What do you think are the biggest disadvantages of Bitcoin?

[CraigWrightBTC]

I think for right now the biggest disadvantages of bitcoins is if segwit be actived, the reasons are:
SegWit and lightening network would freeze onchain scaling.
And Lighting Network will cause centralization in offchain payment nodes, then the government could easily apply regulation.
Must there are other solution about it and there are no war between developer vs miners.

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[Sithara007]

For me, the following are the biggest disadvantages:

1. Confirmation time
2. Lack of acceptability
3. Volatile exchange rates
4. Difficulty in storing them
5. Increasing transaction fee

[Xenophoto]

For me, the following are the biggest disadvantages:

1. Confirmation time
2. Lack of acceptability
3. Volatile exchange rates
4. Difficulty in storing them
5. Increasing transaction fee

What? How can you think at those as disadvantage. The volatility in the market lets you earn profit by just holding your coins. In just 24 hours, we increased from 736$ to 769$ this day. How can that be listed in the disadvantages? Only people who doesn't know how to wait would think of volatility as a disadvantage. You can easily make money out of it.

I don't think it's difficult to store bitcoins at all. You just have to create wallet in blockchain and then make it secure. There are other wallets that are secure but I don't think it's difficult to use.

The centavos that you pay for? Are you serious? Compare that to how much fee you have to pay for when you send money in fiat. Bitcoin is almost transaction fee-less.

[iqlimasyadiqa]

For me, the following are the biggest disadvantages:

1. Confirmation time
2. Lack of acceptability
3. Volatile exchange rates
4. Difficulty in storing them
5. Increasing transaction fee

I agree with you . until now the biggest problem bitcoin is a confirmation that require several minutes. even when we just give a little fee. we will take that much longer. I was worried that the longer, the delivery time will be slower. This is worth considering.

[Capradina]

For me, the following are the biggest disadvantages:

1. Confirmation time
2. Lack of acceptability
3. Volatile exchange rates
4. Difficulty in storing them
5. Increasing transaction fee

I agree with you . until now the biggest problem bitcoin is a confirmation that require several minutes. even when we just give a little fee. we will take that much longer. I was worried that the longer, the delivery time will be slower. This is worth considering.

That is certainly true, but I think it all is not a problem. For we just wait until some minutes and it is not a big problem if the fee that we give in accordance with the recommendations or standards have been determined from the bitcoin. So, you need not worry about the confirmation of this issue because now mining the difficulty level is quite high, so it is sometimes quite difficult to conduct mining confirmation because large blocks and hard

[Sir Alpha_goy]

The executed DOJ order:
https://www.justice.gov/opa/press-release/file/914226/download

[manbitcoinlover]

For me the top two is volatility and hassle. To explain further, volatility is something that affects even the most experienced bitcoin user, unless you understand the way the market works you will not know if BTC will go up or down one day, because of that its not good to have large amount of BTC without turning it into fiat in my opinion.  Secondly, even though its getting easier and easier to get BTC with new websites and even AMT'S popping up in some countries, to most people it is a hassle, they just rather get regular money. Another big risk is security, that ties along with hassle, it is a hassle to completely secure your BTC.

[ranochigo]

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

Volatility and acceptance rate. Bitcoin is extremely volatile and the prices can fluctuate as much as 30% each day and people wouldn't want to invest into Bitcoin and lose money. The acceptance rate of Bitcoin is very low in brick-and-motar stores. It is a rare sight to see stores accepting Bitcoin in real life. The number of users using Bitcoin is too low for it to be justifiable to accept Bitcoin.

[BlackPanda]

are the weaknesses bitcoin is that price movements are very easy to change. many people who are concerned to invest in bitcoin. they are afraid of losing money that they have.

[btccashacc]

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

Well we all know that the confirmation time is a huge problem for bitcoin if it used as payment method, if bitcoin really accepted globally i couldn't imagine if i stand on line at supermarket and all of people out there pay with bitcoin, It obviously will take much time waiting for confirmation for this reason i think people will not use it. The other thing is governments regulation to the bitcoin, bitcoin will be banned in some countries and its preventing bitcoin as mainstream payment method.

For me, the following are the biggest disadvantages:

1. Confirmation time
2. Lack of acceptability
3. Volatile exchange rates
4. Difficulty in storing them
5. Increasing transaction fee

What? How can you think at those as disadvantage. The volatility in the market lets you earn profit by just holding your coins. In just 24 hours, we increased from 736$ to 769$ this day. How can that be listed in the disadvantages? Only people who doesn't know how to wait would think of volatility as a disadvantage. You can easily make money out of it.

I don't think it's difficult to store bitcoins at all. You just have to create wallet in blockchain and then make it secure. There are other wallets that are secure but I don't think it's difficult to use.

The centavos that you pay for? Are you serious? Compare that to how much fee you have to pay for when you send money in fiat. Bitcoin is almost transaction fee-less.

