What do you think are the biggest disadvantages of Bitcoin?

[Ilmare]

In general, bitcoin is not considered legal in most countries around the world. Therefore, theft or scam victims have almost no option for recourse. However, the legal landscape is ever-changing and one of the best spots to update yourself on where bitcoin is acceptable or not is Bitlegal.io.

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[Herumor]

While many countries around the world mainly cautioned the public against the risky nature of Bitcoin, some politicians or political parties have extreme views about bitcoin. Russian and French lawmakers are considering banning it altogether.

 

[Hisilome]

Yes , Bitcoin has a lot of disadvantage , but it doesn't matter , Bitcoin will remain famous. I don't really know a lot of thinks about Bitcoin , but I know that the fees are one of the disadvantage.

[Brish]

I completely doubt that, the only one I could think of is the excessive transaction fees associated with withdrawal and deposit. And it's recent fluctuations. Else it has become a good source of income for so many home and abroad.

[Daggerfall]

Undoubtedly, bitcoin's big drawback is transaction fees and, of course, a long confirmation of the transaction, regardless of the commission. And with anonymity, problems begin, because some exchangers need personal data to buy bitcoin.

[Illuine]

Fees and transaction time are main disadvantages of bitcoin.. lest it's a great global currency..

[Idrilane]

These days and not only the fees are one of the biggest disadvantage of Bitcoin. You have to pay a fee of minimum 10$ for every transaction that you make and even with that you have to wait a few hours until your transaction is fully confirmed.

[Hurine]

Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.

[Iamlegit4sure]

main disadvantages of bitcoins are simple: high fees (for now, until lightning network is operational). Low adoption (less than 1% of the world population really knows anything about bitcoins), high transactions times (Same for lightning network)

[godfredmanu]

Fees for sending bitcoins is the biggest disadvantage of bitcoins, also the irreversible nature of bitcoins not been able to reverse in case sent to wrong address.

[Luthien]

Wallets can be lost.. If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.

[Laurelin]

When goods are bought using Bitcoins, and the seller doesn’t send the promised goods, nothing can be done to reverse the transaction. This problem can be solved using a third party escrow service like ClearCoin, but then, escrow services would assume the role of banks, which would cause Bitcoins to be similar to a more traditional currency.

[Helcaraxe]

The Bitcoin system could contain unexploited flaws. As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.

[Gortholian]

Since the total number of bitcoins is capped at 21 million, it will cause deflation. Each bitcoin will be worth more and more as the total number of Bitcoins maxes out. This system is designed to reward early adopters. Since each bitcoin will be valued higher with each passing day, the question of when to spend becomes important. This might cause spending surges which will cause the Bitcoin economy to fluctuate very rapidly, and unpredictably.

[Glorfindelian]

Since Bitcoins do not have a physical form, it cannot be used in physical stores. It would always have to be converted to other currencies. Cards with Bitcoin wallet information stored in them have been proposed, but there is no consensus on a particular system. Since there would be multiple competing systems, merchants would find it unfeasible to support all Bitcoin cards, and therefore users would be forced to convert Bitcoins anyway, unless a universal system is proposed and implemented.

[bitcoi]

Bitcoin has high volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day. I think BTC is not for not for people with less tech knowledge. Another disadvantage i that once you send your funds to a wrong address, you lose all your money as transactions are irreversible.

[Glaurung]

Since there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. If a large group of merchants decide to “dump” Bitcoins and leave the system, its valuation will decrease greatly which will immensely hurt users who have a large amount of wealth invested in Bitcoins. The decentralized nature of bitcoin is both a curse and blessing.

[staywoke081]

The single biggest disadvantage for bitcoin at the moment is that you can't send funds worldwide for a nominal price and that has been the promise. Well that and being able to use it as currency. Once these two issues get resolved then we will have a robust currency one that will stands unmatched in terms of its capabilities.

[Gildorian]

Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies.

[Rodon]

I think the biggest one is the fluctuations of Bitcoin. And also there are few companies that accept Bitcoin payements.