What do you think is the biggest disadvantage of bitcoin?

[Cryptolysm]

Based on my knowledge and experience in crypto currency, below are some disadvantages of Bitcoin which are to take note of;
Built in Deflation
Since the entire big variety of bitcoins is capped at 21 million, it'll reason deflation. Each bitcoin are going to be really worth greater and additional because the complete quantity of Bitcoins maxes out. This device is meant to reward early adopters. Since every bitcoin are going to be valued greater with every passing day, the query of when to spend turns into important. this might motive spending surges which can motive the Bitcoin economic system to fluctuate very rapidly, and unpredictably.

No Physical Form
Since Bitcoins do not have a bodily form, it cannot be utilized in bodily stores. it might continually need to be transformed to different currencies. Cards with Bitcoin pockets facts saved in them are proposed, however there's no consensus on a particular system. Since there would be quite one competing systems, retailers would locate it unfeasible to help all Bitcoin cards, and consequently customers would be pressured to convert Bitcoins anyway, until a daily device is proposed and implemented.

No Valuation Guarantee
Since there's no central authority governing Bitcoins, nobody can warranty its minimal valuation. If a huge crew of shops determine to “dump” Bitcoins and get away the system, its valuation will reduce noticeably which can immensely harm customers who have an enormous quantity of wealth invested in Bitcoins. The decentralized nature of bitcoin is each a curse and blessing.

[Tamim121]

Every good things also have some disadvantages. But it depends upon its user. If anyone use science in bad ways then its not the fault of science. It's the fault of the bad thinker user. In this case Bitcoin is a good coin. But no one can trace its transaction. For this reason some bad people use it to buy illegal things, laundering black money etc.

[AbuBhakar]

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.

Being FOMO is normal in every market as this what makes others rush into buying bitcoin which makes it more interesting as investment. It can be a disadvantage for us but an advantage for others who already invested in Bitcoin before us. The only disadvantage that I see in BTC is that my countries were using BTC to scam others that makes many people in my area not believe in BTC and didn't able to see the benefits it can do for them.

[chaser15]

.. the median fee right now is $7!

It's been a long time already that fees are playing around BTC0.0004 as calculated fees on Exchange. Because bitcoin price increase, BTC0.0004 now becomes around $6-$7 which is just $2-$3 before. If we are calculating in USD value, it's really high but for the Bitcoin unit, it's just on average. Back then, for example, Coinbase even charges BTC0.0025 as a median fee but if I'm not mistaken, the USD value of it is around $5 at that time.

While we are using BTC units to pay for fees, expect that the USD value of it will increase as Bitcoin price skyrocketing its price.

[coolcoinz]

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.

Let's get some things cleared here. Real HODL enthusiasts want to see it at 100k, but they aren't waiting for that level to dump everything. I used to hodl at 1k and waiting for 2k to come, but I kept hodling at 3,4,5k and so on. If we hit 50k, I'd probably sell 1 BTC to celebrate and pay for big holidays for my friends and family at some beach resort, but I wouldn't dump my coins. Hodling 4 life!

Fees are not going to be much higher in satoshis. Satoshis will be much more valuable in fiat so if we go up fast to reach 50k next year you will probably reach a point where a transaction will cost you $50, but it will still be 0.001 BTC The same 0.001 that you have to pay now for a fast tx.

[abel1337]

.. the median fee right now is $7!

It's been a long time already that fees are playing around BTC0.0004 as calculated fees on Exchange. Because bitcoin price increase, BTC0.0004 now becomes around $6-$7 which is just $2-$3 before. If we are calculating in USD value, it's really high but for the Bitcoin unit, it's just on average. Back then, for example, Coinbase even charges BTC0.0025 as a median fee but if I'm not mistaken, the USD value of it is around $5 at that time.

While we are using BTC units to pay for fees, expect that the USD value of it will increase as Bitcoin price skyrocketing its price.

This is what I am thinking, due to massive demand the fee gets higher and higher, especially this season? you may see the fee next month it will become higher than expected and it will give you so much longer in time before you will received it. Fees and network congestion is the most disadvantage thing of bitcoin to me. Yes bitcoin has a good and high value, but the moment it increase, the higher the fee and the slower it could be.

[jossiel]

We use bitcoin nowadays as a store of value. And I'm expecting when bitcoin hits $100k, we could pay as high as $100 for one transaction with that huge amount depending on the size and amount you're about to send to the exchange or any receiver you'll have by that time.

But as long as we can check and opt to pay for the lower fees, this is also an advantage for bitcoin. If we don't like the fee, we can change it and choose to customize. But just to make sure that you're paying with the recommended fee.

[PSCQQSCQQP]

- It relies on outside influences to function.
- Subject to manipulation. Trading bots, etc.
- Governments.

If you are without power like a lot of people in today’s world, bitcoin won’t do you much good.

If your internet service provider or phone provider decides to limit your access due to a number of factors from government meddling, or because of maintenance issues resulting in blackouts, bitcoin won’t do you much good.

If miners are backlogged or simply don’t accept the transaction you’re transaction might be held up. Another cause for concern is the huge mining operations. Governments know where the power consumption comes from and can easily take over the large mining operations, making bitcoin centralized.

Wallets are subject to attack in numerous ways.

No anonymity.

Everything an address does is there forever.


