What are some disadvantages of BTC?

[Sarah08]

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

• It's volatility in price. 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.

This here pretty much are all my personal concerns as well, apart from the last point. I think that bitcoin is a perfectly fine name and i don't know why you would associate that with some sort of pyramid scheme at all.

But, volatility and bitcoin being very technical are problems that will be solved as it moves along into the future. More applications such as exodus will simplify the user experience of bitcoin, and as more merchanst accept bitcoin its value will stabilize naturally.

Yes there are some disadvantages in bitcoin, but you may take it as positive, I believe so. As far as I know,I'm not having troubles in using bitcoin now. In fact,my goals are slowly achieved. Maybe there is a small factor that I may consider it as disadvantage and that is the indirect cash but it's only a small issue but there is a purpose on that and I know it's for security. All in all I like the way bitcoin caters to people and soon it will pump more and more in the future and a number of people are trusting of bitcoin. Consequently , we won't be neglected in the society or in the economy.

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[dafang]

Bitcoin is anonymous. So bitcoin can easily be exploited by criminals, but the government can not track criminals, which is why some countries ban bitcoin. This is the disadvantage of bitcoin..

[genology]

For Bitcoin, I can only think of three disadvantages. First, it can't be often used in my country. Second, it can be a source of illegal transactions. Lastly, it has high fees and slow transactions. Despite of these disadvantages, we must also look at Bitcoin as something that can be improved and can be very useful in the future.

[aimata27]

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

Well for me, the biggest disadvantage of bitcoin and the one that I hated the most is that the bitcoin's price are very volatile. There's no stable value of its price, every minute or every second it can increase (which is good) but it can also decrease which is the bad thing for me, especially for those who are holding bitcoins for long term.

[stevanprice]

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

although many of the benefits of bitcoin itself also has weaknesses or deficiencies, such as the unstable value means that at any time can go down in value or even become up and then the risk of lost or stolen is still possible because it is still in the form of files and if stored on the hard disk is vulnerable to damage.

[Gudhal Untu]

I think costs are getting more expensive, I think the bitcoin transaction costs should be lowered, if this problem keeps happening then I'm afraid it costs $ 50 to send a bitcoin for $ 10.

[tiger2monkey]

Bitcoin is a great invention and has experienced a lots of growth. At this stage, some disadvantages of BTC are: 1) high fee; 2) long transaction confirmation time (block time is 10 minutes, and there are many unconfirmed transaction in mempool waiting for confirmation).

[cryptokath19]

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

We all know that bitcoin has an advantages and disadvantages, the disadvantages of bitcoin are Lack of awareness and understanding, risk and volatility, still developing and In Conclusion.

[SmallBit]

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

We all know that bitcoin has an advantages and disadvantages, the disadvantages of bitcoin are Lack of awareness and understanding, risk and volatility, still developing and In Conclusion.

And the acceptance. Merchants should search for a way to accept bitcoin and this could defeat the disadvantages.

[ms.sexy]

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

The basic disadvantages of Bitcoin are Bitcoins are finite, which makes them extremely volatile, A very small portion of the business is willing to accept Bitcoin as a method of payment, It needs strong networking to spread the word on bitcoin, Bitcoin is relatively new and most of its features are incomplete and There is still a long way to go before Bitcoin gets to its full potential.

[Gabrieelle]

Bitcoin is a great invention and has experienced a lots of growth. At this stage, some disadvantages of BTC are: 1) high fee; 2) long transaction confirmation time (block time is 10 minutes, and there are many unconfirmed transaction in mempool waiting for confirmation).

High fees are really a problem now a days because not everyone can afford it but they don't have any choice because if they don't pay these high fees they cannot make any transactions. And if we choose the low fees it will take so long before it can be confirmed and we're never sure of it. These high fees should be lessen.

[Kurokonobasuke]

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

Actually there are lots of disadvantages that Bitcoin is having. Butcoin is not yet legal to most of the countries so there are users awho are not allowed to use bitcoin directly as a currency, Also, it is volatile , so there's always a tendency that its msrket value will fall which is a total disadvantage on an investment.

[gidaahmad]

One of the shortcomings of Bitcoin is the length of time the transaction and the more expensive fees follow the price of Bitcoin. Besides other shortcomings is Bitcoin users must be online. Unlike other coins are still low fee. Maybe that's all I know.

[dcash]

Bitcoins Are Not Widely Accepted
Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.

Wallets Can Be Lost
Here's the link: http://cs.stanford.edu/people/eroberts/cs201/projects/2010-11/DigitalCurrencies/disadvantages/index.html

[pimvinken]

Bitcoin has many advantages but also many disadvantages like little blocks makes it jam or slow in transactions, high fee for every transaction on the exchange, unstable and risky for investors, moreover it is untraceable so it will impossible to take our money back if we are hacked.

[weishao]

Bitcoin transaction costs high. Bitcoin's price volatility is relatively large. Anonymous bitcoin will be criminals use. Bitcoin can not be used offline and needs internet. These are the shortcomings of the current Bitcoin.

[gamerfan]

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

Many of its disadvantages are related to scaling problems. This leads to long confirmation time and high fees, thus Bitcoin does not look viable to use for micro-transaction or buy small items in your local grocery store, for example.
Also, mining is only for very rich people right now, so I think it's not the most democratic thing on Earth.

Anyway, Bitcoin pros are more than its cons, so keep on using it and I think and hope it will become better and better over the years.

[MidKnight]

I really dislike the huge transaction fees and the possibilty of banning it worldwide. The transaction are too much for a small that you need to transfer and the disadvantage of any country that can implement a total ban with your cryptos. It could potentially lead to worldwide ban.

[jona]

It is still not acceptable by everyone but accepted by merchant online,secondly one can loss wallet,no buyer protection,etc

[klebsiella]

A lot of people are still unaware of cryptocurrencies like Bitcoin. Only few business establishments accepts bitcoins because they are still lack of accurate knowledge about the digital currency. Also, the value of bitcoin is unstable, which might cause second thoughts for it's potential users.