What do you think are the biggest disadvantages of Bitcoin?

[surix]

I think the biggest disadvantage of bitcoin is in this question:

Why a "normal" person should use bitcoin, while there are tons of other very convenient payment methods to use your money in the bank?

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[doomloop]

one of the biggest disadvantage of Bitcoin is that not everyone knows it yet that it could be applied everywhere. Where you can buy something like groceries and pay with Bitcoin, I think going forward if such can be implemented and accepted by certain outlets then the world would be a better place.

i think you don't know that bitcoin is accepted by some online shops where you could buy groceries and pay with bitcoin, and i think it will take time to be used instead of fiat.

[hanpoz]

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.One of the disadvantages of bitcoin is that it leaves a money trail if a mixer or other means are not used and when you speak of bitcoin publicly people usually associate it with illegal activities

[Daniel91]

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.One of the disadvantages of bitcoin is that it leaves a money trail if a mixer or other means are not used and when you speak of bitcoin publicly people usually associate it with illegal activities

Yes, I agree with you.
In the past I never had problem with the transactions.
All my btc transactions completed in a few hours.
Recently, I had to wait more than 24 hours, so I had no choice but to increase fee.
So, bitcoin is not any more cheap to send, as before.
Also, in local newspapers, I read already a few negative stories about bitcoin.
It seems that some drug dealers bought drugs with bitcoin.
Other point is that I can't legally report my bitcoin earnings to the tax office.
They don't consider bitcoin as currency or financial assets.

[crwth]

The main reason, I think that makes Bitcoin disadvantageous is the confirmation of the transactions. It's really hard to make the transaction go faster compared to previous times just because the difficulty is getting harder every time. I think that's one of the main reasons for bitcoin not being wild spread

[majeed]

The main reason, I think that makes Bitcoin disadvantageous is the confirmation of the transactions. It's really hard to make the transaction go faster compared to previous times just because the difficulty is getting harder every time. I think that's one of the main reasons for bitcoin not being wild spread

In the past, transactions were confirmed very quick due to the small number of Bitcoin users. Nowadays, more and more people start using BItcoin and we can easily see that Bitcoin can not be used by everyone since the blockchain is overload

[vantyzz]

Yes, this is currently the most important drawback. Perhaps in the future will fix it. But an increase in active users will positively affect the price increase.

[whizter]

For me one of its greatest weaknesses is that you can lose your bitcoins by sending it to a wrong address. Any address should have a number to identify it, just as phone number, that people could remember. That would be a true revolution.

Bitcoin is not legal bro, that is why any of our identity will not include in bitcoin transaction. If we use our mobile number to do transaction then our all transaction will be tracked by our govt, and they will get all records of our transaction. To avoiding extra tax, we are using Bitcoin. If anything happens like what you said means our govt will start to collect tax for our all Bitcoin transaction.

although government has not yet  consider bitcoin as legal currency, but i think we do not to worry as still not a single government has take any serious action against the bitcoin users, and i think that can be the reason that people are using bitcoin so openly, as in my country i do not care about the government that they have accepted bitcoin or not.

[Wesimon]

The only disadvantage of bitcoin at a moment is that it is not accepted at offline places like restaurants or malls where we can spend them to buy food or clothes and apart from that I don't see any disadvantages attached with bitcoins.

I would not consider that as a disadvantage of bitcoin, that is a disadvantage for the owner of such businesses. It is the decision of the owner of the business whether to accept bitcoin or not. Another thing, why offline? Isn't bitcoin transactions are made online? I haven't seen nor heard about having bitcoin transaction offline.

It is still a disadvantage especially for the bitcoin users . Money is meant to spend and bitcoin is money . What's the point of it if you can't spend it as much as you want . You see people have a limitation since most of the companies especially the big ones doesn't accept it . Yes you can convert it to your local currency but there will be an extra charge of fees . You can also use third parties i.e. bitcoin debit cards but there will also be an extra charge . The best choice will always be to use it directly . So why would this be a disadvantage for the owners of the said businesses? When even if they only accepts fiat not bitcoin but everyone has fiat so payment methods will not really affect them but their service and product will .

Then it is still not a disadvantage of bitcoin. Would you even complain if you go to another country and pay products there using your local currency instead of theirs and they did not accept your payment? Of course not. Even if you say that money is meant to be spent as much as you want and saying that bitcoin is money. Your local currency is money and their local currency is also money. You must adjust to what type of payment the merchant wants and will not say that "this is also money." Do you get my point here?.

