What are some disadvantages of BTC?

[nick_nick]

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

For now, I have personally identified the following disadvantages with respect to Bitcoins:
1. It is not known or generally accepted by all as a means of exchange
2. slower transaction rate compared to altcoin
3. unstable price

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[Dapallo]

One of the disadvantages of Bitcoin is that there are a lot of hackers using it. This will afraid some people so we will lose potential users for bitcoin. We need people in order to get bitcoin as a great payment method.

I think that this is the most critical problem what we have now with Bitcoin.

[LogitechMouse]

I don't experience some disadvantages of bitcoin because I don't have many coins to trade now but I often see these problems and probably these are some of the disadvantages. One is the transaction is too slow and second is the high transaction fee of bitcoin.

[OverKiII]

CoolYou nevertheless keep it.It will visit ways higher soon.HODLI also maintain some ot ETH, it ll visit celestial satellite

[DARKANGEL6415]

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 agree with you on this statement and opinions to some degree on this subject.  I use 2 bitcoin debit cards that let me use them for purchases even if i am somewhere that has mo interest or power. I have personally paid a buddy for a bet i lost while camping. All i meeded was my debit card and all he needed was hos cell phone and square pay hooked to his phone.

[kimmali]

There are several disadvantages of bitcoin that I noticed eversince I enter the forum,one is that it is volatile,the value is constantly changing. But although it is volatile,the prices don't decrease that much,instead,it increases. Second,is we can't use bitcoin without internet. There are times that I want to posts when I'm bored,but I can't because I don't have internet.

But bitcoin is still amazing despite these disadvantages.

[Hakkerman101]

First of all, If we talk about the shortcomings of bitcoins, then this is a large volatility of the currency. In other words, even a month the price of bitcoin can make huge leaps. What is more, 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.

The most terrible dream for a person using Bitcoin will be the loss of a wallet.  If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.

And, finally, Bitcoin has the signs of a financial pyramid with all its inherent properties: attractiveness of quick profit, high incomes of the first participants, extremely high difficulty in obtaining monetary units for new members of the system, etc.

[wolfgang56]

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

There are many disadvantages of bitcoin now. And one of them is that it can be used to buy and sell drugs all over the world because it doesn't leave any tracks about your transactions that you made. This bitcoins is used by people on black market. Do you know the druglord that uses bitcoins for his transactions gets warrant.

[maaydin]

The biggest disadvantage of bitcoin is that it can not be used everywhere and so little places accept it. The other one is the volatile price of it which can surprise many people within a short time.

[Jeebril gabi]

I would say my only turnoffs at the moment are inter-wallet charges which can be quite high

[GreenBits]

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

lol, everything.


doesnt work without connectivity
transactions lower than the standard fee are not feasible to conduct
no refundable transactions without incurring fees (no undo, even if both parties agree to cancel)
hard to spend btc directly for normal consumer goods/services without converting to fiat
security is much more difficult due to general unfamiliarity with proper cybersecur
confirmation of funds is not instant, like handing someone cash.
value can change suddenly and drastically


there are so many more. btc is far from perfect, but when you escape the digital economy, it suddenly becomes much less practical.

[Ziomuro27]

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

I think the disadvantages of bitcoin to us is more people who are employed to their work are quiting their job,because they know that they will have much many or salary they will get from Bitcoin so thats why they leave their job, and speaking of this their talent cannot be enchance their knowledge and hard-working that they do to achieve their tracks in life will be deminish in just a blink of an eye.

[carlisle1]

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.

other than that is the unstable price,that if you bought it in high price then suddenly when you needed it turns to deeper value you can be loss capital and cant even profit i single penny,so tha best way is always monitor its flow the problem is if your not 24 hrs available and just bitcoin is your extra source of income

[milandres0207]

For me the only disadvantage of bitcoin is being not accepted in other country, for that we can't send bitcoin to our family that live in the said country. I hope soon it will become accepted worldwide so that other people will use it and know that bitcoin is one of the good digital currency.

[richmcrich]

Its all about online noo offline method so far?

You are right that the transaction fee of bitcoin is very high but I think that if the profitability of bitcoin is compared with the fee the it will be very easy for to assist it so I don’t think so bitcoin is unique currency which make poor people very rich in a very short period of time and I am looking one disadvantage which is very common that is the banning of ICO like in china which affecting the price of bitcoin very badly. 

[marsmyname]

Bitcoin can be use in illegal ways like in gambling just to earn and it can also cause addiction to many people

You mentioned the right thing that it needs an internet connection which is directly affected by the electricity or any other natural calamity so in fact it is the disadvantage of bitcoin I think that some research may be done on it for the provision of the forum without the internet connection.

[Argoo]

In bitcoin, there are common shortcomings of the crypto currency and the drawbacks inherent only in it. To inherent drawbacks bitcoin can be attributed for the time being the slow execution of transactions on time and large commission fees for the transaction. To disadvantages bitcoin as kriptovalyute in general, you can relate its relative anonymity, which with good tracking makes it possible to identify the identity of the user bitkoynom. Some of the shortcomings of the crypto currency, including bitcoins, include its high volatility. However, I do not consider this feature of the crypto currency as a drawback. Volatility is constantly reviving the market and provides an opportunity to actively trade on exchanges. Simply, this feature is not for the faint-hearted, who at every sharp drop in bitcoin's rate in a panic try to get rid of it.

[karnwillbit]

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

There are many advantage of bitcoin ,but also it is have an disadvantage too that can be a problem someday to the bitcoin. Number one is it being alive only in the internet or online. Maybe if happen that there are no electricity in one country it is difficult to handle or access in the bitcoin because it is only alive in the online. The other dis advantage that o can see that can be a problem too is too being decentralize of bitcoin yes now it is good but what might be happen if have an issue in bitcoin ? Whose gonna fix it ?

Gambling is strictly for bidden in islam so we should not earn money by this and it depends upon the nature of the individual and bitcoin is giving you many more opportunities other than this one so we should avoid it and select all the legal ways of earning money from bitcoin.

[odakorlina]

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

There are some Disadvantages;
1. You can't send transactions without connecting to the internet. 
2. Slow transaction confirmation.
3. Security risks
4. Some countries ban the usage of bitcoin.
5  We can also say that anonymous people who used it to illegal things will not be identified.

[htsz_da12]

The current drawback of btc is that the transfer fee is too expensive and transaction time is too slow. If it is really a liquid currency, it should have the conditions of fast transfer and low transaction fees.