What are the biggest disadvantage of bitcoin ?

[Alex9813]

Biggest disadvantage of mine is In my country bitcoin is not known by many people so I can't use bitcoin anywhere.I need to convert btc to fiat first and I get into difficulties when I convert bitcoin.Sometimes I got scammed on converting to fiat.So I think it's really painful for me.

[Muhammad Muneeb]

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

according to me the reason why bitcoin is not being accepted as the payments is its volatility..  btc prices are highly volatile and no one can make it stable it is not like fiat

[lucemferrum01]

For me its disadvantage is its total reliant to internet and its very high and continuously changing price that makes it hard to use as a currency and instead being overlooked and used mostly as an investment opportunity.

[plaintiff77]

One of the disadvantages of bitcoin is its price is not stable and most probably it could go to its lowest price when time comes. So you cannot trade if that happens since you could have big loss. Then you shall wait again until the price gets higher in order to trade and earn
 Time is unpredictable as to when the price goes high again.

[Cloak1]

I guess it's volatility as the biggest disadvantage. There are many different factors (supply and demand, regulations...), the price of bitcoin changes daily. The factors affecting price volatility are numerous and often it is not possible to predict what will happen next. Bitcoin can be worth $6000 on one day and $4900 the next. Its unstable nature makes it unsuitable for use as a currency or daily use.

[lixer]

Bitcoins is scrambled and sometimes play is heartbeat. The exchange rate of traditional currencies does not have such huge fluctuations as bitcoin. This is mainly due to the consideration of the stability of the import and export trade.

The fluctuations should not be treated as disadvantages rather they are the reasons why people trade successfully with bitcoin and make more money here than any other kind of investment. On one hand when bitcoin decreases too much because of volatile nature, on the other hand it goes beyond our imaginations in prices again because of its volatile nature. So don’t overlook the good side of fluctuations.

[FlightyPouch]

For me its disadvantage is its total reliant to internet and its very high and continuously changing price that makes it hard to use as a currency and instead being overlooked and used mostly as an investment opportunity.

Well, volatility was the reason why people are investing on this and I don't think that it will be controlled since it is a decentralized digital currency. It is the reason why there are countries that ban Bitcoin.

For me the only disadvantage of Bitcoin is it's fees, nothing else.

[jops]

Like any currency, there are disadvantages associated with using Bitcoin: Bitcoins Are Not Widely Accepted. 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 stop using bitcoin. The number 1 dis advantage of bitcoin is; the popularity. Even though bitcoin had its fair share of media attention, it is actually only accepted by a very small group of users. Many people are still not aware of the existence of digital currencies. And only several businesses and companies accept bitcoin as a means of transaction.

[angelakrasnova]

I think a big drawback is its price, but since it is a very good asset, all defects are forgiven and it attracts.

[xk85jq]

for me the biggest disadvantage of bitcoin is no regulation between government and central bank.we have to regulate first to be trusted to the big investor. So many people has expert in trading and investment have comment of security situation in term of investing bitcoin.

[klebsiella]

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

Lack of awareness and understanding about bitcoin. A lot of people are still unaware of bitcoin and other cryptos. Because it has no physical form, only few establishments/online merchants that accepts cryptos. Plus the not so good news and social media reports also hinders that acceptance of the coin.

[Batmobile]

Huge exchange rate turbulences is the biggest disadvantage for investors. There will be many projects with rock stable rate in the near future. There is one already - decentralized storage cloud Nebula Network. It has real value thanks to emission mechanism tied to their supply. It's a good solution for this market problem.

[pekcoin01]

The biggest disadvantage for me is that the price is unpredictable.
The prices were so low that people are afraid. People got bitcoin when prices got higher.

[TIDOVEE]

The greatest disadvantage of bitcoin is its vulnerability to hackers and its internet hindrances, this as actually tend to be a stronger part of bitcoin against other altcoin bit yet, it is still the weak part compared to fiat. Once ones is slack with the wallet security the account is prone to being hacked while one can loose at token.
The internet hindrance is that not every one have good network at is hinders from doing a lot..like post report at appriate time.

[ajqjjj]

Bitcoin may be used for illegal activities, including the sale of pirated and counterfeit goods, theft of credit cards, and a gray area.

Bitcoin is easily used in illegal activities I agree that but fiat currency also easily used in illegal activities so it depends on the who invest in gambling or other prohibited investment. But mostly big whales are trying to invest in illegal activities so government should not take any action. Because ruling peoples are involved in every area.

[cliffdex]

Like any currency, there are disadvantages associated with using Bitcoin, First, Bitcoins Are Not Widely Accepted. 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. Secondly, Wallets Can Be Lost.

[Mr.Dick]

In my opinion the biggets disadvantage is the more and more growing blockchain, in comparision with cc's of the third generation, the increasing lenght leads to the familiar problems : High transaction fees and long confirmation times going hand in hand with unconfirmed transactions due to too low fees set.

[Tirdok]

the biggest drawback of bitcoin I believe that it at any time can cease to exist

[sollahp]

In my opinion the biggets disadvantage is the more and more growing blockchain, in comparision with cc's of the third generation, the increasing lenght leads to the familiar problems : High transaction fees and long confirmation times going hand in hand with unconfirmed transactions due to too low fees set.

I think part of the problem with peoples opinions here is applying logic of other markets to one that almost no one understands.

I heard it put well by someone the other day that it is extremely rare if not unheard of that a ‘new’ technology is made so publicly available for investment.

If you take the average tech start up for comparison the chance to invest is normally reserved for the likes of business angels and venture capitalist not Joe public.

All of a sudden you get a bunch of people, including me thinking that things look good or bad with no real experience in how ‘things like this’ really work in the long term or where we truely we in terms of the cycle

[Epimetheus]

In my opinion the biggets disadvantage is the more and more growing blockchain, in comparision with cc's of the third generation, the increasing lenght leads to the familiar problems : High transaction fees and long confirmation times going hand in hand with unconfirmed transactions due to too low fees set.

I think part of the problem with peoples opinions here is applying logic of other markets to one that almost no one understands.

I heard it put well by someone the other day that it is extremely rare if not unheard of that a ‘new’ technology is made so publicly available for investment.

If you take the average tech start up for comparison the chance to invest is normally reserved for the likes of business angels and venture capitalist not Joe public.

All of a sudden you get a bunch of people, including me thinking that things look good or bad with no real experience in how ‘things like this’ really work in the long term or where we truely we in terms of the cycle

There are several disadvantages of bitcoin. Firstly the high transaction fees is very inconvenient and uneconomical.Then Bitcoin is internet regulated and we cannot use it anywhere and anytime.Bitcoin is also very complex and an average man cannot use it directly.He must have some knowledge about it then only can operate Bitcoin.Since Bitcoin is decentralized no central bank or any government backs it.Its price is also very volatile so it is considered risky.