What do you think are the biggest disadvantages of Bitcoin?

[Biggapp]

Bitcoins are sometimes said to be a great investment, while others claim the digital currency is one of the best ways to send or spend money online. It’s true that there are a lot of benefits that come with using Bitcoins, but what are some of the Bitcoin disadvantages?
Here are some:
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. ...
5.Potential to Be Replaced by Superior Cryptocurrency.

There are some disadvantages of bitcoin.Firstly,it has very high transaction fees which is inconvinient.Another one is that it is not under the control of any central bank or any government so the government hesitates in legalising bitcoin in its nation as there can be cases of fraud.It is very volatile so we do not know what will be its price.It is very uncertain.It is a cryptocurrency so it needs internet.Every person does not have internet connection.

Yeah this issue was raised 5 months ago but mate if we look at time to conformation in bitcoin transaction we will see now how fast it has become and now it is easy to use bitcoin anywhere with just small time, in old era bitcoin transaction was free but you all know that how slow it was. So just keep patience if you are enjoying fast transaction will have to pay for it but if you want free one then will have to wait 2 or 3 days.

[Asusnumbaone]

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

Well, the biggest disadvantage of bitcoin is also its biggest advantage. It is the bitcoin system which is decentralized. It allows the transactions to be anonymous that can protect the individual profile but has a effect of both good and bad. Good because it allow us to transact with other people anonymous and keeps of profile being protected and also bad because it can be used by the criminals to transact in the black market or underground market.

[hiwainmoto]

I think the most disadvantages of BTC are ,slow tx confirmation,congested network,and small blocksize.

[Despacito]

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 only disadvantage that i see in bitcoins is that, Everyone can use it even the terrorist and because of that, Some of the governments does not really want to legalize it immediately but i hope in the future, They will allow bitcoins to every country since there are already online stores that are accepting bitcoin as a payment.

Transactions are sometimes very slow and this is causin a huge blockage for us. We can't even make our payments and recipients are complaining too much about this. The worst aspect of bitcoin is this, I think.

[rasmadisulaiman]

The biggest disadvantage nowadays is that it can not be used as a transaction tool that replaces money because transaction costs are too high, bitcoin still fluctuates, another bitcoin is still underestimated by people who result in unbelievable bitcoin.

[George P.]

For me the high transaction fees and the slow confirmation time.

[bribed]

The biggest disadvantage of Bitcoin as of today seems to me the misinterpretation by the people of its use case. This isnt an issue of Bitcoin itself though, its more the people that are using it in the wrong way. Bitcoin was invented to serve as a decentralized digital currency that cant be controlled by central banks or governments, but nowadays it has become just another instrument in the capitalistic financial system that is being used as a store of wealth with rapid growth potential. I hope that someday people will come to realize the true potential of Bitcoin and use it as a means of payment as it was supposed to be used.

[Melvin Narag]

maybe transact being slow anyone can  use in crime

[teejaymuna]

For me the biggest disadvantages of BTC are its volatile price, unease of transaction and the wide unacceptable. Hopefully this will all be in the past.

[GbrilliantQ]

Still not alot of people know what it really is. They only know BITCOIN BITCOIN BITCOIN and see the price of one and how people who got in early are rich.  Folks think it's still a ponzi and look at me weird still.

That and the high fees. 

[nick_nick]

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 strongly believe Bitcoin is experiencing some level of drawbacks due to the following reasons:
-firstly, the idea of cryptocurrencies and for that matter Bitcoin is still an anonymous technology yet to be fully understood by the majority. Again, it is constantly experiencing price fluctuations and hence people have little faith in its price stability. Finally, it has low transaction fee and slower transaction rate

[nick_nick]

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 strongly believe Bitcoin is experiencing some level of drawbacks due to the following reasons:
-firstly, the idea of cryptocurrencies and for that matter Bitcoin is still an anonymous technology yet to be fully understood by the majority. Again, it is constantly experiencing price fluctuations and hence people have little faith in its price stability. Finally, it has low transaction fee and slower transaction rate

[lum_dog_millionaire]

Without a doubt in my mind, when looking at cryptocurrencies in general, the issues of scalability have to be immediately addressed. Unless we can implement the coins into our society in a way that is instantaneous, while remaining low transaction fees, it will never become mainstream.

[icanscript]

Nine years of the existence of crypto currencies is nothing compared to the millennia of the existence of a modern monetary system. Design teams are working on the shortcomings, and they will achieve their elimination.

[streetlight]

The biggest disadvantages of Bitcoin are how long it takes to confirm transactions. It takes a really, really long time and costs a small fortune. Most other coins these days have near instant transaction speeds which is something BTC definitely needs as soon as possible unless it will become like the Myspace of crypto... and we might get this with Lightning Network coming up although it could takes a few years to implement still.

[An0nyMoose]

The biggest disadvantage of Bitcoin as of today seems to me the misinterpretation by the people of its use case. This isnt an issue of Bitcoin itself though, its more the people that are using it in the wrong way. Bitcoin was invented to serve as a decentralized digital currency that cant be controlled by central banks or governments, but nowadays it has become just another instrument in the capitalistic financial system that is being used as a store of wealth with rapid growth potential. I hope that someday people will come to realize the true potential of Bitcoin and use it as a means of payment as it was supposed to be used.

Couldn't have said it better myself. Bitcoin has been hijacked by some people (a small group) who are using it to promote their agenda of using it to make profit instead of improve it for the sake of Humanity. It needs to be scaled, but unfortunately with small blocks of 1MB it cannot be scaled because transactions are becoming impossible to do.

[M.L]

The biggest disadvantages of bitcoin is the improper way of using bitcoin. Some people used bitcoin in a wrong way because they are always wanted to get money very easy but the truth is you need to be patient and keep calm until you rich your wants and desires.Always think what would be the possible things that you may encounter  when you use bitcoin in an improper way. Have control of using bitcoin so that you can avoid any mistake or to do avoid risk.

[mayidid]

I think the biggest disadvantages of Bitcoin are:

1) Fees are a little high now and could get higher as mining gets harder.
2) Mining takes a lot of energy.
3) Over time, the transaction time will probably be longer.

Another thing is that as the price of Bitcoin goes higher, it's less likely that Bitcoins will be used as a payment method because everyone wants to hold on to their Bitcoins. I can't tell if this is good or bad because as long as the price keeps rising, then it must not matter if people don't spend Bitcoins.

[ferdaus]

There are so many people in the country that they have become a lot of black money and wealth the owner which no pay tax evasion. Since bitcoin transaction does not identify at those moments they invest all money in bitcoin.Then the government will not get the speed of national income.

[olatslodi]

For me, the biggest disadvantages of Bitcoin right now is the misinterpretation by the people of its use case and the legalization. This are all things that could be improved in the future. I hope that someday people will come to realize the true potential of Bitcoin.