What do you think are the biggest disadvantages of Bitcoin?

[georgiyfo]

Independence is the energy and weak point of bitcoin. It is very easily exploited to dedicate violent acts, many posts have been created about this just before. Bitcoin is utilized in cash laundering, illegal investing and transportation of unlawful items. Bitcoin is utilised as a instrument to have out offenses. That is a quite undesirable issue for a coin. Its status is significantly influenced.

[Sir Paijoe]

Bitcoin is not yet stable. You need to trade it with real money and it has a fee. You cannot use it instantly when you want to buy something. And of course, some countries are not allowing bitcoin. And the value of bitcoin changes every time.  Investing in bitcoin is a risk too. And Bitcoin can be used to some illegal activities. And since it’s a digital currency, that means it can be hacked or scammed too. Well, that’s only my point of view.These are the disadvantages I know about Bitcoin.

Bitcoin and all cryptocurrency are decentralized, will never stabilize like fiat money, but the greater the bitcoin market share then the more stable it will be. and as current information the bitcoin market cap about 100 billion USD, if it has reached 500 billion then it will be stable.

[thulisman]

That is the amount of bitcoin is gradually lost, maybe the bitcoin holder loses the private key or is dead. This makes the amount of bitcoin coin even more scarce.

[dsouzac72]

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

It would be that the value of Bitcoins is constantly fluctuating according to demand

[dsouzac72]

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

When goods are bought using Bitcoins, and the seller doesn’t send the promised goods, nothing can be done to reverse the transaction.

[dsouzac72]

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 Bitcoin system could contain unexploited flaws. If such a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.

[TrueCryptonaire]

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

Bitcoins biggest disadvantage is that it's transaction are dependent on banks or third party so the person is not answerable to anyone regarding his expenditure of bitcoin and this is threatened,  that person can may use money for making bombs or for doing illegal activities.  These online transactions can make the chances of transfer of information from one place to other people may do the wrong activities by it.  People can do hacked the bitcoins users account as all these are based on Internet as stealing online is bit easy than physical money stealing.

[celex89]

the low speed of transfers

[dsouzac72]

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

Each bitcoin will be worth more and more as the total number of Bitcoins maxes out. This system is designed to reward early adopters. Since each bitcoin will be valued higher with each passing day, the question of when to spend becomes important. This might cause spending surges which will cause the Bitcoin economy to fluctuate very rapidly, and unpredictably.

[yrreg ger]

This time bitcoin is totally popular in some countries and some of them already banned the bitcoin, In my opinion the disadtanges of bitcoin is using this in illegal transaction because no one will know who are the owner of bitcoin and who used this. It can hide he identity of the user so they are dependent to use it either it is bad. This is the reason why the bitcoin is banned and has advantages compare to the other currency and to the fiat.

[dsouzac72]

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

Since Bitcoins do not have a physical form, it cannot be used in physical stores. It would always have to be converted to other currencies.

[dsouzac72]

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

Since there would be multiple competing systems, merchants would find it unfeasible to support all Bitcoin cards, and therefore users would be forced to convert Bitcoins anyway, unless a universal system is proposed and implemented.

[dsouzac72]

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

Since there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. If a large group of merchants decide to “dump” Bitcoins and leave the system, its valuation will decrease greatly which will immensely hurt users who have a large amount of wealth invested in Bitcoins.

[dsouzac72]

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

Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency.

[dsouzac72]

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

Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency.

There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.

[metenjean]

This time bitcoin is totally popular in some countries and some of them already banned the bitcoin, In my opinion the disadtanges of bitcoin is using this in illegal transaction because no one will know who are the owner of bitcoin and who used this. It can hide he identity of the user so they are dependent to use it either it is bad. This is the reason why the bitcoin is banned and has advantages compare to the other currency and to the fiat.

This answer i think summarize all about bitcoin whether its about the advantages and also the disadvantages, bitcoin create annonymous transactions its true but remember that all transaction still connected to a simple ledger. Whether some might call this disadvantages, i might as well call this advantages because this is the reasons bitcoin become so popular, the main disadvantages is because nobody can control bitcoin, just like a currency controlled and owned by a country. Bitcoin acts independently and thats the reason why so many countries ban it  

[Usui-Chan]

I think how dynamic the price of bitcoin can be, is a real disadvantage. It is so unstable, if you're planning to buy some, you will never know if the price will eventually decrease significantly or if the vlaue will rise for you to have some profit in investing.

[dsouzac72]

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

If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it.

[Fasdartin]

Well, one of the biggest disadvantage of bitcoin would be that not alot of people know about it yet, of course many people are getting to know about bitcoins but still it will take time for more people to accept bitcoins as payment. Also bitcoins prices aren't that stable that might be another disadvantage(if the price falls) for the people investing into bitcoins.

I think the biggest disadvantages of bitcoin is you cant access to it if you dont have internet connection, and also the disadvantage of it is can used it in illegal activities, so the cynercrime is increase even more.

[dsouzac72]

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

If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it.

 These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.