I claimed that that was a disadvantage of the owner of the business because they do not accept bitcoin as payment or do not even know what bitcoin is. If they accepts bitcoin as payment then the bitcoin they received may increase in value over time so this is what I meant about that disadvantage.

[jc89]

The main reason, I think that makes Bitcoin disadvantageous is the confirmation of the transactions. It's really hard to make the transaction go faster compared to previous times just because the difficulty is getting harder every time. I think that's one of the main reasons for bitcoin not being wild spread

In the past, transactions were confirmed very quick due to the small number of Bitcoin users. Nowadays, more and more people start using BItcoin and we can easily see that Bitcoin can not be used by everyone since the blockchain is overload

This type of scenario is inevitable. Since more and more people are engaging to use bitcoin, bottlenecks in bitcoin transaction confirmation will continue to grow. The blockchain and miners have so much improvements to do in order to cope with this problem. Meaning, the widespread of bitcoin now is still impractical if blockchain cannot even handle much transactions per second.

[tabas]

The main reason, I think that makes Bitcoin disadvantageous is the confirmation of the transactions. It's really hard to make the transaction go faster compared to previous times just because the difficulty is getting harder every time. I think that's one of the main reasons for bitcoin not being wild spread

That is my problem and I only think about it as it's biggest disadvantage, when I need the bitcoin on instant that's when I'm having the problem. But there is a viabtc tool accelerator where we can just make our transactions accelerated though sometimes it's not working for me because there are problems about it.

[janjoni]

Maybe at the beginning needed some time and attention to learn in which way is used but for the rest none. So is the same like the other money. As for the fact that is not used widely this maybe come from the fact that is not official money. I do not see any important disadvantage of bitcoin. Although the transaction time is litle bit long, but the transaction is world widely. Bitcoin transaction still faster than bank transfer that costly and difficult for transferring money in different bank.

[mystole]

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

[Phyton76]

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

This is actually advantage for a traders since they can use volitality for them to make profit. In digital currency, sudden changes in every coin's value should be expected since its market isn't huge as foreign exchange. Sooner, price of every cons are more lilely to be stable as digital currency has been adopted globaelly.

[rikybrosh]

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That is just for some people, I think the volatility of bitcoin prices is an advantage for trader. So I do not think that bitcoin price is a dissadvantage.

[Gembul]

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That is just for some people, I think the volatility of bitcoin prices is an advantage for trader. So I do not think that bitcoin price is a dissadvantage.

I think the volatile of bitcoin price can cause the loss or even can give us a profit. So it all depends on us who manage, because if we can read the situation of bitcoin price movement can give a good profit per day. I more agree if the volatile price of bitcoin can causing loss and profit. Thank you

[TastyChillySauce00]

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That's what happen when a currency's price is truly based on the demands of the market and the ratio of supply:demand is really affecting the price and the whole currency's economic. What I've seen is that majority of people who join bitcoin recently are attracted to its potential of giving decent profit and they consider bitcoin as an investment and not a currency, that's right that normal people who use bitcoin as ordinary currency struggling to keep their value stay at its point.

[Annieluvyou]

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 is , not all people knows and accept bitcoin.. bitcoin very vulnarable but don't be sad you can set 2FA to be safety it . for now bitcoin not use in all country yet

[jc89]

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That is just for some people, I think the volatility of bitcoin prices is an advantage for trader. So I do not think that bitcoin price is a dissadvantage.

I think the volatile of bitcoin price can cause the loss or even can give us a profit. So it all depends on us who manage, because if we can read the situation of bitcoin price movement can give a good profit per day. I more agree if the volatile price of bitcoin can causing loss and profit. Thank you

That is quite an obvious senario. If tha value of bitcoin increases then you gain profit ang when the value of bitcoin decreases then you loss money. It is an obvious happening for bitcoin due to its volatily. However, I would not consider bitcoin's volatility as a disadvantage because the users can easily cope with it. If the value increases then the user can convert it to cash if they desire or just hold onto their bitcoin and if the value decreases then the users will just have to wait for it to go up again.

[chnyifan]

Bitcoin itself emphasizes decentralization and decentralization, but now more and more dependent on the center