What do you think are the biggest disadvantages of Bitcoin?

[Gintama214]

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

   Bitcoin has still many flaws that's why bitcoin is still not a mainstream. Many countries do not see bitcoin as legal and not all people can acquire bitcoin unlike money many people can get hands to it, while bitcoin you need an internet connection and a computer to earn it and many countries has no connection on internet so it still hard for bitcoin to be a mainstream like real money. Also, bitcoin transactions takes to long, when you send something or buy something in bitcoin it will took maybe hours or days just to confirm that the process is complete. Another thing is that the value of bitcoin is still not constant unlike money, bitcoin can fluctuate over time and if businesses offers to accept bitcoin and the rates will be down of course they will be deficit. So there are still many flaws on bitcoin but for sure in the future it will happen because as we can see today bitcoin as gradually gaining popularity especially big countries and governments are looking at it. So today bitcoin has still disadvantages but sooner it will be all advantages. 

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[Pattart]

The biggest disadvantage of bitcoin is its instability. It is good for speculators but serious investors it is a problem. All holders of bitcoins like that the price is increasing, but it always can not continue and sooner or later it can lead to falling prices and then lose all the money.

You should know that most bitcoin users today are traders and investors. Where they are very fond of unstable prices because these very fast price changes will make them gain profit quickly. I think it's not a lack of bitcoin

[Lauren Smith]

The only thing I can think that some people will say is transaction times. It's not so fast they think but a bank transfer takes longer. People want to swipe to pay. Can Bitcoin be used like a debit card for doing that is the question ? Also you can say right now you can't soent it everywhere. That is clear to us all for now. In the future more places will accept bitcoins.

[Skarner21]

The biggest disadvantage of bitcoin is its instability. It is good for speculators but serious investors it is a problem. All holders of bitcoins like that the price is increasing, but it always can not continue and sooner or later it can lead to falling prices and then lose all the money.

Precisely I think an unstable price or a fluctuating price is very profitable for most bitcoin users. Many of them even prefer fluctuating prices compared to stable prices. Because stable prices can lower their profits.

But you understand that due to price fluctuations, new users earned money? In fact, everyone dreams of buying Bitcoin at a low price and subsequently waiting for future high prices for Bitcoin, And this will already give an opportunity to increase its state several times.

That was the advantaged of bitcoin that we are getting benefits of the price increased. but the big advantage for me in bitcoin is the miners fee this is really 1 of the issue this year we are having a problem about the miners fee or transaction are slow.. compare to other payment method if you pay a small miners fee your transaction will receive for too long but if you pay a large amount of fee your transaction could be deliver in minutes.

[mornabo]

The biggest disadvantage of bitcoin is its instability. It is good for speculators but serious investors it is a problem. All holders of bitcoins like that the price is increasing, but it always can not continue and sooner or later it can lead to falling prices and then lose all the money.

I think that's an advantage of bitcoin. Fluctuating prices that make bitcoin different from others. With fluctuating prices there are many users who can make a profit. Although the risk is quite large. But I think the user would prefer a fluctuating price

[DoublerHunter]

The biggest disadvantage of bitcoin is its instability. It is good for speculators but serious investors it is a problem. All holders of bitcoins like that the price is increasing, but it always can not continue and sooner or later it can lead to falling prices and then lose all the money.

I think that's an advantage of bitcoin. Fluctuating prices that make bitcoin different from others. With fluctuating prices there are many users who can make a profit. Although the risk is quite large. But I think the user would prefer a fluctuating price

I agree with you, the fluctuating price of bitcoin is an advantage for me because it is dumping and pumping and if you are an active trader and if you are aware of those circumstances then you can make money from it because you just need to have a great timing in buying from a dump or dip then selling it for a pump and just repeat the cycle to make money.

[Raja_MBZ]

The biggest disadvantage of bitcoin is its instability. It is good for speculators but serious investors it is a problem. All holders of bitcoins like that the price is increasing, but it always can not continue and sooner or later it can lead to falling prices and then lose all the money.

I think that's an advantage of bitcoin. Fluctuating prices that make bitcoin different from others. With fluctuating prices there are many users who can make a profit. Although the risk is quite large. But I think the user would prefer a fluctuating price

I agree with you, the fluctuating price of bitcoin is an advantage for me because it is dumping and pumping and if you are an active trader and if you are aware of those circumstances then you can make money from it because you just need to have a great timing in buying from a dump or dip then selling it for a pump and just repeat the cycle to make money.

And currently that cycle is repeating so many times, creating a heck of opportunities for profitable trading.

The repeating cycles are currently not only at BTC, but also at Monero, Ethereum, etc.

[micher143]

The only thing I can think that some people will say is transaction times. It's not so fast they think but a bank transfer takes longer. People want to swipe to pay. Can Bitcoin be used like a debit card for doing that is the question ? Also you can say right now you can't soent it everywhere. That is clear to us all for now. In the future more places will accept bitcoins.

That is the point why people are go with the bitcoin because of the less hassle transactions but years passed the transaction time take so long to be confirmed and for now on that is the major problem of the bitcoin the transatioc traffic because of that many of the people are switching coin which is not good for the bitcoin.l

[stompix]

The biggest disadvantage of bitcoin is its instability. It is good for speculators but serious investors it is a problem. All holders of bitcoins like that the price is increasing, but it always can not continue and sooner or later it can lead to falling prices and then lose all the money.

Precisely I think an unstable price or a fluctuating price is very profitable for most bitcoin users. Many of them even prefer fluctuating prices compared to stable prices. Because stable prices can lower their profits.

But you understand that due to price fluctuations, new users earned money? In fact, everyone dreams of buying Bitcoin at a low price and subsequently waiting for future high prices for Bitcoin, And this will already give an opportunity to increase its state several times.

