What do you think are the biggest disadvantages of Bitcoin?

[funcaty]

Bitcoin has many advantages, which I do not say, say it a shortcoming. Is dealing with transactions too slow. It can only handle seven transactions a second, which seriously restricts its large-scale application.

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[coynedterm]

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

The big disadvantage in Bitcoin is only its configuration system which always disturb us some time deeply .
Allover I think nothing in Bitcoin that can be bad or can be consider as an disadvantage of Bitcoin .

[danherbias07]

I still believe that its advantage is its unpredictable rise and fall. With that if you know what you are doing then you could certainly make a lot of profit with just a right decision to where it will move.

[delliaerd]

Hm in my point of view may be the some dis advantage of bitcoin are :
1. Time of bitcoin transactions, bitcoin sometimes have delayed when we sent few amount of btc to other address. If That's happpen The confirmation can take more than one hour. But this problem always would be fixed by developers.
2. The fluctuations of bitcoin's price. Some part of bitcoin's user make this a problem because sometimes the price of bitcoin go down unpredictably. For beginners maybe will panic. But it is will be a good situation for professional trader indeed. They can take a lot of profit from fluctuations of bitcoin.

[valley365]

The biggest disadvantage of the bitcoin is that it is not distributed fairly. Therefore it is not easy for people to accept it and use it. Should it be distributed fairly, people would be more apt to adopt it.

[kiklo]

What do you think are the biggest disadvantages of Bitcoin?

1. Controlled by Chinese Mining Pools thru a 51% attack scenario
   (They can block any transaction or rewrite the last 12 hours of BTC transaction history on a whim.)

2. Price has went too high, Completely Lost the Micro-payment potential

3. 1 mb block size is under used and BTC core is trying to implement segwit & LN to steal transaction fees from the miners with LN (offchain transactions)
    (Internal Power Struggle between the BTC core & Chinese Mining Pools)

4. Miners bills for ASICS & Electricity will keep increasing while there block reward cuts in half every 4 years

5. PoW will eventually be too costly too maintain , it is what happens when you design a system with a perpetual arms race, eventually it is not worth it.
    (Home Miners gave up years ago.) PoW Systems become unsustainable over time.

6. Not enough coins available for a global population.

7. Fake trading volume on Chinese exchanges to artificially inflate the price.


 

[Zadicar]

The biggest disadvantage of the bitcoin is that it is not distributed fairly. Therefore it is not easy for people to accept it and use it. Should it be distributed fairly, people would be more apt to adopt it.

Its not really an advantage on bitcoin itself regarding on its adoption since its really easy to understand on what is bitcoin. Features should be pointed out regarding on bitcoin and i think the disadvantage of bitcoin is its anonymity it may have advantages for some but most part of it would be negative since people would really use it for illegal services.

[millgates]

I just didn't found any bitcoin disadvantage yet. Me as user/customer is get so many profit so I think bitcoin is better than other currency.

[OrangeII]

perhaps the biggest disadvantages to the current bitcoin is, the amount that has limits. Well, if bitcoin always have the amount increased, perhaps it would be very nice to be distributed throughout the world. maybe so, bitcoin will be well received around the world.

[Positid]

perhaps the biggest disadvantages to the current bitcoin is, the amount that has limits. Well, if bitcoin always have the amount increased, perhaps it would be very nice to be distributed throughout the world. maybe so, bitcoin will be well received around the world.

It's not the disadvantage, in fact it's the advantage since there is not inflation like fiat. One of the reasons why people use and hold bitcoin is the value will grow overtime.

[pooya87]

perhaps the biggest disadvantages to the current bitcoin is, the amount that has limits. Well, if bitcoin always have the amount increased, perhaps it would be very nice to be distributed throughout the world. maybe so, bitcoin will be well received around the world.

first of all having a fixed maximum amount for bitcoin is a big advantage it has. because having unlimited amount or even a very big amount of coin available is actually a bad thing and can kill the price, it is simple supply and demand.

and also bitcoin has more than enough "amount" to be able to support a very large number of users such as in mass adoption. there are 2,100,000,000,000,000 units available for bitcoin which is called satoshi 21 mil+8decimal places. and that is more than enough.

[Vaskiy]

I don't think it has got big disadvantages, has some disadvantages which has been overcome by its advantages. One among them is the decentralization, people misunderstands and stay away but with its success in very short period has got the trust similar to a centralized system and continues with its advantageous increased price which no other currency has got.

[johnnyyash]

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

I secondly agree with you....the price of bitcoin its really fluctuating....

