What do you think are the biggest disadvantages of Bitcoin?

[TastyChillySauce00]

Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.

The concept is actually very easy to understand. There is fluctuation but I dont see this as a bad thing.the waiting time does such but some banks can take over a day if the bank is not the same as the one ita being sent to so bitcoin is pretty fast.

The fluctuation is not a problem for most of the traders. they even see it as advantages to getting profit out of it but it might be a serious problem for an online store to accept bitcoin because it could reduce the amount of money they're going to receive if there's happen a sudden price falling at the same time when their clients are sending the bitcoin and still in process of confirmation but fortunately, bitcoin payment API such as bitpay or coinbase could resolve this

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[Techie5879]

Well, there are some disadvantages. Like:-

• Hugely anonymous, it is hard to trace the any people involved in any transactions
• It has been used in past for illegal activities
• Only a very less percentage like around 3% or 5% are aware of the bitcoin technology
• Confirmation time getting slow and slow
• No one controls it, i.e, dependency on peer-to-peer network
• It is yet to be stable

[BALIK]

Well, there are some disadvantages. Like:-

• Hugely anonymous, it is hard to trace the any people involved in any transactions
• It has been used in past for illegal activities
• Only a very less percentage like around 3% or 5% are aware of the bitcoin technology
• Confirmation time getting slow and slow
• No one controls it, i.e, dependency on peer-to-peer network

It looks you say all disadvantages of bitcoin? hahaa, it's true that it's very hard to track or trace the bitcoin address that's why it's using in illegal online activities like buying guns, drugs, and other illegal things and the main market is on the dark web that's very hard to access and it's restricted, last month i got leaked sites to some dark web link and i saw many illegal market sites that involved in bitcoin.

[nasipadang]

disadvantages of Bitcoin
Degree of acceptance the list remains small and still needs to grow in order to benefit from network effects
Volatility The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be
Ongoing development Bitcoin software is still in beta with many incomplete features in active development

[x4]

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 guess many people and company preventing from accepting bitcoin as their payment method because of its unstable price, as of now it decrease 770 to 749 in just a day, so company owner will always think about the future of there service, and as a technology bitcoin is on its way of processing and development,

[ardentvolcanoes]

Well, there are some disadvantages. Like:-

• Hugely anonymous, it is hard to trace the any people involved in any transactions
• It has been used in past for illegal activities
• Only a very less percentage like around 3% or 5% are aware of the bitcoin technology
• Confirmation time getting slow and slow
• No one controls it, i.e, dependency on peer-to-peer network

that is why it has been used for illegal activities, because these criminals doesn't want to be trade by authorities although it is also good for us but there's still a disadvantages from being anonymous of this coin and that is we cannot trace someone if he does sent your coin to his wallet so it will impossible to identify who stole your coin.

[Wintersoldier]

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 main reason is bitcoin uses in dark market. People are affraid  this coin to use as mode of payment because of that.
Another reason is that there are too many HYIP scammed sites that uses bitcoin. Hence, alot of people were scammed and find bitcoin market isn't good so.

[serjent05]

I think one of the big disadvantage of bitcoin is the fact that it is not recognized by the government as currency.  It is not covered by any law of government or was seen as different than currency, so if someone stole your bitcoin, you can never file a case against the guy who stole your bitcoin even if you have known that guy because the ruling of the court is that no one owns bitcoin.

[Blitzboy]

Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.

The concept is actually very easy to understand. There is fluctuation but I dont see this as a bad thing.the waiting time does such but some banks can take over a day if the bank is not the same as the one ita being sent to so bitcoin is pretty fast.

Well I think that the time we wait for transactions and bitcoin's fluctuating price isn't any big deal as it only needs a little bit of patience and will. But the concept of having bitcoin as a payment and making people understand it is quite tricky. Not everybody has a good view of bitcoin and giving them a better picture of this can result the other way around because the negative and false news of bitcoin may get their attention and somehow shape their way of thinking about bitcoin without knowing anything about its benefits.

