What do you think are the biggest disadvantages of Bitcoin?

[stompix]

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That's what happen when a currency's price is truly based on the demands of the market and the ratio of supply:demand is really affecting the price and the whole currency's economic. What I've seen is that majority of people who join bitcoin recently are attracted to its potential of giving decent profit and they consider bitcoin as an investment and not a currency, that's right that normal people who use bitcoin as ordinary currency struggling to keep their value stay at its point.

Let get real for a minute

Bitcoin price has nothing to do with demand..
Are you going to tell me that demand was the same 3 years ago when we were at the same price levels?

We won;t see the real value of bitcoin in less than 10 years when finally normal usage not speculation will kick in.

[sergio red]

Every way of your life you must find out some pros and cons, so bitcoin is not out of them, because of a new method there are some constraints which you can call them as disadvantages. such as time on transactions, difficulties on handling transactions, also payment is difficult to understand for everyone. not only that there is also instability of the price because of a new technology.
but we have to cope up with things for our benefit.  

[naughty1]

I don't see any biggest disadvantage about bitcoin, but i see one disadvantage and that is bitcoin has no stable price because sometimes it rise amd sometomes it falls. But for me bitcoin has been a big advantage to me because it helps to earn money more easily than doing other things in real life.

Bitcoin is like a real estate source, so its value can not be stable, thanks to that, it becomes the right currency for investment and business. It is no longer a disadvantage of bitcoin, but it becomes an advantage for bitcoin to be enjoyed by everyone. However, that is also why it has not been accepted as a formal payment method.

[Wesimon]

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That's what happen when a currency's price is truly based on the demands of the market and the ratio of supply:demand is really affecting the price and the whole currency's economic. What I've seen is that majority of people who join bitcoin recently are attracted to its potential of giving decent profit and they consider bitcoin as an investment and not a currency, that's right that normal people who use bitcoin as ordinary currency struggling to keep their value stay at its point.

Let get real for a minute

Bitcoin price has nothing to do with demand..
Are you going to tell me that demand was the same 3 years ago when we were at the same price levels?

We won;t see the real value of bitcoin in less than 10 years when finally normal usage not speculation will kick in.

Can you justify this one.

Why do you think the value of bitcoin changes from time to time? Bitcoin's value changes depends on the law of demand and supply. If the demand of bitcoin is high and the supply is not that high compare to the demand, then bitcoin's value will increase. That is the reason why bitcoin's value increases if there are less bitcoin in circulation and inversely, bitcoin's value will decrease if more bitcoin is in circulation.

[Arcteryx]

Well for one the blockchain fees are astronomical compared to where they were before the price per bitcoin was at $1000. Remember that wallets even didn't charge you a fee to send like Xapo and Coinbase. But those days are done
And just in recent days it has taken a horrendous amount of time just to send out a small amount of bitcoin even if the fees were enough to send just a week ago to be completed in a matter of 45 minutes to an hour.
Sending close to $2 for a transaction miners fee shouldn't take over 9 hours to confirm and complete.
Heard someone sent $5 just to see how long it would take and that one send did not fully confirm on the third hour they were waiting for it and just gave up on waiting any longer.
Now that is just insane and a major disadvantage if that is how the blockchain is going to continue handling these bitcoin send amounts with such high fees to be paid.

[Fatanut]

The Biggest disadvantage of bitcoins is his price nobody know when the price increase and decrease. its good for investor but to sometimes its become to much risky, like trading, but much risky much money yeahh

That's what happen when a currency's price is truly based on the demands of the market and the ratio of supply:demand is really affecting the price and the whole currency's economic. What I've seen is that majority of people who join bitcoin recently are attracted to its potential of giving decent profit and they consider bitcoin as an investment and not a currency, that's right that normal people who use bitcoin as ordinary currency struggling to keep their value stay at its point.

Let get real for a minute

Bitcoin price has nothing to do with demand..
Are you going to tell me that demand was the same 3 years ago when we were at the same price levels?

We won;t see the real value of bitcoin in less than 10 years when finally normal usage not speculation will kick in.

