What do you think is the biggest disadvantage of bitcoin?

[hridoyb]

Bitcoin is a crypto coin and day by day people are interested in this digital coin. Bitcoin has some major disadvantage.
1.Fee: Blockchain Competitively Raises Fees for bitcoin transactions.So  You need to pay the blockchain fee to ensure your transaction. Blockchain fee depends on network performance if you use it fast transaction must pay high.
2.Confiramatin: Bitcoin transaction needs to confirmation to successful your payment so it will depend on blockchain net speed.I was in trouble many times when withdrawing money from the exchanger.
3.violant: Bitcoin prices are very volatile and increases/decrease at a very high pace.

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[oktana]

There,s nothing in the world that doesn't have its disadvantage. In that case, bitcoin is no exception. Truth be told, in as much as the transaction is seamless, etc, it also has some disappointing sides. First for me is that the transaction fees are quite high. Second; considering such high fees, one cant send little amount of bitcoin as the fee itself would be higher than the value. These are the only two disadvantages to me right now. But then, how you'll know if its worth it is when you compare its advantages and disadvantages to that of fiat. I'd rather pay a 7$ transaction fee and feel great than pay less and disappointed. So, I don't a valid reason to unsee bitcoin as a medium of payment.

[witcher_sense]

I went through all the opinions people have about the biggest disadvantages of bitcoin and have come to the conclusion that most people accusing bitcoin of being decentralized, open, censorship-resistant, neutral, immutable, borderless cryptocurrency. In short, it doesn't behave like centralized fiat currencies we all used to.

So, in my opinion, the biggest disadvantage of bitcoin is that it requires people to exercise some mental gymnastics to comprehend its nature and the reason why it sometimes has high transaction fees and was designed to be irreversible and immutable.

[Dorodha]

Most traders think that the biggest problem with Bitcoin is the exchange fees. Due to the increasing demand for Bitcoin they have increased the amount of fees on the exchange site. But there is nothing to be disappointed about everything changes over time. In order to overcome the biggest disadvantage of bitcoin limitations the exchange fee is much lower when different parties transact together. Even if the fee is high there is no restriction the transaction is secure.

[KIZILAGA]

Fungibility That is the most vital for a monetary system.Bitcoin is NOT fungible like Gold..Traced back to 2009 everything,and can be traced in the future.

[bitbunnny]

I think that the biggest disadvantage of Bitcoin is at the same time its biggest advantage and that is connection to Internet.
Through Init should be available to everyone but when we look at number of people who still don't have electricity and Internet they can only dream on then it's clear why mass adoption is so troubled and not very likely to happen.

[verita1]

Scalability and fee issues are a huge downside to Bitcoin adoption. Some advise the use of the second layer of the Lightning Network to solve them so I think it is time that we have to put it into practice if we want a greater use of Bitcoin. Now that Bitcoin is in a new stage towards being used by more users around the world. Everyone will want to use Bitcoin and will find this disadvantage and will only have to buy and hold.

[fullhdpixel]

Lol you call people who wants price to hit $100k Bitcoin enthusiasts? Then what do you call those who don’t care about price and are just making use of Bitcoin because of how good the technology is?

Yes the fees seems to be a disadvantage, though the only reason I don’t worry much about that is because I always say to myself that when it comes to international transactions Bitcoin is better. But the fees seems to be increasing as the price of bitcoin is increasing and a lot of people have been pointing this out for long and complaining about it, so I believe that the devs are fully aware of the issue and just don’t want to do anything about, or maybe lightening network is the solution and we should wait for it?

[Asuspawer09]

We keep saying bitcoin is a nice currency, because of lots of reasons like deflation, freedom etc. There are times though that we find some kind of inconvenience on its use.

