What do you think are the biggest disadvantages of Bitcoin?

[potatopower]

Long transaction confirmation time. Seriously,  yesterday i sent 0.06 bitcoin to my other wallet and after 25 hours it still haven't been confirmed. I also paid little bit higher fee than blockchain offered me, i hope it will be better now with segwit and everything else.

[EpicFail]

The biggest disadvantage is that there is no incentive to run a full node. Most users end up leeching off of the network, and don't give a damn about decentralization as long as they can connect to a node.

[Hackabu]

A big disadvantage of Bitcoin - that people in communities like this sometimes overlook - is that Bitcoin is still seen as something exotic, new and sometimes even shady (they associate it with the dark web) by "regular people". Bitcoin needs to improve its image and get a more reliable, solid reputation in order to really become a mainstream currency that is on par with traditional money. It might happen, but it is depending on marketing.

[MostHigh]

My major concern is the fixed transaction fees. The time for a transaction to be completed is also too much it will be difficult to undergo swift trading activities like buying food stuff from the market with it. Lastly it is difficult to explain a currency that is not visible and that will take sometime for people to accept.

[FacelessCrypto]

1. Users forced to give transaction tax  for confirmation !!!!  Its becoming an asset class than digital currency!!!

2. Large data needs to be downloaded for running core.  and Data Vol keep increasing.


3.Many Crypto exchanges do not accept online payments USD EUR online payment.

4. Its an asset class with innovators and elites.

5. Transaction tax for confirmation is an incentive  for miners !!!!. Where on earth and why existing users pay for  miners those , who can afford expensive machines. If all mining stops what happen ?

[setupbounds]

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

As what i see, the disadvantages of bitcoin was its transaction fee. I read many thread about it and people are always complaining about it. So i think that is one of its disadvantages.

Transaction fee is causing a little trouble but what hurts me more is the misuse of bitcoins by criminals in their illegal activities. This has posed a bad image of bitcoins in the minds of many people. Anonymity is one of the features that distinguishes it from fiat and gives it importance. Such a misuse makes me sad.

[Psalms23]

Its because a lot of people are still not into tech when trsnsacting about money.  Even banks keep convincing customers to utilize online banking but middle aged to old people find it hard for them to use.  Now most of my friends think that as for the moment,  they see people that are into  bitcoin as nerds. I think being misunderstood by many is one of its biggest disadvantage.

[kirito1614]

Bitcoin is not globally accepted because of its unstable value when converted in fiat money. And also it don't appear in real world because I assume it is a "virtual currency" which grandma and grandpa will hardly understand.

[FLoving]

I am regret because I know bitcoin since a year ago and did not buy a lot, at that time I thought to buy bitcoin, but I was worried because the price can drop and I lose. I think bitcoin is the best investment.

I think this the biggest disadvantage of bitcoin. People leave bitcoin thinking that it will give loss or its price will be dropped. And don’t buy them. Bitcoin can never be judged easily. It can go to sky while gaining value. We never know about bitcoin, when people will stop using bitcoin and its value will be dropped. This is the biggest advantage of bitcoin according to me that it rely on people and will increase value with people and decrease with decrease in number of people using it.

[unneros]

I think the most difficult of bitcoin is that bitcoin is a network coins! Everything on network are on risk of scamming ! You can’t not know which ones will safe , which one is bad ! Like Wannacry virus ! They use the advantage of network working and attack people’s pc ! They also use bitcoin as a price for everybody have to pay to get back the information on the pc! But if we control it carefully, ask everybody who play bitcoin longer than you !

[nrvasquez]

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 because of trust issues. Sometimes people question the authenticity of bitcoin, whether its value will continue that way or bitcoin will even disappear. Now this bitcoin price is less stable also become one of the factors why people do not accept bitcoin.

[bitcoinsocial09]

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 biggest disadvantages of bitcoin are; first thing is that, it is not widely accepted. Infact, some countries banned this kind of technology.Second thing,it has no physical form. You cannot spend it in any convenient stores because only few store accepts bitcoin. We still need to convert it into cash.