The real value of bitcoin is its current price. We don't have any other way to determine it. Even though the population back then that pumped the price up to $1,200 was quite little compared to the population today, the demand surely was there.

If 50 people bought one candy each, and one guy bought 50 candies, how is the demand different? The only difference is the amount of people that were involved, which has nothing to do with demand. There can literally be just 10 people out there and when they decide to buy something in bulk, then the demand for that certain product has already increased.

[Gens09]

I think the most disadvantages that i see in bitcoin is the feature that bitcoin posses because bitcoin is anonymous many illegal transaction can happen and for that reason government cannot allow that in many country and also bitcoin is a threat in the economy for that reason that's a big disadvantage of bitcoin if the government cannot accept bitcoin no bitcoin user's in that country.

[DoublerHunter]

I think the most disadvantages that i see in bitcoin is the feature that bitcoin posses because bitcoin is anonymous many illegal transaction can happen and for that reason government cannot allow that in many country and also bitcoin is a threat in the economy for that reason that's a big disadvantage of bitcoin if the government cannot accept bitcoin no bitcoin user's in that country.

Anonymity of bitcoin is getting rid by the officials in a slow process. I know that being anonymous is one of the things we like that we can found in bitcoin but the government doesn't want that like what you said, so in able to be accepted by the countries, bitcoin need to sacrifice it and be transparent because i also believe that it is a good one because we can avoid criminals.

[cotton ball]

I think the most disadvantages that i see in bitcoin is the feature that bitcoin posses because bitcoin is anonymous many illegal transaction can happen and for that reason government cannot allow that in many country and also bitcoin is a threat in the economy for that reason that's a big disadvantage of bitcoin if the government cannot accept bitcoin no bitcoin user's in that country.

Anonymity of bitcoin is getting rid by the officials in a slow process. I know that being anonymous is one of the things we like that we can found in bitcoin but the government doesn't want that like what you said, so in able to be accepted by the countries, bitcoin need to sacrifice it and be transparent because i also believe that it is a good one because we can avoid criminals.

We know that current civilization is very influential on capitalization, monopoly and intervention of every government in the world, I understand bitcoin trying hard to fight this system, but until whenever it will not be publicly accepted as legal tender. Civilization prioritizes transparency budget, I don't know exactly what Japan's doing, but I think they just accommodate regulation of taxation, transactional and nothing more, So the biggest advantages and disadvantages of bitcoin is anonymity.

[Baby Dragon]

The biggest disadvantage of bitcoin is it has a feature that the government dont like example bitcoin is anonymous and because of that government dont allow bitcoin in there country for some reason and that a disadvantage if bitcoin is not allow in some country bitcoin have been limited.

[Polar91]

I think the most disadvantages that i see in bitcoin is the feature that bitcoin posses because bitcoin is anonymous many illegal transaction can happen and for that reason government cannot allow that in many country and also bitcoin is a threat in the economy for that reason that's a big disadvantage of bitcoin if the government cannot accept bitcoin no bitcoin user's in that country.

Its anonymity is actually the biggest advantage of bitcoin on every angle we look. If you think government don't like anonymity, you are wrong. It is actually good for them lessen the problem. We all know that some hackers are taking advantage the identity of a user to get some information that they could use to hack that certain perosn. Thus? With the help of bitcoin, it can be prevented to lessen the money related cybercrimes cases.

[Layla Mckenzie]

That you can't cancel a transaction you have made. I have lost money bcs of that, and that was the day that I realize that btc has disadvantages. I know that I had to be very careful, but we are humans and we do mistakes bcs we are tired etc. But foe me that's the biggest disadvantages of bitcoin.

[The_Dark_Knight]

The main reason, I think that makes Bitcoin disadvantageous is the confirmation of the transactions. It's really hard to make the transaction go faster compared to previous times just because the difficulty is getting harder every time. I think that's one of the main reasons for bitcoin not being wild spread

Yes I agree with you, sometimes I am very need money in urgent situation so I withdraw my bitcoin to exchanger for exchange it to fiat and when the transaction is very long it is just make me so stressful, not sure but maybe BU is great idea for this problem

The community seems to prefer segwit over BU but the miners seem to prefer the opposite and that is why we are in this conundrum and we are unable to move forward with any of the scaling solutions proposed at the moment.