IMO, bitcoin has a huge disadvantage. The fee part. I've made a transaction 5 days ago with a charge of 500 satoshis (in total). That's pretty cheap and I set that fee because I'm transferring money to myself, but thinking that it may never be confirmed is kinda annoying. Based on bitinfocharts, the median fee right now is $7! I'm playing on an online trading card game that accepts only paypal, and I'm trying to convince them accept bitcoin. How exactly?? All those HODL enthusiasts look forward to see bitcoin touching the $100k. In order for this to happen, it means more demand. This leads to more transactions per second which also leads to higher fees. Who knows how many satoshis we'll have to pay for having a high priority among miners' choices.

Am I the only one that starts unseeing bitcoin as a medium of exchange?

-High transaction fees
-Long Confirmation time, the time is not fast enough for a direct transaction like for example if your buying in a physical store.
-Volatility, market price could go pump or dump in just a small amount of time giving a big risk to every investor.
-Adaptation? not yet adopt in most of the countries so pretty much you cant use it directly or needs to convert it first.
-decentralized, not really a disadvantage but this is the reason why bitcoin can only be an alternative to fiat money because in a certain country they can only trust a currency that they can regulate.

Still, bitcoin is under the adaptation process so we don't know what's gonna happened in the future, it might adopt or something could happen affecting it.

[Chris Barth]

The transaction cost can be pretty discouraging.
Volatility can get you in trouble.
The fact it's irreversible (once it's sent, it's sent) can be a big deal if you made a mistake with the wallet. Unlike banks, they can somehow get your money back.

Just these two hit my head but man, sometimes the bright side outshines the darkest part. Everything must have its downside. innit?

[BITCOIN4X]

-High transaction fees
-Long Confirmation time, the time is not fast enough for a direct transaction like for example if your buying in a physical store.
-Volatility, market price could go pump or dump in just a small amount of time giving a big risk to every investor.
-Adaptation? not yet adopt in most of the countries so pretty much you cant use it directly or needs to convert it first.
-decentralized, not really a disadvantage but this is the reason why bitcoin can only be an alternative to fiat money because in a certain country they can only trust a currency that they can regulate.

Still, bitcoin is under the adaptation process so we don't know what's gonna happened in the future, it might adopt or something could happen affecting it.

Behind all the advantage there must be drawback. Everyone know that bitcoin is not completely without its drawback. Bitcoin still need development and will continue to grow over time.

A little explanation from me for your point.

• High transaction fees are only felt when bitcoin price and transaction increase, a problem that has been raised dozen of time by user. The scalability problem must be resolved and LN may be the solution.
• Volatility, this shouldn't be a problem if bitcoin is a tradable asset. Without volatility, trader will lose potential profit.
• Adobsi, there has been a lot of increasing adoption of bitcoin as a mean of payment but it still need improvement. You can find more product from store that accept bitcoin as a mean of payment here.
• Regulation, this must be a drawback from bitcoin that must be taken into account. Not all countries accept bitcoin as a legal mean of payment because the government legally prohibit it. Adobsize will affect many of these thing and regulation will hinder the growth rate of bitcoin adoption in a country.

[cabron]

The biggest disadvantage is for the not investors of BTC because the price keeps rising and if you ain't getting even just a bit of BTC in your wallet then you are at a bit of a disadvantage.  Price keeps rising must the be biggest advantage of BTC and not just decentralization.

The high fees can be resolved using Lightning though but another disadvantage, probably the 2nd biggest is that bitcoin is traceable.

[KIZILAGA]

 

 privacy,fungibility,scalability..those 3 disadvantage.i wont mention 21m cap miner paradox.

 And guess which commodity is private,fungible and scalable?  infinite supply GOLD

[maye5104]

The biggest Bitcoin disadvantages are high fees and volatility. Both features don't help Bitcoin to be a good medium of exchange.

[Anyobsss]

The biggest Bitcoin disadvantages are high fees and volatility. Both features don't help Bitcoin to be a good medium of exchange.

I think its high fees and slow confirmation time are the main disadvantages when using bitcoin. About the volatility, it could a double-edged sword, as you can it can be advantageous and disadvantageous. The volatility is it what makes bitcoin interesting. You can earn money in such a short period of time but you can also lose money in a short time.

