Few cons to be aware of before going into Bitcoin

[Saint-loup]

So, I just did a little research and I think this information is worth sharing, and will help the newbies around here.  And I'm open to other ones too

These are a few cons to take note of before doing BTC

• Irreversible:  Most of us know that BTC transactions are final and not reversible,  and as such, if you send to a wrong recipient or a wrong amount, it becomes a really sticky situation. A lot of people tend to keep their digital currency in a cryptocurrency wallet, which puts them at rusk of losing investments if there is no longer access to their private key.

•Volatility: Satoshi Nakamoto imposed a limit of 21million Bitcoins, and then, it was regarded as  totally scarce. That contributed to Bitcoin's value. But also contributes to price volatility. Bitcoin's decentralization also implies that no minimum valuation is guaranteed, that is to say, if a large group of investors stops using Bitcoin, and sells them off, the value would significantly drop , and people with large amount of the coin will be affected 💔

•No Government Regulations: While decentralization is  considered as an advantage of crypto, it can be seen as a disadvantage of Bitcoin, given that it implies there is no investment regulations.
Unlike a currency regulated by a Central Bank, Bitcoin transactions are not accompanied with legal protection, and given it's irreversibility, makes it scam prone.

•Not accepted everywhere: Even as the rise of cryptocurrency is upon us, Bitcoin, still isn't accepted just everywhere. Major companies now recognizes Bitcoin as a means if exchange, it's still not widely accepted. This puts a limit on where you can spend.

I agree that volatility is a real cons and an actual issue of cryptocurrencies(except stablecoins ofc). But I disagree with the rest of the statements. Bitcoins and other cryptocurrencies are way more regulated by governement than cash money, and being irreversible doesn't belong to cons, it belongs to pros actually as it prevents any kind of censorship. Futhermore it's the same thing with cash money, once you've hand over your cash money, you won't be able to cancel the transaction if the person is not anymore in front of you.

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[Z390]

So to you OP,  no government regulation is a con? That should be a pro for bitcoin because in the first place the government shouldn't be the one in control of Bitcoin, it's not a centralized digital currency, I am here today because Bitcoin is decentralized, of cos it's something that the government won't like, but at the same time it's something that people like me will want because we don't like that the government involvement in everything.

What's left for the government to regulate is the exchange where bitcoin investors are selling off their Bitcoin, they have every right on such platforms due to crime rate and activities, so I understand,  and since Bitcoin is traceable it will be easy for them to go after criminals that might want to use Bitcoin for illegal funding and activities.

I used to hate how Bitcoin is not been accepted worldwide already, both offline and online but now I see that this doesn't matter, because Bitcoin is decentralized, it's automatically against the system that the government is ruling over, I think it's better fit that Bitcoin should stay as digital gold than trying to go the route of payment solution.

[oktana]

Irreversible: But that’s what you expect when you are in charge of your money. You can make mistakes and you’re in charge of the mistakes as well. So it’s all on you if you send money to the wrong address.

Volatility: It goes both ways; it isn’t necessarily a bad thing because it can be a pro or a con depending on the market. So just have it in mind before you invest.

No government Regulations: If it were to be regulated then it shouldn’t exist because it was created to not be regulated, it is intentional.

Not accepted everywhere: Now you have a proper con! But over time, the use of Bitcoin as a payment method increases. Let’s hope it gets to that point where 2/3 of the world uses it.

[Hamza2424]

Is there, anything we ever need for the irreversible transaction because it can cause a lot of scams and issues if this feature gets deployed in the network, On the same time people are here in Bitcoin to have a better risk to reward, so volatility is the beauty of the market and so far it's now getting stability on some level because the total coins are getting distributed into a much large number of users.   

Government acceptability is just a dream because why, a country let go of its own currency and adopt a currency in which if they don't have enough quota (Supply) they cant even control their economic policies, on the same with their native currency they can do whatever they can and this what restricts bitcoin to be a universal currency, but it still can be a payment mode.

[icalical]

I agree with the other points, but for the irreversible, I think all money or wealth transaction is basically irreversible, so I wouldn't list it as one of the con since the other 'competitor' do the same. Other thing is about the government regulation, it's good and bad at the same time, I think some people prefer that Government doesn't do much regulation on Bitcoin, just like how people doesn't like Bitcoin ETF that much. I also would prefer if government would just legalize Bitcoin or just allow people to use it without involving much in how it is being transacted, but I guess that's just impossible.

[Abu-Naim]

• Irreversible:  Most of us know that BTC transactions are final and not reversible,  and as such, if you send to a wrong recipient or a wrong amount, it becomes a really sticky situation. A lot of people tend to keep their digital currency in a cryptocurrency wallet, which puts them at rusk of losing investments if there is no longer access to their private key.

When Bitcoin transactions have confirmation, it tends to be irreversible, but if the transaction is yet to be confirmed, there is a chance of reversing the transaction or transferring to wallet different from the one you initially sent to.

•No Government Regulations: While decentralization is  considered as an advantage of crypto, it can be seen as a disadvantage of Bitcoin, given that it implies there is no investment regulations.
Unlike a currency regulated by a Central Bank, Bitcoin transactions are not accompanied with legal protection, and given it's irreversibility, makes it scam prone.

Lack of government regulations is not a disadvantage to bitcoin, it is an advantage so that the aim of having financial freedom, because if government is involved, the bitcoin price will be affected and the government regulations will hinder bitcoin’s success.

•Not accepted everywhere: Even as the rise of cryptocurrency is upon us, Bitcoin, still isn't accepted just everywhere. Major companies now recognizes Bitcoin as a means if exchange, it's still not widely accepted. This puts a limit on where you can spend.

We are working generally on global adoption of Bitcoin through sharing good news about Bitcoin in our local communities because lack of global adoption is actually a disadvantage.

[albon]

These are a few cons to take note of before doing BTC

• Irreversible

•Volatility

Compared to the positives of Bitcoin and the smoothness and huge revolution it has achieved in the financial system, I consider all these negatives to be essentially nothing, and anyone may be able to overcome them and may find them to be positives. However, some may classify them as negatives that may flaw Bitcoin.

If the transaction is confirmed, it is irreversible, as you mentioned. If anyone can retract the transaction after confirmation, this will increase the fraud rate, making people refrain from using Bitcoin as a secure payment method. Also, whoever knows the Bitcoin system and basics can avoid any mistakes when sending a financial transaction and will know that his private key and seed phrase are the most important things that must be secured and kept in a safe place after creating the wallet.

As for price volatility, it can be an advantage for traders and can be exploited to achieve good profits, but the person must be able to predict trends and utilize technical and fundamental analysis, along with proper capital management, and never forget the advice "Invest what can afford to lose."