Topic: What are some disadvantages of BTC? - page 39. (Read 7968 times)

Bitcoin Disadvantages:
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.

Unlike the stock exchange market the bitcoin market is highly unstable and it is not being accepted world wide
Rather many countries have banned trading bitcoins

for me this is another disadvantage of bitcoin No Valuation Guarantee Since there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. If a large group of merchants decide to “dump” Bitcoins and leave the system, its valuation will decrease greatly which will immensely hurt users who have a large amount of wealth invested in Bitcoins. The decentralized nature of bitcoin is both a curse and blessing.

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.

The fee has become a major irritant nowadays. Just a few hours back, I paid a fee of BTC0.0010 to move my coins from Blockchain.info to Localbitcoins. Can you imagine? A fee of $4.50 to move coins from one account to another. I am getting dejected by the greed of the miners. Just check this and you will understand:

https://blockchain.info/block/000000000000000000c01fb1e0602412283525cc702168f3888e6d9fe6f8247b

Slushpool mining a 122 KB block, when there are more than 10,000 unconfirmed transactions in queue.

lol, the bubble is not the bubble you make in your bathtub
it is economical bubble, and it is not real for bitcoin. they are just spreading FUD.

and I have to say a bubble can not last long, it can not get bigger and bigger for a long time. the life time of a bubble is pretty short, the bubble shapes up then it bursts pretty soon. you see a bubble is an unstable price because it is not real. in other words if bitcoin price were a bubble it would have already burst a long time ago and price would have gone down.

Many investots are saying that bitcoin is a bubble, or should I say, like a bubble, that keeps getting bigger and bigger but will eventually reach its limit then will suddenly pop, then the time, effort and money that you have spent in bitcoin will turn to nothing. But as much as investors are saying these things, there are still lots of investors and great personalities that are sure and convinced that Bitcoin can't be stopped and will continue on growing.

Bitcoin is still on the process of development and I have seen how it really grown since I got engage with it. Currently, there are still upgrades to be done. Some development I want to see which we consider a disadvantage is the high payment of transaction fee. I know that traction fee is necessary, I still hope that the developer will consider to decrease the fee. Aside from transaction fee, I consider volatility as disadvantage because this may risk the fund you store in your wallet. Though it may be a disadvantage, this is also a bitcoin identity which cant be change.

the disaadvantage of bitcoin for me i think for now on i can't use directly as a payment in my location but really hoping the bitcoin someday will use any kind of transaction as a payment to buy all needs for the daily life i think this is not possible because the new technology are continue progress the reason is bitcoin is come the new technology as decentralized crypto world.

First of all bitcoins have many flaws  ut can be used in illegal transactions such as illegal drug payments deals from illegal  doings it can be safe to anyone and the criminals and illegal doers as well and some governments of a state dont approve this kind of transactions to make the criminals off the hook it can ge dangerous to other countru too because criminals can use this kibd of method to erase some traces of illegal transactions that has made it cannot be used in other because bitcoin can be used also in wrong doings it is not it is a dangerous activity on a country if not stopped fast

Among the major disadvantages are the cost of transactions this make impossible to do  micro purchases with bitcoin, The recent regulations by governments, the bitcoin core wallet is very heavy so it's make harder to put a node active.

In my personal views the disadvantages of bitcoins are :-
The anonymous nature of bitcoins :- the anonymous nature of bitcoins are one of the reason why governments aren't accepting bitcoins, they think that this would affect their economical sociology, the government would not have any record of transactions and people could also use it for funding illegal stuffs .
The transaction fees and the transaction speed
Bitcoins are not accepted everywhere so we cannot just pay anywhere by bitcoins .
Bitcoins have a fluctuating value , well this is a big advantage for traders but if we see people will obviously buy things when the value would increase so indirectly they will have to be dependent for the value to increase.
Bitcoin cannot be operated offline. I mean people would need 24×7 internet.

Bitcoin is good for us because it helps us earn money in order for us to sustain our daily needs. But bitcoin do also have some disadvantages. One of it is consuming too much time and effort of someone. In order for us to earn bitcoin, we need to spend more time and effort to it that lead us not to do some things we must do.

Bitcoin is also used as currency in the dark web, like in pornography and also for criminals for money laundering.

Actually disadvantages for Bitcoin would differ from people to people I think maybe I'm not sure. But the disadvantage that I face with Bitcoins is in my country Bitcoin isn't accepted everywhere so I can only use it on buying digital items. Even shopping sites here don't accept Bitcoins. I can count this one as a disadvantage for me at least.

Along with advantages there are many disadvantages of Bitcoin such as it do not have any physical form and needs to be converted into some other currency inorder to use it in physical stores.  It is decentralized so it will not be accepted as governement as the only currency for financial transactions. Its price keeps on fluctuating . These are not accepted in every country. Bitcoin trading speed is slow .It is also used in darkweb. We contain our Bitcoin in our wallet but if the key to that wallet is lost then we will loose our BItcoins also and there will be no way to get them back.

Going back in the past I do love bitcoin because of its fast and less transaction but now those things have changed to slow and higher fees which I can already say that this is some of the disadvantage of bitcoin this is why I do make use on some alts when it regards to fast confirmation with less fees transactions.On the other hand bitcoin do have disadvantages on its anonymity feature which can really possibly being used to commit crime.

There are many, like:
- It is pseudonymous (not completely anonymous due to the fact that blockchain is a public ledger which makes everything transparent and traceable).
- Every other day, fear of something new happening in miners' minds to just come up with a new fork proposal.
- Sometimes, it drops too much that sometimes explaining the reasons to friends and/or investors become very hard.
- Fee hike in fiat when price literally jumps up as miners may decide not to lower it down in terms of BTC (sometime before when SegWit didn't lock in completely).
- Hackers need your private key and it's gone - it's extremely hard these days to keep up with these online wallets/exchanges which may get hacked any time due to lack of security.

If you start digging there are a lot of disadvantages but most of them like not being accepted in a certain store are the fault of humans not of the design. Strictly speaking of the design I can count those:

1. Confirmation time and fee (can me modified with a fork)
2. Requires internet - nothing that can be done here
3. You must rely on your wallet and you backups, and for most people it's giving a feeling of insecurity and constant fear of losing their coins

1. BitCoin transaction fee is high, we have to pay a lot of money to greedy miners
2. Bitcoin trading speed is slow even though hardfork was just 1/8
3. Large price fluctuation range,
4. Investing in BitCoin is risky
5. Hackers, hackers attack, appropriated
6. Abused in criminal activities: drug trafficking, weapons, gambling.
And there are many more I can not list