What are some disadvantages of BTC?

[AwpDragonPoor]

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

[jorneyflair]

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.

[crypto-curious]

Currently i would say the speed of transactions are slow, mining takes a lot of time.

[Mjuke]

I posted a similar thread about this subject.

Basically, depending where you live, you won't be able to use it to pay stuff (unless online).
It's not 100% safe, you can still get your wallet hacked. Also, it's a volatile currency. It can plumber 30% of it's value in a day.

[qwertyup23]

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.

[Cherylstar86]

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.

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.

[mk4]

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.

[Kyraishi]

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

I'd say that block times are unpredictable and if you are buying stuff it could mean you're waiting hours just to get the number of confirmations needed. This also means that as a trader you need to keep your coins on an exchange for real time trading for the same reason.

But scability and transaction speed aside, there aren't really any, in my opinion.

[Kencha77]

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

Some of the disadvantages that i know are the high cost and low maximum number of transaction per second. But all of those are already either solved or underway of implementation

[magneto]

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.

[pandanaran]

For now I think the bitcoin the disadvantages is in the transaction and confirmation, when compared to altcoin like eth, doge and ltc, bitcoin is under the altcoin in terms of transactions and confirmations.

[shamzblueworld]

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

I think high fees of transactions and/or slow transactions is the biggest one, which is not actually allowing bitcoin to be accepted at local markets and stores.

[Marry Finch]

The main drawbacks of bitcoin, making it cumbersome and unadapted for everyday purchases, is its large commissions for transactions with small purchases and too long time for transactions. These drawbacks turn bitcoin into some kind of digital gold, that is, rather as a means of accumulation, and not as a means of payment.

[Syella.A]

The weakness of bitcoin, has not been recognized by many countries, and the transaction system is still a long time in verifying incoming and outgoing coins

[pooya87]

For now I think the bitcoin the disadvantages is in the transaction and confirmation, when compared to altcoin like eth, doge and ltc, bitcoin is under the altcoin in terms of transactions and confirmations.

everything comes at a cost and sometimes that cost is very expensive.
in this case, the confirmation time has a very expensive cost, the cost of centralizing the cryptocurrency. or in other words prevent people from being capable of running full nodes. a coin like ETH has a huge blockchain which is much bigger then what bitcoin has and it is growing at an alarming speed. if things continue this way you should soon expect to see only a dozen nodes run by 2-3 people who can afford paying for a strong system that can run that thing. kiss the last shred of decentralization goodbye then.

and after a couple of years even they can not run such a huge blockchain. you know it is not just about the size of it since blockchain is not just something you keep, it is what you load up and constantly read to verify transactions and reject invalid tx.

[Destroyeroff98]

First of all, using your wallet anonymously, you have only the password and bitcoin-code, which are necessary for authorization. In case you lose the password or forget it, you will simply lose both the purse and the money on it. You will not be able to contact any supervisory authority or bank and demand the restoration of the password and access - there is simply no such body. Also, the disadvantage of the system is that by sending a payment, you can neither stop it nor change the conditions - it is carried out irrevocably. If you specified an incorrect amount or a recipient, then you can not change anything. The disadvantage is the volatility of the course of this crypto currency. Thus, we get a very variable price for bitcoins, which varies unpredictably.

[erwan]

For now I think the bitcoin the disadvantages is in the transaction and confirmation, when compared to altcoin like eth, doge and ltc, bitcoin is under the altcoin in terms of transactions and confirmations.

Yes I agree with you. Compared with other altcoin transactions and Bitcoin Tansactions is very long more than 5 minutes. In contrast to Doge and ETH which only takes less than 1 minute to complete all transactions.

[SiDtHeBeSt]

Well,there are many disadvantages of bitcoins,most people dont know/dont accept payment in bitcoins also another major disadvantage would be its unstable prices.

[wiepers]

The main drawbacks of bitcoin, making it cumbersome and unadapted for everyday purchases, is its large commissions for transactions with small purchases and too long time for transactions. These drawbacks turn bitcoin into some kind of digital gold, that is, rather as a means of accumulation, and not as a means of payment.

there are other things, such as the number of hackers who target bitcoin, and make us who keep bitcoin to worry. bitcoin security system is not strong enough to withstand hacker attacks

[makishart]

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.

I must say that BitPay, an API which often used by many merchants widely around the world accepting zero confirmation, I don't know how they can solve the double spend issue in their internal but it's really a good thing.
Talking about fee, mainly because people want the confirmation to arrive fastly so that they set the fee higher than usual, when mass people do this, the fee will increase significantly, i can say that's the disadvantage of blockchain though.