What are some disadvantages of BTC?

[kokobaba880]

There are not so much disadvantages of bitcoin but the most one is it is connected to the internet and without internet it can’t be accessed and its existence is up to the existence of internet. There will some other as well but this one is very common and easy disadvantage of bitcoin.as bitcoin is very volatile a slight change bring in the value of bitcoin. 

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[SmallBit]

For me, a disadvantage is that without internet, we can't do anything with the bitcoins. We have to have internet connection for the mobile wallets or for the computers to deal with the bitcoins.
Why is it not possible to do a transaction between two mobile devices using the same mobile wallet app without internet connection via NFC and when internet is available again, the two devices can send the transaction to the blockchain.

[brickafterbrickwalldpt]

Transactions are slow, it's currently taboo to a large number of people and communities, it's under the threat of banning by China, which may kickstart a domino effect, albeit that's a very unprobable scenario. Amassing bitcoin is usually easy but it can be also be tedious depending on the way it's being achieved. To be quite honest it's harder to list negatives than positives for bitcoin as the good outweights the bad in my honest opinion.

[GoodLuck2]

We all know the advantages of BTC, but what are some of the disadvantages??

the weakness of bitcoin in my opinion is not yet able to be used by every country, including in my country bitcoin not yet legal, only certain country that legalize bitcoin, and time of its slow confirmation if in use for payment.

If something has a lot of advantages then almost it have disadvantages same here bitcoin have advantages but also have disadvantages and some disadvantages are beginners will face difficulties in bitcoin because bitcoin is not easy as it look for investment experience must needed as well as intelligence and patience to that’s why bitcoin is difficult and these are the advantages I discuss.

Bitcoin has no such serious disadvantages because beginners must have to learn first and then jump into this pool because bitcoin is not that easy and that’s the righteous thing that one must do homework before investing and after one had learned enough this coin will open the new ways to earn profit as well as the eases to enjoy so don’t count it in disadvantages and it is the perfect thing to invest in.

[TrueCryptonaire]

We all know the advantages of BTC, but what are some of the disadvantages??

I think bitcoins biggest disadvantage according to me is that bitcoin is totally dependent  on Internet means if you do not have a stable Internet connection one can not do the bitcoins job.  Bitcoin storage, bitcoin mining,  bitcoin transfer,  bitcoin transaction all are dependent on Internet.  Without all this is impossible.  So I think this is the biggest disadvantage of bitcoin.  Bitcoins other disadvantages is that transaction are nit 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.

[White Christmas]

I posted a similar thread about this subject.

Basically, depending where you live, you won't be able to use it to pay stuff (unless online).
It's not 100% safe, you can still get your wallet hacked. Also, it's a volatile currency. It can plumber 30% of it's value in a day.

I agree, bitcoin was not still legalized by the government so we need to convert it first before we used. When it comes to wallet it was not connected to bitcoin the problem here was the wallet that you are going to used so you must be careful on choosing. One also disadvatages that I see was in the transaction fee. Many people are complaining it that may cause negative effect on bitcoin because of the hugh transaction fee.

[South Park]

Transactions are slow, it's currently taboo to a large number of people and communities, it's under the threat of banning by China, which may kickstart a domino effect, albeit that's a very unprobable scenario. Amassing bitcoin is usually easy but it can be also be tedious depending on the way it's being achieved. To be quite honest it's harder to list negatives than positives for bitcoin as the good outweights the bad in my honest opinion.

I do not worry too much about bitcoin being banned, unless that happens all over the world at the same time I do not think bitcoin is going to be effectively blocked and even if many people drop bitcoin many other people like us are going to keep holding and make money that way.

[dansmith_99]

Bitcoin at the moment does have the scalability for mass adoption. With the block time being too high to be affective for a larger user base. Also the transaction fees for bitcoin are very high and I would love to see them drop in the future.

[CryptoCoin8487]

I think there is only one disadvantage of BTC is transaction speed.

No the biggest disadvantage of bitcoin is enternet access without enternet you cant transact offline unlike fiat money that you can transact anytime anywhere in the world

[South Park]

I posted a similar thread about this subject.

Basically, depending where you live, you won't be able to use it to pay stuff (unless online).
It's not 100% safe, you can still get your wallet hacked. Also, it's a volatile currency. It can plumber 30% of it's value in a day.

I agree, bitcoin was not still legalized by the government so we need to convert it first before we used. When it comes to wallet it was not connected to bitcoin the problem here was the wallet that you are going to used so you must be careful on choosing. One also disadvatages that I see was in the transaction fee. Many people are complaining it that may cause negative effect on bitcoin because of the hugh transaction fee.

The reason we cannot use bitcoin to buy products and services in our countries is not because bitcoin has not been legalized it is simply because people are not accepting bitcoin, when enough people accept bitcoin you are going to see bitcoin legalized very quickly.

[virasog]

We all know the advantages of BTC, but what are some of the disadvantages??

