What do you think are the biggest disadvantages of Bitcoin?

[HongKong]

There is a bunch of disadvantages with Bitcoin, in fact there is just too many to really count out if I had to really go into it.
There is one disadvantage with Bitcoin and that is people trying to hold onto it. Some people know how to hold onto their Bitcoins and some people don't. From what I've been reading in this forum, the people that lose money while putting their money in many Altcoin ICO's  would've been better just by holding onto their Bitcoins instead of recklessly spending them.

[goinmerry]

There is one disadvantage with Bitcoin and that is people trying to hold onto it. Some people know how to hold onto their Bitcoins and some people don't. From what I've been reading in this forum, the people that lose money while putting their money in many Altcoin ICO's  would've been better just by holding onto their Bitcoins instead of recklessly spending them.

That isn't a disadvantage to consider.

Although I don't get the point of your last statement, it's clearly that the concern you had there is a general behaviour and not as a direct thing related to the whole context of using bitcoin.

Also, you said that some people don't know how to hold coins and others know. Mate people have different views why some of them preferred holding and others don't. If their strategy works for them then we have nothing to do with it and just stick with our own way to deal with the current bitcoin price movement.

[cotton ball]

There is one disadvantage with Bitcoin and that is people trying to hold onto it. Some people know how to hold onto their Bitcoins and some people don't. From what I've been reading in this forum, the people that lose money while putting their money in many Altcoin ICO's  would've been better just by holding onto their Bitcoins instead of recklessly spending them.

That isn't a disadvantage to consider.

Although I don't get the point of your last statement, it's clearly that the concern you had there is a general behaviour and not as a direct thing related to the whole context of using bitcoin.

Also, you said that some people don't know how to hold coins and others know. Mate people have different views why some of them preferred holding and others don't. If their strategy works for them then we have nothing to do with it and just stick with our own way to deal with the current bitcoin price movement.

Many people choose to hold bitcoin because of limitations of their knowledge in trading and other bitcoin business. If this is said bitcoin disadvantages-wrong because it doesn't affect the actual price at all, it obviously benefits them because it refers to the rising bitcoin price trend and they not do any risk business and they call it fixed assets.

[Eebertay]

Biggest problem with bitcoin is deflation, im not sure if this would be a real threat but it one day could be.

[KesoNie]

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved

the biggest disadvantages is the amount of fees every transactions and we cannot see it nor hold it, literally it is the major disadvantages of bitcoins I think.

[wuvdoll]

The only disadvantage I see in bitcoin at a moment is that the usage of bitcoin is very limited and it cannot be used at most of the places for shopping or paying at restaurants as bitcoin is still new to many countries and it will take long time to reach everywhere.

Indeed, although bitcoin is popular at the moment there are not enough investments, like for regular usage which makes it hard for normal people to find a reason to use instead of fiat, and it being used less for things we really need and more for gambling and other things like in the black market, gives it a bad reputation, but I think in the future this will eventually change as it becomes more and more popular.

[bitbunnni]

The only disadvantage I see in bitcoin at a moment is that the usage of bitcoin is very limited and it cannot be used at most of the places for shopping or paying at restaurants as bitcoin is still new to many countries and it will take long time to reach everywhere.

Indeed, although bitcoin is popular at the moment there are not enough investments, like for regular usage which makes it hard for normal people to find a reason to use instead of fiat, and it being used less for things we really need and more for gambling and other things like in the black market, gives it a bad reputation, but I think in the future this will eventually change as it becomes more and more popular.

The biggest problem can arise because Bitcoin is used for purchases of prohibited items, including on the Internet. If such things continue to go on then the governments of countries can severely restrict the rights of users, as well as their capabilities, in order to strongly control the crypto currency or worse the ban.

[stephanirain]

I can't see the disadvantages of bitcoin because at first that i use bitcoin it has been a big advantage to me it helps me to pay my bills on house. But i only see the biggest problem about bitcoin is that the price of it is not stable sometimes the price of bitcoin decreases and sometimes it increases.

