What do you think are the biggest disadvantages of Bitcoin?

[socks435]

I think the biggest disadvantage of bitcoin is its whole idea of anonymity where you can pay someone without even knowing or tracking them thats why there are so many scam sites this days. But im not really against it I even like the idea of investing and earning without giving my real information happy earning guys

I think this not a main reason here the disadvantage that i know is the speed of the transaction and like other said anonymity because of illegal activity but i think it is not the case because illegal activities are still happen even in other currency or fiat..

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[Supercrypt]

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

awareness and knowledge to technology is the biggest blockage on its adoption because people really lost their interest when we do tell them about. Bitcoin but If they don't have enough knowledge then the wil surely not bother to engage in it. Next, will be it's fluctuating price. People really don't like this thing in most cases.

I think the technology of bitcoin is a plus , maybe mainstream doesn’t have to come from understanding the details of it , if silicon valley keeps growing a base in bitcoin that means they will force it upon others and mainstream will start using it without know how blockchain works

[crwth]

I think the main disadvantage of Bitcoin is that people who are not part of this community would often think Bad of Bitcoins. They maybe hearing news about hacking an exchange, high transaction fees, stolen coins, not secure ways to transact, etc. If people hear those kind of news, they would easily attach it to Bitcoin as negative and they will never even be open minded on the positive side of Bitcoin thus making Bitcoin not becoming a mainstream mode of exchange.

[jamyr]

Hello.

            Main Disadvantage will be the transaction effort. Everybody wants to be ahead of everybody. Confirmations can take sometime, which causes delay on our daily lives/tasks/business.

           In addition, it is not well-regulated, so coinheads take advantage on some. For example payment reversal. All transaction must use escrow,(universal).

           Hopefully it can be like checks, even if there is not enough funds on the account, we will have something to hold onto that can penalize the faulty.

[royalfestus]

the challenge I have is people's reaction to adopting the technology of the exchange. people'_s believe in fiat than virtual currency. access to my treasury when internet is not available gives headache

[rizkyhiw]

the challenge I have is people's reaction to adopting the technology of the exchange. people'_s believe in fiat than virtual currency. access to my treasury when internet is not available gives headache

yeah that's true , since internet is the most important part in bitcoin
so once there is no internet, you will lost access to your money
and also bitcoin irreversible make you have to send money carefully
as when you put a wrong address or wrong amount there is no option to get back your money.

[puddlejumperzz]

Dont you just love it when a newbie asks you who invented it - and you say nobody knows...

[Blitzboy]

The biggest disadvantages of Bitcoin is that people do not use it widely. I live in a country where only a few people realize the benefits of bitcoin. Thus, there is no store, no shop, no ATM accept Bitcoin. Furthermore, Bitcoin does not have CEO or any company, so there is no advertising campaign which can make a significant effect to people's knowledge about Bitcoin and change people's thought about it

[john2231]

the challenge I have is people's reaction to adopting the technology of the exchange. people'_s believe in fiat than virtual currency. access to my treasury when internet is not available gives headache

yeah that's true , since internet is the most important part in bitcoin
so once there is no internet, you will lost access to your money
and also bitcoin irreversible make you have to send money carefully
as when you put a wrong address or wrong amount there is no option to get back your money.

That is why here we have an escrow to deal to someone not trusted like newbie asking for loan.. because the disadvantage of no charge back are abusing from other users to scam people.. and yeah bitcoins works only in the internet and i think it would not happen this following year but maybe in decades we will seen the internet will goes down. for now better to enjoy what is the good advantage of bitcoin since it is gradually more people discover it..

[charmingfreddie]

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

[wxa7115]

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

In my opinion one of the biggest problem is ease of use, while for me bitcoin is very straightforward and easy to use I understand I’m not the average computer user, so I’m sure there are going to be a lot of funds lost because people forget their passwords and they never made a backup of their wallets in the same way that people lose valuable information for not doing that right now.

[jossiel]

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.

[donalddlanod]

The biggest disadvantages of Bitcoin is that people do not use it widely. I live in a country where only a few people realize the benefits of bitcoin. Thus, there is no store, no shop, no ATM accept Bitcoin. Furthermore, Bitcoin does not have CEO or any company, so there is no advertising campaign which can make a significant effect to people's knowledge about Bitcoin and change people's thought about it

This is probably the biggest factor. If nobody knows about it, nobody is going to use it.

[Tyrantt]

The biggest disadvantage of bitcoin, I'd must say the time of confirmations and transactions. I'm not saying it's not the wide usage of bitcoins because it's not the disadvantage of bitcoin directly. I can't really think of any more disadvantages right now, and I don't think there are many, maybe some more technical. Also, the "disadvantage" of bitcoin not being wide spread, like some users say here, will disappear with time.

[discodancer]

Waiting times are a HASSLE! Rate is always dropping and going up so if a product is a certain amount and you have it but then an hour later the value decreases RIP. Lots of people still don't have BTC, they think it is some complex thing, but it's not. Those are a few disadvantages.

[vasrasus]

The biggest disadvantages of Bitcoin is that people do not use it widely. I live in a country where only a few people realize the benefits of bitcoin. Thus, there is no store, no shop, no ATM accept Bitcoin. Furthermore, Bitcoin does not have CEO or any company, so there is no advertising campaign which can make a significant effect to people's knowledge about Bitcoin and change people's thought about it

Right also in our country some thinks it is used for illegal transactions and for bad things. Though now some were open and becomes curious knowing bitcoin. I just hope it can expand more and be accepted by everyone because it can reall help the rich and the poor , they must know how good the bitcoin is.

[Snorek]

To people who complain that fact that bitcoin is not used widely - and it is not recognized as payment method is your favorite local shop (maybe it never will be) give it a rest.
Adoption is speeding, bitcoin awareness is rising just wait for it. The only real downside of Bitcoin as I see it now is "bandwidth" of the network - aka confirmation times.
Sometimes network is stuck with ridiculous amount of unconfirmed transaction - we have example of this problem happening right now: https://blockchain.info/unconfirmed-transactions

[nara1892]

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 it is because of long time waiting for transaction confirmation. bitcoin technology is already good, but some people are not comfortable to wait at least 30 minutes when they do transaction because probably they need the thing they want to buy, but it will take long to get it because the seller will only give the stuff when it is already paid.

[RogerRabbit]

The Biggest disadvantage of BTC is transaction time.
Now we are seeing lot's of people starting using BTC instead of bank account to save and send/receive money so transaction time really brings some problems for new users.
Another important disadvantages could be created by world banks, as main competitors of Bitcoin ecosystem.

[ufaiz50]

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.