What do you think are the biggest disadvantages of Bitcoin?

[Chrismeister]

Biggest disadvantage of bitcoin is it cannot control by anyone and the main thing that i worries is every wallet is can be lost at anytime. Its only generated but not have ownership to anyone.

That is Bitcoin biggest advantage, it's decentralized so no government, bank or other third party entity can access your money. Not even secret services.

Bitcoin most biggest disadvantage at the moment is the fight going on and probably will keep going on in the future, companies trying to use bitcoin for self gain, now we have Blockstream, but in team nChain may do the same.

Bitcoin is for the people and should be controlled by the people..

[andrei56]

I think bitcoin price is pumping & dumping at any time it's one of the big disadvantages.

You are wrong. Absolutely Bitcoin price pumps and dumps but just sometimes it go down like the others cryptocurrency. We are investing, that's why we have to choose the best and suitable currency to buy and sell it at the right time to gain more income. The biggest disadvantages of Bitcoin is still a lot country don't accept Bitcoin as a legal money.

We can also claim that that is the biggest disadvantage of all the existing currency. Even dollars isn't actually accepted in foreign countries. You still have to convert your dollars, which is quite a famous currency, into their local currency before it gets accepted.

I think it's actually an advantage of bitcoin because in the long run, the situation can be changed. Fiat currencies will always be only exclusive for the local people. Like, Yen will always be only used in Japan. In case that Japan conquers another country, there might be a chance that they will start using Yen as well but surely Japan will not conquer the whole world.

Bitcoin, on the other hand, is flexible. Bitcoin can become a universal currency because it's not under any government. Bitcoin can be used in Japan, in China, in USA, without any hassle at all. You can use it but at the moment, there's not much merchants accepting it. It's only a matter of time and mass adoption for it to be changed.

I think the biggest disadvantage and at the same time advantage of bitcoin is its nature being decentralized. Since the government cannot regulate it, it can be a potential gateway for illegal activities and it also cannot be tracked. Lack of government intervention results to its price being highly volatile but it can also be considered as an advantage for investors. Another thing, one big disadvantage of bitcoin is the accessibility of it to the public. One may require an internet connection to be able to have an opportunity to earn bitcoin but most of the population around the world lives in the poverty area which does not have any access to these.

While decentralization has its costs the benefits that it provides are enormous and not to be overlooked, in the past some other payment systems have existed and those were shut down by governments, bitcoin cannot be shutdown all at once because of the great amount of nodes running all the time.

[xskl0]

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 is just the time before a transaction is confirmed

[buzz_lightyear]

Maybe because it doesn't have a person who would like to take all the responsibilities if something might happen to bitcoin in the future that is why it is not fully accepted in the society?

[Crafts12]

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

Maybe the disadvantages of Bitcoin is that its value is not stable. Inflactuation happens although pumps are right behind it. We need stability and inorder to have that, since Bitcoin's vakue depends on the market's demands, awareness on Bitcoin should spread. But that's also a problem, they don't know about it and due to the reason that it is not created by "them", they don't trust it. There are also difficulties sometimes with the transactions.

[racasanuk]

Yes I would think transaction time is currently bitcoin’s biggest problem
and it also the perception of its fluctuating price – which I would have thought of as a plus but that may be just me.

[Liza Soberano]

I think the biggest disadvantages of bitcoin are waiting time for transactions,its not yet legalized by many countries worldwide and lastly instability of its amount .

[minhquang3869]

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 most disadvantage of bitcoin is that the free trade without control is most likely the harm to your account.

[CryptoBry]

Aside from its immense volatility and the fact that many governments are still against the use of Bitcoin, I think one of the things that is preventing Bitcoin from reaching its own potential is the fact that decision makers are not having one voice on many matters on debate and they could not act fast which lead somehow to the stagnation of Bitcoin lately. I hope this can be corrected soon.

[lombok]

I think the biggest loss in bitcoin is not knowing bitcoin. If we really understand with bitcoin surely we get big advantage. Here we can become entrepreneurs with big profits if we know about bitcoin ...

[Konthol Ngaceng]

Transaction costs are rising and expensive, I think the future coin is a small fee, a year ago we can send bitcoin for free, but currently it takes at least $ 2.5 to send bitcoin.

[iamlds08]

I think the disadvantages of bitcoin are, first, it is not mainstream or common in the other countries. In it limited to other prople who does not know about bitcoin. Secondly, I think the transaction of its payment. Thee are some that still does not accept bitcoin as a payment for their purchases. Third and lastly, the disadvantage of butcoib is the price instabiliy. We don't know when will it be fluctuate or not.

