What do you think are the biggest disadvantages of Bitcoin?

[hich_ang]

Bitcoin is not finally stable. For me the biggest disadvantage now is big fees for small transactions.

[BingoDog]

For me one of disadvanatges is the fact that the transactions have become pretty expensive because of the fees. Also, anonimity is not that strong anymore as it used to be and sometimes the confirmation time that takes too long. Also it's not equaly accepted everywhere especialy by phisical merchants. But this are all things that could be improved in the future.

[Rinaze]

High transaction fees at this current moment. I'm not sure if it's fair to compare BTC with PayPal before Visa / MasterCard but BTC most likely have to overcome that first before we see a more ideal mass adoption in place.

[eifer0910]

Disadvantages of bitcoins i guess is the high transaction fee from one site to another, you can't pay bills or foods using bitcoins you need to cash it out first coz in our country no restaurants or malls can transact to btc, & ofc the thing that btc has no accurate price sometimes up sometimes down.

[slashz9]

if in my opinion, maybe because in every transaction we have to use the internet, unlike the money directly received from person to person.

[Harlot]

Disadvantages of bitcoins i guess is the high transaction fee from one site to another, you can't pay bills or foods using bitcoins you need to cash it out first coz in our country no restaurants or malls can transact to btc, & ofc the thing that btc has no accurate price sometimes up sometimes down.

What you are talking about shops and restaurants not accepting Bitcoin directly is not a permanent disadvantage of Bitcoin. Right now we can still consider Bitcoin on a developmental stage as it is still growing and a lot of people are not aware that Bitcoin exist which means it is too early to say that businesses won't accept Bitcoin as a mode of payment. Also it is still risky to accept Bitcoin as a business owner as it is still a volatile currency.

[Loveydovey04]

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

Im thinking of because it is not yet accepted everywhere, i mean worldwide, then it stability is also unpredictable.  Another is not all are knowledgeable about it but i believe as more and more people support and come to discover about it, bitcoin is on the way to it. It is also difficult in terms of payment, if you are cashless and all you have is bitcoins in your crypto wallet but still not all accept it as payment.

[longpro098]

There are many people who know nothing about bitcoin yet, you can not buy anything you want with bitcoins
And in my case, it is hard for me to swap it for fiat currency, most people use bitcoins as an investment, rigth now me I do not do it that way

[Palmerson]

Disadvantages of bitcoins i guess is the high transaction fee from one site to another, you can't pay bills or foods using bitcoins you need to cash it out first coz in our country no restaurants or malls can transact to btc, & ofc the thing that btc has no accurate price sometimes up sometimes down.

What you are talking about shops and restaurants not accepting Bitcoin directly is not a permanent disadvantage of Bitcoin. Right now we can still consider Bitcoin on a developmental stage as it is still growing and a lot of people are not aware that Bitcoin exist which means it is too early to say that businesses won't accept Bitcoin as a mode of payment. Also it is still risky to accept Bitcoin as a business owner as it is still a volatile currency.

I think this is not the main reason. Business owners are always quick to adapt to new circumstances and will not be a problem to accept bitcoin. The owners of bitcoins are now not ready to pay in bitcoin. Everyone tries to save their coins and earn through price increases.

[Fundalini]

First, wallets could be hacked if the users become careless. Second, bitcoin is not capable of instant transaction.  Third and biggest disadvantage is that bitcoin is not backed by something. Like in fiat, it is backed by the economy of the country issuing it however in bitcoin, only the trust of the users make up the value of bitcoin.

your physical wallets can be stolen, too you can not blame bitcoin or wallets cause of your carelessness. Bitcoin is good and if you want bitcoin to perform best, you need to have a decent knowledge about bitcoin and as well as the computer. Everything can be hacked or stolen, even the place with highest level of security

Oh i see... I guess the logic in my first reason out of place haha. Indeed if  we were to factor out the users carelessness, hackers wouldn't even try to hack the blockchain and this is in fact an advantage

[Wilout]

Many people expressing that hold off in confirmation time is the biggest disadvantage of bitcoins but I do not believe its an huge issue if you include increased fees as if you want to get income in rapid time in your wallet then you should find the money for to shell out larger expenses and for me its not a massive offer.

