What do you think are the biggest disadvantages of Bitcoin?

[Rufsilf]

The biggest disadvantage of bitcoin for me is being anonymous because it is one of the cause why most of the people are doubting bitcoin because when they heard the word bitcoin they will think that it is illegal because they only know that bitcoin is only in the dark web or deep web and they didn't know that bitcoin is being use to that place because of the anonymity but in overall, it is not illegal.

[1.btcwonder]

Here are some disadvantages noticed by users.

Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Built in Deflation
Bitcoin Valuation Fluctuates
No Valuation Guarantee
No Buyer Protection
Risk of Unknown Technical Flaws
No Physical Form

[boyptc]

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

Yeah especially for those people that are using xapo. It looks like they are still not adjusting the payment, it ranges 0.001-0.002 BTC and that's really high. Good thing that in blockchain.info they had adjusted and the highest payment that I did was 268sats/b and it's still acceptable in my end.

[Freezingel]

The most disadvantages aspect for me is the transaction time and the fee for small transactions. If bitcoin want to be accepted widely by merchants, something must be done to shorten the transaction time.

[stompix]

Here are some disadvantages noticed by users.

Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Built in Deflation
Bitcoin Valuation Fluctuates
No Valuation Guarantee
No Buyer Protection
Risk of Unknown Technical Flaws
No Physical Form

1) we're getting there
2) so can real wallets
3) really?
4) and it will do for a few years at least but we will find a stable price range in the future
5) nothing has that for real
6) use an escrow
7) same with banks or in case of cash with your pockets
neither does fiat in a lot of countries right now

[Jewell]

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

Yeah especially for those people that are using xapo. It looks like they are still not adjusting the payment, it ranges 0.001-0.002 BTC and that's really high. Good thing that in blockchain.info they had adjusted and the highest payment that I did was 268sats/b and it's still acceptable in my end.

that is fact it has now become very difficult to do small transaction, some time we pay more as a fee that transaction fee. I was using xapo for mobile recharges as it was free at that time and but now I want to recharge my mobile using xapo account I need to pay 2.5 $ transaction fee only for recharging 1$ to my mobile, I think this problem must be solve so that we may become able to do small transaction also.

[sgpsama]

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

[Tamilson]

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

Well given the fact that bitcoin price is not stable, its all normal. I think the biggest hindrance to this is the high fee, slow transaction and the unsecured wallet. Everyone is complaining abou the transaction, like you'd pay a lot but still slow processing. Well I think right now we can't do anything about this, maybe wait for the activation of segwit2x.

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.

The unsecured wallet is another to worry about but better be use offline wallet to this one. We're the one who's always responsible for our lose.

[NJB18]

Right now, we cannot spend out BTC anywhere we want. That is one setback. BTC has yet to really earn the trust of large shopping centers, for example. But it is going there.

Another would be the incredible transaction fee they impose to those who spend BTC. The fee is simply heavy especially if the transaction is not that huge.

Confirmation time is another. We simply cannot waste time waiting for it our whole lives.

[Bagaji]

Some of the advantages of Bitcoin has also turn to be the disadvantage to bitcoin, such as the decentralized nature of bitcoin which makes it's difficult to be controlled and as such can course inflation in an economy. Bitcoin will at the end of the day encourages money laundry most especially from the developing countries to developed nation's in the world.

[BitcoinBallerina]

At this particular time, the biggest disadvantage of Bitcoin is simply that it isn't as feasible of a payment as traditional methods such as credit cards or cash.

[jayc89]

At this particular time, the biggest disadvantage of Bitcoin is simply that it isn't as feasible of a payment as traditional methods such as credit cards or cash.

Unless the person purchasing Bitcoin is using an Altcoin to purchase their goods then the transactions would get through much faster than how it’s going right now. I would try to get more developers into Bitcoin than having a bunch of Altcoins built for no reason though. Bitcoin is very young.

[flower1024]

Here are some disadvantages noticed by users.

Bitcoins Are Not Widely Accepted
Wallets Can Be Lost
Built in Deflation
Bitcoin Valuation Fluctuates
No Valuation Guarantee
No Buyer Protection
Risk of Unknown Technical Flaws
No Physical Form

1) we're getting there
2) so can real wallets
3) really?
4) and it will do for a few years at least but we will find a stable price range in the future
5) nothing has that for real
6) use an escrow
7) same with banks or in case of cash with your pockets
neither does fiat in a lot of countries right now

We have a risk in both fiat and bitcoin money. But for every problem we have solution. In fiat transaction also some fraud thing will happen example credit card fraud transaction but here we have customer support to get help, this facility we don't have in bitcoin trasnmction. Today we don't have, but in future, i think it will come. So try to make bitcoin famous later all issues will solve automatically.

