What are the biggest disadvantage of bitcoin ?

[long8899]

the transaction speed is low, the fee is high, and bitcoin is still not accepted by many other countries.

[hadveach]

I think if bitcoin is accepted as a primary payment tool, then there will be many harmed parties. so this is about currency competition.

now I see a lot of media and people are making fake news just to lower the price of falling bitcoin.

I think the fees and the time transaction time should be fixed.

[ambisyon]

I would agree that bitcoin somehow also has it's disadvantages and these are the following.
1) Many people are still not aware of bitcoin digital currency and people still need to be educated about how they can make use of it.
2) Bitcoin is considered a risk and volatility in price.
3) Bitcoin is still developing it's technology on how to improve it's services and accessibility
4) Government interference where in bitcoin is ban from other countries.

[liseff3]

For most governments bitcoin has been believed can cause damage to the state's financial system because banks can not draw taxes from it.

[youshang1]

Bitcoin transactions have inherent defects, and bitcoin transactions are irreversible. That is to say, it can never be withdrawn: once it is confirmed, there is no "mistake" or "return". This will bring great inconvenience to the transaction. The limited nature of Bitcoin is also doomed to fail to meet the needs of the transaction.

[russella31]

I'm not sure if it's the biggest disadvantage of bitcoin but I think the fact that it is not yet widely accepted as a payment system in the world. When you go to supermarkets or some establishments, you can't use it to pay. So it's still noy yet that convenient.

[Godday]

For most governments bitcoin has been believed can cause damage to the state's financial system because banks can not draw taxes from it.

Actually the tax withdrawal or absorption can still be done when someone wants to withdraw their funds and therein is a fee that can be taken exchanger to provide tax to the government

[dajie1]

Modern monetary theory requires the government to regulate currency, that is, changes in monetary policy. The limited, decentralized Bitcoin apparently cannot make such adjustments, which leads to confusion and disorder.

[Boysen]

For me, the biggest downside of bitcoin investment is the fact that the valye is highly unstable making the value fluctuate at very high rates and the price to be very unpredictable. A lot of losses in the bitcoin industry could be creditted to bitcoin's unstable value which is caused by uts high volatility rate. Moreover, the price fluctuations are so high, it could go from 0-100 or 100-0 really quick.

[BigBos]

For most governments bitcoin has been believed can cause damage to the state's financial system because banks can not draw taxes from it.

Actually the tax withdrawal or absorption can still be done when someone wants to withdraw their funds and therein is a fee that can be taken exchanger to provide tax to the government

you are right. well, if we trace it, it will come back to fiat money.
so much disadvantage when I am learning in searching for this bitcoin. fooled exchangers, hyip scam sites, and much more. and it becomes a valuable lesson.

[aganzheng]

Unlike legal currency, no one is obligated to accept bitcoin payments. The value of Bitcoin depends on the confidence of the user. Once people expect its usefulness to fall, Bitcoin will disappear in a flash. Continued price fluctuations and hacking attacks will continue to have a negative impact on the psychology of consumers and investors.

[Fairy_90]

In my opinion the biggest disadvantage of bitcoin is being banned by some governments and the world's largest advertising site is google. It resulted in a series of consequences, which reduced the confidence of investors, in addition to the bitcoin downgrade seriously. In addition, there are many other disadvantages such as creating conditions for hackers, as well as causing crimes.

[idgaf007]

I think the transaction speed and fees would be one of the biggest disadvantages of bitcoin because as a normal person why would you use bitcoin to buy groceries and wait for it to confirm while visa can do it at an instant. It is also very volatile at the moment which makes it a risky place to put all your money other than that it is a good investment and in the long run and the flaws I have mentioned can hopefully be resolved in the future.

[jamiebear]

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. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.The Bitcoin system could contain unexploited flaws. As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.

[yrreg ger]

vulnerability to hackers, high fees and not being accepted as a payment form... it would take years before people start accepting bitcoins as one of the accepted form of payment globally

I think the developer of bitcoin have a strong security to prevent the hacking of this coin, it will not work in the market of 9 years almost if the problem is hacking this coin.

For me the one biggest disadvantage is the legalization of this coin, it is banned to the other countries, and it is legal to the other. If this coin did not accepted to all countries the volume of bitcoin did not increase which may result of low price. People want to earn big profit in easy way and now the bitcoin is one choice. My point is if this coin banned in some countries maybe some user hate the bitcoin.

[shainasaz]

One of the biggest disadvantage of bitcoin is the legality of some other countries that are not yet adopted and legalized operating bitcoin because of its decentralized form that could make it harder to regulate the transaction between bitcoin and the government and secondly the issues came out some of the government official and analyst are the bitcoin fluctuation jump up and down very fast this could make them skepticism and doubt that there are some big whales manipulated the fluctuation of bitcoin.  

[Erlinda Santiago]

What's preventing Bitcoins from being accepted as mainstream payment forms? I'm working on a new blockchain and would like to learn what drawbacks of Bitcoin urgently need to be improved Wink

as the bitcoin is a crypto coins so you dont have any guarantee that you will get a profit whenever you want to and you cant make sure that bitcoin is still there in terms of emergency

[Troysen]

Bitcoin has all the advantages there is but the only one short comming is the fact that it can be used by outlaws to finance illigal activities, the fact that bitcoin is decentralized makes it impossible for such activities to be regulated.

[CAPT.DEADPOOL]

the dis advantage of bitcoin is we do not know and we do not control the bitcoin and the people as well as the price because otherwise it's a price can go down too many people hold a bitcoin and would also dump a bitcoin or sell to buy another altcoin

[Athenakim.22]

I think the biggest Disadvantage of bitcoin is Risk and Volatility. Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day. However, it is expected that the volatility will decrease as more time goes on. As more businesses, medias, and trading centers begin to accept Bitcoin, its’ price will eventually settle down.
Currently, Bitcoin’s price bounces everyday mainly due to current events that are related to digital currencies. Also, Bitcoin is still Developing, Bitcoin is still at its infancy stage with incomplete features that are in development to make the digital currency more secure and accessible, new features, tools, and services are currently being developed. Bitcoin has some growth to do before it comes to its full and final potential. This is because Bitcoin is just starting out, and it needs to work out its problems just like how any currency in its beginning stage would need to.