What are some disadvantages of BTC?

[shawn995]

In the market of the world every product have advantages and disadvantages just like that BTC have also some disadvantages like
Now a days BTC have very high transaction fee which is the problem for all users of BTC.
And transaction speed is very slow which take alot of time.
So these two are the major drawbacks now a days of BTC and it should need to solve these problems because BTC is high price currency and have big aims.

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[Sihab76]

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

Bitcoin has a lots of advantages but Bitcoin has some disadvantages too. Banks don't accept it, governments can't get any Remittances, it is now used in online illegal activities. Above all of disadvantages Bitcoin is really a king and world changer currency 💱.

[bitcoinVPSD]

Some disadvantage of bitcoin is, the charge is too high, the payment transaction is not suitable for small payments because the bitcoin price is too high now .. the famous bitcoin has made many criminals pay attention. There are websites that are created to trick your bitcoin. you should be more careful

[emondot]

Bitcoin can also be abused by people who want to hide their income from government, and avoid paying taxes. Then, the state revenue from the tax will be lost because of the money that is not tracked. Not only in the criminal acts alone, the most basic lack of Bitcoin also occurs because of its unreal shape.

[HinfinityQ]

One of the main disadvantage of using bitcoin service is the  high and unpredictable and unstable transaction fee and transaction speed. Hope we do more innovations on that part

[kseniyu]

Weaknesses in bitcoin are almost there. But the only thing I don't like that at the moment it is not legalized by the government. It would be great if in the shop you could shop for bitcoin, to pay for education and treatment. Stored in a Bank Deposit insured's own expense.

[cryptoheroin]

Small blocksize ,tx confirmation is too slow,congested network and too volatile market.

[awawo]

Bitcoin has so many advantages ranging from value, potentiallity and assets and profit oriented. In bitcoin the value is always on the highest rate in the exchange market in the past months we have seen how bitcoin has steadily increase in value. And talking about profits bitcoin has the capacity to increase in price within the shortest period of time and on potential bitcoin has a great potentials to sustain it already increasing market growth.

[A Fahriz Thiago]

Maybe I think the weakness of BTC is very difficult to predict the price, we can get very high profit but we also can get very high loss also. Not to mention some countries that prohibit the use of BTC which makes BTC increasingly lost investors.

[rumexx]

There is always the other side of a coin. Bitcoin has a lot of advantages but still there are disadvantages of bitcoin which is  now known and the bitcoin team should try to find away to resolve it. 1. The high cost of transaction, 2. the time to complete transaction is much slow now, 3. Only people that knows bitcoin can transact with it unlike fiat money that is available for every body in the society.

[boddy.dy]

Some of the disadvantage of bitcoin are it is not controlled by anyone. We all know that if something is not controlled by anyone it may disappear in no reason. Also this is the reason why some of the government did not allow bitcoin to be used in their country. We all know that government always want to talk or negotiate to someone if something will used or run in their jurisdiction. Lastly if something in the internet has no control it can be hack or destroyed by the people who are jealous or against it. Now a days hackers are so good that even the secured sites or application is being attacked. 

[FanaMerahJambu]

Well, there are many weaknesses of bitcoin, most people do not know / do not accept payment in bitcoin is also another big loss is unstable price.

[Rudy Fever]

Bitcoin has a lot of downsides because Bitcoin has only a limited amount of 21 million coins so its rate is very high. But when trading, the average fee level between the trading floors is always high. And the waiting time for confirmations for each transaction can be up to 2-3 days to be successful. And it can be seen that Bitcoin is dominated by the news as well as large organizations and businesses around the world.ß

[zemb]

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.

[diguyo]

Well the community is both an advantage and disadvantage - those that support the coin, but are resistant to change.

The biggest problems facing bitcoin becoming more mainstream and usable are transaction fees and transaction times - there are solutions to address this, but they're resisted.

Therefore bitcoin remains mostly a store of value and a gateway, but can't be a real usable currency.

[yfyjgtgui]

Bitcoin payment system is fine,but it takes more time for conformation for the transactions.

[lacusfish]

The biggest downfall of Bitcoin is that it is operated online. Once you don’t have an internet connection, you wouldn’t be able to do transactions.

[mezzaluna]

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.

These are actually the general disadvantages of Bitcoin. I sort of agree with the last opinion. But maybe the term 'bitcoin' had this impact to me because I first heard it from people saying that it was used in the deep web or some sort for buying illegal goods. But I think the term is cool, but most people are still doubting Bitcoin's credibility due to these speculations that had gone through first rather than it's main purpose: to be a digital currency for everyone in the world.

[daduremi]

in my personal opinion the only bitcoin weaknesses, that bitcoin can not be used for all transactions
because only a few use bitcoin as a transaction tool

[buternasek]

the main weakness is, bitcoin can not be used anywhere unlike fiat money that can be spent anywhere we want
and the second is internet connection, bitcoin can not be used in places that do not have internet connection