What do you think are the biggest disadvantages of Bitcoin?

[ged00u]

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.

Well then have you tried the money transferring service in banks, it takes even longer than bitcoin transactions. And I think that the high fluctuating nature of bitcoin is what makes bitcoin different from others so I don't suppose that this is a disadvantage of bitcoin. And there is nothing we can do about the fact that China has some control over bitcoin, so it's not quite a disadvantage.

[deppil]

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.

I think the fee 0.0001 btc is still relatively cheap, compared with other payment methods. but with the fee that you will not get the speed of the transaction. yeah maybe this would be a problem in the future

[canhchuacaro1]

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.
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.

[slapper]

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.

This is because there are many people using Bitcoin. They only consider Bitcoin as a type of investment or a tool for trading. They abuse Bitcoin in many ways and it have make the prices unstable. If we want the prices are not volatile anymore, Bitcoin must be adopted mostly on this planet and it will certainly help Bitcoin to be stable

[PokerFace3]

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.
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.

Can you trace them they are using fiats or with liberty reserve kind of non-reversible payments ? Those thieves/ terrorists/hyip people are existing and disturbing people for centuries, that is the reason with bitcoin also they are doing the same. So, it can not be a disadvantage of bitcoin imho.

Bitcoin is just pseudo-anonymous and misuses of this feature can not be a disadvantage of bitcoin.

[Gembul]

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.

In contrast to me, bitcoin prices were volatile in my opinion it is  profitable for some people who do bitcoin trading. One of them is me, because of the rapid movement of bitcoin prices is unstable and I could take advantage with a short time. Thank you

[kumax]

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.

Wider adoption of bitcoin, real decentralization without influence of any country or any bank, that all will make the currency to be more stable.

About the fees - if you compare a fee for an international fiat transaction from your bank, then you will realize, that bitcoin transaction fee it's still VERY cheap. Transaction fee of my bank is more than 100x higher and the bigger amount you want to send the biggeer fee you have to pay.

[millgates]

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.

The volatility is good, it is mean your money can grow more than what you expected. Although government ban bitcoin, the user still can use it because there so many various vpn. I do not see any disadvantage of bitcoin for now.

[nasipadang]

I think because bitcoin uses anonymous  system you are not accompanying personal data to transact, it think why bitcoin is not accepted as payment in some countries. it's my personal opinion

[diegz]

I think because bitcoin uses anonymous  system you are not accompanying personal data to transact, it think why bitcoin is not accepted as payment in some countries. it's my personal opinion

Probably that's one reason why some countries don't encourage the use of cryptocurrency because of its system. But they never ban it because of that, it's the user that needs to take necessary precaution before using bitcoin. Probably one thing more is the legality, bitcoin is not proclaim legal or illegal by many countries, so it's difficult to decide whether to use it or not, so the tendency of the user, just to be safe is to not use it, we are just lucky that everyone is brave enough to use bitcoin.

[MicroGuy]

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

This does still seem to be a problem. The other day I entered a periscope room and asked the broadcaster if she had ever heard of the bitcoin.

I was just trying to think of some small talk. Her eyes lit up with much fear and she moved rapidly and blocked me.

[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.

I think the fee 0.0001 btc is still relatively cheap, compared with other payment methods. but with the fee that you will not get the speed of the transaction. yeah maybe this would be a problem in the future

Speed is one factor but Alternatively, I am pointing towards low price tag products such as packet of milk, bread etc. If today I decide to use bitcoin to purchae these products with bitcoin then it would cost me 18% to 30% extra on the price of the product (as these products are available at the price of 0.0005 btc) and again I would have to wait in the shop till the transaction gets confirmed. I can do that 1 time or probably 2 or 3 times but why everyone should do it?

[Rishabh riyz]

It is not legalise in many countries

I think about bitcoins biggest disadvantage is that it value is fluctuating at a very high rate
no other currencies value keeps on fluctuating like that of BTC
ya it is true that people use this feature of bitcoins and make a lot of profit  but still this is one of the major reason why he countries are not permitting bitcoins , they are feared that the economy of their native country will fall down drastically
so they are forcing the merchants that they should not take payment in bitcoins in their county   
countries not accepting bitcoins is it the only major problem

[BitHodler]

It is not legalise in many countries

I think about bitcoins biggest disadvantage is that it value is fluctuating at a very high rate
no other currencies value keeps on fluctuating like that of BTC
ya it is true that people use this feature of bitcoins and make a lot of profit  but still this is one of the major reason why he countries are not permitting bitcoins , they are feared that the economy of their native country will fall down drastically
so they are forcing the merchants that they should not take payment in bitcoins in their county  
countries not accepting bitcoins is it the only major problem

Regardless of the volatility, governments will never stimulate Bitcoin in their economy. I thought this was already more than clear for people here, but apparently it's not.

And no, governments also don't force merchants not to accept Bitcoin, unless the government issued a ban that is related to their businesses. But these rules mostly only apply to businesses offering financial services.

That being said, merchants don't have to worry about the volatility as they can just use a Bitcoin related payment processor to do all the work for them. People pay in Bitcoin, and the merchant gets its much loved fiat equivalent.

[LLec]

The volatility is a major concern of course.
But how to cash out bitcoin in a currency that all places of commerce accepts.
This is the second largest problem that I have seen people who come to the forum asks for, a way they can transfer bitcoin to banks without any hassle and with low enough fees they can live without losing any sleep over.

[paul gatt]

in my opinion, the biggest drawback is the value
changing market, its value also changes, which greatly affect the economy, it can do a thriving economy, but can also wreak its implications instantly
It's so bad

[FlightyPouch]

in my opinion, the biggest drawback is the value
changing market, its value also changes, which greatly affect the economy, it can do a thriving economy, but can also wreak its implications instantly
It's so bad

Bitcoins price is truly a problem as user of this crypto currency. There are two types of people that I know who are greatly affected by these changes:
1. People who buy Bitcoins
2. People who sell bitcoins
They really are focused on the bitcoins price and really hoping to get that bitcoins price in their favor

The volatility is a major concern of course.
But how to cash out bitcoin in a currency that all places of commerce accepts.
This is the second largest problem that I have seen people who come to the forum asks for, a way they can transfer bitcoin to banks without any hassle and with low enough fees they can live without losing any sleep over.

That is another problem of bitcpin especially in our country. We dont have that good wallets and we need some verifications, and that verifications are not that easy to get.

[Nahl]

during use bitcoin i have only 1 problem and that's fluctuating price because there is always possibility to the price dropped to the bottom and besides that i don't have any problem using bitcoin because bitcoin already have good advantages rather than fiat and other currency

[PhucS]

Besides the tremendous value of Bitcoin, it also has some disadvantages. I think transaction speed of Bitcoin is one of them, transaction time delayed will cause trouble for everyone. The price of Bitcoin is not stable. Besides, it was not recognized in some countries such as in my country. I hope that these weaknesses will soon be improved to Bitcoin growing

[boybugs18]

Besides the tremendous value of Bitcoin, it also has some disadvantages. I think transaction speed of Bitcoin is one of them, transaction time delayed will cause trouble for everyone. The price of Bitcoin is not stable. Besides, it was not recognized in some countries such as in my country. I hope that these weaknesses will soon be improved to Bitcoin growing

If your'e referring to delayed transaction which is the confirmation time I think you have to just increase your fee so that it will become the priority in the node (increase what you can afford) . I dont have any problem on my transaction with my online game as long as I had sent the payment the "ingame item" will probably come to my account but aside from online transaction the disadvantage of bitcoin is more on local use.