What are some disadvantages of BTC?

[Aymen95]

Sending and recieving bitcoin leaves no traces so bitcoin is the perfect currency for using money in criminal activities. It's so unfortunate to see people using bitcoin for the wrong reasons instead of figuring out how it can improve their lives.

[misterj]

The disadvantages in my opinion is that first its value is way too high as of now that only few individuals can do purchase otherwise through mining and working for it which takes a lot of time now. Second is that when you have or when someone who is a hacker discovers that you have let say at least 1 bitcoin in your wallet, the threat in your wallet increases. Third is that the value is still increasing that some in my opinion is planning to divide it by two so that its value would be lesser but still on purpose. I believe that there are still disadvantages that I do not know and to discover.

[Marileno]

Transaction costs are way too high
Speed of confirming transactions is way too slow.

These 2 factors will hinder BTC in the context of become a transactional currency. In fact, unless the transactions can be done for close to nothing and become instant, then BTC will never be adopted by main stream as a transactional currency.

[iamzill]

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

of course there is a weakness of the legal power that protects bitcoin in my country is still very minimal even not yet exist, there must be facilities and infrastructure that can support bitcoin access predictive price also can not be monitored consistently

[johnleo]

currently the fee is damn too high and the transfer a bit slow compare to a few years ago and if you compare to ethereum.

[swscowods]

Bitcoin is still on the development stage. It is not known by all places in the world. Therefore, there are just a small number of stores that accept Bitcoin. Using Bitcoin has a limit. And since Bitcoin is a digital currency, Bitcoin is prone to hacking and data corruption.

Exactly! It is just the beginning of bitcoin. The thing is everything has its own pros and cons. If we look at the bright side of bitcoin, then there will be number of things which we’ll notice. There are of course certain disadvantages as well. The thing which is creating lot of troubles for the investors of bitcoins is high transaction fee and tiring transaction process. These are things which need serious attention.

[skylark001]

Disadvantages are;

-          Its crypto currency, you cannot hold it physically.

-          Very volatile. Involves high risks for the holder

-          Supply is limited as mining is limited

-          Prone to theft by hackers. If one is careless  about their account security the same can be hacked. Not 100% safe

-          Anonymity. No personal data is stored so the person who has the details of that account, can trade/ use it freely.

-          Trading fees are usually higher than the normal currency trading

[TIDOVEE]

Few disadvantages of bitcoin include;
- Its full attachment to internet, at the absence of internet making bitcoin will be difficult.
- Its anonymity
The time it takes to be processed is not fully on ones control.
It is not yet generally acceptable.
- issues of scam or hackers which can frustrate users.among others.

[mevmike]

for me these are the factors that i can consider as an disadvantage with bitcoin:
1. slow transactions, and i know e cant do anything about this
2. transactions fees as of now is just getting higher and higher as day passes.
3. there are only few shops or store that currently accepts bitcoin in exchange for their goods and services.

[sangtuosimino]

The biggest disadvantage of bitcoin, I think is the transfer speed problem, sometimes block confirmation time to tens of minutes, I have a transfer took a few hours to the account. And one is the cost. It's a little bit high. That led to so many forks now

[bxbxy]

What is the disadvantage of bitcoin is that it is dependable in internet, without internet you can't access anything about bitcoin but that is just the one disadvantage I can see for bitcoin.

[thenameisjay]

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

Price volatility is a major problem that's why everyone is very sceptical with bitcoins. Also, this is the reason why no one is adopting bitcoins as a main medium for purchase of most items. Transaction fees of bitcoins are also very expensive that's why no one is investing much on bitcoins. A lot of cybercriminals are using bitcoins for their evil deeds because of it being untraceable.

[Hanako]

Actually there's nothing disadvantages in bitcoin it's depending to people on how will they use bitcoin. Me? Probably using it in a good way and not thinking to use bitcoin to scam people's lol. Bitcoin disadvantages are just high fees and a little bit slow to confirmed the TXID

[jacobmayes94]

You can't say in truth that there are no disadvantages to ANY system, that is a form of bias A disadvantage of Bitcoin is: Confirmation time of 10 minutes would greatly slow checkout for large purchases in shops, risk of double spending if they left the store instantly is high.

Small block size inhibiting transactions, transaction fees too high for 'cup of morning coffee' purchases in fact higher than many bank fees for some transactions (BCH, LTC and NEM attempts to solve this).

The need for users to be responsible with their keys, which most will not be. A few in my college laugh at me for the idea of hardware wallets yet keep £4 - 5k on an exchange wallet.

There are many advantages too, such as trustless, no censorship, essentially digital cash, no worry to the merchant about chargebacks (as an online shop, i closed shop due to this very problem, even a single customer charging back can cripple the cashflow of a small business. I for one as a merchant would love irreversible transactions, just like cash, provided you can trust the merchant. For speed of confirmations, though Litecoin and NEM are superior in this regard. For throughput, BCH is.

The scaling problem is going to cause problems as there is no simple solution. Do we want the blockchain as a worldwide payment system or a settlement layer? Try processing the volumes of visa and mastercard using the bitcoin code, and you may just find blocks of several hundred megabytes, the blockchain size would be insane, leading to the need to somehow prune it.

Unstable price is a current disadvantage, too. I personally think the most stable asset to secure assets is silver, gold being at an all time high, higher than platinum and bitcoin all over the place. If your your average Joe blogs, the safest investment is a permanent roof over your head = home ownership. Whatever the fluctuations in the housing market, once its paid, THAT is your security.

Bitcoin is good as part of a diverse portfolio, however. Certainly gave me a better return than savings in a bank

Another downside is always focusing on the 'community' aka forums surrounding a coin and decisions which are made, when practically 99% of users won't even touch a forum about their currency, they want to use it as just that, a currency. Most who use it havn't a clue how it works, be it the fiat banking system, or Bitcoin. Wallets and systems will need to make it easy and simple to use, and secure. Using a secure enclave on modern devices to store keys is a must.

[Ngehek]

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

bitcoin dont have form, it just virtual coin. not all people will use it, so it can be popular in all in this world.
unstable price is one of other disadvantages of bitcoin, but we can handle it

[Jovl]

Bitcoin is an online cryptocurrency, no internet connections no transactions, if bitcoin is use to purchased in a store with no internet,it cannot be process,these are few disadvatages of bitcoin.

[dawoodkhan97]

Some disadvantages of bitcoin are :
- High transaction fees
- Slow transaction confirmation
- Highly volatile
- Security risks
- Privacy

[dhas]

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

For me the biggest disadvantage of bitcoin is the often change of its price.
Sometime its fall down, so the tendecy of the bitcoin users sell their coin.
That is called panic selling.
And the transaction fee is so high.

[Dudeperfect]

I think there are huge fees when it comes to the microtransactions that make it less preferable mode of payment for the low-cost transactions and I also fear that people might not use it for paying for the goods and services in the offline markets as average daily expensiture is about $2 to $30 so fees would make a trouble. We need to find a concrete solution for this issue as soon as possible.

[Oliver A]

One of the prime disadvantages of Bitcoin is once the Bitcoin is lost or disappear, it is very difficult to recover to store back in the wallet.