What do you think are the biggest disadvantages of Bitcoin?

[slapper]

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.

I agree to what you say. However, I still have a question: Are there any solution for the miners to quickly confirm all the transactions with the small fee? Well, we witnessed more than 50000 transactions can not be confirmed in the last week and it was a really annoying issue. Therefore, the speed of transaction can be considered as the biggest disadvantage in Bitcoin

[Rinder]

The only big issue around bitcoin is the time to the transactions get confirmed that are out of being normal and fair, with the current delay miners are forcing people to raise the fees, this might became a big problem in the next years if a suitable solution wont be found. Miners rewards went from 0,5-0.8btc to 1 btc and above ammounts, and bitcoin price is at 1000 dollars, looks like miners are controlling bitcoin at the moment.

[Gameroid]

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.

I agree to what you say. However, I still have a question: Are there any solution for the miners to quickly confirm all the transactions with the small fee? Well, we witnessed more than 50000 transactions can not be confirmed in the last week and it was a really annoying issue. Therefore, the speed of transaction can be considered as the biggest disadvantage in Bitcoin

i think it is a problem and not disadvantage. disadvantage is something that cannot be solve. but the slow transaction is a problem and that problem can be solve. i think it is very necessary to solve that problem as soon as possible so that people may not suffer and their trust should not be effected on bitcoin.

[Taki]

I think to become mainstream bit coin has to become centralized as currency. In that sense that it should be accepted on the governments level and not to be accepted as some danger currency that may be used by terrorists in their activity. I don't see a minus in bitcoin as currency, maybe is only that fact that it's changing it's price so fast.

[LegendaryMiner]

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

This is because some people have the conception that money has to have a physical form, especially people who are not accustomed to the changes and advancements provided by technology in recent years, but once they see that other people are benefiting from it, the network effect will intensify, and with more people using the currency, merchants will have greater incentive to integrate Bitcoin payment option into their payment systems.

[richardsNY]

I think to become mainstream bit coin has to become centralized as currency. In that sense that it should be accepted on the governments level and not to be accepted as some danger currency that may be used by terrorists in their activity. I don't see a minus in bitcoin as currency, maybe is only that fact that it's changing it's price so fast.

Bitcoin doesn't need to lose its decentralized aspect to go mainstream. Mainly because of the fact that Bitcoin will always remain an alternative -- which of course I am very happy with. Bitcoin will surely grow in the future, but more as an investment/store of wealth solution. We just have to accept that in our daily lives fiat functions better as currency tool. It's no surprise that banks have upped their game to push all kinds of apps and advertisements into the public. I am fairly sure that's due to Bitcoin.

[Clement Kaliyar]

I think to become mainstream bit coin has to become centralized as currency. In that sense that it should be accepted on the governments level and not to be accepted as some danger currency that may be used by terrorists in their activity. I don't see a minus in bitcoin as currency, maybe is only that fact that it's changing it's price so fast.

So you are talking against the concept of bitcoin as bitcoin is simply created on the concept of a decentralized tokens and not a centralized one .It is a good thing that the government are not accepting bitcoin to be used on a daily basis to buy products but then we as a user has several options because of the scope of usage is pretty vast.Volatality attracts traders and that too good for the coin and the disadvantages is that transaction delays which is really annoying .

[Weaver]

Currently of the biggest advantages of bitcoin is (as some people would consider it) being (centralized mining aside) it's lack of central authority
but, that being said, without a central authority, nobody is actually "in charge" of promoting it

Hence, we see no active marketing (in a sense that we would be seeing if BTC was owned by BoA, Citigroup, Alphabet, Paypal etc..
we see what we would call exclusively P2P transfer of news at first, and in later stages no words short of phenomenon describe it.

so now, i think this is the biggest advantage of bitcoin in it's healthy growth!

because you see, people did not see the bitcoin like some small new thing that was worth 0.43$ (shot in the dark here from the first year of bitcoin value)
they heard when it was at 1100$ (first time  )

or they heard after it happened, and thought "wow, i'll be damned"

next, that tiny little geek laughing stuff stayed on course, holding firmly above a price no stock would be ashamed of

next thing, what do you know, 1100$ again..

and wait, holding firmly?

we have the ear of the world investors now, watch those volume charts and prepare, money will start pouring in, and since we are limited to 21 000 000 bitcoin, if there is 100 000 000 000$ inside bitcoin (a microscopic drop in yearly flow of fiat currency trading) price has no way to go but up

so what i think, the biggest disadvantage became the bread and butter that reaped success

have a good evening 

[Vorth]

Biggest disadvantage that I can see with bitcoin is its long confirmation to the users that makes everyone irritated, which we do not want, waiting for more than 24 hrs., and the price volatility, which we really need most, and one factor of every currency, but we cannot deny that fact that the value of it is unstable and turns to up side down. But the progress of bitcoin is really good, for sure, once these problem solved by the developer I guess, we will have more users and more registrant. And one more thing, I guess, it is not all about bitcoin disadvantage but the user itself.

[t2yax]

Let's assure that, if banks could get all the transactions, it could be more faster, but, it could have additional fee for all transactions, we should know if this more faster, or it could only have an additional fees. We all care about these kinds of fees for all transactions.

[agamasrori]

Let's assure that, if banks could get all the transactions, it could be more faster, but, it could have additional fee for all transactions, we should know if this more faster, or it could only have an additional fees. We all care about these kinds of fees for all transactions.

transaction fee is important. despite competing bitcoin transaction (people pay higher fees can get faster transaction), but if there is a technological advancement that makes any activity that uses the Internet becomes faster, of course, it is not a problem anymore. I am sure that if we find disadvantage of bitcoin now it will be solved in the future.

