Disadvantages of Bitcoin

[Theoboy]

This is a saying we all know " Everything that has an advantage also has a disadvantage "😔
I brought up this topic so we all can discuss on the disadvantage part of Bitcoin
Although this topic was already here about 4 years ago but it was about advantages and disadvantages of investing in Bitcoin
https://bitcointalk.org/index.php?topic=2631488.msg26777350#msg26777350
And nobody seems to really talk about the disadvantages

Do we know that the anonymity of bitcoin is a problem?
Let's all think about this

Some of us here do day to day transactions and we know that our identities are not known, and since our identities are not know some use that as an opportunity to purchase illegal stuffs and and do illegal things because we are safe with the knowledge "The don't know our identity"

We can look into this article for more explanations
https://www.google.com/url?q=https://londontfe.com/blog/6-disadvantages-of-Bitcoin-and-block-chain-technology&sa=U&ved=2ahUKEwjm3oD-24TuAhUDC-wKHdWfAFcQtwIwC3oECAkQAQ&usg=AOvVaw2luGW-JDogPmP1F0aSeznl

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[Charles-Tim]

Although this topic was already here about 4 years ago but it was about advantages and disadvantages of investing in Bitcoin
https://bitcointalk.org/index.php?topic=2631488.msg26777350#msg26777350
And nobody seems to really talk about the disadvantages

Those that did not comment about the disadvantage and able to hold, and people that hold see the power of investing in bitcoin.

Do we know that the anonymity of bitcoin is a problem?

Bitcoin is not anonymous, it can only be a privacy coin.

Some of us here do day to day transactions and we know that our identities are not known, and since our identities are not know some use that as an opportunity to purchase illegal stuffs and and do illegal things because we are safe with the knowledge "The don't know our identity"

Identities are not know but Bitcoin is not anonymous but pseudonymous because the transactions can be tracked on bitcoin blockchain. Unlike anonymous coins like monero, dash and zcash that have transactions that can not be tracked.

We can look into this article for more explanations
https://www.google.com/url?q=https://londontfe.com/blog/6-disadvantages-of-Bitcoin-and-block-chain-technology&sa=U&ved=2ahUKEwjm3oD-24TuAhUDC-wKHdWfAFcQtwIwC3oECAkQAQ&usg=AOvVaw2luGW-JDogPmP1F0aSeznl

Nothing in your link other than what is bitcoin.

[Mrsonutiten]

Bitcoin or cryptocurrency in general?

For bitcoin, one of the biggest weakness is that it’s scalability. When it first came out, it takes a mere split second to make a transaction. Right now, it takes hours for the same task. As more people make bitcoin transactions on the network this wait time is only going to increase.

There is a team right now trying to speed things up by developing a Lightning Network. However, this is currently still in the works and while it’s technically usable right now, you might actually lose your bitcoin if not done properly.

[Ucy]

Well, imagine what Bitcoin will be without the anonymity feature. You will likely weaken its security as a decentralized currency/network. The anonymity is a top feature that is important to keep the network and participants safe from surveillance, takeover, attacks, plus other useful purposes... The feature could also be abused if not designed properly.
So the anonymity feature shouldn't be compromised. It should instead be strengthen  and made difficult to be misused by users/participants.

[mk4]

Do we know that the anonymity of bitcoin is a problem?
Let's all think about this

Some of us here do day to day transactions and we know that our identities are not known, and since our identities are not know some use that as an opportunity to purchase illegal stuffs and and do illegal things because we are safe with the knowledge "The don't know our identity"

Fun fact: Bitcoin isn't even anonymous, only pseudo-anonymous. There's a significant difference.

And the good ol' "buying illegal stuff" part. Bitcoin is money, and money is a tool. People will always use whatever tool or technology for nefarious stuff.

e.g.

• Hammers and crowbars for killing people
• Cars and motorcycles to be used as getaway vehicles
• Social media to stalk people
• The internet in general to steal money and identities
• The U.S. Dollar to buy illegal drugs and to pay for hitmen

and the list goes on and on and on..

[o_e_l_e_o]

Some of us here do day to day transactions and we know that our identities are not known, and since our identities are not know some use that as an opportunity to purchase illegal stuffs and and do illegal things because we are safe with the knowledge "The don't know our identity"

Bitcoin being used for illegal purposes is not a disadvantage. On the contrary, bitcoin being used for illegal purposes is a necessity of it being a currency. The entire point of a currency is that people value it, and it can be exchanged for goods and services. If for some reason bitcoin couldn't be used to buy goods, be they legal or not, then it has ceased to be a currency.

Cash is used by criminals, but no one worries about that. Encryption is used by criminals to communicate, but without it, the internet wouldn't function. The internet itself is used by criminals, but without it, we wouldn't have 95% of the things we take for granted.

