What do you think are the biggest disadvantages of Bitcoin?

[fishball]

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

First, there are rumors, conspiracies, unvalidated articles that ruin the image of bitcoin. Since the market is large, people cannot easily confirm each others credibility, making it hard to form social bond. And last, the volatile price is hard to predict so it brings risks to the investor.

[RKSummer]

I think a number of things.

• The fact that nobody can control it.
• The instability of the price.
• The inability to charge crazy bank like fees for using it.
• The fact that it is almost anonymous.
• It wasn't created by 'them'.
• Still a new technology, unproven.
• Has received a lot of negativity, bad press & illegal happenings.

These are just a few that come to mind right now.

Bitcoin is one of the most important invention in human history, though it has many advantages, it also have disadvantages.
For me the biggest disadvantage of bitcoin is for being decentralized, unlike banks which is centralized, means it has its owner. While bitcoin is all about internet. And nobody owns internet. What if there is no more internet at all.We can't use our bitcoin. All transaction using bitcoin will end. And if that happened there are big impact of loss in many bitcoin users.

[Sithara007]

For me, high fee is the biggest problem and nothing else matters. Nowadays it has become almost impossible to withdraw coins from exchanges. A few days back, Cryptopia was asking for a withdrawal fee of BTC0.002 (equivalent to $23), to withdraw $100 worth of coins.

[Drakula]

governments dont want to accept them.

That's absolutely one of the disadvantages of Bitcoin though it can also be an advantage one; because as long as the Government don't interfere, Bitcoin will be tax free. Now, how does it becomes disadvantage? It is not controlled by the government so there's a possibility, they will ban it; to think that high officials from government is more powerful.

[spooneds1]

i think the biggest disadvantages of bitcoin is during the process. the transaction time and the fees have a negative effect to users, it is a disadvantage to all of us. also we cannot control the price of the bitcoin, it goes up quickly and also goes down quickly it could affect our investments if it goes down and also a advantage if it goes up.

[Rosilito]

There is no government who are supporting bitcoin. Bitcoin is decentralized, so it might be the primary DISADVANTAGE of bitcoin. People who do not have any background about cryptocurrency may not put some investments to this because there are no governments supporting this such thing. As a follow up to my primary disadvantage it might be bitcoin can be used to do such unlawful act which might lead to possible disappearing of bitcoin. And lastly is bitcoin is continue rising and rising as I heard from news 1 bitcoin is equivalent to $10,000 sounds positive right? But for me it is  one of the disadvantage if this currency continue to grew up some money will be no longer have a value,  and that may cause the government to do some action and go against bitcoin.

[KrLos]

The first and the main disadvantage is its volatility, which is beneficial for the trader, but for a simple user it is not.
Besides, bitcoin is almost anonymous, that promotes the use of the currency for illegal activities

[icoDealDeckcom]

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 nice if we could start seeing more Dapps for Bitcoin. Also more utilitarian opportunities for using Bitcoin would be nice. Or even more merchants accepting Bitcoin would go a long way to creating a true value proposition for Bitcoin. Check this out.  Luxury Pattaya Thailand beach side condos for sale starting at 5BTC. www.tiproperty.com

[Genemind]

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 advantage of bitcoin for me would probably be the fact that it relies to much on the internet. There should be a way for bitcoin to be used without involving the internet. The same with transferring of files from one cellphone to another using bluetooth or the application, "Share it." This could be one major problem that might incur in the future.

[Gloria_16]

The main disadvantages are the high cost of transactions, and for a long time, but these problems are already solved in the face of other coins.

[mezzaluna]

Bitcoin although gaining popularity, not everyone believes in it's credibility. It is not implemented in every country, a very volatile currency. The value of it is always fluctuating.

[ClementManuel]

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.

[trauchot]

The biggest bitcoin disadvantage is legalization, because of dirty money many countries dont want legalize bitcoin and governments blocking everything what is connected with bitcoin and because of this ordinary people who live in these countries suffer. Transaction fees are too much big, more bitcoin course grows more fees will be. Bitcoin doesnt depends from anyone or anything, so at any moment bitcoin course can fall till couple of dollars or cents and no one will can do anything about it.

[dieselmeister]

I think the biggest disadvantages of Bitcoin is that the transaction speed is too slow and the fee is so high. Both of them prevent the development of Bitcoin. I believe that if the developers can improve those problems, the Bitcoin price will go to the moon.

[Kayum10029]

Bitcoin is not completely implemented in every country and due to very low transaction fee many people are using for illegal activities, The price of bitcoin is also not stable.

yes sir very important information. nany countries don't accept bitcoin as legally . many countries accept it but when all countries accept it as legally, then bitcoin is more flexible and effective.

[/GeertJohan]

Bitcoin is the best technology.. But still it has some disadvantages such as it is untraceable, unpredictable and everyone cannot be trade..
Untraceable..
The bitcoin is cannot be trace to anyone.. So they can use it to crime.. If you need to trace it you will gain only loss..
Unpredictable..
Bitcoin price is unpredictable like fiat currency. It does not have the stable value.. Everyone cannot trade easily..

[Marry Finch]

While the existing biggest drawbacks are bitlocked, this is a problem with its relatively incomplete confidentiality, too long transaction time and significant transaction fees. For some reason, they have not been solved for too long by the bitcoin development team. This threatens the fact that bitkoyn can lose its leadership in the crypto currency.

[syana]

What about bitcoin energy consumption?
Big disadvantage !!!

[thenameisjay]

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 its ever increasing transfer fees. Those aren't really cheap, in my opinion. It's trying to defeat the primary purpose of bitcoins which is to have cheaper transaction or transfer fees. One more thing that is a disadvantage to bitcoins is the time it takes to refresh the system in order to confirm that the other party has received the bitcoins you sent.

[reymartH]

If you mistakenly pay someone by using cryptocurrency, then there is no way to get a refund of the amount paid. All you can do is to ask the person for a refund and if your request is turned down, then just forget about the money. When the network is down, your Bitcoins are gone also.