First of all the bitcoin have some high fee during transaction. If you're looking for fast transaction you have to pay high so most of people use slow to rid of highly fee you have to wait 2 or 3 hours to get your bitcoins.   Second is the fact that most of people are not aware about this digital currency  and bitcoins and hence if you want to transit in bitcoins both of the parties must have the bitcoins, which in most cases not found and one has to convert the bitcoin into fiat in order to proceed the transaction.

[Vohoanghiep]

Almost everyone knows the disadvantage of Bitcoin is that it is not popular and only works when there is an internet connection. In addition, every transaction is a fee also a disadvantage of Bitcoin.

[drwhobox]

We all know the advantages of BTC, but what are some of the disadvantages??

Disadvantage as of this time of the year.
- Slow Bitcoin transactions. ( sometime it takes hours for regular fees to get the coin)
- High mining fees than the useual.
- Small block capacity and slow block generation time.

Here are some disadvantage from realtime.
- you can't send transactions without connecting to the internet.

[Jingjing12345]

We all know the advantages of BTC, but what are some of the disadvantages??

The advantages of bitcoin are also its disadvantages depending on the current situation of the market. Here are some of disadvantages of using bitcoin today:

1. The volatility of bitcoin is a double-edged sword, very unpredictable in its price and might result to a profit/loss on an individual;
2. Its limited supply of 21 million in the market;
3. Some counties ban the usage of bitcoin, resulting to a decrease on potential investors;
4. There are many external factors that can affect its price like the banning of ICOs in China; and
5. Its decentralized nature makes it as a perfect medium under the dark web for illegal transactions.

Those are some of my opinions regarding its disadvantages but the advantages of using bitcoin in the community supersede all of those what I stated. There may be some drawbacks from transacting bitcoin but let us not forget its endless opportunities in the community.

I agree on all what you said. It’s volatility is also disadvantage because when the price goes down it can make our money loses. And also for me, bitcoin cannot access without an internet so It is disadvantage for me and for the people who can’t buy computer or cellphone  to use on bitcoin.

[Harrisonimo]

Here are some that I can think of on the top of my head:

• It's volatility in price(currently). Hence holding your funds entirely on bitcoin is a huge risk despite the advantages.
• Very unsafe for careless and technologically-illiterate people. Logging in to a phishing link? Say goodbye to your exchange's funds. Forgot to list down your wallet's seed? Say goodbye to you wallet's funds.
• Unable to operate offline or non-electronically. This is a downside on more on the 3rd world countries, whereas most poor people can't even afford smartphones or any device that can hold bitcoin.
• Not-so-good transaction fees and time. Transaction fees and times are definitely alot better now compared to months ago, but I still remember the days when txs were almost instant, with very very low fees.
• My personal opinion: The name "bitcoin". I personally think it sounds like something a person involved in pyramid schemes and Ponzi scams would use.

I do want to take a toll from the points highlighted  here and find them of real and greater relevance even to the adoption of Bitcoin as a digital currency. Part of the disadvantages are also found within its advantages; take a look at the idea of decentralization, this idea is like a somewhat threat to some government of a country not making them accept the change Cryptocurrency is bringing in. I do want to buttress on the transaction fee area which some friends have been lamenting about; this is with respect to different wallets though. I experienced a high transaction fee this morning; the transaction fee was higher ×7 of what I sent!

[niisarearning]

The biggest disadvantage of bitcoin is high volatility in terms of value , Transaction fees and Transaction nothing is constant everything changes by seconds or minutes . Today i sent some btc to my exchange from blockchain.info to my local exchange it took around 10$ transaction charge from my blockchain.info wallet.

[nethan1btc]

The biggest disadvantage of bitcoin is high volatility in terms of value , Transaction fees and Transaction nothing is constant everything changes by seconds or minutes . Today i sent some btc to my exchange from blockchain.info to my local exchange it took around 10$ transaction charge from my blockchain.info wallet.

That's some of the disadvantages of bitcoin and also If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been lost, because it just a digital currency. There is nothing that can done to recover it. These coins will be forever orphaned in the system.

[Tiger Junk]

I think there is only one disadvantage of BTC is transaction speed.

For me the some disadvantages of BTC is, it easy to use by other people to scam, so when btc use to scam many people will afraid to try bitcoin and many people will not follow bitcoin, and for me the other disadvantages of bitcoin is the campaign, the campaign in btc was take too long, its about 1month and 3weeks before its end so people who are newbie here is giving up easily.

[Rebisco]

We all know the advantages of BTC, but what are some of the disadvantages??

It is true that the bitcoin has disadvantages. One of the disadvantages of the bitcoin is the high transaction fees. I always pissed off when I sending my bitcoins or withdrawing my bitcoins because of high transaction fees.

[nareshrohra]

One of the disadvantages that become overtime is the centralisation of mining. Today, its not possible for individuals to mine bitcoins. Most of the mining is done by cloud miners, large companies or govenment organisation. This, I beleive, is against the decentralisation nature of bitcoin

On the anonymity of transaction. I had say it is a double-edged sword. With more anonymity, it will impossible to handle fraud detection. And there will also be more use of bitcoin for ransomwares like wannacry