[audrey12]

The biggest disadvantage of bitcoin is the stability of its price that holding it somewhat putting your money into a risk, you never know if it will rise or the price suddenly crash or lose its value.

[andrei56]

the biggest disadvantage of bitcoin is that we still have to pay a fee with small transaction and that fee is extremely big when compare to that small transaction. As you can see, if we want to transfer $1 worth of bitcoin to someone, we need to pay an extra $0.5 in order for our transaction to be proceeded

That is not really a disadvantage but the way the network works, have you tried to send a dollar using a bank wire? I do not even know if it is possible to send such a low sum of money, but in bitcoin you can do it if you want even if you consider the fee to be high.

I will never come up to an understanding as to how people think that bitcoin fees are "high". Have you guys tried to transact a large sum of money? You see how little that fee is as opposed to how much the fee is when you send money in Paypal. Unless you are a person that likes to send a dollar at a time, which is insane by the way, then I see no reason why would you have problems with the transaction fee.

I do not think that, in fact that is my point, people complain about the fee and I do not even know if you can send a dollar with western union, I think they will probably laugh at me if I tried that and the fee is probably going to be many times higher than what I sent.

[Frowleall]

I think the being decentralized is the biggest drawback of Bitcoin.  Currently being decentralized sluggish factors down when it arrives to choice and modification particularly employing correct and upgrades.  It wants consensus and as we see, it normally takes a long time just before 1 good up grade to be applied.

[Katariah]

It is true that bitcoin has so many advantages such as easy income but what about disadvantages? In my opinion there are few disadvantages of bitcoining one case is we dont know the exact price of a bitcoin because it changes from time to time what I mean is its not that stable and it is risky but we still patronize it. For example I converted a bitcoin into 300 $ the next day its value changes to 350 $ something like this. Also Bitcoin is volatile due to the fact that there is a limited amount of coins and the demand for them increases by each passing day.

[Hald_ane]

I agree with volatility and transaction fees being disadvantages (although volatility is temporary and fees not too relevant for bitcoin as an investment/digital gold).

Another big disadvantage in my opinion is that for common people it is still not easy to get Bitcoins (and into bitcoins); one survey on a german blog showed that many bitcoin owners were working in software development/IT. Not mainstream.

i.e. to get started you first have to create or get a (secure) wallet (or more than one per type of use); then you have to find out the best way to get bitcoins, mostly sorting through tens of commercial available exchange sites (and google ads), what they charge, and then - example in Germany, where your choice is more limited - go through a heavy ID verification process (this seriously gave me headaches and gives doubts - do you trust these companies with that detailed data, are they reliable, given the history of these exchanges).
Then you have to trust that you made the right choices, which if you're not tech-savvy or tech-curious is not granted.

[wilwxk]

I think the biggest problem its not the bitcoin code, the biggest problem in this moment its the difficult to buy bitcoin from a safe exchange, the technical knowledge needed to set up a wallet, and the difficult to use a digital currency in the physical world.

[sapnu]

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

Maybe it is because of being volatile. In an investment, having a stable market value is a plus points, because if something's value changes from time to time, it will be risky, especially on an investment or at this case , as a currency. Also, Bitcoin is an open source system, that make countries doubt about the security. But as its demand is increasing, it will be legal to more countries in the near future.

[smauni]

Bitcoin disadvantages is  transactoin fee and transfers time is so long which is so much irritating And the price of bitcoin is not stable.The payment system of bitcoin is so difficult.I can't understand this system also.

[andrei56]

I think the being decentralized is the biggest drawback of Bitcoin.  Currently being decentralized sluggish factors down when it arrives to choice and modification particularly employing correct and upgrades.  It wants consensus and as we see, it normally takes a long time just before 1 good up grade to be applied.

This is completely incorrect the biggest advantage of bitcoin is that is decentralized if that was not the case, governments would have destroyed bitcoin already by seizing a few servers and this is why most people want to have small blocks so bitcoin remains as decentralized as possible.