When it first came out, it takes a mere split second to make a transaction. Right now, it takes hours for the same task.

Bitcoin never took a split second to make a transaction. The average block time has been 10 minutes since its inception. The only way to make a "split second" transaction is to get really lucky with the timing of the next block, or to use a second layer solution like Lightning.


Here's the real disadvantage of bitcoin at the moment as far as I see it: It's too difficult to onboard the technically incompetent. It's taken my elderly relatives years to be able to work a smartphone and a mobile banking app. Think how much longer it would take them to figure out downloading and setting up a wallet and navigating peer-to-peer trading (obviously they would have the sense to avoid a centralized exchange and their invasive KYC policies ).

[avikz]

The anonymity part of bitcoin is not completely disadvantageous to all of us! It depends on your usage! If you use bitcoin to buy illegal stuff, it's advantage for you! So it entirely depends on your usage!

I would rather see the transaction fees as an disadvantage. When the mempool is full or near capacity, the fees goes up and vice versa! It would have been great if the transaction fees is fixed to a bare minimum level. But again that's advantageous for common users but disadvantageous for miners!

[dothebeats]

Bitcoin isn't even fully anonymous, and one way or another some people are actually keeping track of some movements that interests them, or falls within their responsibilities to track. Also, moralities do not and should not be considered on private purchases for as long as the buyer pays and the seller ships. Not that we promote terrorism or that sort of thing, but such purchases are happening on different payment methods on the daily. Fiat is one of most heavily used currency for the purchase of terrorist weapons, so it's really not an argument that we should be picking on if we are talking about bitcoin's disadvantage.

[jacobjorden]

This is a saying we all know " Everything that has an advantage also has a disadvantage "😔
I brought up this topic so we all can discuss on the disadvantage part of Bitcoin
Although this topic was already here about 4 years ago but it was about advantages and disadvantages of investing in Bitcoin
https://bitcointalk.org/index.php?topic=2631488.msg26777350#msg26777350
And nobody seems to really talk about the disadvantages

Do we know that the anonymity of bitcoin is a problem?
Let's all think about this

Some of us here do day to day transactions and we know that our identities are not known, and since our identities are not know some use that as an opportunity to purchase illegal stuffs and and do illegal things because we are safe with the knowledge "The don't know our identity"

We can look into this article for more explanations
https://www.google.com/url?q=https://londontfe.com/blog/6-disadvantages-of-Bitcoin-and-block-chain-technology&sa=U&ved=2ahUKEwjm3oD-24TuAhUDC-wKHdWfAFcQtwIwC3oECAkQAQ&usg=AOvVaw2luGW-JDogPmP1F0aSeznl

Bitcoin exposure-Specific Scams and Theft. ...
Conduct on the Black Market can harm credibility and usefulness. ...
Susceptible to fluctuations from high prices. ...
No Refunds or Chargebacks. ...
Potential for Superior Cryptocurrency to Replace. ...
Environmental Bitcoin Mining Ills.

[0t3p0t]

This is a saying we all know " Everything that has an advantage also has a disadvantage "😔
I brought up this topic so we all can discuss on the disadvantage part of Bitcoin
Although this topic was already here about 4 years ago but it was about advantages and disadvantages of investing in Bitcoin
https://bitcointalk.org/index.php?topic=2631488.msg26777350#msg26777350
And nobody seems to really talk about the disadvantages

Do we know that the anonymity of bitcoin is a problem?
Let's all think about this

Some of us here do day to day transactions and we know that our identities are not known, and since our identities are not know some use that as an opportunity to purchase illegal stuffs and and do illegal things because we are safe with the knowledge "The don't know our identity"

We can look into this article for more explanations
https://www.google.com/url?q=https://londontfe.com/blog/6-disadvantages-of-Bitcoin-and-block-chain-technology&sa=U&ved=2ahUKEwjm3oD-24TuAhUDC-wKHdWfAFcQtwIwC3oECAkQAQ&usg=AOvVaw2luGW-JDogPmP1F0aSeznl

It is also been years of discussing the disadvantages of Bitcoin. We all know that the irreversible transaction is one of the most know disadvantage because once sent it cannot be undone. 

[jamesde]

bitcoin has without a doubt brought a lot of changes to our lives. With peer to peer technology, it's a decentralized currency. The ability to keep oneself under camouflage is one of the biggest advantage of bitcoin technology's security against cyber theft. But there are some drawbacks, of course. First and foremost, it is the reality that any transaction is irreversible. It's done once the transaction is initiated. No one can have this transaction reversed. There's no security net under the bitcoin technology. Your scammer will have the money if you send your funds to the scammer.