[BTCLovingDude]

I don't think it has got big disadvantages, has some disadvantages which has been overcome by its advantages. One among them is the decentralization, people misunderstands and stay away but with its success in very short period has got the trust similar to a centralized system and continues with its advantageous increased price which no other currency has got.

How about sometimes a lot of transactions are unconfirmed at the same time? Even they are paying the right miners fee. As far as I know, it went up to 3,000 transactions that are being unconfirmed and that is one of the biggest advantage of bitcoin. Even it didn't happened to me, but I know those people are pissed off for waiting their transactions for so many hours/days.

2000-3000 unconfirmed transaction is the normal number of transactions in the mempool, they exist because there are new transactions are being created every second and blocks are mined every 10 minutes on average.

what you think you are saying was a couple of rare cases that lasted a couple of days and number of unconfirmed transactions were more than 60K at some point. you can see the charts on blockchain.info

[(altair)]

The biggest disadvantage of the bitcoin is that it is not distributed fairly. Therefore it is not easy for people to accept it and use it. Should it be distributed fairly, people would be more apt to adopt it.

Its not really an advantage on bitcoin itself regarding on its adoption since its really easy to understand on what is bitcoin. Features should be pointed out regarding on bitcoin and i think the disadvantage of bitcoin is its anonymity it may have advantages for some but most part of it would be negative since people would really use it for illegal services.

Yeah, because of the anonymous feature of bitcoin. Bad people like terrorists or drug dealers, even hired killers take the advantage of it as their currency. They won't be tracked by the authorities if they use bitcoin. They can do illegal things as long as they want. Bitcoin hides their identity.

[sabbirshm]

The biggest disadvantage of the bitcoin is that it is not distributed fairly. Therefore it is not easy for people to accept it and use it. Should it be distributed fairly, people would be more apt to adopt it.

Its not really an advantage on bitcoin itself regarding on its adoption since its really easy to understand on what is bitcoin. Features should be pointed out regarding on bitcoin and i think the disadvantage of bitcoin is its anonymity it may have advantages for some but most part of it would be negative since people would really use it for illegal services.

Yeah, because of the anonymous feature of bitcoin. Bad people like terrorists or drug dealers, even hired killers take the advantage of it as their currency. They won't be tracked by the authorities if they use bitcoin. They can do illegal things as long as they want. Bitcoin hides their identity.

Government can't control bitcoin transaction, since bitcoin transactions are not traceable.Many bad people doing illegal activities through bitcoin.Money Laundry is one of them.In my country bitcoin is banned for this reason.If government can control bitcoin then bitcoin will be safe from bad people.

[The_prodigy]

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

The biggest dis advantage of using bitcoin is when the site got hacked and you can't even get your bitcoin back on you payment is will be in soon and if you are going to improve one make sure that it can be use to any merchants not only merchants but we cna use it as card as well like my country we are using our bitcoin as virtual card.

[BitHodler]

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

The biggest dis advantage of using bitcoin is when the site got hacked and you can't even get your bitcoin back on you payment is will be in soon and if you are going to improve one make sure that it can be use to any merchants not only merchants but we cna use it as card as well like my country we are using our bitcoin as virtual card.

That's not really Bitcoin's fault, but more the yours as you chose to make use of a third party service.

But another point is that the majority of the merchants use a payment service such as BitPay. If BitPay gets hacked, then it won't affect your purchase since the merchant will still process your purchase.

But if you look at certain online wallet services that don't give you the private key, and the service in question happens to get hacked, then you're in deep troubles.

That's why you at all times should make use of online wallet services that do provide you with the private keys. It will allow you to access your coins even when the site is offline.

[Creepings]

I think the accepting of botcoins by the stores, i think they are still limited. Theres this store that i know of and my friend has bitcoin though she said that they are not accepting bitcoin, we must first change it to real money.

[equator]

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

The biggest dis advantage of using bitcoin is when the site got hacked and you can't even get your bitcoin back on you payment is will be in soon and if you are going to improve one make sure that it can be use to any merchants not only merchants but we cna use it as card as well like my country we are using our bitcoin as virtual card.

I think this is not the problem of bitcoin but it is the problem of yours which you are keeping bitcoins in a wallet which is not controlled by you.

In my sense bitcoin advantage is itself disadvantage , i mean to say of decentralized like bitcoin used in gambling where you dont have to give any identification and any one can access gambling site by just opening account and sending bitcoin through wallet. So the minor age children are also able to access gambling and ruining their life in small age.