

[ladydark]

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved

High transaction fee was main disadvantage.But now,it has almost been solved.Now price volatility is the main problem.It will still continue to exist.It could not be solved.It is the main reason due to which bitcoin has not been accepted as primary currency.Price volatility is mainly due to the decentralized nature of bitcoin.

[speem28]

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved

I think the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down. Another thing is about is transaction it is so slow this is a big downfall because people now a days always want fast, always want instant. If this advantages were to be fix for sure bitcoin will rise to its peak.

Yes, bitcoin's price volatility is one of the biggest disadvantages of bitcoin and it is also hard to anticipate when will the price fluctuates.If this problem can be solved, of course, there will be a  price stability and it will be much better for us bitcoin users. Though this may seem difficult to solve because the price of bitcoin depends on the supply and demand of people for bitcoin.

[Haesoo]

No, there are no disadvantages with the Bitcoin. Somebody feels like that the code will be hacked by hackers, then our bitcoins will be stolen, like that. No worries at all, bitcoin is complete secure system.

"Explain the fact that you have to pay more than one dollar for a one dollar transaction."
"Explain the fact that everyone's uncertain about what's going to happen to bitcoin after August 1."
"Explain how mining bitcoin is only profitable to people that are already rich in real life."
"Explain how we have to wait days before out transaction gets confirmed despite putting enough transaction fee."

That's just the very limited questions that you will have if ever you make a thread out there saying that bitcoin has no disadvantage. Everything has a flaw and bitcoin is not an exception.

Indeed. These are the hindrances of why bitcoin is not widely accepted. Let's accept these facts and don't just get blind. Maybe bitcoin is popular but its not yet ready for the world because the issues needed to be resolve.

[Rostadom]

I think the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down.

So what are you proposing for bitcoin to happen? Bitcoin having a stable price will be impossible. The price of something will always fluctuate. Even the fruits and vegetables in a grocery store have a fluctuating price and their price is based on the supply. If the product is in season, then the price will be relatively low. Bitcoin is based on demand because the supply isn't increasing so much. To have a stable price, bitcoin also need to have a steady demand.

Or should bitcoin be just in upward trend so we can all make money from it? That's also impossible to happen. No market has nothing but more people having interest about it and buying more and more and never selling anything.

[mamaya]

No, there are no disadvantages with the Bitcoin. Somebody feels like that the code will be hacked by hackers, then our bitcoins will be stolen, like that. No worries at all, bitcoin is complete secure system.

"Explain the fact that you have to pay more than one dollar for a one dollar transaction."
"Explain the fact that everyone's uncertain about what's going to happen to bitcoin after August 1."
"Explain how mining bitcoin is only profitable to people that are already rich in real life."
"Explain how we have to wait days before out transaction gets confirmed despite putting enough transaction fee."

That's just the very limited questions that you will have if ever you make a thread out there saying that bitcoin has no disadvantage. Everything has a flaw and bitcoin is not an exception.

Indeed. These are the hindrances of why bitcoin is not widely accepted. Let's accept these facts and don't just get blind. Maybe bitcoin is popular but its not yet ready for the world because the issues needed to be resolve.

Thankfully they are actively trying to resolve these issues, except the community is very slow to accept and implement proposed improvements. Its both one of bitcoins features as well as its main disadvantage, how immutable it is and how difficult it is to change it.

[dunfida]

I think the biggest disadvantages of bitcoin is the price is not stable, it keeps on fluctuating up and down.

So what are you proposing for bitcoin to happen? Bitcoin having a stable price will be impossible. The price of something will always fluctuate. Even the fruits and vegetables in a grocery store have a fluctuating price and their price is based on the supply. If the product is in season, then the price will be relatively low. Bitcoin is based on demand because the supply isn't increasing so much. To have a stable price, bitcoin also need to have a steady demand.

Or should bitcoin be just in upward trend so we can all make money from it? That's also impossible to happen. No market has nothing but more people having interest about it and buying more and more and never selling anything.

All prices do really move and theres no stability butt we cant compare the price of fruits and vegetables on bitcoin. Movements are too far away even on world currencies they do really differ in terms of volatility.  A healthy market do really have decreasing and increasing prices which we can able to see on bitcoin.Some may see its as an advantage and some sees it as an opportunity on earning money.

[coinnewbit]

As of now there is no much awareness of this. when the awareness increased the investments also increase and the value of the bitcoin also increases

[harkonnen]

The only main disadvantage of the bitcoin is not accepted worldwide. As of now few countries accepting and when its accepted by all over the world then nothing is stopping this bitcoin.

[Bitcoinislife09]

The biggest dis advantage of bitcoin is that many countries didnt accept bitcoins and didnt legalized and sokme banks are not changing the value of bitcoin in to a real money,and some banks didnt accept bitcoin.For they should solve their problem on this to prevent any negative comments and complains about bitcoin.

[khan149]

I think bitcoin price is pumping & dumping at any time it's one of the big disadvantages.

[andrei56]

No, there are no disadvantages with the Bitcoin. Somebody feels like that the code will be hacked by hackers, then our bitcoins will be stolen, like that. No worries at all, bitcoin is complete secure system.

"Explain the fact that you have to pay more than one dollar for a one dollar transaction."
"Explain the fact that everyone's uncertain about what's going to happen to bitcoin after August 1."
"Explain how mining bitcoin is only profitable to people that are already rich in real life."
"Explain how we have to wait days before out transaction gets confirmed despite putting enough transaction fee."

That's just the very limited questions that you will have if ever you make a thread out there saying that bitcoin has no disadvantage. Everything has a flaw and bitcoin is not an exception.

Bitcoin has some problems there is no way to deny that, but the first point is not a problem but a characteristic of bitcoin, the fee charged for a transaction has nothing to do with the amount of money that you are sending but with the size of the transaction itself.

[juljon18]

Biggest issue I see is that the elderly I'm surrounded by are completely inept with this technology.  It will take some of them months and years to figure it out.  I tried to set up a wallet with my 65 year old father and it just wasn't happening.

[mharz]

Bitcoin was different to other altcoins or crytocurrencies due to good credibility of bitcoin in the market place. Moreover because bitcoin is one of the pioneer in crytocurrencies industry they catches up the trust of many people due to good fluctuation of value in the market.

[MarkReuter]

The biggest disadvantage of Bitcoin is scaling process. With increase usage of Bitcoin, blockchain is incompetent to hold transactions. As a result of which fees are increasing dramatically.

[andrei56]

The only main disadvantage of the bitcoin is not accepted worldwide. As of now few countries accepting and when its accepted by all over the world then nothing is stopping this bitcoin.

We should not be as impatient when it comes to bitcoin, adoption takes a lot of time, we will probably need another 20 years before we can see if bitcoin is going to be accepted worldwide or not, I know that is a long time for many but it is in fact a small amount of time when viewed in historical terms.

[eann014]

Biggest disadvantage of bitcoin is that, you are already saving a lot of bitcoin and when the time you need to withdraw it, the bitcoin value is getting lower so it is very disappointing, you will be thinking again if you need to withdraw it or stay and wait again until it goes up.

[SMSabuj]

I think the biggest Disadvantages of Bitcoin is, Bitcoin price is not fixed. It dumps and pumps any time. And most of the country is not except Bitcoin.

[loyseu]

I think the biggest disadvantage of bitcoin is it's not stable it might increase or decrease the exchange anytime and it is not worldwide accepted as for now.