[daarul50]

The transaction cost can be pretty discouraging.
Volatility can get you in trouble.
The fact it's irreversible (once it's sent, it's sent) can be a big deal if you made a mistake with the wallet. Unlike banks, they can somehow get your money back.

Just these two hit my head but man, sometimes the bright side outshines the darkest part. Everything must have its downside. innit?

There is nothing perfect in this world right?
Include bitcoin , when there is no disadvantage there is no development , means there is no business on top of that.
So the disadvantages that you people listed above sometimes become an advantage for the other side.
We are all hate those problem , there is a lot of space for the development to solve it , lets wish everything will get fixed as soon as possible as bitcoin looks not ready for the mass adoption.

[Silberman]

We keep saying bitcoin is a nice currency, because of lots of reasons like deflation, freedom etc. There are times though that we find some kind of inconvenience on its use.

IMO, bitcoin has a huge disadvantage. The fee part. I've made a transaction 5 days ago with a charge of 500 satoshis (in total). That's pretty cheap and I set that fee because I'm transferring money to myself, but thinking that it may never be confirmed is kinda annoying. Based on bitinfocharts, the median fee right now is $7! I'm playing on an online trading card game that accepts only paypal, and I'm trying to convince them accept bitcoin. How exactly?? All those HODL enthusiasts look forward to see bitcoin touching the $100k. In order for this to happen, it means more demand. This leads to more transactions per second which also leads to higher fees. Who knows how many satoshis we'll have to pay for having a high priority among miners' choices.

Am I the only one that starts unseeing bitcoin as a medium of exchange?

That is without a doubt a disadvantage and taking into account that a great deal of digital transactions offered by banks are free of charge then bitcoin cannot effectively compete against that on your average transaction, but like many people have pointed out in the past if you make a large transaction then banks will take a percentage of that transaction while bitcoin will take the same fee regardless of how big it is, in that case bitcoin has an advantage, however I think the issue here is that many think of bitcoin as an ideal currency and that is not true, it has many strong points but it also has some weak points and the one you are pointing out is one of them.

[Fesatmas]

Quite simply, the biggest disadvantage of bitcoin is buying at an expensive time. and unable to manage and pay no attention to price movements. always in a rush to sell it. maybe my opinion is quite understood.
because in the management system we do not only have a lot of money, but pay attention to various aspects. choosing a market must also be considered, not necessarily any market, you must look at the market with great potential in terms of trading volume.

[CyberKuro]

1. High fees - yes, it's not a regular problem but it keeps on popping up
2. Confirmation time - on an average, a bitcoin transaction takes around 30 minutes to get 3 confirmations. Usually  1 confirmation is fine but majority of the websites look for 3 confirmation before they can accept it as a valid payment
3. Psuedo anonymous - many see it as a benefit of using bitcoin but that's the only reason why bitcoin is increasingly being used by illegal miscreants or terrorists. That's worrying - look at Europe now!

4. object of manipulation, thus the price very volatile.
5. require mining expenses (hardware, electricity, shed, maintenance)

Bitcoin was never an ideal medium of exchange, rather it was always an investment or an avenue to hide income for majority of us!

No, it's not always that bad. Bitcoin ever be an ideal medium of exchange, most of the time, as long as it's not on a rally like these days.
Someone could transfer millions of dollars from one country to another with a low fee, just a few bucks, without having to fill out any documents.

[adzino]

Anyone that says that bitcoin is the perfect crypto currency and can be used as a normal currency are in the stage of denial. Bitcoin is no where near being the perfect. Though it is currently better than most of the crypto currencies out there. But, yeah, it is still in its infant stage and there are a lot of space for improvement. We are seeing those improvement and give it few more years and then we might have a perfect "bitcoin".
I would say one of the biggest disadvantage is the bitcoin scalability problem which causes the fee surge during heavy network load.