We all know the advantages of BTC, but what are some of the disadvantages??
Some of the disadvantages that i know are the high cost and low maximum number of transaction per second. But all of those are already either solved or underway of implementation 
Topic: What are some disadvantages of BTC? - page 43. (Read 7952 times)
We all know the advantages of BTC, but what are some of the disadvantages??
I'd say that block times are unpredictable and if you are buying stuff it could mean you're waiting hours just to get the number of confirmations needed. This also means that as a trader you need to keep your coins on an exchange for real time trading for the same reason.
But scability and transaction speed aside, there aren't really any, in my opinion.
Here are some that I can think of on the top of my head:
- It's volatility in price(currently). Hence holding your funds entirely on bitcoin is a huge risk despite the advantages.
- Very unsafe for careless and technologically-illiterate people. Logging in to a phishing link? Say goodbye to your exchange's funds. Forgot to list down your wallet's seed? Say goodbye to you wallet's funds.
- Unable to operate offline or non-electronically. This is a downside on more on the 3rd world countries, whereas most poor people can't even afford smartphones or any device that can hold bitcoin.
- Not-so-good transaction fees and time. Transaction fees and times are definitely alot better now compared to months ago, but I still remember the days when txs were almost instant, with very very low fees.
- My personal opinion: The name "bitcoin". I personally think it sounds like something a person involved in pyramid schemes and Ponzi scams would use.
We all know the advantages of BTC, but what are some of the disadvantages??
Well one that i can think of is that it is still not perfectly anonymous. Personally i'd like to see bitcoin evolve into the future into something like XMR with essentially in built coin mixing. This is probably not necessary but rather an add on.
Another thing is that, fees are often high.
Also, blocks are 10 minutes on average in between so that means you're probably not going to be able to get stuff irl instantaneously without the merchant having to trust you.
We all know the advantages of BTC, but what are some of the disadvantages??
The advantages of bitcoin are also its disadvantages depending on the current situation of the market. Here are some of disadvantages of using bitcoin today:
1. The volatility of bitcoin is a double-edged sword, very unpredictable in its price and might result to a profit/loss on an individual;
2. Its limited supply of 21 million in the market;
3. Some counties ban the usage of bitcoin, resulting to a decrease on potential investors;
4. There are many external factors that can affect its price like the banning of ICOs in China; and
5. Its decentralized nature makes it as a perfect medium under the dark web for illegal transactions.
Those are some of my opinions regarding its disadvantages but the advantages of using bitcoin in the community supersede all of those what I stated. There may be some drawbacks from transacting bitcoin but let us not forget its endless opportunities in the community.
I posted a similar thread about this subject.
Basically, depending where you live, you won't be able to use it to pay stuff (unless online).
It's not 100% safe, you can still get your wallet hacked. Also, it's a volatile currency. It can plumber 30% of it's value in a day.
Basically, depending where you live, you won't be able to use it to pay stuff (unless online).
It's not 100% safe, you can still get your wallet hacked. Also, it's a volatile currency. It can plumber 30% of it's value in a day.
Currently i would say the speed of transactions are slow, mining takes a lot of time.
We all know the advantages of BTC, but what are some of the disadvantages??
Well one that i can think of is that it is still not perfectly anonymous. Personally i'd like to see bitcoin evolve into the future into something like XMR with essentially in built coin mixing. This is probably not necessary but rather an add on.
Another thing is that, fees are often high.
Also, blocks are 10 minutes on average in between so that means you're probably not going to be able to get stuff irl instantaneously without the merchant having to trust you.
We all know the advantages of BTC, but what are some of the disadvantages??
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