What do you think are the biggest disadvantages of Bitcoin?

[Bitcoinismylife12345]

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

One of the disadvantages of bitcoin is because it is too technological or hightect, not all of the people can understand what is the true use of it and how to work with it. Another is people are habituated with the old ways of trading in the real world and they won't easily change the things that they usually do for how many years just because theres a new currency pop up.

[Heyyyrenz]

In my opinion i think the biggest disadvantages of bitcoin is it can be used to illegal works, such as Money Laundering and Buying illegal online.We all know that in the internet specially in the cryptocurrency industry we are all anonymous even though people can track us people can easily block them like using softwares such as VPN. So i may i say that the chance of tracking us is very low.

So since we're all anonymous the people who do illegal works such as the corrupt governments (Not all) may use bitcoin to hide their properties or to launder their money, there's a possibility that it may happen right? And the other thing is if the deepweb or the blackmarket may overpowered the country, because of the anonymity of the person. They can access through it and may use the blackmarket to buy drugs, illegal weapons etc.

There's a lot of disadvantages of bitcoin and i think the 2 that i've stated is the most disadvantages of the bitcoin (Can be used to illegal works)

[Tashi]

In my opinion, the disadvantages of Bitcoin would be:


• The unstable value of it, may go pump more than we know, or go lower than we could ever imagine.

• Security issues, hacker would try and attempt stealing Bitcoins espcially if it's value continues to pump up.

• Fiat money, it's unlike paper money to you get to see and touch everyday lol

• It's used for some illegal transactions happening around the web or internet


And many more perhaps. Still look on the advantages and bright side ~

[ankit05]

Bitcoin has many advantages and disadvantages. I thing the greatest disadvantages of bitcoin price is not stable because it is digital currency and their some people who are are concerned to invest in bitcoin they are afraid of losing a lot of money instead of gaining profit.

[Digitalbitcoin]

First biggest disadvantage is Bitcoins cannot be regulated with current stream. Second disadvantage is, its taking higher fees to place transaction within network. Third thing price of Bitcoins is going higher as normal person cannot afford to buy Bitcoins.

Bitcoin is anonymous, decentralized, digital, open source, virtual, cryptocurrency, which is based on SHA256 algorithm.

[mezzaluna]

Foremost, the Bitcoin value is very inconsistent. Second, many people does not fully trust the legitimacy of this currency. Not everyone is literate about it.

[mobilazy]

I think it is slow and pricey transactions, high volatility, and reliance for miners to confirm your transactions. Also no protection laws which securing your hard earned money.

[tharindukw96]

No Valuation Guarantee
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. The decentralized nature of bitcoin is both a curse and blessing.

Built-in Deflation
Since the total number of bitcoins is capped at 21 million, it will cause deflation. 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 unpredictable.

[bettercrypto]

No Valuation Guarantee
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. The decentralized nature of bitcoin is both a curse and blessing.

Built-in Deflation
Since the total number of bitcoins is capped at 21 million, it will cause deflation. 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 unpredictable.

Isn't deflation one of the positive aspect of Bitcoin, if demands grow and adoption increase, price would increase and this will attract more investors to hop in the community.  Who does not want his holding to appreciate?  No one, yes?  I do agree with the first part though in the same reason stated, though I believe this feature both serve as double edged sword, may work in favor or against Bitcoin, but this all depends on how the community will react and use this feature.

[yurqali]

bitcoin have a large average transaction fee

[FlTZ]

Just look at the very high fees. That is already unreasonable. And sometimes more than 24-hour confirmation, that is another big disadvantage of using bitcoin. And sometimes it really is hard to buy the things you want when the shop, online or actual physical one, do not accept bitcoin as a form of payment.

[Antonymous]

Stability is one of the major disadvantages of bitcoin. People are afraid to invest in bitcoin because its price keeps on fluctuating and they are not satisfied with the process of transaction when it comes to exchange. Also, not everyone have access on internet which is the only way to the world of bitcoin, so some of us can't just afford to be a part of it.

[Naoko]

I won't say anything new...but all the same high transaction fees and slow transactions...this kills everyone

[NetDetective]

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 don't see any disadvatange on BTC, the only bad thing is that no every country is supporting it and they want to shutdown the coin.

[xsaints128]

The biggest disadvantage of bitcoin is its price fluctuation, the price just fluctuates too much, that's the reason why people just stay away from it. And due to this fluctuation many countries are just demotivating its citizens to use Bitcoin. Moreover, the transaction fees is high and it takes a lot of time to get the transactions confirmed.

[rgcoin]

Fact is many people are still unaware of digital currencies and Bitcoin.
People need to be educated about Bitcoin to be able to apply it to their lives.
Networking is a must to spread the word on Bitcoin.
Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies.
Companies like Tigerdirect and Overstock accepting Bitcoin as payment is great. However, if they do not have a knowledgeable staff that understands digital currencies, how will they help customers understand and use Bitcoin for transactions?
The workers need to be educated on Bitcoin so that they can help the customers. This will definitely take some time and effort. Otherwise, what is the benefit of such large companies accepting Bitcoin if its staff doesn’t even know what digital currencies are?

[Isaacck]

For me one of the biggest disadvantages of bitcoin is the anonymity of the users - which we can consider as an advantage itself. Because of the extreme anonymity of the users it becomes a bridge to illegal transactions. Another is the volatility which we can also consider as its strength. Because of the volatility, you can never invest without regular checking and study. And the other is that bitcoin is not so popular to everyone, it can not be called a mainstream yet even though its price is very high.

[beezunus]

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 that the unstable price sometimes rises quickly and sometimes also goes down

[Janation]

In my opinion, the disadvantages of Bitcoin would be:

• The unstable value of it, may go pump more than we know, or go lower than we could ever imagine.

But I think there are also some positive results that is happening because of it's volatility. You can see that when the price dumped when it first breached the wall of $11,000 dumped back to $8,000 and then pumped back all the way back to $11,000.

• Security issues, hacker would try and attempt stealing Bitcoins espcially if it's value continues to pump up.

I think this is not a disadvantage of Bitcoin but this is all on the user because at the end of the day, they are still the one taking care of it's bitcoin and bitcoin wallet, thus they are the one responsible for that wallet to be hacked, users must really take care of their wallets.

• Fiat money, it's unlike paper money to you get to see and touch everyday lol

The reason it is digital, and it is decentralized so I think that is not also a disadvantage.

• It's used for some illegal transactions happening around the web or internet

There are some threads here that discussed that and in the end they found out that bitcoin is not that really anonymous and only a little percentage of people use bitcoin in illegal transactions.

[Argoo]

The main drawbacks of bitcoin are its only relative anonymity, a long transaction time and decent commission fees on the transaction. These shortcomings are trying to eliminate the new forkogony forks - bitkoyn cash, bitkoyn gold and bitkoyn diamond. We'll see what comes out of this in the future. Since the original bitcoin itself does not eliminate its shortcomings, the competition between them is a good way to make the bitkoyn improve.