What do you think are the biggest disadvantages of Bitcoin?

[andrei56]

I think these are the disadvantages

1.Government cant control bitcoin so that many people consider it as illegal.
2.We cant use bitcoin everywhere because all shops doesnt accept bitcoin.
3.sometimes many exchange sites get hacked or scam so people stop using bitcoin.

Technically speaking neither of those are bitcoin disadvantages, your first point is just governments being greedy, the second is just the ignorance of people and their unwillingness to adopt bitcoin fast enough, and the third is the fault of private parties that give that service.

[cybersofts]

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 major problem with bitcoin market nowadays is the price volatility.

A lot of people want to invest in bitcoin but they are not sure whether to invest or not because of the price volatility issue.

[Rinder]

Believe me volatilaty is one of the main reasons about bitcoin be at the current value nowadays, its bringing new investors that does play over the financial market. The only thing that makes bitcoin being a wall to be used is confirmation issue, that can take minutes to hours, even knowing its a safety measure would be amazing if any transaction made would be final, no double spend option.

[Janation]

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 major problem with bitcoin market nowadays is the price volatility.

A lot of people want to invest in bitcoin but they are not sure whether to invest or not because of the price volatility issue.

Yes this might be one of the problem bitcoin had the reason why people are having doubts on it but for me that volatility is one of the best assets or feature bitcoin has. People wants to invest in this because they can immediately see a result even in a past minute. Also, a good investor always takes on the risk, if they don not take on the risk, they will be just staying there nothing to be done.

[bitcoinVPSD]

The disadvantage of bitcoin is that it does not have a primary form of payment. It took a while for Payment by bitcoin. Some locations accepting asynchronous bitcoin payments are not widely distributed. I think it is bitcoin point to fix

[Realist247]

Disadvantages:

High fees on transactions (deters most that I know)

Majority of users/owners of BTC are speculators (they never actually buy anything)

Too volatile and therefore unreliable for most merchants that operate on razor thin margins

Competition from governments and central banks or even private banks that plan to release their own altcoins

Irrational exuberance in the market in general (beginning to resemble Tulip-mania)

Slow transaction times

No control over media vs. government altcoins that will own the media

Not backed by tangible assets such as gold/silver (BTC is just as fiat as the Dollar)

Price rises and falls are based on emotion rather than news

Essentially beginning to resemble a ponzi scheme based on charts and those aggressively recruiting new BTC buyers

It was first on the scene....but as the story goes, the tortoise beats the hare.  Guess which is BTC?

There's more but that's off the top of my head.

[Oggy Pogi]

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's price is unstable it'll go high or drop so I think people are affraid to risk something on bitcoin. Also some people consider bitcoin a an illegal thing as it is not fully accepted to the society.

[nellz]

disadvantages of bitcoin
ofcourse it high fee transaction and slow to complete transaction. it use call to fast payment and easy. not this day. it has become high fee and slow. the market demand on bitcoin are not stable because it can drop and rises in anytime. not like stock it depend on buy and sell to keep it still alive. government and bank do not approve bitcoin as it sell control by peoples around the world. because of anonymous hacker and terrorist use bitcoin to receive the payment and ask for bounty or whatever they do because bitcoin are not trackable like bank.
bitcoin has a lot negative but still we are here to support bitcoin and bitcoin still alive till this day.

[Gabrieelle]

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's price is unstable it'll go high or drop so I think people are affraid to risk something on bitcoin. Also some people consider bitcoin a an illegal thing as it is not fully accepted to the society.

Taking risk is what keeps us on learning but you're right most of the people won't do it because they're afraid to lose. That is the problem with bitcoin you'll never know the price tomorrow it may go high but it also may go down in other words it is not stable. That is why it is not yet globally acceptable.

[Nameless27]

The biggest disadvantage of bitcoin to some is its anonymity, for law breakers it is a chance for them to hide themselves from authorities.
But again some because mostly really think anonymity of bitcoin is advantageous for them for reason like privacy and security.
It's like having gold bars(bitcoins) at home and the only one know that is you.