[Sadlife]

Bitcoin as an crypto currency has some features that the users like for example it's decentralized and anonymous feature, you can send money to your client, friend or family without typing to much personal information and it has no rules and regulations in order to send or receive payments.
This why some countries doesn't want to legalize it as a mainstream payment.

[alucard23]

For me, decentralization is the best thing, because this brings more convenience to open a wallet, dispensing bureaucracy. In addition, the level of security becomes much higher, since no one else has access to your funds.

[LeyMonte]

For me, decentralization is the best thing, because this brings more convenience to open a wallet, dispensing bureaucracy. In addition, the level of security becomes much higher, since no one else has access to your funds.

dont op talks about the disadvantage? so you find decentralization is some sort of disadvantage? is it?

[Finestream]

For me, decentralization is the best thing, because this brings more convenience to open a wallet, dispensing bureaucracy. In addition, the level of security becomes much higher, since no one else has access to your funds.

dont op talks about the disadvantage? so you find decentralization is some sort of disadvantage? is it?

He is not reading the OP, decentralization is clearly the best advantage of bitcoin because it's the original concept that make us love bitcoin. I know there are still a lot of disadvantage of bitcoin like delay of transaction confirmation and many more but that's not a big problem, anyway we have to understand that no system is created as perfect, what I see is people are loving bitcoin as evidence by the value its increase of value.

[choppork]

The only disadvantage I see in bitcoin at a moment is that the usage of bitcoin is very limited and it cannot be used at most of the places for shopping or paying at restaurants as bitcoin is still new to many countries and it will take long time to reach everywhere.

Indeed, although bitcoin is popular at the moment there are not enough investments, like for regular usage which makes it hard for normal people to find a reason to use instead of fiat, and it being used less for things we really need and more for gambling and other things like in the black market, gives it a bad reputation, but I think in the future this will eventually change as it becomes more and more popular.

The biggest problem can arise because Bitcoin is used for purchases of prohibited items, including on the Internet. If such things continue to go on then the governments of countries can severely restrict the rights of users, as well as their capabilities, in order to strongly control the crypto currency or worse the ban.

They can't do that simply because they can't. Fiat has been used for purchasing illegal stuffs both online and in real life but here we are. Fiat is as strong as ever. Even when they made drugs illegal, people are still making it. And even when they prohibit the use of fiat for shady transactions, it will still be use for such transactions simply because it has value. Money is a tool to buy something so obviously even with drugs, money will be used. I see no possibility of success of banning bitcoins for being used in shady transactions.

Please, banning bitcoins will only cause people to find out about it and even eventually adopt it. So the government isn't going to do it.

[DoublerHunter]

For me, decentralization is the best thing, because this brings more convenience to open a wallet, dispensing bureaucracy. In addition, the level of security becomes much higher, since no one else has access to your funds.

dont op talks about the disadvantage? so you find decentralization is some sort of disadvantage? is it?

He is not reading the OP, decentralization is clearly the best advantage of bitcoin because it's the original concept that make us love bitcoin. I know there are still a lot of disadvantage of bitcoin like delay of transaction confirmation and many more but that's not a big problem, anyway we have to understand that no system is created as perfect, what I see is people are loving bitcoin as evidence by the value its increase of value.

I agree with you that the decentralization is the best advantage of bitcoin because without decentralization we don't have tax free currency and i think the price of bitcoin will not be this high because of the people or organization that will control or take advantage of bitcoin. So i agree with you that decentralization is not a disadvantage but the biggest advantage of bitcoin to other traditional currencies.

[Seansky]

The biggest disadvantages bitcoin has for now I think is the slow time of confirmation of transaction. Sometimes it takes hours or more just because there are too many transactions but I really hope transactions would be faster soon so that we can enjoy bitcoin more. I think if bitcoin transactions are real time no matter how many people use it for transaction daily, people might consider it to be used as replacement for credit cards.