[choppork]

I think the disadvantages of bitcoin are, first, it is not mainstream or common in the other countries. In it limited to other prople who does not know about bitcoin. Secondly, I think the transaction of its payment. Thee are some that still does not accept bitcoin as a payment for their purchases. Third and lastly, the disadvantage of butcoib is the price instabiliy. We don't know when will it be fluctuate or not.

Bad things can always be looked at us a good thing, I guess.

Bitcoin is not mainstream and not much of merchants are accepting it. But so what? You can always exchange your bitcoin to fiat and have a transaction. Bitcoin not being mainstream is a good thing because that means we are prone to less dramas. There are dramas today about segwit and whatnot but that's a lot less than what we would have if there are more people involved.

Since bitcoin hasn't made that much scene yet, the government doesn't really care about it yet. Once there are millions of bitcoin users, the government will start implementing taxes on transactions and ruin our peace here. They might even start bashing bitcoins or prohibiting it, although they are more likely to fail miserably on that.

[mafgwaf@gmail.com]

Transaction costs are rising and expensive, I think the future coin is a small fee, a year ago we can send bitcoin for free, but currently it takes at least $ 2.5 to send bitcoin.

Its only natural to bitcoin to have a hugh fee than before because bitcoin price now is a lot higher than before. If bitcoin falls the bitcoin fee will also reduced.

[Rostadom]

Transaction costs are rising and expensive, I think the future coin is a small fee, a year ago we can send bitcoin for free, but currently it takes at least $ 2.5 to send bitcoin.

Its only natural to bitcoin to have a hugh fee than before because bitcoin price now is a lot higher than before. If bitcoin falls the bitcoin fee will also reduced.

In fiat, yes. The price is the factor that's affecting it a lot. But in bitcoin terms, the transaction fee is also increasing a lot. Back then, the transaction fee isn't 0.001BTC and no one could have predicted that it will blow up to this. Before, they used to earn 0.001BTC really really hard because people only knew about faucets. That's why every now and then you would see bitcoin users here that are ranting about the huge transaction fee. They were the one that have been in this for a long time enough to see the transaction fee very very cheap.

With the amount of how many people are using bitcoins and how many people are transacting every minute, the transaction fee is surely going to blow up. There's a "bidding" going on on who's going to be the highest priority and the lowest. Of course the person who pays the most transaction fee would be the highest priority.

[nguyen linh]

firstly, hacker can attach our wallet anywhere.
secondly, Bitcoin is seen as electronic coin, So, price is unstable
thirdly, Bitcoin don't is for impatient person. You have to so patient to get Bitcoin by Posting topic, taking part in campaigns to get more Bitcoin

[butragenjo]

The main things that are bitcoins advantages are at the same time its' disadvantages. Independency and decentralization. There is no central body to control and regulate it and in financial world that is almost impossible and not acceptable. Also the speed of transactions could be disadvantage, cause sometimes they are very slow,but after segwit transaction speed will rises.

[andrei56]

I think bitcoin price is pumping & dumping at any time it's one of the big disadvantages.

You are wrong. Absolutely Bitcoin price pumps and dumps but just sometimes it go down like the others cryptocurrency. We are investing, that's why we have to choose the best and suitable currency to buy and sell it at the right time to gain more income. The biggest disadvantages of Bitcoin is still a lot country don't accept Bitcoin as a legal money.

I do not understand why fluctuations are considered as disadvantage. They are indeed the great essence of bitcoin trading. So far, bitcoins do not have any serious disadvantage. The major drawback is same in my opinion. Rather I consider it cruel that many countries are keeping their public deprived of enjoying amazing features of bitcoins. I hope soon the world will understand the real potential of bitcoins and make them legal.

Only those that do not trade consider that a disadvantage, you cannot trade if there are not price fluctuations, and the bigger the fluctuations, the bigger the chances to make money for the experimented traders, also the bigger the movements the easier is for the non trader to earn money since there is no way to miss a hundred dollar movement unless you are blind.

[genocide]

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 transactions require a fee to be collected by miners on the network. They charge higher fees for faster proccessing of transactions. Using the normal or the cheapest rate for transfering bitcoins to an external wallet usually takes hours or days before the transaction is confirmed, while it will take only a few minutes if you pay a higher fee. And of course, the fees are affected by the bitcoin's price. As its value keeps on getting higher, the fixed transaction rates or fees also gets higher.

[crypto.classroom]

The biggest disadvantage of Bitcoin is that it 9is not truly anonymous