What do you think are the biggest disadvantages of Bitcoin?

[altcoinnxt]

Biggest disadvantage of bitcoin is that government could ban it anytime such china
government banned few day ago!

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[JC btc]

Biggest disadvantage of bitcoin is that government could ban it anytime such china
government banned few day ago!

Yeah and it is the saddest part when the government ban it and proclaim that bitcoin is illegal thing. This is one of my sources and has been part of my daily life, I believe other people feel they same.  But, for now I think it really won't happen since many country has already adapt bitcoin.

[bitbollo]

the biggest disadvantage of btc is the difficulty you can buy/exchange for fiat.

Biggest disadvantage of bitcoin is that government could ban it anytime such china
government banned few day ago!

As over the counter product you can even trade no one could really stop it!

[choppork]

In my opinion the 2 biggest disadvantages are:
1) The unstable Confirmation time (Kinda hard to be realized in a fixum of 10-minutes of 1-minute)
2) The unstable prize.. because its not widely accepted as Currency, more as a stock.. But BTC actually reacts like a currency on FIAT falls/rises

If bitcoin was used solely as a currency, I doubt that the price would blow up like this.. I think someone would copy all the features of bitcoin and then make the price based on the supply/demand law. People look at bitcoin as an asset, as an investment. It's a currency that grows in value over time. It's a good concept to most because you can basically use your investment/stakes as a payment just like fiat.

You shouldn't be looking at the price as a negative side but rather a positive one. If you're here in the long run, you shouldn't worry about it so much because even if there's ups and downs, we're still ultimately going upward.

[Raimonn]

Biggest disadvantage of bitcoin is that government could ban it anytime such china
government banned few day ago!

China didn't ban bitcoin, they only blocked exchanges from withdrawn bitcoin before to comply some rules. This only affected the users that had bitcoins on exchanges. Also any government could ban bitcoin being used between two persons. Some countries wanted to ban the use of dollars on its country and people prefer dollars because its local fiat is devaluating every day.

[virasog]

I am very satisfied person with bitcoin. But only one and valid reason i have and that is lack of publicity of bitcoin. Because now bitcoin has spend many years and also only a few countries's people know about it, and we can't use it in open market. Even where i am living, only 2 or 3 persons i see who know about the bitcoin. So i think we should do something more for publicity of bitcoin.

[BALIK]

Biggest disadvantage of bitcoin is that government could ban it anytime such china
government banned few day ago!

Yeah and it is the saddest part when the government ban it and proclaim that bitcoin is illegal thing. This is one of my sources and has been part of my daily life, I believe other people feel they same.  But, for now I think it really won't happen since many country has already adapt bitcoin.

They temporarily cut services major exchanges in China but they did not banned it and also some major exchanges halting transactions for 1 month to work on their anti-laundering infrastructure, I don't know if China will be truly ban Bitcoin but I hope it will happen because I heard that china bitcoin market is about 33% I'm sure Bitcoin price will be falling once china ban Bitcoin.

[Drnice]

to me, i think the major drawback of bitcoin is when it will be generally accepted by all countries and the tax that will be beside it and some others...

[erickkyut]

to me, i think the major drawback of bitcoin is when it will be generally accepted by all countries and the tax that will be beside it and some others...

I have the same answer with you brother. I think the biggest disadvantage of using bitcoin is that not all people knows about it and there are also some countries that banned bitcoin. Since it is not known by all, you can only do transaction with someone who knows and uses bitcoin.

[Soul Reaper]

It is a pseudo currency which is not known to many people.
People who don't know about it properly think it to be a form of gamble etc or consider it to be illegal.
It's use is not promoted usually by most people as well as the governing authorities of a State.
It is not created by 'them' . The reason why people feel it to be unsafe is they don't know who has created it.
Many big traders as well as trading organisations do not accept bitcoins.

[dunfida]

to me, i think the major drawback of bitcoin is when it will be generally accepted by all countries and the tax that will be beside it and some others...

If bitcoin would be accepted then it expect that it would be imposed with tax but I don't know on what way would government would impost taxes on it since we all know that bitcoin is decentralized and we cant really control it. Its really hard for them to find out solutions.

[hawkins]

in my opinion, the advantages bitcoin can be drawbacks. as well as transactions that are not detected, it might be a tremendous advantage of bitcoin, and is not owned by any other payment, but it may be a precursor of illegal transactions, and the government also questioned it.

[boybugs18]

For me the biggest disadvantage is that it can be easily trace up and people in the government can easily launder it and use it on other country who is accepting bitcoin as a currency but that disadvantage is a advantage to the people who using it for good or just protecting their identity online to those information hackers.

[gsrcrxsi]

I won't call it as an disadvantage but its a problem that I cannot use my bitcoins at physical stores to buy physical things I mean it would be great if I would be able to spend it on by groceries or may be paying my restaurant bills with it, bitcoin is not developed in my country yet and I think it will take long time for that to happen.

[Drnice]

Biggest disadvantage of bitcoin is that government could ban it anytime such china
government banned few day ago!

i.e, if china government can ban bitcoin for a while, then means it can be shoned anytime in the well known countries, which will now make bitcoin to be of no effect, because its price will fall beyoud level and...

[Viakor]

That not everyone uses it.
People are used to their old ways.

[MicroGuy]

One disadvantage is the fact it's very expensive for sending small denominations.

There is around a 30% transaction fee when sending a single US dollar value.

[conected]

- Bitcoin's biggest disadvantages is the price of Bitcoin never stable and in many countries the government does not accept it. In fact, nobody knows when it will be accepted, many people do not know about Bitcoin, do not know why it was born and existed until now

[mastica]

One disadvantage is the fact it's very expensive for sending small denominations.

There is around a 30% transaction fee when sending a single US dollar value.

Yes i did noticed those as well, its getting expensive use bitcoins nowadays, but well we all know that in a near future fees would be the main source to keep the hash that proctects bitcoin, otherwise it can be considered dead if there arent any other options. But the big problem issue making people switch from bitcoin is the delay that transactions are taking to be confirmed, i know its a security measure but the fact that make you wait when you can do with altcoins almost instant transactions makes no sense.

[JerryWinski]

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

It can't be used for mainstream payments as it doesn't scale. However, that problem has been solved by Bitshares and a few others. Yet no one is using them.

The other problem is the complexity of bitcoin. Why would I change my fiat money to bitcoin then have to hold that bitcoin in a wallet somewhere or on some device when I can just use my fiat directly? This problem cannot be solved.