I might disagree with number 4 and 5, i think is not too hard for storing bitcoin, you know what it's really easy to create a new wallet rather than open an bank account, if you worry about the security, hacking, or something as long as you keep your private key is safe then your bitcoin will be safe. About the fee i heard that fee decreasing from time to time ( correct me if iam wrong ) however the fee is not huge amount if you compare to paypal and western union's fee.

[mastica]

The only disadvantage that bitcoin does have is the time of the confirmations, besides that i dont see anything else that is a problem at bitcoin, since we can play with its volatilaty, and there are low fees associated to the transactions. But the time that takes to confirm transactions is part of the high security system.

[jacaf01]

Securing Bitcoin is for me the biggest disadvantage, how will you teach a village woman who is not expose to IT that her money is this private number and address, and must be protected. It sound abstract to people in this level and for Bitcoin to penetrate the unbank segment of the economy this issue must be addressed.

[wxa7115]

For the user the biggest disadvantage is its way to slow and too difficult to get.

What do you mean by its way is slow? Do you mean it is slow to get bitcoins? There are a lot of ways to get bitcoins and it depends on what you prefer.

I don't find it as disadvantage either because if we will compare it to real money, it is just the same thing that we are going to have hard time to get it.

That's why we are working with some ways to get bitcoin but it just going to depend on how you are going to work hard for it.

I think he meant the speed of the transactions that has been particularly slow in the last weeks but tat can be solved by adding a bigger fee to the miners and you can get confirmation in just a few minutes.

[talkbitcoin]

Securing Bitcoin is for me the biggest disadvantage, how will you teach a village woman who is not expose to IT that her money is this private number and address, and must be protected. It sound abstract to people in this level and for Bitcoin to penetrate the unbank segment of the economy this issue must be addressed.

this is funny because a village woman is not usually thinking about investing her money so she certainly is not thinking about investing in bitcoin and if it is in one of those developing countries where they have no access to technology,... they certainly are not thinking about investment of any kind.

besides bitcoin is the easiest thing to secure. anything else that you buy (stocks, gold, ....) are either not-store-able or you have to leave them with a third party. but you can easily buy a hardware wallet and keep millions of dollar in a tiny thing.

[eternalgloom]

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 because bitcoin is anonym to keep the purchase that is illegal, I think the main problem is the need to wait for confirmation of bitcoin transactions that may be a bit long.

Having to wait for confirmations isn't really a disadvantage, since you do have control over how much fees you send.
I can understand it might be a bit of a problem for payments in a regular store, but for online payments this isn't really a problem.

[calkob]

At the minute one of the biggest disadvantages is the addresses people just dont get it, i mean those with no tech back ground and even if they tried to use bitcoin they would prob end up losing their funds either through a scam or just plain neglect of passwords or private keys.

[kryptqnick]

I would say that the biggest is that to use the money we usually have to exchange it into fiat, because you can't use bitcoin in everyday life at all. The next disadvantage is that there aren't many ways and places to exchange Bitcoin. The third is its half-illegal status in most of the countries.

[Fatanut]

I would say that the biggest is that to use the money we usually have to exchange it into fiat, because you can't use bitcoin in everyday life at all. The next disadvantage is that there aren't many ways and places to exchange Bitcoin. The third is its half-illegal status in most of the countries.

I'm not sure why are other people say that bitcoin is illegal/banned in their country. There's not that much bitcoin users. There's just like 1 million of us worldwide. That means in every country, there's just a few thousand people using it. In a country, there's usually millions of people. I don't know why would their government prioritize banning bitcoins over all the other issues their country has.

Consider bitcoin as a foreign currency that you have to convert to your local currency first. If you live in the Philippines, you would have to convert your dollars first into their local currency before you can buy something. Basically the same thing as what you do when you're using bitcoins.

[Zadicar]

I would say that the biggest is that to use the money we usually have to exchange it into fiat, because you can't use bitcoin in everyday life at all. The next disadvantage is that there aren't many ways and places to exchange Bitcoin. The third is its half-illegal status in most of the countries.

I'm not sure why are other people say that bitcoin is illegal/banned in their country. There's not that much bitcoin users. There's just like 1 million of us worldwide. That means in every country, there's just a few thousand people using it. In a country, there's usually millions of people. I don't know why would their government prioritize banning bitcoins over all the other issues their country has.

Consider bitcoin as a foreign currency that you have to convert to your local currency first. If you live in the Philippines, you would have to convert your dollars first into their local currency before you can buy something. Basically the same thing as what you do when you're using bitcoins.

Thats what im thinking too on why some countries would able to ban bitcoin hence there only a few on its population do use it and i dont see anything threat into it. Back to OP i dont see any drawbacks on bitcoin but it has a negative side and thats its anonymity because some people would really make some advantage of it thats why they made illegal and government made such actions.

[(altair)]

The biggest disadvantage of bitcoin for me is its anonymous transaction. Thieves or terrorists in the deepweb that uses bitcoin will be difficult to track. Also hyips or ponzis sites owners is difficult to track because of that feature. They just create unlimited numbers of those sites to scam the bitcoin of people.