Topic: What are some disadvantages of BTC? - page 26. (Read 7924 times)

There are only three  main disadvantages of Bitcoin i noticed currently which as follows...

1. High fees even on low transactions!
2. Slow speed transaction
3. Online transaction only!

Aside from this then i'm fully satisfied with Bitcoin as a new currency system nor as an asset!

The transaction costs, and the most fundamental flaw endemic to the system is the 51% attack.  You would hope the network is decentralized to a point that a 51% attack is not necessarily feasible, but it is technically possible, which will always be a fundamental flaw.

Erratic fluctuation is the thing by which a settlement at a store is interfered.

-no instant transactions
-fees may be higher on sending small amount
-fueling criminal activity

As we all know that bitcoin's transactions are non traceable which means bitcoin may indulge in criminal activities more. People now start using bitcoin for doing illegal activities like buying drugs and other criminal activities.

 These are the some of the disadvantages that i think are the most criticist. Exposure to Bitcoin-Specific Scams and Fraud are very often in the bitcoin. The Black Market Activity May Damage Reputation and Usefulness of bitcoin. Daily flactuation of bitcoi price and Susceptible to High Price Volatility. No Chargebacks or Refunds when the transaction is done and there is nothing you can do about it and Potential of the bitcoin to Be Replaced by Superior Cryptocurrency is very like to happen.

In my opinion, Bitcoin has many disadvantages such as low-speed transaction, high fee, and small block's size 

In addition to some of the disadvantages of bitcoin are: Bitcoin trading required internet which is not common to every body in the whole world. Without been educated it will be very difficult to use bitcoin and so therefore illiterate can not make use of bitcoin.

Bitcoins has following disadvantages like..
1. Exposure to Bitcoin-Specific Scams and Fraud:
As the world’s most popular cryptocurrency, Bitcoin has seen more than its fair share of medium-specific scams, fraud, and attacks.
2. Black Market Activity May Damage Reputation and Usefulness: Despite high-visibility prosecutions of the most egregious offenders, Bitcoin remains attractive to criminals and gray market participants. Obviously, dark web marketplaces like Silk Road and Sheep expose rank-and-file users to fraud and the threat of criminal prosecution.
3. Susceptible to High Price Volatility
Although Bitcoin is the most liquid and easily exchanged cryptocurrency, it remains susceptible to wild price swings over short periods of time. In the wake of the Mt. Gox collapse, Bitcoin’s value fell by more than 50%. Following the FBI’s announcement that it would treat Bitcoin and other virtual currencies as “legitimate financial services,” Bitcoin’s value spiked by a similar amount.
4. No Chargebacks or Refunds
One of Bitcoin’s biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can’t request a refund through Bitcoin.

A lot of people are still unaware of cryptocurrencies like Bitcoin. Only few business establishments accepts bitcoins because they are still lack of accurate knowledge about the digital currency. Also, the value of bitcoin is unstable, which might cause second thoughts for it's potential users.

It is still not acceptable by everyone but accepted by merchant online,secondly one can loss wallet,no buyer protection,etc

I really dislike the huge transaction fees and the possibilty of banning it worldwide. The transaction are too much for a small that you need to transfer and the disadvantage of any country that can implement a total ban with your cryptos. It could potentially lead to worldwide ban.

Many of its disadvantages are related to scaling problems. This leads to long confirmation time and high fees, thus Bitcoin does not look viable to use for micro-transaction or buy small items in your local grocery store, for example.
Also, mining is only for very rich people right now, so I think it's not the most democratic thing on Earth.

Anyway, Bitcoin pros are more than its cons, so keep on using it and I think and hope it will become better and better over the years.

Bitcoin transaction costs high. Bitcoin's price volatility is relatively large. Anonymous bitcoin will be criminals use. Bitcoin can not be used offline and needs internet. These are the shortcomings of the current Bitcoin.

Bitcoin has many advantages but also many disadvantages like little blocks makes it jam or slow in transactions, high fee for every transaction on the exchange, unstable and risky for investors, moreover it is untraceable so it will impossible to take our money back if we are hacked.

Bitcoins Are Not Widely Accepted
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.

Wallets Can Be Lost
Here's the link: http://cs.stanford.edu/people/eroberts/cs201/projects/2010-11/DigitalCurrencies/disadvantages/index.html

One of the shortcomings of Bitcoin is the length of time the transaction and the more expensive fees follow the price of Bitcoin. Besides other shortcomings is Bitcoin users must be online. Unlike other coins are still low fee. Maybe that's all I know.

Actually there are lots of disadvantages that Bitcoin is having. Butcoin is not yet legal to most of the countries so there are users awho are not allowed to use bitcoin directly as a currency, Also, it is volatile , so there's always a tendency that its msrket value will fall which is a total disadvantage on an investment.

High fees are really a problem now a days because not everyone can afford it but they don't have any choice because if they don't pay these high fees they cannot make any transactions. And if we choose the low fees it will take so long before it can be confirmed and we're never sure of it. These high fees should be lessen.

The basic disadvantages of Bitcoin are Bitcoins are finite, which makes them extremely volatile, A very small portion of the business is willing to accept Bitcoin as a method of payment, It needs strong networking to spread the word on bitcoin, Bitcoin is relatively new and most of its features are incomplete and There is still a long way to go before Bitcoin gets to its full potential.