[TryAngle]

Bitcoin is hard to understand for the average person. You have to read about it quite a bit to really grasp what it is and what it can do.

[Fatanut]

That you can't cancel a transaction you have made. I have lost money bcs of that, and that was the day that I realize that btc has disadvantages. I know that I had to be very careful, but we are humans and we do mistakes bcs we are tired etc. But foe me that's the biggest disadvantages of bitcoin.

Like most people would say, your negligence isn't the fault of bitcoins unless the use of bitcoin somehow made you ignorant. In almost everything, you have to be sure before doing it. You should simply assume that in every payment methods, once your money was sent, then it's already sent. Paypal only added that feature because they don't really care if people are actually lying about getting hacked and not authorizing the transaction, hence, being able to dispute it.

The funds are all in Paypal's website and they don't mind bringing it back to your account. All they care about is their 2.9% + 0.30$ transaction fee, plus, many people are going to look for this "Sorry, I'm stupid. I mistakenly sent money to someone" feature. Business is business, they don't care about the scams caused by their dispute feature.

[hankyulpark]

I think that the main disadvantage is the block creation time. It is a bigger issue than the block size. As a matter of fact, it influence the later. LTC, for instance, has a new block in 2,5 minutes. This makes the need of a bigger block much less important, as the transaction wait time are shorter.

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[stompix]

That you can't cancel a transaction you have made. I have lost money bcs of that, and that was the day that I realize that btc has disadvantages. I know that I had to be very careful, but we are humans and we do mistakes bcs we are tired etc. But foe me that's the biggest disadvantages of bitcoin.

Like most people would say, your negligence isn't the fault of bitcoins unless the use of bitcoin somehow made you ignorant. In almost everything, you have to be sure before doing it. You should simply assume that in every payment methods, once your money was sent, then it's already sent. Paypal only added that feature because they don't really care if people are actually lying about getting hacked and not authorizing the transaction, hence, being able to dispute it.

The funds are all in Paypal's website and they don't mind bringing it back to your account. All they care about is their 2.9% + 0.30$ transaction fee, plus, many people are going to look for this "Sorry, I'm stupid. I mistakenly sent money to someone" feature. Business is business, they don't care about the scams caused by their dispute feature.

Actually in most thing you can reverse what you did.
You can ask for a charge back , you can return merchandise, you can press the backspace button, you can tell your wife sorry for not getting her anything for her birthday...

Bitcoin is part of the smaller fraction where what is done is done, which also includes a nuclear strike.

Let's talk numbers... how many people have been scammed with ebay(paypal) merchandise and how many on this little bitcoin universe?
Forget about scammers..

In bitcoinland the entire marketplace is running with your coins.


No charge back is ideal for merchants. It sucks for customers.
And the reverse is true also.
Paypal sucks for merchants but is ideal for customers.

[Przemax]

As many have pointed out the transaction confirmation takes too much times sometimes. Thats not the big issue but in the current state of being, but bitcoin can't afford to have a radically more adoption rate as it would create huge chokepoints in which confirmation time would take forever.

Happily widespread adoption is not yet in the near future so maybe the issue will be settled by then.

[Meowth05]

For the the biggest disadvantage of bitcoin is simply because you cant use bitcoin in store yes there are some company accept it but not in all store unlike money you can use it in all stores if bitcoin have a many partnership it really a success.

[Question123]

For me the biggest advantage of bitcoin is the confirmation why we are waiting? I dont know why we need to confirmed transaction before use bitcoin.? I want instant like the other altcoin . Because sometimes many bitcoin user wait 1-2 days more before the transaction confirmed. Like me my last payouy in my signature campaign I wait 2 days before I use my bitcoin what if I need my bitcoin now. But sometimes the transaction is good but I want everyday.