What do you think are the biggest disadvantages of Bitcoin?

[pinggoki]

I am not satisfied with the too long speed of operations. It's still bad that you can not use your coins without the Internet.

In addition to the speed of transactions that begin to slow down, the fee will also be greater. I do not know why the fees get bigger. Currently with a fee of 10k satoshi. You will receive a confirmation maybe a few days

Probably the traffic is become higher because of the increasing of bitcoin user. My transaction usually confirmed in 10 - 30 minute. I never see the transaction that need a few days to confirmed. I hope there are enginer or developer that can solve this problem.

We surely have to pay much higher fees now to get the transaction accepted in the next few blocks otherwise it will take much more time to get confirmed.
In the past year, if I just paid 20k sat/KB the transaction then it would get added at max in the next 3 blocks and now we have to pay 120k sat/KB for the same.

Indeed, the bitcoin price is continue growing and that is good but unfortunately at the same time the fee is also growing. Yet, the speed transaction is becoming slower. In some cases you need to pay higher fee otherwise your transaction will be enshroud.

[fujyo86]

Indeed, the bitcoin price is continue growing and that is good but unfortunately at the same time the fee is also growing. Yet, the speed transaction is becoming slower. In some cases you need to pay higher fee otherwise your transaction will be enshroud.

Confirmation duration in bitcoin delivery becomes a loss in the current bitcoin transaction. And yes, transaction costs become larger ..

[lighpulsar07]

The biggest disadvantages of bitcoin are:

*Slow transaction confirmation
*High transaction fee or miners fee

Those are the disadvantages of bitcoin today.

We need solution to scaling problem not a drama.
If core devs and BU dev stop the drama between them and work as a team. I think they can come up a new solution about this problem.

[Rostadom]

The biggest disadvantages of bitcoin are:

*Slow transaction confirmation
*High transaction fee or miners fee

Those are the disadvantages of bitcoin today.

We need solution to scaling problem not a drama.
If core devs and BU dev stop the drama between them and work as a team. I think they can come up a new solution about this problem.

I agree. Gone are the days when bitcoin has an advantage of fast transaction and low fees. Today, the advantage of bitcoin is mainly that it's a good store of value, you can earn from simply holding it, opened up online job opportunities, having a community with people all over the world, etc. The advantage of bitcoin has become its disadvantage and altcoins are grabbing the opportunity to improve the transaction fee and time. Unfortunately, no one has made a lightning network yet which is what we actually need.

[btcforall777]

It has no organized promotional effort. How far can it go without that?

[cryp24x]

I am not satisfied with the too long speed of operations. It's still bad that you can not use your coins without the Internet.

In addition to the speed of transactions that begin to slow down, the fee will also be greater. I do not know why the fees get bigger. Currently with a fee of 10k satoshi. You will receive a confirmation maybe a few days

There is a solution for this and you need to push your transaction in either viabtc or other services.  I heard some member here can help you with that.  And I agree, Bitcoin transaction fee is getting ridiculously high in dollar cost.  I hope an upgrade on Bitcoin scaling be implemented soon. I do not care if it is BU or core implementation.  All I want is to see bitcoin scaling being fixed.

[gabbie2010]

Transaction fee is part of requirement for sending or recieving bitcoin I think it is attributed to miners It keep on increasing because  the numbers of bitcoin user is increasing  and confirmation is taking too much time I think the those consign should find a permanent solution to it.

[PrintMule]

It is absolutely very long transfer time for now and the transfer fees which keeps too much.I do not know how to deal with this problem, but if these transfer times and transfer fees increase in the future, bitcoin will surely lose that spell.

edit : I did not look at the subject in general, but I see browsing about the same problems

Hopefully these problems will be solved in the future.

[Fatanut]

It has no organized promotional effort. How far can it go without that?

It can without that for, like, forever, I believe. Bitcoin don't need some organized promotion going on because it's only normal for people to share the things that they are up to at the moment. If you're a bitcoin enthusiast, you can't stop talking about it especially when you know that the other person knows the basic things of economics. This thing is revolutionary. The idea never dies. Even when everyone stopped talking about bitcoins, and then after a few years someone found out or thought of the idea again, it will spread once again.

Basically just the word of mouth. We don't need to put up advertisements on the Internet or in the television just to make people use bitcoins. You literally don't have to do anything at all since people will adopt on whatever's the trend or whatever's new.

[minion1000]

I don't see any disadvantages to bitcoin, I think we're the disadvantages lye are with fiat currency, taxes, bank fees, value is firm, stock exchange and gov agencies are a joke when it comes to regulating and disbursement, if bitcoin had one draw back its to bad it took so long for block chain technology's and cryptocurrencies to be developed.

[wuvdoll]

I am not satisfied with the too long speed of operations. It's still bad that you can not use your coins without the Internet.

