Topic: What are the biggest disadvantage of bitcoin ? - page 5. (Read 1193 times)

I still think that the biggest drawback of the btc is volatility. The BTC will never be able to establish itself as a popular currency if the owner risks seeing his investment or salary halved in a very short time.

A disadvantage for the purpose of your work is bitcoin's anonymity, and this makes it an easy target for people who are on the sidelines to easily allude to the fact that it can easily be used for money laundering (which in itself is not the whole truth).

I think this is that it depends on the Internet) there is no internet and bitcoin, so that's it, but on the other hand, life without the Internet no longer seems to anyone...

I think, disadvantage of bitcoin is a soaring Bitcoin transaction fee, This is definitely not a digital currency that can work effectively as a major currency.

the biggest drawback in my opinion, is that it does not have a worthy competitor! because of this, the stability of all coins is very hesitating upwards !!! when there will be at least five competitors with good capitalization there will be a uniform growth of all coins!

there are still many people not knowing the existence of bitcoin, not all countries give permission in the use of bitcoin. this will affect the bitcoin price.

Bitcoin has the ability to be hacked, keeps track of hackers, is often used for illegal purposes,If no service is available,Market price is unstable, the biggest power of Bitcoin is that it is virtually anonymous. Since bitcoin transactions are sent from the hash address - hash address, it can be completely unknown to each other for both parties.

I think the biggest disadvantage of bitcoin because bitcoin prices are very volatile and increases/decreases at a very high pace. If you lose your bitcoin wallet, you have lost all of your bitcoins in that wallet and frequent black market transactions have made owning bitcoin bad for reputations.

unstable bitcoin prices I think is the main thing that makes bitcoin difficult to become the major currency of a country. In addition, each country has its own currency. so I think it will be difficult to replace the major currencies they have long used with bitcoins. and also bitcoin is peer to peer so the government is difficult to manage it. so it seems bitcoin to be the main currency of a very small country for now.

Only disadvantage that I see with bitcoins is that the payments are not instant. Since, we already have options like PayPal where transfer is in seconds, it is a big limitation.

These currencies are considered high risk because they do not have regulators such as decentralized bitcoin cryptocurrency and are not regulated or guaranteed by central authorities and I think this is a weakness of bitcoin

Fortunately I have never experienced a big loss. Because some of the bitcoin I got from following the bounty campaign. Maybe just a few losses because I was too selling bitcoin when the price was down.

I do not know much about the technologies of bitcoin and other cryptocurrencies. But I believe that the biggest drawback in the adoption and implementation of bitcoins - is the brains that have the public authorities of many countries. The matter is that absorbing majority of deputies and officials, aren't capable to accept, estimate and use digital currencies. They seek benefits for themselves, seek ways to regulate and limit. It's sad and outrageous. We need to come up with a way to use bitcoins, which will not leave possible options to limit its functionality.

the biggest disadvantage of bitcoin is robbers uses bitcoin account to transfer money.

I think most maximimalists would argue that Bitcoin scaling takes time and that slow transactions aren't really that slow when the network isn't busy, and if it is, we need layer 2 solutions.

There are two disadvantages that I don't like about bitcoins: the slow transfer rate and the expensive transaction fees. These problems have been around for quite some time now and I hope the bitcoin community might do something about it. Like some adjustment to bitcoins.

 Risk of Unknown Technical Flaws - 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.

I think the one of the most disadvantage of bitcoin is being open to all people where there are some of those are not worth to trust and they're plan is just to scam money. Also I think the increasing transaction fee while the price of bitcoin is decreasing.

* Bitcoins Are Not yet Widely Accepted
* Wallets Can Be Lost
* Bitcoin Valuation Fluctuates
* No Buyer Protection

I have read an article regarding with that, I hope it can help other members, here it is:

The Serious Disadvantages of Bitcoin
January 1, 2014 Anthony Alfidi

You’ve all heard about Bitcoin.  No one knows who created it, although some writers have made very educated guesses about the identity of the pseudonymous creator. I have sometimes wondered whether Bitcoin is the product of some transnational criminal organization or rogue state that wants to undermine developed economies by casting their payment systems into doubt.  I am less concerned with Bitcoin’s origin than with its flaws.  I shall enumerate those flaws forthwith.

Bitcoin enables fraud and other criminal activities.  This is absolutely the single most salient feature of Bitcoin’s anonymity.  Conventional currencies are indeed subject to laundering and counterfeit.  There is probably no way to eliminate those risks completely.  Bitcoin magnifies those risks because it can only be exchanged anonymously.  It dominates dark networks that have been known to traffic in narcotics.  Law enforcement efforts to shut those networks down will terminate the ability of any financial actor to transact in Bitcoins even for legitimate reasons.  When the network is down, your Bitcoins are gone.  Conventional currency doesn’t work that way in real transactions.  Banks and brokerages have offsite business continuity backups.  Securities exchanges and central banks maintain counterparty records.  These mechanisms lack Bitcoin’s anonymity but make up for that in resiliency and trustworthiness.

Digital QR codes make it vulnerable to theft.  One Bloomberg TV anchor learned this the hard way.  Transmuting digital Bitcoins into a paper medium means the QR code reveals their underlying location.  Scanning that QR code means anyone can anonymously steal Bitcoins.  That’s the bad part about anonymizing a currency.  Masking ownership means no audit trail to recover a thief’s digital fingerprints.

Mining Bitcoins is a health hazard and energy sink.  People run obsolete hardware just because the video cards can process random digits into raw Bitcoins.  This is a kind of “mining” that’s unlike the real-world mining I’ve studied for years, because it transforms nothing into an encrypted version of nothing.  Nerds who run multiple machines overnight to mine Bitcoin risk heat stroke from the machines.  If you don’t believe me, do a Google search of “Bitcoin heat” and note all of the cooling problems Bitcoin miners discuss amongst themselves, with the real world watching them fry.  Crypto-nerds advocate data furnaces as an economic solution to waste heat generation from Bitcoin mining.  Gimme a break already.  There is no way a distributed network of Bitcoin mining operations could ever be a backbone for currency transactions or an alternate energy grid.  No cloud provider in its right mind will ever farm out data storage needs to distributed servers with zero physical security.  Bitcoin’s so-called solutions just multiply its problems.

There is no central bank for Bitcoin.  Indeed, there never will be one, because Bitcoin’s evasion of central control appeals to its users.  The Federal Reserve, for all of its flaws, has enabled the US to withstand financial panics because it could manage a unified national currency.  A central bank manages fractional reserve lending that allows a national economy to expand.  The supply of crypto-currency is limited by algorithmic design, so an economy running on Bitcoin cannot expand to accommodate a larger population or natural resource base.  A Bitcoin economy cannot grow because it cannot deploy excess capital for innovation.

Minting copycat currencies is easy.  Run through the gamut of crypto-currencies like Litecoin, Dogecoin, Namecoin, Peercoin, and others to see how unserious most crypto-currency enthusiasts are about money.  Dogecoin in particular is obviously a joke based on an Internet meme.  Using a currency named after memes doesn’t impress me.  Imagine someone in the early 20th Century printing a dollar with Mickey Mouse’s smiling visage and convincing others to take it seriously.  The US economy tolerated decentralized currency minting for some of its history until the settlement of the frontier demanded a nationally integrated economy.  Copycat currencies destroy the credibility of Bitcoin.