[NEUROSEED]

instability and increased volatility

[kpcian]

I think the most difficult of bitcoin is that bitcoin is a network coins! Everything on network are on risk of scamming ! You can’t not know which ones will safe , which one is bad ! Like Wannacry virus ! They use the advantage of network working and attack people’s pc ! They also use bitcoin as a price for everybody have to pay to get back the information on the pc! But if we control it carefully, ask everybody who play bitcoin longer than you !

I agree with you completely, I think this network is looking most vulnerable for me. price instability and price volatility are the major disadvantages in this section. scamming could be the another alarming reason in terms of Bitcoin.
but all over the things, I do believe in this platform.

[d1ceplayer]

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

That is not really a disadvantage but the way the network works, have you tried to send a dollar using a bank wire? I do not even know if it is possible to send such a low sum of money, but in bitcoin you can do it if you want even if you consider the fee to be high.

I will never come up to an understanding as to how people think that bitcoin fees are "high". Have you guys tried to transact a large sum of money? You see how little that fee is as opposed to how much the fee is when you send money in Paypal. Unless you are a person that likes to send a dollar at a time, which is insane by the way, then I see no reason why would you have problems with the transaction fee.

I am also unable to get the reason behind people raising such slogans as "high fee transactions", "unaffordable charges" etc. Bitcoin was introduced for big transactions only and it is very cheap method in that case. Nowadays, it is being introduced in local services also, but it will take some time to settle fees for small transactions.

[MetalGear]

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 biggest disadvantages of bitcoin is still illegal in some country and they don't consider it as real money. In addition to that, one of the disadvantages of bitcoin is you can't use it in offline store or transaction and you can't access it without any internet connection.

[stompix]

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

That is not really a disadvantage but the way the network works, have you tried to send a dollar using a bank wire? I do not even know if it is possible to send such a low sum of money, but in bitcoin you can do it if you want even if you consider the fee to be high.

I will never come up to an understanding as to how people think that bitcoin fees are "high". Have you guys tried to transact a large sum of money? You see how little that fee is as opposed to how much the fee is when you send money in Paypal. Unless you are a person that likes to send a dollar at a time, which is insane by the way, then I see no reason why would you have problems with the transaction fee.

I am also unable to get the reason behind people raising such slogans as "high fee transactions", "unaffordable charges" etc. Bitcoin was introduced for big transactions only and it is very cheap method in that case. Nowadays, it is being introduced in local services also, but it will take some time to settle fees for small transactions.

No it wasn't.

https://bitcoin.org/bitcoin.pdf
Satoshi never though of it as a way to move large amount of cash but as a way allow merchants cheaper transactions with no refunds and no 3rd party.

Besides, the whole argument of "big amounts" fails as we know that for almost 2 years bitcoin worked perfectly with a market cap of only 30 million.

[Fundalini]

First, wallets could be hacked if the users become careless. Second, bitcoin is not capable of instant transaction.  Third and biggest disadvantage is that bitcoin is not backed by something. Like in fiat, it is backed by the economy of the country issuing it however in bitcoin, only the trust of the users make up the value of bitcoin.

[Piesel]

First, wallets could be hacked if the users become careless. Second, bitcoin is not capable of instant transaction.  Third and biggest disadvantage is that bitcoin is not backed by something. Like in fiat, it is backed by the economy of the country issuing it however in bitcoin, only the trust of the users make up the value of bitcoin.

your physical wallets can be stolen, too you can not blame bitcoin or wallets cause of your carelessness. Bitcoin is good and if you want bitcoin to perform best, you need to have a decent knowledge about bitcoin and as well as the computer. Everything can be hacked or stolen, even the place with highest level of security

[genesis.vision]

Scalability is the biggest problem - high fees and 20 minutes waiting will always be an ultimate obstacle for Bitcoin mass adoption.