[bangjoe]

The biggest disadvantage of bitcoin to some is its anonymity, for law breakers it is a chance for them to hide themselves from authorities.
But again some because mostly really think anonymity of bitcoin is advantageous for them for reason like privacy and security.
It's like having gold bars(bitcoins) at home and the only one know that is you.

Anonymous is still a debate, but for me personally obviously profitable, I do not like to display personal identity while gambling and follow many businesses that use kyc, in my country this is illegal and bitcoin able to accommodate anonymity of users and not connected directly with local bank.

[ajmapalo22]

The biggest disadvantage of bitcoin is the price of it that keeps on fluctuating since it's unpredictable people tend to sell their bitcoin right away..it is unstable that you cannot trust putting every earnings you have on it because you may wake up one day losing everything.

[Akash1243]

Well Bitcoin is not yet legalised in many countries which do prevent it becoming mainstream.Transaction fees is rising as the price is rising and also the transaction takes time for verification.And Bitcoin is pretty new concept,people usually avoid new concept and deems them as threats and etc.Also many people doesn't even know about them.And mainly because no one can control it not even any government.

[lol3c]

the biggest disadvantage of bitcoin is that we still have to pay a fee with small transaction and that fee is extremely big when compare to that small transaction. As you can see, if we want to transfer $1 worth of bitcoin to someone, we need to pay an extra $0.5 in order for our transaction to be proceeded

[BeGoods]

Well Bitcoin is not yet legalised in many countries which do prevent it becoming mainstream.Transaction fees is rising as the price is rising and also the transaction takes time for verification.And Bitcoin is pretty new concept,people usually avoid new concept and deems them as threats and etc.Also many people doesn't even know about them.And mainly because no one can control it not even any government.

For me I'm not too concerned about the legalization, as long as I can still use bitcoin to shop as easy as usual, do not accept the ban from the government. I would not really want the legalization of bitcoin. For fee. I also hope that teams can reduce the fee along with the increasingly expensive bitcoin

[Betwrong]

the biggest disadvantage of bitcoin is that we still have to pay a fee with small transaction and that fee is extremely big when compare to that small transaction. As you can see, if we want to transfer $1 worth of bitcoin to someone, we need to pay an extra $0.5 in order for our transaction to be proceeded

If you want your transaction to be proceeded fast you may have to pay around $1.8 for that these days. However you can pay as low as $0.18 and your transaction still will be proceeded in several hours. But don't pay zero fee if you don't want to stuck for days.

[buharikx31]

The biggest disadvantage can be not realized support which can help on fixing issues with transactions or some problems with wallets it's automatically can return transaction if it sended to wrong address but in several situations have a support will help on some critical problems

[melted349]

Well Bitcoin is not yet legalised in many countries which do prevent it becoming mainstream.Transaction fees is rising as the price is rising and also the transaction takes time for verification.And Bitcoin is pretty new concept,people usually avoid new concept and deems them as threats and etc.Also many people doesn't even know about them.And mainly because no one can control it not even any government.

For me I'm not too concerned about the legalization, as long as I can still use bitcoin to shop as easy as usual, do not accept the ban from the government. I would not really want the legalization of bitcoin. For fee. I also hope that teams can reduce the fee along with the increasingly expensive bitcoin

Yes agree with that legalization are not the concerned as long as some goverment accepr it then go there is nothing to worry about it.

[Ewinsane]

There is a biggest disadvantage on bitcoin that is not available in every country.That's why it is not increasing too much.That's why the price of bitcoin is not getting increase.There is also a disadvantage that it is not stable.

The availability of bitcoins in any country depends upon internet facility. Bitcoin holder doesn’t want bitcoin prices to stick on the present value. Its worth is accelerating with the passage of time and its good news for bitcoiners. The number of its supporters has also increased.

In my opinion, the only disadvantage at the present age is that we cannot use bitcoins for small purchases because transaction fees are high and I hope this problem will be solved soon.

[Tassergal]

Bitcoin transactions are rather slow. I think this is its biggest disadvantage, because people have to wait too much time to send their money. A world-scale payment system must be faster.