Topic: What do you think are the biggest disadvantages of Bitcoin? - page 9. (Read 76709 times)

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.

These days and not only the fees are one of the biggest disadvantage of Bitcoin. You have to pay a fee of minimum 10$ for every transaction that you make and even with that you have to wait a few hours until your transaction is fully confirmed.

Fees and transaction time are main disadvantages of bitcoin.. lest it's a great global currency..

Undoubtedly, bitcoin's big drawback is transaction fees and, of course, a long confirmation of the transaction, regardless of the commission. And with anonymity, problems begin, because some exchangers need personal data to buy bitcoin.

I completely doubt that, the only one I could think of is the excessive transaction fees associated with withdrawal and deposit. And it's recent fluctuations. Else it has become a good source of income for so many home and abroad.

Yes , Bitcoin has a lot of disadvantage , but it doesn't matter , Bitcoin will remain famous. I don't really know a lot of thinks about Bitcoin , but I know that the fees are one of the disadvantage.

While many countries around the world mainly cautioned the public against the risky nature of Bitcoin, some politicians or political parties have extreme views about bitcoin. Russian and French lawmakers are considering banning it altogether.

 

In general, bitcoin is not considered legal in most countries around the world. Therefore, theft or scam victims have almost no option for recourse. However, the legal landscape is ever-changing and one of the best spots to update yourself on where bitcoin is acceptable or not is Bitlegal.io.

Cold hard cash is still the widest and most used form of payment – it’s acceptance is second to none. By contrast, bitcoin is only accepted at a handful of shops. However, bitcoin debit cards help to address this issue – linked to payment processors, they help make bitcoin spending a bit easier.

Bitcoin can be stolen in many ways. It is the bitcoin owner’s responsibility to keep them safe, and this meant implementing additional layers of security such as 2-factor authentication. Keeping them in web wallets can be dangerous. If you have a significant amount of bitcoins, you are advised to keep them in hardware wallets

Bitcoin service providers can be hard to trust

The biggest names have failed the Bitcoin community. Who can forget the Mt. Gox incident in 2014. It was the biggest bitcoin exchanger at the time and practically disappeared overnight along with almost 745,000 bitcoins.

More recently in 2016, thieves stole almost 120,000 bitcoins during the Bitfinex hack – and experts still don’t know how they did it.

All of the cryptocurrency has its own disadvantages thats why when you investing in this kind of investment you must know the limitations of it.
Bitcoin has many disadvantages like the life of it or the value of it, we are not pretty sure if the value of it will stay the same or it will go up and down. This is the biggest disadvantages of bitcoin in the world of cryptocurrency.

in all of the cryptocurrency there are so many disadvantages, one of this is the eligibility of the cryptocurrency in one country. Bitcoin disadvantages is like the other cryptocurrency that's why it is too risky to invest in it.

Disadvantages of Bitcoins
1.   Level of acceptance
Many people are still unaware of Bitcoin. Every day, more businesses accept bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.
2.   High explosive value
Bitcoin prices are very volatile and increases/decreases at a very high pace. Speculators wish to take advantage of it but genuine investors thinks of it as too risky and therefore all the investors does not invest in Bitcoins. Apparently can also experience deflation.
3.   Possible Government Interference
Well the government may not take your Bitcoins away but can ban it in the country, which forces bitcoin wallets and companies to shut down. The bitcoins in these wallets are freezed and access to them becomes difficult.
4.   Lack of recourse
If you lose the wallet which had bitcoins stored in it, you have lost all of your bitcoins in that wallet. You cannot regain it and they are simply lost forever.
In case credit card/debit card stolen, we can call the merchant to cancel the card and request for a new one but in case of Bitcoins, as it is decentralized and no one has control over it , we don’t have any person to call.

Everything have advantages and good advantages because it’s not possible when some have good advantages and don’t have disadvantages so same here with bitcoin there is also some disadvantages of bitcoin first of all bitcoin is only available on internet so its mean when you have internet then you can use bitcoin and when you don’t have internet so then you can’t use bitcoin and secondly bitcoin have no physical shape or logo.

I guess the biggest disadvantage of bitcoin is, not everyone is capable of using digital currency, mode of payment, sometimes its so hard to understand and not everyone too is interested in investing in it, they still hesitate to do it and it will take time before they will get the profit because they will have to wait for the good price those who are used to paper money or in any bank transaction they can easily get their money whenever they want.

Bitcoin can't be use as easy as normal currency for every purchase or payment, price can go up and down unpredictable. Sometimes confirmation takes longer time and the current fees is too much..

This is just one of the minor problem. But actually, the problem with popularity and demand from people can be fixed through time. Before there were only few people who truly knew it but it tremendously increase as of the moment. There ia ni denying that demand now haa grown and this was not actually predicted before.

But the true main  two big problems in the cryptocurrency ecosystem is the exorbitant bitcoin transaction fee and the  clogging and delays on both the Eth and BTC blockchains. If another coin can provide a solution to these two problems, a new token can be worth more than bitcoin by the end of this year.

For me, the fact that it is still not accepted in other countries and people still not knowing about it is the biggest disadvantages of bitcoin. If only bitcoin will be widely accepted and people start using it, I'm sure other problems regarding bitcoin will surely have a solution that will benefit all of us.

I think it's only a disadvantage to the bitcoin users who do not have that much yet. That disadvantage is removed when someone starts to earn a lot more than that. It's just a small price to pay for such a big earning, tbh with you. I don't even consider it as a disadvantage anymore because everyone's paying the same thing anyway. Plus, you are lucky to be here since a lot of people don't have an extra way to earn money even though they badly need it.



It's not like newbies have the money to send anyway. Newbies are mostly just receiving and receiving money in their wallet. I remember it took me months before I ever sent money to someone. All I did was earn money but never really spend some or buy something from the Internet.



It's their fault to not study about bitcoin. It's not mysterious in any way because all of the details that you have to know about bitcoin is out there. There's no "secret" in here. Everything's transparent, even the transactions.

Actually, the price fluctuation is actually the reason why people are investing in bitcoin. Well, at least the ones that are going to trade. The people that are skeptical to invest in bitcoin because of the price fluctuation are probably just newbies and they aren't going to put that much money anyway so it doesn't matter that much.

If we talk about bitcoin disadvantages now, i think the most disadvantages for bitcoin user is the FEE.
Bitcoin transaction fee is high now. I dont know if it will keep high or not, but it is surely makes disadvantages for bitcoin users