What do you think are the biggest disadvantages of Bitcoin?

[bitbob82]

I think that at this moment the biggest disadvantage of bits is the lack of popularity in society. Authorities must take care of promotion and commercials via internet and not only. When people at last understand the real meaning and purpose of cryptocurrencies then it will become mass and probably will substitute other forms of payment.

i we should not consider it as disadvantage, but we can call it as problem and that problem can be solve in future in preyority basis, i think disadvantage is a permanent word that cannot be overcome.

[naville]

Maybe the fees and in my country many peoples still don't know what bitcoin is

[President79]

For me is, bitcoin is not approved by the state as legal currency, other than that bitcoin is very likely to be misused for example on money laundering, illegal transactions and so forth.

[richardsNY]

I think that at this moment the biggest disadvantage of bits is the lack of popularity in society.

You shouldn't see the lack of acceptance/recognition as a disadvantage. If I am looking at the low number of people making use of Bitcoin, where I also take in mind the people that don't even know what Bitcoin is, then I see a huge potential growth that we can realize in the coming years. If Bitcoin lives up to its expectations and one day achieves mainstream form of usage, then current price is just peanuts. See it as a great opportunity instead of something negative.

Authorities must take care of promotion and commercials via internet and not only. When people at last understand the real meaning and purpose of cryptocurrencies then it will become mass and probably will substitute other forms of payment.

You can't honestly expect the government to ease and advertise the use of Bitcoin. Especially when you consider that they have been quite harsh on Bitcoin directly and indirectly. The media has done more than enough to discourage Bitcoin usage where the sheepy people take everything the media says for granted without doing some level of research themselves.

[socks435]

For me, the biggest dksadvantage of bitcoin is; it is not widely accepted. Infact, some countries are banned this kind of technology. If you want the list here https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country. Second, it has no physical form. You cannot spend it ti any physical stores. Only few stores are accepting bitcoin. You need to convert it to cash in able to buy. Third, bitcoin can be lost. Just like physical.money, it can be lost. For example. You have stored your btc at your pc, but the pc crashes. Your wallet is lost and also your btc.

i think still no country has banned bitcoin although they also have not yet turn it as legal also. but  still people from all over the world are using bitcoin continuously. and hope that they will continue using bitcoin for ever.

I heard that there are some country that actually banning bitcoin because of illegal activity behind bitcoin..
check this one where i just found in google search engine https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/
And i think not all country are using bitcoin..

[Pattart]

I think I'm most tired of my friends and family asking: "Isnt that illegal?"

LOL, same situation here, it's why i even stopped to talk about bitcoin.

- "Hey do you know bitcoin ?"
- "Yes sure, it is the currency of the darkweb"

(¬‿¬)

as we know that bitcoin has decentralized and anonymous sysrem, so no matter what you do it is your right dude
and illegal or legal it does not apply in the world of bitcoin

[Rishabh riyz]

The value  increases and decreases  or we can say fluctuates constantly   
The taxes paid during transactions
Their are only few groups of trader  , merchants who expects payment in bitcoins
Many countries have banned it and so tge merchants are also pressurised by government to not take any payment in bitcoins   

 

[bitcoin31]

The value  increases and decreases  or we can say fluctuates constantly  
The taxes paid during transactions
Their are only few groups of trader  , merchants who expects payment in bitcoins
Many countries have banned it and so tge merchants are also pressurised by government to not take any payment in bitcoins    

  

I think the one of the biggest disadvantage of bitcoin is when the price of bitcoin is decreasing but other people want to decrease because we can buy bitcoin more and wait to increase the price and then sell. Yes many country banned bitcoin but this the good news many countries also accepted bitcoin . the taxes paid during transaction yes ofcourse we need to pay taxes because I think bitcoin havr permit or paying taxes . my friend told me bitcoin paying taxes. Do you know bitcoin paid taxes? Other people said bitcoin is illegal. But other is said its legal.

[Finestream]

The biggest advantage of bitcoin is its biggest disadvantage, it depends on how you treat bitcoin because some are just using it as payment processor while some uses it always as investment. We know that being decentralized is what attract us to use it so we can transact online anonymously, but if you look at the real world, it is considered as disadvantage because the government does not tolerate anonymous transactions since it's shady in their eyes.

[crwth]

For me, 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. In our country there's not much businesses yet to accept Bitcoin. It's not yet known but people would start acknowledging it

i think it is not the disadvantage of bitcoin, actually majority of people do not know about bitcoin so we should try to introduce bitcoin to those people who do not know about it, and hope that when people will start using bitcoin then the offline shops will also start accepting bitcoin.

You could think of it as an advantage to share your knowledge about Bitcoin who has no idea what it is concerned with. When people start to understand then the disadvantage would become an advantage to the people who has Bitcoin already. People who invested an amount to Bitcoin. You will never know what can happen in the future but you can make it.

[Fatanut]

I think I'm most tired of my friends and family asking: "Isnt that illegal?"

LOL, same situation here, it's why i even stopped to talk about bitcoin.