[geegaw]

The biggest disadvantages bitcoin has for now I think is the slow time of confirmation of transaction. Sometimes it takes hours or more just because there are too many transactions but I really hope transactions would be faster soon so that we can enjoy bitcoin more. I think if bitcoin transactions are real time no matter how many people use it for transaction daily, people might consider it to be used as replacement for credit cards.

I agree with you, time confirmation of Bitcoin transactions are very slow, sometimes I have to wait 2-3 days to be confirmed but I think this is not the biggest disadvantage of Bitcoin because time to confirm the transaction quickly or slowly depending on your wallet and transaction fee. And so I think the biggest disadvantage of bitcoin is the bitcoin transaction fee and security because if the transaction fee is high, the transaction confirmation time will be fast and vice versa if the transaction fee is low, the transaction confirmation time will be slow. Next is security, I can not find where to keep the bitcoin safe, Bitcoin is easy to be stolen

[Karmakid]

For me the biggest disadvantage people right now is its popularity. Many people do not know yet about bitcoin. Some of them have the idea that it only exist on deepweb which hurts my feelings when i hear those words. They don't know that bitcoin is not illegal and already been helping in many ways. I hope bitcoin will be introduced by media in the future so that more people will know the truth about it.

[paul gatt]

For me, decentralization is the best thing, because this brings more convenience to open a wallet, dispensing bureaucracy. In addition, the level of security becomes much higher, since no one else has access to your funds.

dont op talks about the disadvantage? so you find decentralization is some sort of disadvantage? is it?

He is not reading the OP, decentralization is clearly the best advantage of bitcoin because it's the original concept that make us love bitcoin. I know there are still a lot of disadvantage of bitcoin like delay of transaction confirmation and many more but that's not a big problem, anyway we have to understand that no system is created as perfect, what I see is people are loving bitcoin as evidence by the value its increase of value.

No, bitcoin does not need hierarchies, that's really not necessary. Because when it does, bitcoin needs to restructure. This will take a lot of time. Meanwhile, today's bitcoin is really powerful enough to grow without any change. That is why segwit is not accepted. And with the current bitcoin, people always love it.

[Vaskiy]

The biggest disadvantages bitcoin has for now I think is the slow time of confirmation of transaction. Sometimes it takes hours or more just because there are too many transactions but I really hope transactions would be faster soon so that we can enjoy bitcoin more. I think if bitcoin transactions are real time no matter how many people use it for transaction daily, people might consider it to be used as replacement for credit cards.

I agree with you, time confirmation of Bitcoin transactions are very slow, sometimes I have to wait 2-3 days to be confirmed but I think this is not the biggest disadvantage of Bitcoin because time to confirm the transaction quickly or slowly depending on your wallet and transaction fee. And so I think the biggest disadvantage of bitcoin is the bitcoin transaction fee and security because if the transaction fee is high, the transaction confirmation time will be fast and vice versa if the transaction fee is low, the transaction confirmation time will be slow. Next is security, I can not find where to keep the bitcoin safe, Bitcoin is easy to be stolen

Both at times gets considered as an disadvantage, because the transaction confirmation delay happens on times of sudden price increase and decrease. This is just because of the increased transactions happening in a short time period with same fee levied on several transactions causing a lag in the network. In terms of security, nothing is a big problem that even a 2FA enabling helps in a increased security that none can easily enter.

[stomachgrowls]

For me the biggest disadvantage people right now is its popularity. Many people do not know yet about bitcoin. Some of them have the idea that it only exist on deepweb which hurts my feelings when i hear those words. They don't know that bitcoin is not illegal and already been helping in many ways. I hope bitcoin will be introduced by media in the future so that more people will know the truth about it.

Popularity is always a main issue on bitcoin but not an disadvantage because its not really a part of it but the main disadvantage of bitcoin is its anonymity feature which people can really make or done illegal stuff because of it.For some it is really a good feature but there are really negative side on bitcoin which we cant really change off thats why some people when they do hear about bitcoin on the first place they will neglect it because media do make bad impressions on public.