[justdimin]

The only big issue around bitcoin is the time to the transactions get confirmed that are out of being normal and fair, with the current delay miners are forcing people to raise the fees, this might became a big problem in the next years if a suitable solution wont be found. Miners rewards went from 0,5-0.8btc to 1 btc and above ammounts, and bitcoin price is at 1000 dollars, looks like miners are controlling bitcoin at the moment.

That is true the bitcoin transaction time is really becoming a problem and I don’t get how are we supposed to go with this, I sent around 0.1 btc and it took like 4 days to get confirmed, that alongside that the bitcoin is not being used everywhere and not having the best reputation among the investors because it is highly fluctuating.

[rickadone]

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

The nature of the bitcoin and how decentralized and limited made its price change constantly between high and low, this unstable nature made not only countries not accept it but investors as well not trusting it, and no investors means that we cannot use it as a payment method, but hopefully in the future it will become more stable.

[hardtime]

Biggest disadvantages are going to have to be the confirmation problem with bitcoin where nothing is instant and you must wait for someone to confirm the transaction. I guess it is a trade-off being that it's impossible to recover but it's still kind of annoying.

Another annoying this has got to be the lack of adoption of bitcoin in the day to day world where you're forced to buy things with fiat cash instead of bitcoin.

[BigBos]

Biggest disadvantages are going to have to be the confirmation problem with bitcoin where nothing is instant and you must wait for someone to confirm the transaction. I guess it is a trade-off being that it's impossible to recover but it's still kind of annoying.

Another annoying this has got to be the lack of adoption of bitcoin in the day to day world where you're forced to buy things with fiat cash instead of bitcoin.

Well, this time the problem very late confirmation that make bitcoin has drawbacks. Well, bitcoin is famous for the speed of the transaction, the transaction must now be a tool to have a slow confirmation. for now, the main drawback of the most bitcoin, probably only a matter of confirmation in the transaction.

[crwth]

Biggest disadvantages are going to have to be the confirmation problem with bitcoin where nothing is instant and you must wait for someone to confirm the transaction. I guess it is a trade-off being that it's impossible to recover but it's still kind of annoying.

Another annoying this has got to be the lack of adoption of bitcoin in the day to day world where you're forced to buy things with fiat cash instead of bitcoin.

Well, this time the problem very late confirmation that make bitcoin has drawbacks. Well, bitcoin is famous for the speed of the transaction, the transaction must now be a tool to have a slow confirmation. for now, the main drawback of the most bitcoin, probably only a matter of confirmation in the transaction.

I agree with this. Knowing that the transaction is really fast and you will see that you have received it and that the balance is yours now BUT you still can't immediately spend it, depending on whether it is confirmed fast or not. If you apply that in the real world, it can't be like that. It needs to be always immediate like giving your money to somebody, simple as that. There are some things are being experimented on to improve this, let's hope it works.

[Fatanut]

Biggest disadvantages are going to have to be the confirmation problem with bitcoin where nothing is instant and you must wait for someone to confirm the transaction[1]. I guess it is a trade-off being that it's impossible to recover but it's still kind of annoying.

Another annoying this has got to be the lack of adoption of bitcoin in the day to day world where you're forced to buy things with fiat cash instead of bitcoin[2].

[1] It might not be instant but it's much better than Western Union or other money remittance services. Back then, to send money overseas, you would have to be present in their store/shop so you can fill up a form, write your signature, hand the money, etc. But with bitcoin, we don't need to do all of these stuffs. Just imagine that 15 minutes of waiting as the same time that you'll spend when you drive to the store and do the necessary stuffs.

[2] The day before you're about to buy something in mall or something, withdraw your money from the local exchanger so it would be in your card the next day.

It's not that hard to keep some fiat with you or in your card since not all of your money is in bitcoin form.

[sabbirshm]

Transaction speed is too slow and I had to wait for long time to purchase things.So transaction speed should be accelerate.Bitcoin has no physical form it's also a bad side of it.And since bitcoin is uncontrollable so illegal activities are always happening.For this bitcoin is not yet accepted to many country.

[lOvE mE forEvEr]

Transaction speed is too slow and I had to wait for long time to purchase things.So transaction speed should be accelerate.Bitcoin has no physical form it's also a bad side of it.And since bitcoin is uncontrollable so illegal activities are always happening.For this bitcoin is not yet accepted to many country.

Yes true, many users have complained that the transaction is bitcoin slow and need a lot of confirmation. This is what feared that one day the transaction is bitcoin failed and lost. With users who continue to grow, then the speed of the transaction becomes a very important issue.

[Superzpay]

Transaction speed is too slow and I had to wait for long time to purchase things.So transaction speed should be accelerate.Bitcoin has no physical form it's also a bad side of it.And since bitcoin is uncontrollable so illegal activities are always happening.For this bitcoin is not yet accepted to many country.

Yes true, many users have complained that the transaction is bitcoin slow and need a lot of confirmation. This is what feared that one day the transaction is bitcoin failed and lost. With users who continue to grow, then the speed of the transaction becomes a very important issue.

The developers have to work on the speed of transaction because the issue is going to be serious for many people by the way I often rely on only one transaction because I know that when one transaction is occurred then there is no chance that this transaction will be cancelled.