Topic: What are some disadvantages of BTC? - page 15. (Read 7899 times)

Bitcoin is new innovative thing. Like everything has two thing like advantage and disadvantage. Here we discuss some disadvantage of bitcoin. Bitcoin is not widely accepted because in some country it is declared as illegal. Bitcoin has no physical form of it. It is fully digital. If its hard drive will crash or virus corrupt the data then their is no other backup, so everything gets loss due this reason many people still disappointed at bitcoin. Bitcoin doesn't provides Byers protection means if you bye some thing by using BTC then their is no guarantee you get the right thing.

The biggest drawback I think is the price of BTC is not stable, it is difficult BTC to buy goods. For example: In the past with 10,000 BTC to buy a pizza, now a BTC can buy a car.

I think the disadvantage of BTC is that some countries do not recognize it and consider it illegal and prohibit their trading and use in their country.So the BTC is different from the dollar, sterling and these fiat currencies.

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. and also, The Bitcoin system could contain unexploited flaws. As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.

For me, some disadvantages of bitcoin are the unpredicted price, we all know that bitcoin has an unstable amount that is difficult to predict. Some people think that it is a scam and they are saying that you’re a scammer. Also, some country is banning bitcoin because of some reason.  The acceptance of bitcoin is very low, many company and establishment are still not accepting bitcoin because of some reason. The last is you can’t control bitcoin, yes it is a currency but digital.

Yes, I totally agree that I have paid a lot of expensive fees, and then the transfer is still very slow and the block is still very congested.

In bitcoin, there are common shortcomings of the crypto currency and the drawbacks inherent only in it. To inherent drawbacks bitcoin can be attributed for the time being the slow execution of transactions on time and large commission fees for the transaction. To disadvantages bitcoin as kriptovalyute in general, you can relate its relative anonymity, which with good tracking makes it possible to identify the identity of the user bitkoynom. Some of the shortcomings of the crypto currency, including bitcoins, include its high volatility. However, I do not consider this feature of the crypto currency as a drawback. Volatility is constantly reviving the market and provides an opportunity to actively trade on exchanges. Simply, this feature is not for the faint-hearted, who at every sharp drop in bitcoin's rate in a panic try to get rid of it.

Social Life i think, We have less time doing things with our friends/family because we spend too much time in bitcoin

One of the disadvantages of bitcoin is you can't used in offline market and you can't used it without any internet connection. On the other hand, I think the biggest disadvantages of bitcoin is the unstable price of it on online market because the price of bitcoin is always change.

Advantage - velocity
Disadvantage - velocity

If you ask me what is the disadvantages of bitcoin, here is all i can tell you

Lack of Awareness & Understanding

Fact is many people are still unaware of digital currencies and Bitcoin. People need to be educated about Bitcoin to be able to apply it to their lives.
Networking is a must to spread the word on Bitcoin. Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies. Companies like Tigerdirect and Overstock accepting Bitcoin as payment is great. However, if they do not have a knowledgeable staff that understands digital currencies, how will they help customers understand and use Bitcoin for transactions? The workers need to be educated on Bitcoin so that they can help the customers. This will definitely take some time and effort. Otherwise, what is the benefit of such large companies accepting Bitcoin if its staff doesn’t even know what digital currencies are?

Risk and Volatility

Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day. However, it is expected that the volatility will decrease as more time goes on. As more businesses, medias, and trading centers begin to accept Bitcoin, its’ price will eventually settle down. Currently, Bitcoin’s price bounces everyday mainly due to current events that are related to digital currencies.

Still Developing

Bitcoin is still at its infancy stage with incomplete features that are in development. To make the digital currency more secure and accessible, new features, tools, and services are currently being developed. Bitcoin has some growth to do before it comes to its full and final potential. This is because Bitcoin is just starting out, and it needs to work out its problems just like how any currency in its beginning stage would need to.

As a lot of service available online, Bitcoin also has some disadvantage and we all face it in fact last weeks we experience higher fees to send bitcoin almost 30 dollars to just transact bitcoin address to address, which is a negative scenario compare to what its founder present Bitcoin as it is

The slow speed of transactions if you don't want to pay much in transactions. Been waiting for a transaction to pass for more than 5 days , would've been done in hours if I increased the tx fee by a dollar or so

As a virtual currency, bitcoin is stored in the form of digital files or known as wallet files, the wallet files stored on the hard disk of electronic equipment are very vulnerable to damage. In addition, viruses that attack your hard disk can make bitcoins just disappear.
The digital wallet can also be hacked and stolen through malware. Not to mention the risk of hard disk content of bitcoin owners erased accidentally. More painful than (lost) cash.
I see it as (bit) the disadvantages of BTC.

Well currently i can say that bitcoin is a bit slow on transactions that's why it's a little bit hard to handle. Also, the price is high and low at a point of time. It is not constant so it takes a good timing in buying and selling bitcoins.

High transaction fees with slow transactions.
No one can control the bitcoin's ups and downs.
Criminals can do transparent transactions through deep web.
Big flactuations(although it is considered also as advantage depending on the user)

I think the biggest disadvantage of bitcoin is in its use.Some criminal use it for their anti social activity. Other disadvantages of bitcoin is slow transactions problem and also the value of bitcoin.Nobody knows when the value of bitcoin grows.

Guys, it's all true, but, for me the biggest disadvantage is the blockchain congestion. Some transactions take couple of days to reach 3 confirmation.

It is vulnerable, volatile, and fluctuating. Many countries have banned it. It has no proper organizational location. No locals and it has been continuously rejected by the government.
But, sooner these all facts will be sorted out but not so sure about the vulnerability of BTC.  

In fact, the course is not supported by any system, it is an independent currency that has positive and negative consequences