- "Hey do you know bitcoin ?"
- "Yes sure, it is the currency of the darkweb"

(¬‿¬)

That's because you talked to a bunch of retards who don't do their research. After saying that, they probably were "Ohhh yes, that's right. I know everything. I know that bitcoin's illegal. I spend time on reddit + 4chan. Uh huh." These people think that they know everything about bitcoins just because they stumbled upon some article saying that bitcoins are being used in the dark Net, etc. If you try to argue with them, they would attack you instead of try to say valid points. If I were you, I would just back off and stop talking to that particular person about bitcoins. I would introduce bitcoins to other people instead.

Remember, in the age of information, ignorance is a choice. ((c) Google quotes) They chose to be like that and don't do any deep research, so be it.

[bestluck]

For me, 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. In our country there's not much businesses yet to accept Bitcoin. It's not yet known but people would start acknowledging it

Yeah that is the fact but as it is a new currency so it will happen like that. But if you see you will notice that the currency is available to buy any product from internet from some of the sites so it is not hard to buy any thing from internet with bitcoin.

[Pettuh4]

For me, 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. In our country there's not much businesses yet to accept Bitcoin. It's not yet known but people would start acknowledging it

Yeah that is the fact but as it is a new currency so it will happen like that. But if you see you will notice that the currency is available to buy any product from internet from some of the sites so it is not hard to buy any thing from internet with bitcoin.

I agree it isn't well known worldwide and that takes some shine off it but my disappointment has to do with we not having printed notes or coins to touch and feel Bitcoins and handle them like fiat. I think going forward if such can be implemented and accepted by certain outlets then the world would be a better place.

[Pattart]

For me, 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. In our country there's not much businesses yet to accept Bitcoin. It's not yet known but people would start acknowledging it

Yeah that is the fact but as it is a new currency so it will happen like that. But if you see you will notice that the currency is available to buy any product from internet from some of the sites so it is not hard to buy any thing from internet with bitcoin.

I think it took long time enough so that bitcoin can be used by many store as a payment option, because when bitcoin not yet famous necessarily store reluctant to adopt bitcoin

[mikehersh2]

It's not bitcoin itself that is stopping it from going mainstream, it's society. Bitcoin poses many advantages in mainstream usage. However it is significantly different from the currency we use now, and it would be a

huge transition, one that most people are not willing to make. Just like electric cars, people are not willing to make the transition, especially the major corporations at stake (Gas companies). For bitcoins to go

mainstream, banks would suffer, and so they would never let that transition take place. The only way I see it going mainstream is when electronic payments and banking make up all of our purchases, and cash is

obsolete. Just like you can scan a person's bitcoin wallet and transfer/withdraw money from their mobile device, we can implant chips into our hands, which is already being developed, and instead of transferring

electronic cash we would be transferring bitcoins

[BeGoods]

For me, 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. In our country there's not much businesses yet to accept Bitcoin. It's not yet known but people would start acknowledging it

Yeah that is the fact but as it is a new currency so it will happen like that. But if you see you will notice that the currency is available to buy any product from internet from some of the sites so it is not hard to buy any thing from internet with bitcoin.

I agree it isn't well known worldwide and that takes some shine off it but my disappointment has to do with we not having printed notes or coins to touch and feel Bitcoins and handle them like fiat. I think going forward if such can be implemented and accepted by certain outlets then the world would be a better place.

of course would be very nice if many merchants accept and adopt bitcoin as payment method. of course the user will get the ease and deployment of bitcoin will also be faster. but how to make it happen quickly?

[Dudeperfect]

I think the biggest disadvantage is a number of transaction fees (when it comes to local level transactions) because, in some countries, the products of daily needs are worth the bitcoin transaction fees so why would anyone use bitcoin in such case? I think micropayment solutions would be handy in such cases.

[molsewid]

I think the biggest disadvantage is a number of transaction fees (when it comes to local level transactions) because, in some countries, the products of daily needs are worth the bitcoin transaction fees so why would anyone use bitcoin in such case? I think micropayment solutions would be handy in such cases.

This is not the problem bitcoin transaction are becoming bigger and bigger blockchain servers need to be upgrade to not delayed those who making transaction everyday or per minute, those country that had based bitcoin wallet to their country are link into blockchain and yes it becomming bigger community too when people start using bitcoin because technology now are becoming awesome.

[hajimasan]

Biggest disadvantage of bitcoin is that it is volatile and its could come down anytime but I think this won't happen. One more fear our disadvantage is that government could ban it anytime and it's transaction fees is too high for less amount bit for high amount it's the perfect one.

[farhaan]

The main disadvantage is the time taken for the confirmation of transaction. Day by day, time taken for confirmation is increasing.Another disadvantage is the instability and high fluctuation in bitcoin price.For that reason, major companies avoid accepting bitcoin as payment. Even though,bitcoin is called as decentralized currency, china has a little control over bitcoin price as it holds more bitcoins and more bitcoins are mined there. It is also a disadvantage.