True, I also feel the same irritation when doing a transaction with a small fee. Eg fee 0.0001 btc with blockchain wallet. I'm sure you'll get confirmation the next day Lol

Yeah the fees or confirming transactions is one of the most irritating moments when we are doing transaction. I think this kind of problem is need to fix as soon as possible because if not then it will be the biggest disadvantage of bitcoin and that can bitcoin to drop its price and people will just leave bitcoin because of that.

Agree the fees now a days is one of the biggest disadvantage of bitcoin unlike in the past that isnt the problem but now it is and the delay of sending or receiving bitcoin it really takes time. Though i think it will be resolve sooner or later and i hope so because the price of bitcoin is really incredebly high so it is very good to sell now

If you bought your bitcoin at a lower price than the past few weeks then you can sell now but if i were you, i will not sell my bitcoins because i still believe that there is more to wait for this year and i will just decide if i will sell or not after the year ends. The price of bitcoin is just for attraction for other people to invest but it will pump more for this coming months because there is something big coming.

Yes, I agree there still is a very high potential in the bitcoin to increase its price in the current year and afterwards.

As we can see that the users of the bitcoin are constantly increasing and the governments are also showing the soft corner for the Bitcoin so it is not the artificial pump to the price of the Bitcoin. In fact the prices are increasing for real and the people are going to get good from it.

[Windpower]

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

I would say the 2 biggest flaws or disadvantages of Bitcoin are the volatility of the price, it keeps jumping from 1800 to 1850 right now, as well as the small block sizes. If Bitcoin wants to be mainstream, the block size definitely needs to be increased.

[Supercrypt]

I am not satisfied with the too long speed of operations. It's still bad that you can not use your coins without the Internet.

In addition to the speed of transactions that begin to slow down, the fee will also be greater. I do not know why the fees get bigger. Currently with a fee of 10k satoshi. You will receive a confirmation maybe a few days

Probably the traffic is become higher because of the increasing of bitcoin user. My transaction usually confirmed in 10 - 30 minute. I never see the transaction that need a few days to confirmed. I hope there are enginer or developer that can solve this problem.

Yes and I hope that the bitcoin will update its system looking at the increasing number of its users and the lingering time of the transactions.

If the bitcoin fails to do so then it will be providing opportunities to its competitors i.e. the alts in a way that people will fed up of the transaction time of the Bitcoin and will switch to any other digital currency.

[Mpamaegbu]

For me, there are two areas I think Bitcoin has issues. The first one is theft: There are always trolls on the lookout to hack into wallets and steal available coins. The thirst for such a vice is worrisome, and not everyone who holds bitcoins is internet suavy on what to do to prevent these hackers, and as such losses often occur.

Secondly, there exists that difficulty in converting Bitcoin into fiat in countries where its use is still not widespread like in Africa.

[ekoice]

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 disadvantage is the high transaction fees which would stop new companies to accept bitcoin as payment.
The volatile nature of bitcoin price is another reason due to which most merchants avoid bitcoin payments.
Since bitcoin is pseudo anonymous,most merchants fear that their transactions would be traced by government authorities.

[Kousei23]

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

I think the big advantages of bitcoin is the value because ir's valie didn't even stable and no one will ever predict how high or low will the value pump. Many people have a high amount of bitcoin but if the bitcoin value decreased. All of his earnings in this wallet reduced. Many peopl will not appreciate bitcoin if the value isn't stable and didn't predictable.

[DoublerHunter]

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

I think the big advantages of bitcoin is the value because ir's valie didn't even stable and no one will ever predict how high or low will the value pump. Many people have a high amount of bitcoin but if the bitcoin value decreased. All of his earnings in this wallet reduced. Many peopl will not appreciate bitcoin if the value isn't stable and didn't predictable.

The value is not a disadvantage just because it is not stable. The value is one of the most important thing for bitcoin because if bitcoin doesn't have value then there will be no people who get interested with bitcoin or even use it. The price volatility for bitcoin is very normal because it is just depending on the demand of the people so there is no such thing like being disadvantage of that.

[sana54210]

It has no organized promotional effort. How far can it go without that?

I don’t agree that it can be said as the drawback of the bitcoin. There are many types of marketing strategies followed by the organizations in which one is the direct marketing.

The bitcoin is basically working on the strategy of the direct marketing in which the company shares its profit with the individuals involved with the company. If you think that the bitcoin should start the TV ads then they will have to stop the signature campaigns.

[alexsandria]

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

For me, I don't see a major disadvantage of bitcoins. All I can see that I think it's disadvantage is it is not accpeted in all establishment here in my country. We all kbow that many people have use bitcoin so far yet it is not still accepted in many ways. I would like someday this little disadvantage for me of bitcoin solved and accept in many establishment.

[emezh10]

Bitcoin is digital and anonymous prone to illegal transactions cannot be control by the government so the government will not allow it in some ways to become the mainstream currency and also bitcoin can be banned in that country.