What are some disadvantages of BTC?

[Tashi]

One of those many disadvantages of bitcoin and the thing I hate the most is that when you send bitcoin from your wallet to another wallet or vice versa. And the wallet address is wrong, then you can't retrieve your money. The worst service bitcoin can offer for me is that transactions are irreversible. And I think there is no solution for this.

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[Egayerm]

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

[savioroshan]

The main disadvantage what I see in bitcoin is its high transaction fees. I live in a country where you can buy a lot of things using one dollar. So just image, after buying some grocery for 2 or 3 dollars and paying  nearly two dollars as transaction fee is ridiculous. In my opinion that's the main drawback that it cannot be used for small transactions and because of this reason local shop owners wont show any interest in accepting bitcoin as one of their payment methods.

[TrueCryptonaire]

One of those many disadvantages of bitcoin and the thing I hate the most is that when you send bitcoin from your wallet to another wallet or vice versa. And the wallet address is wrong, then you can't retrieve your money. The worst service bitcoin can offer for me is that transactions are irreversible. And I think there is no solution for this.

Yes this has happened to me a few times too. It was one time when I was sending the funds from one address to my exchange and accidently sent the funds to the person with whom I had a deal previous day, then I messaged him to tell that I accidently sent him the funds but he didn't came online after that incident. So sometimes the transaction irreversibility is also pain in the ass but this is at least better than the PayPal scams where the other person can scam you pretty easily by fooling the PayPal support team.

[loopes]

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

i have an own opinion regarding this discussion. so far i feel transparent  transaction of bitcoin is including to disadvantages of bitcoin for some people because all of their balance movements will records in 'white book' . they think that it is disturb their privacy. i am not sure all of you agree with this but some paet of people thinking like that.

[krauzzer02]

Bitcoin needs an internet in order for you to transact and to check you own balance, Internet in some countries is slow and expensive, some of the areas or provinces don't have a coverage of internet connection making your PC or Phone useless in bitcoin transaction, another thing is the transparency and the anonymity of it, anyone can view and see your transaction making your privacy less censored and it makes you anonymous which is kind a disadvantage for the government and law enforcement to tract and investigate some fraudsters and criminals.

[astrid.uchiha24]

well the most disadvantage of bitcoin i can think of is its volatility at the time of prices going dip but i could be an advantage to those who can predict its market as well. if you do not possess the ability to predict its prices it might be hard for someone whose investment is bitcoin as generating income but overall characteristic of bitcoin makes it good as an investment.

[Baby Dragon]

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

Well, there are some disadvantages of bitcoin. One of the disadvantages of bitcoin is you can't use it in offline store and some store do not consider it as real money. In addition to that, I think the volatility of the price of bitcoin is also one of the disadvantages of bitcoin.

[VanDeinsberg12]

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

Well, there are some disadvantages of bitcoin. One of the disadvantages of bitcoin is you can't use it in offline store and some store do not consider it as real money. In addition to that, I think the volatility of the price of bitcoin is also one of the disadvantages of bitcoin.

That's not right, offline store also accept bitcoin if the merchant or owner willing to do so, even if bitcoin is not considered as a real money, they still consider bitcoin as something that's have value therefore they still be able to accept it, they simply use payment gateway that convert the bitcoin sent to them directly to fiat and get their bank account filled with the money equivalent to btc by the way.

[kiddeon123]

for the only only disadvantage of bitcoin is its volatility, we doesn't know what will happen to bitcoin in the future and it might go down

[soham]

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

There are indeed few disadvantages of bitcoin along with its advantages. Firstly, bitcoin transactions are not instant and requires a high amount of network fees to get confirmed. An average bitcoin transaction takes about 30 minutes to confirm. Which make bitcoin not usable in our daily spending. Imagine, waiting for 30 minutes, before you buy a cup of coffee. So fiat money is more practical for daily expenses instead of bitcoin.

However, having said that, bitcoin is a great investment asset. With increasing number of people getting interested about bitcoin on a daily basis. Bitcoin price is already sky rocketing. IT holds a lot of potential for the future.

[Fasdartin]

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

all things has an advantage and disadvantage there's no perfect thing. and i think its disadvantage its being in the online courrencies. because if one time that you need to access the internet and if you have no electricity. then its difficult to used bitcoin and the other is all people will not know about it. and the one of the disadvantage of bitcoin also is being not recignizable because if its not recognizable people don't know what bitcoin and how can they used

[deadsilent]

Bitcoin only relies on technology. Without the recommended devices and equipments, you are not be able to use or spend it. Internet, device and electricity. These are the things you need to have to use bitcoin. So without technology stuffs, it's worthless. It's not like cash which you can spend without any tech stuffs. It's not ideal for everyday usage because you have to pay for fees for every transactions you've made. The speed of the transaction depends on the fee you enter. The expensive, the faster. One more thing, there only few shops or establishments which are accepting bitcoin. Most of them are online and has only limited product offered. You have to convert it to cash to buy everything.

[senne]

Bitcoin is highly praised for its feature but with that it also has many disadvantages like, there is no buyer protection if when good are bought using Bitcoin then if seller fails to deliver the promised goods you can’t reserve the action. Other than this there are also many drawbacks like it is highly volatile, no physical form, wallets can be hacked and much more.

[Lieldoryn]

In fact, bitcoins have a lot of shortcomings. But the main drawback in my opinion is the need to constantly perform transactions on the exchange of bitcoins for Fiat. We can't spend our coins directly. It makes us and the bitcoin vulnerable to governments .

[datodota002]

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

well there are no perfect thing in the world with advantages will come disadvantages. and the disadvantage of bitcoin is bitcoin is anonymouse and bad people can use it to make found to their activity like buying some drugs maybe or guns?? or even funding the terrorist. no one knows. that the main disadvantage of bitcoi according to me

[kayvie]

disadvantage of bitcoin is that its price is not stable, not fixed and we are not sure about when it will dump or pump. we can also say that anonymous people who used it to illegal things will not be identified.

[bob123]

Bitcoin has quite a few disadvantages.
Some would be the Block generating rate of 1 per 10 Minutes. This in Addition to 1mb blocksize leads to higher fees and longer confirmation time.
And, for me, i Dont like the Bad Reputation of BTC, how it is associated with drug Dealers and hitmen.

[allthingsluxury]

To me, the biggest advantage that attracted me to BTC was the fake that it takes back the power of money back into the hands of citizens, it is a currency for the people, by the people. It cannot be manipulated the same as fiat money can.

[Ultegra134]

When accepting money, especially for sellers/vendors, due to its volatility can lead to short term or even long term loses in the event of a price crash.

Moreover, the more it is being used, the higher the cost of the transaction fees are, rendering Bitcoin unprofitable for smaller transactions.