What are some disadvantages of BTC?

[trk]

To me the most annoying thing about bitcoin is its high transaction fee
The more expensive it is, the more expensive the transaction fee is
Most exchange charge 0.0005 which equal to $4, so if you are depositing and withdrawing it'll cost you $8

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[mykha]

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

one of the disadvantage is when u loss ur wallet and forgot the address it would be a lost forever!another is the incompetent kbs of internet to trade or mine bitcoins

[MommyElsa]

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

A very high transactions fees is one of the disadvantages of bitcoin. Unable to claim your btc when you put the wrong wallet information. Those are the disadvantages of bitcoin.

[Obito]

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.

For me, there are somethings that makes bitcoin disadvantage is that it takes our capabilities to do other things in our home like households and many more.  And also it takes  a lot of time for me and it is  very annoying for me.

[zombie6]

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.

It is not anonymous, but criminal networks use it as a means

[Mr. Thang]

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

The things that I can think of are due to its decentralized nature, there is really no collateral in the event the prices of bitcoin should fall. Lack of security in terms of compensation in the payment are the things you need to accept before investing. Another one is that, its high volatility makes it a risk for investors since its price might increase/decrease without sudden notice. Lastly, its price is highly dependent on many external factors, making it harder for one to invest.

Overall, despite the said reasons, bitcoin is still considered one of the best types of investment due to its "high-risk, high-reward" factor that has the opportunity of yielding great amounts of profit in the shortest time.

[blozo]

Biggest disadvantage are the transaction time and cost. The average transaction time is 10 minutes and the transaction fee is 1/2$ for a segwit transaction, 4/5 $ for a non segwit transaction

An Ethereum transaction has 1 minute of average transaction time and few cents as cost (with 5-10 gwei as gas cost)

[SrujanPanuganti]

There are few disadvantages of bitcoin.

1) Can be traded for drugs and other things
2) illegal transactions cannot be traced out
3) high transaction fee compare to other cryptocurrencies

[joebrook]

There are few disadvantages of bitcoin.

1) Can be traded for drugs and other things
2) illegal transactions cannot be traced out
3) high transaction fee compare to other cryptocurrencies

Cash can be traded for drugs and other things as well,so that's a problem not only with bitcoins.  I am actually concerned about the fees being charged at the moment because I though the duty of the fork was to prevent this but it's actually is not.

[Guzztsar]

The first disadvantages that comes to my mind are currente fees rate
this is certainly a barrier to mass adoption, and daily uses.

[margarete11]

The first disadvantages that comes to my mind are currente fees rate
this is certainly a barrier to mass adoption, and daily uses.

Agreed as bitcoin price go high and so it's fee also , way back 2 years ago I really don't mind the mining fee and I could endlessly send bitcoin to one address to another because the fee is not that big but this time I could literally pay for my electricity for the charges on the mining fee , I think that was the biggest disadvantage of bitcoin as it's price go higher and higher .

[BitcoinIsAlgebraic]

Cant be used offline when the modern world pretty much relies on the internet.

[ranggawulung]

It seems to me that the most significant drawbacks of bitcoin are its volatile transaction prices, which are sometimes too great. These are its delays in transactions and the fact that bitcoin does not have any money or gold reserves. He is not supported by anything.

[Dava.Dina]

Perhaps one of the disadvantages is the price of transactions that are volatile,
the price is very dependent on many external factors, making it difficult for someone to invest, high volatility makes it a risk for investors

[sapnu]

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

Bitcoin is not yet legal to most of the countries and it is volatile. These are the problems that I think are its disadvantages, as of this moment. But I think if it will be legal to most of the countries in the future it will also be less volatile. So these disadvantages are not permanent since more countries are making it legal now.

[Erlinda Santiago]

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

Well one that i can think of is that it is still not perfectly anonymous. Personally i'd like to see bitcoin evolve into the future into something like XMR with essentially in built coin mixing. This is probably not necessary but rather an add on.

Another thing is that, fees are often high.

Also, blocks are 10 minutes on average in between so that means you're probably not going to be able to get stuff irl instantaneously without the merchant having to trust you.

there are many disadvantages of bitcoin because this coin is only for online not in real life daily use u cant use this for shopping or paying in tye restaurants  but theres more than advantages than disadvntages of a bitcoin

[Criptolog90]

Bitcoins are finite, which makes them extremely volatile and there is still a long way to go before Bitcoin gets to its full potential.

[chrismartin]

Bitcoin is a volatile, we can bot predict if the price will be go down or it will be up, also our bitcoin will be reached of those expert hackers if we will not be secure our wallets

[DrGuns4Hands]

DEFINITELY the slow transaction it takes so many hours before the transaction been confirmed. and also the fee in every transactions got high too because the price of bitcoin is increasing too unlike before it has a low cost fee. Unknown transactions cannot be traced out and also you can have a multiple of btc address.

[wulidada]

Bitcoin is anonymous and criminals can trade illegally in bitcoin, and the government has no control over it. Bitcoin volatility, price instability, will cause a person economic losses. The scarcity of bitcoin has limited the development of bitcoin.