What are the biggest disadvantage of bitcoin ?

[pekavcilar01]

The biggest disadvantage of BitCoin for me is that its price is very variable. There are people who make money because of price fluctuations.
Last year 20k bitcoin is now 8k.
Investors who bought bitcoin from high price damaged.

[Dread Pirate Roberts]

The most obvious is about the security of value in a short term because bitcoin can change value very drastically if the hold coin holds. and also for active transactions that require usd quickly with btc / usd can reduce the value that should be. although it can also add. and even vulnerable hacking in terms of market exchange or wallet owners themselves into consideration again.

[MoonHodler]

being tech based makes its adoption lower than other fiat currencies that are common with non-tech people.

[Wabaman]

 I think that one of the biggest disadvantage of bitcoin is that, it can be use on llegal transactions like selling or buying smuggle goods or even illegal trading on black market. It can also be use on illegal laundering. The transaction are very secure and private, that is why it is prone the illegal activities.

[BitcoinHodler]

I think that one of the biggest disadvantage of bitcoin is that, it can be use on llegal transactions like selling or buying smuggle goods or even illegal trading on black market. It can also be use on illegal laundering. The transaction are very secure and private, that is why it is prone the illegal activities.

first of all bitcoin transactions are not as private as you may think so it may even be pretty easy to track them in some cases. and that is why bitcoin is not used for anything illegal on large scales. there is always some usage which you can't do anything about.
secondly i wouldn't call that bitcoin's disadvantage. literary anything in the world can be abused, specially currencies and most of them are already being abused and usage doesn't define the tool.

[independence]

I think that one of the biggest disadvantage of bitcoin is that, it can be use on llegal transactions like selling or buying smuggle goods or even illegal trading on black market. It can also be use on illegal laundering. The transaction are very secure and private, that is why it is prone the illegal activities.

I think criminals use cash. They can also use monero, zcah and dash. I think bitcoin they no longer use, because it is not anonymous.

[kimdomingo]

As of now, i do not see any disadvantage of bitcoin since i am just beginning to use bitcoin. It is easy to access and easy to learn about. Maybe through time, i will understand more and see some disadvantages.

[1Referee]

I think criminals use cash. They can also use monero, zcah and dash. I think bitcoin they no longer use, because it is not anonymous.

Bitcoin has never been anonymous, so that doesn't change anything here. If we as normal minded people use Bitcoin, ill minded people will do so too. It has been like that with every currency/asset in this market, and that will never change. People just need to stop acting like it's something horrible, or that criminal Bitcoin abuse doesn't exist.

Don't forget that SilkRoad (if you don't know SilkRoad, look it up) back in the days was the first actual and successful Bitcoin merchant. It perfectly demonstrated how Bitcoin can function as a currency for any sort of purchases. Granted, transaction fees and network cluttering were not a thing back then, but that's not even the point here. More usage translates into more network load, and that's why we have to revert to off-chain scaling layers, and that's all fine. Where people look at SilkRoad as being a horrible piece of Bitcoin history, I actually see it as a great and very important development.

[stellaekun]

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

I think the biggest draw back to accepting bitcoin as a means of payment (outside the legal issues and most government anti-bitcoin stance) is the fact that bitcoin is a volatile asset.Volatility is a major issue.I buyer/merchant want to be sure of the value of his means of payment at the end of each business day so bitcoin may not serve that purpose as you can a 15 per cent swing in just 24 hours.The other issues is the transaction fee,this was a major issue late last year and early this year when transaction fees became astronomical.People will not use bitcoin or accept it if they are paying too much just for transfers

[golem999]

I think bitcoin losses occur when digital currency exchange or large cryptocurrency in Japan, Coincheck, has hacked to cause an equivalent loss of Rp 7.12 trillion. and make all markets buy and sell cryptocurrency dropped dramatically

[doomloop]

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.

As you said, people are not able to use bitcoin like paper money in micro purchases and it is counted as a disadvantage of bitcoin but in my opinion, it is not the right time to utilize bitcoin for daily needs too. If one can earn a profit of million dollars by holding few bitcoin then what is good in spending them here and there for fun. Absolutely nothing, the right thing is to hold it at present and let it grow as it has greatest potential of doing so.

[Activitycoin]

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

I think the bitcoin can be used as a new generations of the currency but many people are use this currency for some illegal purposes if bitcoin has used for a good purpose it will be legalized in all over the world.

If they are using bitcoin for illegal or legal bitcoin has no connecting with the purpose of what they are using bitcoin for, today bitcoin price is increasing and it will be high with time so it is getting famous and people use bitcoin as they want to use, most of my friends use bitcoin to make money and they get profit from bitcoin, a lot of people are making charity with bitcoin, so bitcoin can be use for a lot of reasons not only single purpose currency bitcoin be ever, for me apparently bitcoin does not have any disadvantage.

[SamanthaLayla]

Come on, there is no single disadvantage of bitcoin. It is the best thing to invest on. In 50 years Bitcoin will become way too popular and profitable. Bitcoin will turn into human resources in the future.

[Aleshia696]

Volatility of price is pretty temporary. I think at this point, biggest disadvantage is that it is still in ‘confusion zone’ to most of the Government. If this confusion can be minimized, other things will fit the slot easily.

[deviltasha]

transactions are very slow.

[boyptc]

I think at this point, biggest disadvantage is that it is still in ‘confusion zone’ to most of the Government. If this confusion can be minimized, other things will fit the slot easily.

This can be the biggest advantage of bitcoin now. The confusion and the lack of knowledge from the government about bitcoin. They are only thinking that bitcoin is only good for illegal things and they are forgetting that the usual fiat money is also used as the same.

transactions are very slow.

Right now? It isn't slow.

[Dimas99]

Losing my assets from the salary of bounty and that I have collected for 2 more months and I have not pulled it. I'm a little disappointed with it because I was still minimal in getting income

[Aufar]

Bitcoin is illegal or legal has nothing to do with the purpose of what they use, the current Bitcoin price is increasing and will be high over time so it becomes more popular and people use Bitcoin because they want to use,

Many people do charity with Bitcoin, so Bitcoin can be used for many reasons not just a single-point currency, for me it turns out Bitcoin does no harm at all.

Mostly I use bitcoin to make money and I profit from Bitcoin,

[tylerderden]

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

Bitcoin transactions are quiet slow and take so much time to get confirmed due to which bitcoin can't be used as a mainstream payment network for daily purposes. Also that there are many a times when we have to pay more than double or triple amount for confirming our transaction than the regular prices as the network become sometimes very busy due to an ongoing ICO and transaction takes so much time to get confirmed so people pay more money for their transaction to get confirmed.

[fulmetal08larz]

In my opinion, the biggest drawback on bitcoin's growth and mass adoption is its utilization in real world wherein more merchants should accept BTC as one of their acceptable payment options. Companies such as apple, amazon, Samsung, etc. to utilize crypto currencies, advertisement and education are needed for crypto to be accepted worldwide.