[boyptc]

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

Yeah especially for those people that are using xapo. It looks like they are still not adjusting the payment, it ranges 0.001-0.002 BTC and that's really high. Good thing that in blockchain.info they had adjusted and the highest payment that I did was 268sats/b and it's still acceptable in my end.

that is fact it has now become very difficult to do small transaction, some time we pay more as a fee that transaction fee. I was using xapo for mobile recharges as it was free at that time and but now I want to recharge my mobile using xapo account I need to pay 2.5 $ transaction fee only for recharging 1$ to my mobile, I think this problem must be solve so that we may become able to do small transaction also.

Small transactions nowadays is not advisable as your mBTC's will be eaten by the miners fee. I feel too bad for xapo and I guess they lost a lot of users because of their fees but still I don't know if they can do something about it because they are the only ones who still haven't changed but instead increasing their fees.

[batang_bitcoin]

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

Yeaah this is one disadvantage of bitcoin that it is not completely being used by different countries. But I think it's not the biggest disadvantage of bitcoin as once the system was being fixed and everything works perfect that is going to be accepted by countries and they will voluntarily adopt bitcoin whenever they want.

[eann014]

There are several disadvantages of BTC. Bitcoin is still developing. It is not yet widely accepted and because of this its price is not yet stable. Its value is not predictable. Another one is you can lost your BTC if your data or wallets get corrupted with virus unlike in the banks, if your atm got stolen you can easily call and let your account freeze whereas in BTC, when you lose it theres no retrieving

I didn't experience that my wallet gets corrupted because of virus, because I think we can still open our account in other devices, even if our devices gets virus we can still open our account. So we can still retrieve our bitcoin. But you are also right that bitcoin is not yet stable.

[Love!]

Its volatility is its chink in the armour. This is what keeps people from doing more with Bitcoin.

if Bitcoin is like a stock on the stock exchange in that speculation is what drives the price, then Bitcoin is being speculated on too much for its own good.

[icerose]

Its volatility is its chink in the armour. This is what keeps people from doing more with Bitcoin.

if Bitcoin is like a stock on the stock exchange in that speculation is what drives the price, then Bitcoin is being speculated on too much for its own good.

It keeps people from using it as a currency but obviously people are happy to have it as an asset, the question is can it survive long term as an asset or does it need that real utility?

[Fatanut]

We have a risk in both fiat and bitcoin money. But for every problem we have solution. In fiat transaction also some fraud thing will happen example credit card fraud transaction but here we have customer support to get help, this facility we don't have in bitcoin trasnmction. Today we don't have, but in future, i think it will come. So try to make bitcoin famous later all issues will solve automatically.

I doubt that. With your example alone, we can conclude that that's not the case in real life. Fiat transactions are all popular. Literally everyone in this world that don't live in some island are having transactions in fiat everyday. Yet, there are still flaws. Fraudsters are still there. Credit cards still get stolen. You can still be scammed or deceived by someone. There's just no perfect system in life and we have to accept that there will never be.

In bitcoin, things like that also happen. All newbies were scammed before. Even the people here that says "Legendary" in their rank were once scammed by a cloud mining company or ponzi. About the customer support, that's never going to happen with bitcoins. You can hire someone to do that but I really doubt that someone can be so powerful on the Internet that he can trace bitcoin transactions and where was the thief from or in which bank did he cash the money out.

Customer supports for bank transfers can easily trace the thief because their system is centralized and their logs shows enough information. In bitcoin, there's just a ledger but no whereabouts.

[Jalum]

Its volatility is its chink in the armour. This is what keeps people from doing more with Bitcoin.

if Bitcoin is like a stock on the stock exchange in that speculation is what drives the price, then Bitcoin is being speculated on too much for its own good.

It keeps people from using it as a currency but obviously people are happy to have it as an asset, the question is can it survive long term as an asset or does it need that real utility?

Bitcoin can survive for a while if more people use it for certain things that they do online and off the Internet. If there is nothing to purchase than there would be no real point to using Bitcoin because there wouldn't be anyone who would want digital junk downloaded onto their computer.