What do you think are the biggest disadvantages of Bitcoin?

[ABIR HASAN]

I think are the biggest disadvantages of Bitcoin my country announce it illegal.

[Casdinyard]

Lack of Awareness and understanding,many people are still unaware of what BTC is all about,so such ones needed to be educated about Bitcoin.
Risk and Volatility is also another disadvantage.

The lack of awareness isn't a disadvantage of bitcoin but this is more likely a fault of the community as they let people abuse bitcoin to be use in fraudulent acts and not letting other people know the real usage of bitcoin. The real disadvantage of this is having a congested blockchain that can't actually sustain the growing demand of transaction per second.

[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 government may not take your Bitcoins away but can ban it in the country, which forces bitcoin wallets and companies to shut down. The bitcoins in these wallets are freezed and access to them becomes difficult.

[skylark001]

The biggest disadvantage for Bitcoin is its decentralised form.  We all know ‘United we stand, divided we fall.’



Bitcoin though in current scenario is among one of the highest values crypto currencies, still not adopted in mainstream due to price volatility.



Reason, like most of other crypto currencies it has only a fixed total supply, but demand is  uncertain and constantly going up/down due to various speculations.



To be used as a trusted medium for exchange, currency requires to be stable. As the common people are hesitant to use volatile currencies for their everyday transactions.

[KennyR]

I'm now sure about the technical as well technology based elements. To be more popular bitcoin needs to be used by all levels of people, in specific when common people use bitcoin the growth will be big. For this it needs to be much easy to use as the paper money. Now the lack of offline usage, which is not at possible deems to be the disadvantage. But, in future this will no longer be an issue as each and every people will be working with internet.

[JLCoin]

It would e very difficult to implement this system in third world countries where  the majority of people do not even have the internet, let alone access to modes of payment. And even if they did, how would they be able to acquire any of their purchases.

[Arday1979]

Many people stating that delay in confirmation time is the greatest drawback to bitcoins however i don't believe its an big issue should you add higher charges as if you want to get money in quick time in your wallet then you need to manage to pay higher charges as well as for me its not a big deal.

[AntonioE]

It's a virtual money and nobody knows who is the real creator of bitcoin because satoshi is hiding until now.

[mattujusuruga]

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

for me i think only transaction fee and time of confirmation.
btw bitcoin still be my favorite currensy. that so easy to use

[MarkusIsaiah]

The disadvantage of bitcoin is first bitcoin is untraceable because bitcoin can attract crime people can buy and sell illegal items wilth less risk of being traced by the authorities. Second sometimes its hard to trade because you cannot used credit card to buy bitcoin there are places that not accepting bitcoin as a payment. Bitcoin is still new bitcoin is only few years old we dont have decades of history yet.

[Julia_bitcoin]

The biggest disadvantages of Bitcoin for me:

1) when networks are overloaded with transactions, bitcoin wiring accumulates in the queue and slows down

2) the fee is increased at the expense of those people who charge a higher percentage for processing the transfer. It's like an auction.

3) fast bitcoin volatility.

[Kisanaq]

With the price reaching more than $ 7300, I think the bitcoin security factor becomes very important. in addition to security issues of course the transaction costs are immediately reduced because the current cost ranges 75k satoshi or more than $ 8.

[lenovo16]

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  

In addition to that, scammers can also be added to the disadvantage that bitcoin has. Because of the larging number of bitcoin users it will be hard for the staff to identify which project is legit and which are just a scam. And because of that many of the bitcoin user became a victim of it. Aside from that hacker is also a disadvantage for bitcoin. Because when hack your wallet they could be able to get your bitcoin. And it is the worst possible thing to happen in BTC.

[aleksabat]

In my humble opinion the biggest disadvantage of bitcoin it is huge comission, especially during sending little amounts of money. Sometimes percentage is too high

[kingntking]

Many people stating that delay in confirmation time is the greatest drawback to bitcoins however i don't believe its an big issue should you add higher charges as if you want to get money in quick time in your wallet then you need to manage to pay higher charges as well as for me its not a big deal.

Yes it is a disadvantage to some extent. But countries with time will realize the fact that bitcoin will help them in eliminating unemployment and strengthening their economy and they will recognize them and will let all their people to access to internet so that they enjoy the miracles  of bitcoin and meet their financial needs easily.

[wahyu5]

in my opinion, bitcoin price fluctuations suddenly rise and fall, high transaction costs and slow transactions can also be a factor causing bitcoin can not be accepted as a primary form of payment

[mpet5000]

You have the risk on network security, at least 2 exchanges have had high profile thefts occur in past years which have effected the market, exchanges make for big money targets and there's no real way to recover the funds.

[tmawheba]

If there is advantage for sure there will be few disadvantages also there my bigger most concern is the transaction time of the bitcoin and another thing is scammer fear. Hope in future this will be rectified or else we will be used to it. Also the charges for transaction is more bothering me I feel it is going to be biggest disadvantages of bitcoin.

[Nana21]

There is one disadvantage with Bitcoin and that is people trying to hold onto it. Some people know how to hold onto their Bitcoins and some people don't. From what I've been reading in this forum, the people that lose money while putting their money in many Altcoin ICO's  would've been better just by holding onto their Bitcoins instead of recklessly spending them.

[sarjilcse]

Disadvantages of Bitcoin

1. Exposure to Bitcoin-Specific Scams and Fraud
2. Black Market Activity May Damage Reputation and Usefulness
3. Susceptible to High Price Volatility
4. No Chargebacks or Refunds