What do you think are the biggest disadvantages of Bitcoin?

[valisa]

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 weakness of bitcoin can be used for crimes such as black market guns and bitcoin can also be used as money laundering. slight bitcoin weakness

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[kamikadze69]

of course because of the blockchain technology and their anonymous system. it makes all transactions more transparent and more efficient.

[andrei56]

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 there are four reasons why Bitcoin can not become formal payment:
1- Not many people know the existence of Bitcoin. Although the numbers are increasing, developing countries do not have as much exposure to high technology as bitcoin.
2- Bitcoin prices fluctuate sharply: up to 10-15% per day. This has made many people unhappy with their money, despite the overall trend of bitcoin prices rising rapidly in recent years.
3- The size of the block needs to increase as bitcoin users get more and more so it seems is also slowing down a lot. Although hardfork and segwit.
4- Bitcoin is not really safe. There have been hackers stealing bitcoin. Bitcoin is also used for money laundering purposes.

yeah I think the block size should increase, if bloksize has a continuous number like this then the confirmation will be very slow. I think the dev or bitcoin team should start discussing this, as users continue to grow each day and confirmation will also continue to slow down if this is not resolved soon. do not let many users out of bitcoin just because of this problem

That is never going to happen the devs are very clear on their stance of why this is this way, besides if you want bigger blocks there is bitcoin cash with their 8MB blocks I do not think it is a good idea but now it is up to the market to decide which one is the best solution.

[krafa]

Hi all,

Bitcoins have not still established as familiar currency worldwide.
Only a small group of people has accepted it for online business.
This can be the  result of suspicion about security of transactions.
The government may have role in this by not ensuring people.

Have a nice day

[Therly]

Maybe the disadvantage of bitcoin is we are in new technologies but haven't approved into any payment type sure some of sites are acknowledge bitcoins constrained objects only, all in all are good with bitcoin but i know time will come that will be acknowledged bitcoin from any merchant in the world.

[The Monkey King]

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 disadvantages of bitcoin is that, it is not yet legal to some countries and by that, it also reduces the users that are supposed to be using bitcoins instead of the other cryptocoins. And maybe when the bitcoin will reach the certain number of countries that it are legal of course, its value will also increase. And also, we are now in the 21st century and yet bitcoin is still not approved as a payment in the local areas or stores.

[DevilSlayer]

I think the biggest disadvantages of the bitcoin is it can use in different crime. bitcoin is a money and it can use in paying different services like what I see in the deep web. there are many services like hacking different social media accounts and the payment is bitcoin.

[bangjoe]

I think the biggest disadvantages of the bitcoin is it can use in different crime. bitcoin is a money and it can use in paying different services like what I see in the deep web. there are many services like hacking different social media accounts and the payment is bitcoin.

If there is a binding official rule, bitcoin will not be that bad, but the problem is there is no system that can stop the bitcoin movement to spread in any business, I think the government should immediately adjust it globally, this is the strength and weakness of bitcoin besides fluctuations that do not stable.

[hilarypolar]

I think one of the future disadvantages will be the fact that BTC is limited to 21m. Well, in my opinion miners won't quit, and most likely an unlimited BTC will be created. However if that happens BTC will just get more and more value 
So it can be a disadvantage in the beginning (price would crash), but in the end it will be become an advantage for the BTC holders

[Strught85]

The largest down sides I really feel are the slow verification of transaction time and that is would be a whole lot handier if more companies took it for payments.

[andrei56]

There is no disadvantage of bitcoin means there is no backward point of bitcoin so we should not say that is there any disadvantage. Bitcoin is giving to people a huge opportunity so we should go for advantages instead disadvantages.

Bitcoin is not perfect, it is the best crypto but it still has some issues to solve, the most important is the issue with the fees, the fee is not high if you are sending thousands of dollars worth of bitcoin but if what you want send 10 dollars then the fees is very high and since most transactions are very low in terms of dollars then a solution was needed, segwit was activated for this reason but the fees have not go down.

[BitcoinCommodor]

I think the biggest problem its not the bitcoin code, the biggest problem in this moment its the difficult to buy bitcoin from a safe exchange, the technical knowledge needed to set up a wallet, and the difficult to use a digital currency in the physical world.

Yes of course decentralized bitcoin is the biggest disadvantage .Apart from it many people still do not believe in bitcoin, because it is a virtual currency, I mean a crypto digital currency and has no physical structure. So peoplecannot see the volume of bitcoin.

That’s why people do not believe in bitcoin. The other disadvantage is that bitcoin is in today’s era is just an imaginary coin.

[Naughtis]

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 disadvantage of bitcoin is the same as it advantage in other money. we know that the bitcoin is an online cryptocurrencis. and if we say "ONLINE" it talk about the internet or cybernet. then internet needs electricity to start access or to start on this. you got my point ? yeah. if the time comes when there's no electricity bitcoin will be usedless unless if they legalize the bitcoin and make it a country money.

[jatin729]

If you see bitcoin condition now a days, it is unstable currency right now,
fluctuation in price would  be one disadvantage.
Govt. can ban bitcoin like china did with bitcoin exchanges.

 

[LieTOme]

If you see bitcoin condition now a days, it is unstable currency right now,
fluctuation in price would  be one disadvantage.
Govt. can ban bitcoin like china did with bitcoin exchanges.

 

yes really the biggest problem in bitcoin is the fluctuating price so when the price is down it can be very sharp. that is the reason many bitcoin countries think to legalize bitcoin

[andrei56]

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 disadvantages of bitcoin is that, it is not yet legal to some countries and by that, it also reduces the users that are supposed to be using bitcoins instead of the other cryptocoins. And maybe when the bitcoin will reach the certain number of countries that it are legal of course, its value will also increase. And also, we are now in the 21st century and yet bitcoin is still not approved as a payment in the local areas or stores.

I think you touch a fair point, some people will like to have some bitcoin but since in most countries bitcoin is still in a gray area then many prefer to avoid it, especially when we take into account the information spread by the media stating that bitcoin is used by criminals, but once that change those people will adopt bitcoin now that they have a legal certainty that bitcoin is legal.

[Joriecoinbit]

The biggest disadvantages of bitcoin would be the ongoing development of its software. There are still tools, features and services that needs to be developed to make it more secure and accessible to masses. It’s still in the processing of maturing.

[coinzoid]

It is being inconsistent. For instance, one person can say "hey, Bitcoin is bullshit" and next morning you wake up to see price is shit.

Governments. You think the best offer is available in your country (China) for mining and you start building mining areas. Next month, news start spreading about new regulations and then your plan is all upside down.

Mining Pools. They try to force their power which result in forks and raise questions in minds of investors.

[matuson]

The biggest disadvantage of bitcoin is the inability to exist independently. Most people holding bitcoin hoping to get rich. This makes it difficult to establish trade bitcoins and organize offline bitcoin exchange. With this approach, governments will not be difficult to ban bitcoin. It is sufficient to prohibit the exchange of bitcoins for Fiat.

[Sirait]

the most important deficiency in bitcoin is of course only a matter of its validity and stabiality, Bitcoin is very good,