[Obito]

The reason no one talks about the disadvantages is because some of them are not ready to accept that flaws are in the system so they have shut down the discussion before it gets big. I would say that the anonymity feature is both a curse and a blessing for bitcoin, it provides people the freedom that they want to when they are doing transactions and the curse is that it is always an eyesore for authorities and banks because they can't control bitcoin, which in my vocabulary is a disadvantage because big players are always trying to mess with it.

[Ziskinberg]

It could be a disadvantage or advantage depending on what stand point you are standing.

our government does not want privacy, they like to feed us with lies that privacy is okay as long as they are in control, that's what they do as that is their norms.

The fact that we all are require to get a national id, that's not privacy anymore, everything can be monitored, and since bitcoin is decentralized, it might give them a hard time monitoring it, that's the reason why exchanges are all regulated, yes we have OTC but there are only few people using it, and it's risky compared to transacting in an exchange.

For me, bitcoin now is more on a security as an asset than for online transaction since government can always look into our transactions.

[doctor877]

Anonymity isn't a disadvantage as you say because it's one of the things that makes people like to invest into it. Having a Bitcoin and not knowing who has it is but you can see it in the wallets. The major issues is its usage to purchase illegal items or make illegal deals which is not subject only to Bitcoin. Fiat is also used for it. Criminals were already transacting before Bitcoin came, so I don't feel it should be an issues with using Bitcoin.

[o_e_l_e_o]

We all know that the irreversible transaction is one of the most know disadvantage because once sent it cannot be undone.

That's not a bug, it's a feature.

I'm not saying that in a sarcastic way, either. If you accept credit card transactions, PayPal transactions, or many other fiat methods in return for goods or services, then you have to live with the fact that at any point in the next 90-180 days (depending on jurisdiction), the payment you received can be reversed and there is pretty much nothing you can do about it except eat the loss. It's a huge risk. With bitcoin, you can rest assured that after 6 confirmations, the chance of your payment being reversed is essentially zero.

For me, bitcoin now is more on a security as an asset than for online transaction since government can always look into our transactions.

They can only spy on you if you let them. The most common way to do this is to hand over your personal details and scans or photos of your documents to some centralized exchange or service, who will absolutely pass all that data on to your government. If you stay away from centralized services, always trade peer-to-peer, never complete KYC, use mixers and coinjoin transactions, and do all that over Tor, you will go a long way to preventing the government or any other third party from spying on your transactions.

[bittraffic]

Most newbies actually think that BTC is anonymous. I sold a few BTC to my cousin who recently learns about BTC that its anonymous, I just ignore that part so he will have an interest still because it seem like it's what made him attracted to BTC. There are certainly lots of disadvantages of BTC including the transaction fee or the fact that you can't use it anywhere to buy a simple item at the grocery store.

[huff87]

Bitcoin have some vital disadvantages like your are not anonymous using this currency, dependence from investors and high risk of deflation caused by limited amount of coins(21 millions). Also, a big disadvantage consists absence of protection from the buyer side, you don't have guarantees that the price of Bitcoin won't fall 5 minutes after you buy it.

[emmybd]

The major advantage is you can send bitcoin anywhere in the world right away. On the other hand, it takes a few days for fiat currency to send funds abroad.
The major disadvantage is as it is anonymous, so most governments are against it and some of them even made ownership of bitcoin illegal so a lot of people and many financial institutions have been staying away from bitcoin. And also as it's not yet regulated, so it's susceptible to fraudulent activities. But, things have been changing now. As Covid- 19 has made the financial situation worst all over the world and investment in most sectors has become not very lucrative. Seeing no other alternative, many big investors have started investing in bitcoin. Nonetheless, we wouldn't see mass adoption of bitcoin, unless it is properly regulated by governments all over the world.

[2double0]

I have never seen Bitcoin as disadvantageous in any way to its community and has always returned back what was kept in it taking it as a store of value, for some, it returned way more than what they kept. The number of users who used to talk about crypto 3 years ago has now become ten folds because Bitcoin brought into limelight a new way of transacting between each other.

[Beparanf]

The major issues is its usage to purchase illegal items or make illegal deals which is not subject only to Bitcoin. Fiat is also used for it. Criminals were already transacting before Bitcoin came, so I don't feel it should be an issues with using Bitcoin.

The only difference was criminals can easily buy illegal stuff using Bitcoin without proof of linking the seller to buyer or in simple terms "no string attached" while on the other hand, Surely Fiat can be used too on transaction of illegal stuff but authority can easily connect the seller to the buyer in case the seller got busted. But that is not a big issue on Bitcoin nowadays since there's a lot of cryptocurrency out there that can be used for this transaction.

Transaction fee and speed is the most important issues that need an immediate action.