If you prefer to avoid the above mentioned headaches precious metals would work 100% of the time. At least they have for the last 6,000+ years.

[yayayo]

The volatility of the Bitcoin's price and second is the high transaction fee when the blockchain is congested. Actually there's a lot of disadvantage of cryptocurrency compared to fiat since in fiat one thing is the ignorance of many people in regards with cryptocurrency since it is a  complicated thing.

ya.ya.yo!

[CASTIEL05]

The biggest disadvantage of bitcoin for me is the increasing numbers of scammers and hackers. Bitcoin becomes the assets of the scammers to bait victims. The number outgrew when bitcoins price goes up. But aside from that, I have no problem when it comes to bitcoin because it helps me so much specially my financial needs.

[MCobian]

Many people choose volatility and high transaction fees as the biggest disadvantages of Bitcoin. I agree with this, if the volatile price of
Bitcoin cannot be controlled, it will be difficult to make Bitcoin a means of payment. Then related to high transaction fees owned by Bitcoin,
we have tried to overcome it with Segwit and the Lightning Network,  but have not been proven to be effective, because it is still too high,
when compared to altcoins which have much lower transaction fees. Hopefully in the future there will be other solutions that can overcome
the two disadvantages that I have mentioned.

[Alucard1]

Based on my experience so far, for me the hackers, and scammers are the disadvantages of cryptocurrency, there are many criminals in this virtual world compared in real life based on my experience because I never been fooled and lost my money in real life unlike in this crypto world where in I lost my money because of a fake website way back when I was a beginner, the second one is the transaction fees, some exchanges here have huge transaction fees.

[Swopon]

The biggest disadvantage of Bitcoin is its transaction time and fees. It's not expecting to wait at least 30 minutes or more for a single transaction, it can be improved to get super fast service for making transaction. Then the time will be saved. The transaction fees need to be reduced more.

[vaultman]

I completely agree. A large number of cryptocurrencies have appeared long time ago, which bypass Bitcoin in all respects. But since bitcoin was the first, so it is still at the top of the cryptocurrency market. The only one who managed to conquer the market is Ethereum, but still it is far from the first place.

[Janation]

I think the biggest disadvantage of bitcoin is internet connection

This will be a problem in other countries but not to Bitcoin directly.

One of the popular and main problems people repeatedly are talking about is the transaction fees. Another thing is that people don't actually care about the security of their wallets if they are using it and if they are hacked or scammed they will all be blaming it on Bitcoin.

[Slow death]

being sincere:

- the high transaction fees that the person has to pay at times

- the slowness

- hundreds of places do not accept bitcoin as a means of payment

- To buy bitcoin using bank card Is a headache with KYC and has high hidden fees. If you now add $ 1000 to your bank account and want to buy bitcoin?

first you have to create an account at an exchange and go through KYC (it takes time and there are a lot of burrocracies) and after you go through KYC to buy $1000  in bitcoin and in your wallet you will see that you have  $800 in bitcoin ... that is just a lot annoying. I don't know if these high hidden fees are only valid for people in my country or it will be my bank's problem, but the fact is that it is the nightmare I live in! visa charges a 5% fee, the exchange charges a fee, the bank also charges a fee at the end the person has disappointment in the bitcoin wallet

[Xxmodded]

Million people only discussing with advantage of bitcoin but never have some ideas how to explain disadvantage of bitcoin, I have several way about why I think disadvantage of using bitcoin, first bitcoin transaction take long time when blockchain have many transaction you need waiting more than few hours, secondly you have to pay higher fees transaction when adopting for your online store or as payment transaction, if sending bigger amount  I think is not have to worry but how if you send with little fund of bitcoin and need payment fee more than $5? will costumer buy at your online store if have higher payment fees?

[DoublerHunter]

^ Fees are really one of the disadvantages of bitcoin and slowness to be confirmed. Is there any solution to almost every everyday congestion of the network? Even though we had a lot of bitcoin miners this problem will not solve?
I don't see any reason bitcoin should be used in medium exchange but as a form of investment in a long time holding, probably that is a good answer at all. Nevertheless, the reason why people keep holding bitcoin than spending on it. It seems a waste of money to pay a few $ in a single transaction was made.

[demonz666]

In my opinion, the main weakness of Bitcoin is the limited internet service. because bitcoin can only be accessed using the internet network. and we all know only developed countries where almost all of the population can access the internet. whereas in third countries only 50% of the population has access to the internet. but I am optimistic that over time the internet network will expand. and bitcoin will be a revolutionary currency that is very suitable for us to use in a digital era like this.

[20kevin20]

In my opinion, the main weakness of Bitcoin is the limited internet service. because bitcoin can only be accessed using the internet network. and we all know only developed countries where almost all of the population can access the internet. whereas in third countries only 50% of the population has access to the internet. but I am optimistic that over time the internet network will expand. and bitcoin will be a revolutionary currency that is very suitable for us to use in a digital era like this.

It's not something that cannot be solved though. Bitcoin does not necessarily need an active internet connection, there are several workarounds for that. There are quite a few people who've worked on keeping Bitcoin active even in the event of EMPs or full internet shutdowns. The main issue with this is, you'd need special equipment.

For areas or population without internet access, there are some other larger issues they'll have to confront soon such as the slow disappearance of cash. At one point, they'll have to go digital anyway. It's the dream of our current world's governments. The more digital, the more control so the happier they are.