[sevendust777]

It is a blessing to those who do illegal goods traders and money launderers...
It has a few spending options. Few merchants, businesses here in our country, almost none accepts bitcoin as a form of payment....
It can be hacked, but the good thing is your life is out of danger... It is better to be hacked than to get robbed in the streets..lol

[Fatanut]

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 main reason is bitcoin uses in dark market. People are affraid  this coin to use as mode of payment because of that.
Another reason is that there are too many HYIP scammed sites that uses bitcoin. Hence, alot of people were scammed and find bitcoin market isn't good so.

It's okay to know all these things about bitcoin. We can't change these facts but people should realize the fact that all those scams and all those bad activities related to the use bitcoin will never do harm to them unless they try and go near it. It's like the thorn of a plant. You won't get hurt if you don't touch it. If you don't invest in hyip sites, then you will not get scammed. If you simply stay away from it (both from the thorn and hyip site), you'll be safe.

There are too many hyip sites because scammers make good money out of it and hyip sites will always be there. Everyday, an hyip site runs away and a new hyip site gets launched.

[Harlot]

Well I must say the biggest thing that hinders Bitcoin's growth aside from its demand or presence is that it has slow transactions. Usually it takes about 30 minutes to 1 Hour or more just to see the Bitcoin reflect in my account, it is because of several confirmation on a single transaction. For it to be accepted in our developing world it must be fast and efficient in order to cope up with us.

[izanagi narukami]

Bitcoin can be use for money laundry because it's untraceable
That's why my goverment also against bitcoin because bitcoin can be use for funding terorism activity. And for another example : it's kindda hard to track down who's the thief in bitcoin world

[sabbirshm]

Bitcoin can be use for money laundry because it's untraceable
That's why my goverment also against bitcoin because bitcoin can be use for funding terorism activity. And for another example : it's kindda hard to track down who's the thief in bitcoin world

Yah,that's a serious point, bitcoin can be used to money laundry and none can trace it..For that my country banned bitcoin for the illegal activities.So, I think government should have the right of control bitcoin.By this illegal activities of bitcoin is decrease.

[rajasumi2]

The biggest risk of bitcoins is that it can be hacked .and u dont even know that ur country might ban bitcoins and u are left with nothing .well to be honest ,investing in bitcoins is too much risky .and u wont have too much profit .kudoos

[ErikSneijer]

The biggest risk of bitcoins is that it can be hacked .and u dont even know that ur country might ban bitcoins and u are left with nothing .well to be honest ,investing in bitcoins is too much risky .and u wont have too much profit .kudoos

This can be a risk but the fact is if you keep it safe nothing will happen with it, its all depending on yourself if I have to be honest.

[carlisle1]

Not everyone trades In in Bitcoins. Secondly it's prices keep on fluctuatining. Thirdly the waiting time on transactions, also turns down people. Plus the concept of Bitcoin as a payment is difficult to understand for everyone.

The concept is actually very easy to understand. There is fluctuation but I dont see this as a bad thing.the waiting time does such but some banks can take over a day if the bank is not the same as the one ita being sent to so bitcoin is pretty fast.

Yes there is nothing wrong with fluctuation because it is the only thing that really makes bitcoin alive without a fluctuation we will lose some of our interest with bitcoin because it is one of the reason why we loved to use it, the changing of price.

[danherbias07]

It gets boring. Just waiting for a price increase is not really fun. I know the real fight here is all about patience. Cant wait for those projects that will be started at 2017. That might take out the boredom with all of this.

[HanSchultz]

The biggest disadvantage i can see about the Bitcoin is the delay in confirmation and i could see the transaction fees getting higher i future.We need fast transactions for the bitcoin to be a major player in world economics

[Positid]

The biggest disadvantage i can see about the Bitcoin is the delay in confirmation and i could see the transaction fees getting higher i future.We need fast transactions for the bitcoin to be a major player in world economics

It could be the disadvantage but I do not see it the biggest, this problem does not happen all the time which is occasional only and a real supporters understand that due to volume of transaction. For sure this problem will not last and be sorted the soonest or in the future.