What do you think are the biggest disadvantages of Bitcoin?

[nanay777]

There are many countries in the world has not recognized bitcoin, there is no legal document binding it.In addition, an important reason is that the price of bitcoin is not stable.

[Natalim]

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.

Well, I guess it's not a disadvantage otherwise bitcoin will not be supported by it's supporters. It's the  main attraction of the adopters why they are using bitcoin because the want to be anonymous online so they can do whatever they want to do with their bitcoins. That is what you called complete freedom and only bitcoin offers such freedom.

[altcoinnxt]

waiting time on transactions and the price instability

[error08]

i personally have trouble with two things:
1) the volatility, which i believe is one of the reasons why bitcoin is not really seen as a currency but more of an asset to invest in and make profit and then leave to use the fiat profit you earned.

2) the fact that we need an upgrade (the block size) and we are having a very hard time coming up with a solution which everybody agrees on.

I agree with you, those are two things that prevents bitcoin to get more adoption and higher price. Whenever we seen the price rise,  many people selling their coins. The block size become a problem now as more transactions every day. But I think the most disadvantage of bitcoin is security issues of hacked, your coins will gone for good.

[Rizky Aditya]

I hate how not many people use Bitcoin. It is really annoying when you want to buy something with your Bitcoin and you find out that the seller doesn't accept anything other than Paypal. You then have to use you Bitcoin on something else or deposit Bitcoin into a Bitcoin debit card which can be used on Paypal, which ruins the purpose of Bitcoin. I just really wish that more people would use it.

[sabbirshm]

I think these are the disadvantages

1.Government cant control bitcoin so that many people consider it as illegal.
2.We cant use bitcoin everywhere because all shops doesnt accept bitcoin.
3.sometimes many exchange sites get hacked or scam so people stop using bitcoin.

[Ayers]

for me is

china controlling almost all the mining scene
price is too easy manipulated at this stage
adoption will be very slow if nothing happen on some major merchant, like accepting bitcoin

[serjent05]

waiting time on transactions and the price instability

This had been the issue eversince, and another thing is that, the manipulation of price, news and many other things that can affect bitcoin price.  I like the volatility but how it is affected on every single news, that is crazy, I think that is bitcoin being unstable.  Government not recognizing it as currency that is one of the disadvantages too.

[Taksonas]

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.

This is indeed true and I also think that the confirms are playing a role too, I think its a very big disadvantage.

[drakker]

For now, the disadvantage of bitcoin is that it is not yet implemented or accepted by other countries. Second is that bitcoin is only popular to computer enthusiast. People need to educate n terms of bitcoin and needs time before they can understand it.And lastly bitcoin is not really popula in poor countries because it needs internet to use it.

[judeafante]

I am just new in this technology but the waiting time to confirm a payment is the one big advantage,my friend send me bitcoin and it took 5 hours to confirm but I read that if you increase the transactions fee it will confirm fast.

[MinerHQ]

waiting time on transactions and the price instability

Yes, nowadays transactions are taking a lot of time to get confirmed, and it is not more we can say that Bitcoin transactions are faster than a normal traditional way of sending money. Sometimes it even takes more than 24 hours. It is most important thing need to fix and attract more people into bitcoins world.

[lottery248]

it is a hard to spread over the world, as not everyone understands this kind of technologies easily. as well, bitcoin would have to use a lot of electricity to complete proof of work to get bitcoins, which are limited.

one more thing,

waiting time on transactions and the price instability

Yes, nowadays transactions are taking a lot of time to get confirmed, and it is not more we can say that Bitcoin transactions are faster than a normal traditional way of sending money. Sometimes it even takes more than 24 hours. It is most important thing need to fix and attract more people into bitcoins world.

because the block time between is theoretically 10 minutes but actually variable as the block size constrained the confirmation speed.

[gilangIDR]

bitcoin biggest drawback today is the rapid price movement that is always up and down. Therefore, many people are still scared of investing in bitcoin.

[numismatist]

bitcoin biggest drawback today is the rapid price movement that is always up and down. Therefore, many people are still scared of investing in bitcoin.

Volatility doesn't scare me. The only unnerving thing is transfers between own wallet and others can run stuck for a half day, or even more. Transaction relyability, damit.
A currency cannot afford to be unreliable.

[x4]

bitcoin biggest drawback today is the rapid price movement that is always up and down. Therefore, many people are still scared of investing in bitcoin.

The movement of bitcoin price is not a reason that people make it as a downside to this currency. Its really an act of advantage in bitcoin to this small traders of buying and selling.  The most annoying here is the long confirmation that takes 5-8 before it got confirmed once.

[TastyChillySauce00]

bitcoin biggest drawback today is the rapid price movement that is always up and down. Therefore, many people are still scared of investing in bitcoin.

The movement of bitcoin price is not a reason that people make it as a downside to this currency. Its really an act of advantage in bitcoin to this small traders of buying and selling.  The most annoying here is the long confirmation that takes 5-8 before it got confirmed once.

Well, 5-8 minutes is quite fast if it was from my perspective however the average time of confirmation to arrive is about 15 minutes which is will really annoy when you're going to make a transaction with some people offline, you need to wait to make your transaction done. Otherwise, in online transactions it's not going to be a problem

[MingLee]

bitcoin biggest drawback today is the rapid price movement that is always up and down. Therefore, many people are still scared of investing in bitcoin.

The movement of bitcoin price is not a reason that people make it as a downside to this currency. Its really an act of advantage in bitcoin to this small traders of buying and selling.  The most annoying here is the long confirmation that takes 5-8 before it got confirmed once.

Well, 5-8 minutes is quite fast if it was from my perspective however the average time of confirmation to arrive is about 15 minutes which is will really annoy when you're going to make a transaction with some people offline, you need to wait to make your transaction done. Otherwise, in online transactions it's not going to be a problem

5-8 minutes is very good for most transactions, even things online, however it is especially fast when it comes to an international transfer.

The issues with transaction times comes into play when you think about how long 5-8 minutes really is when you're trying to buy something at a store. You don't want to wait for a long time for your transaction to go through; you want to buy and go.

[lol3c]

I think the biggest disadvantage Bitcoin have is that it is used for too many illegal activities. The are no laws or regulations which protect bitcoim users from criminal, they have to defend themselves against criminals. And because of no government protection, many bad people use Bitcoin to build a ponzi scheme investing project in order to steal investors's money

[chennan]

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.

Well, I guess it's not a disadvantage otherwise bitcoin will not be supported by it's supporters. It's the  main attraction of the adopters why they are using bitcoin because the want to be anonymous online so they can do whatever they want to do with their bitcoins. That is what you called complete freedom and only bitcoin offers such freedom.

Are you kidding me? It's been pretty well established that Bitcoin isn't that anonymous and yet, rather pseudonymous.  To be honest, the whole notion of saying the "government will never allow Bitcoin because DNM's will use it" is ridiculous. I can imagine they absolutely love Bitcoin primarily because of it's traceable blockchain.  

There's a reason why you see people say they have issues with exchange sites like coinbase due to their Bitcoin "taint".