That was the advantaged of bitcoin that we are getting benefits of the price increased. but the big advantage for me in bitcoin is the miners fee this is really 1 of the issue this year we are having a problem about the miners fee or transaction are slow.. compare to other payment method if you pay a small miners fee your transaction will receive for too long but if you pay a large amount of fee your transaction could be deliver in minutes.

How is that and advantage?
While I agree that if you want fast transaction you must be prepared to pay extra I don't see this as an advantage.
It would have been one if you wouldn't need a large fee to get your payment confirmed in minutes, but as it is like now , no this is more of a weak point than a strong one.

I think btc has some difficulties but it is a whole new market and it works differently from other traditional currencies. Btc price is not stable. Many btc users are primarily connected to the network so they easily cheat.

How can users cheat on bitcoin and what the hell means to be "primarily connected to the network" ?
Did you cheat on your English exam too?

[skyline247]

Currently, transaction fees are way too high, transaction processing time also.

[Brute296]

I think it's not mainstream because bitcoin is not accepted by many vendors yet, also jobs don't give the option to be paid in bitcoin so finding ways to earn bitcoin is probably hard for some people. Lastly, the value of bitcoin is pretty unstable, which make some question if it should be used.

[TheGodFather]

Currently, transaction fees are way too high, transaction processing time also.

Yes it is that is the major problems or the biggest problems of bitcoiners now. The high fees and the longer transaction time. Even you have been pay for your transaction fee but still you will wait more time. That could be the disadvantage. We cant withdraw it at the right time . We should wait until bitcoin fix this.

[bit1]

The only thing I can think that some people will say is transaction times. It's not so fast they think but a bank transfer takes longer. People want to swipe to pay. Can Bitcoin be used like a debit card for doing that is the question ? Also you can say right now you can't soent it everywhere. That is clear to us all for now. In the future more places will accept bitcoins.

Well I would not say it's the only one, another for example is that it is not currently suitable for microtransactions  for example in some services you have to reach a minimum amount to be able to withdraw funds and that could sound like an important limitation also, but I do believe that there are still several.

[Kateryna_Oli]

As for me the biggest disadvantage looks like If your credit card is stolen or somebody hacks into your bank account there is a good chance you will not lose any money as banks will fix your balance. Even cash can be potentially recovered if the police acts fast. But with Bitcoin if you lose it you lost it for good. There is no mechanism to recover stolen or lost Bitcoins. If somebody hacks into your wallet where you store your Bitcoins you lost them for good. The best way to store your Bitcoins is on disk that is disconnected from the internet.

[slowlii]

Block size problems. Slow transactions, high fees, not being able to spend it in daily life expenses. Negative news related to it.

[choppork]

Block size problems. Slow transactions, high fees, not being able to spend it in daily life expenses. Negative news related to it.

I honestly would never understand the people in here complaining about bitcoin's slow transactions and high fees when they can just switch to using altcoins. This is the classic "This is so shitty. What is this" type of people and the answer has always been "Get out". Get out of bitcoins and start using altcoins. Giveaway campaigns are actually doing that because it's far better to use ETH (or any other altcoins, honestly) than bitcoins when it comes to microtransaction.

Right now, bitcoin is just good when it comes to long term holding. I actually have most of my bitcoins in an offline wallet which I'm not connecting to any computer anymore. I just saved some bitcoins and that's what I use to cash out and some altcoins for small transactions.

My advice, instead of complaining about our situation in bitcoins, learn how to deal with it.

[snowcrashed]

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 big fees and long time transactions confirmed are the biggest disadvantage of Bitcoin because people can not use Bitcoin to buy things by Bitcoin when its fees are too big and they need to wait so long just for the shops to accept their payments. It's not suitable for shopping yet.

[predic]

the biggest disadvantage is: inflatory i.e. speculative nature that brings rich people mixed in bitcoin and they can pay 1000 slaves to make fictive demand at different exchanges and change the value of bitcoin.
they can buy 100 bitcoins for 400 Eur and make small demands with high prices (1000 x 0.0005BTC for 10 Eur, for example), then the value of BTC will jump up and they will sell 100 BTC for 1000 Eur per BTC. then they let the value to fall down, to buy BTC again, and again they make many small demands on the market to push up the value of BTC.

in any case, we can be all agreed that rich predators are mixed in bitcoin already 2 years and even their regulation efforts are bad for ordinary people who don't have 100 000 eur to pay for the license to be legal BTC exchanger in Luxembourg. to become BTC exchanger, it will be hard as for example to get a license for casino. only rich people can get it, nobody else, it means, there will be monopoly who will become legal exchanger.

beside speculative nature of BTC that attracted predators and 1000 slaves to make masters richer, second biggest disadvantage is the topic called exchangers.
centralization of BTC by exchangers, NSA exchangers (coinbase), and now even regulating bitcoin by the law will allow to predators to have monopoly who can become an exchanger, only those who pay big money to the state.

[KennyR]

I don't think anything specifically as an disadvantage with bitcoin, because I have the hope that this innovation will make lot changes. Right now people describe the transaction fee as an major disadvantage, in my view this too an solvable issue. When the usage increases complications will be there we need time to overcome those factors affecting it.

[meejay]

For me as a newbie;
Since every developer is unique so the blockchains are unique in some way. This results in different reaction times in terms of transactions etc. This is another independent variable which makes trading complicating. I like the idea of decentralization but, process times must be more or less equal when you go to an altcoins or exchange from another. This would make cryptocurrencies become more widely accepted.

On the other there is the monetary system created by the ones who hold the power. These are the power concentrated people, who wants their centralized businesses like, weapon, drug and similar industries to be sustainable. You need to change the whole monetary system for success of cryptocurrencies.