Topic: What do you think is the biggest disadvantage of bitcoin? - page 7. (Read 1922 times)

I completely agree. A large number of cryptocurrencies have appeared long time ago, which bypass Bitcoin in all respects. But since bitcoin was the first, so it is still at the top of the cryptocurrency market. The only one who managed to conquer the market is Ethereum, but still it is far from the first place.

The biggest disadvantage of Bitcoin is its transaction time and fees. It's not expecting to wait at least 30 minutes or more for a single transaction, it can be improved to get super fast service for making transaction. Then the time will be saved. The transaction fees need to be reduced more.

Based on my experience so far, for me the hackers, and scammers are the disadvantages of cryptocurrency, there are many criminals in this virtual world compared in real life based on my experience because I never been fooled and lost my money in real life unlike in this crypto world where in I lost my money because of a fake website way back when I was a beginner, the second one is the transaction fees, some exchanges here have huge transaction fees.

Many people choose volatility and high transaction fees as the biggest disadvantages of Bitcoin. I agree with this, if the volatile price of
Bitcoin cannot be controlled, it will be difficult to make Bitcoin a means of payment. Then related to high transaction fees owned by Bitcoin,
we have tried to overcome it with Segwit and the Lightning Network,  but have not been proven to be effective, because it is still too high,
when compared to altcoins which have much lower transaction fees. Hopefully in the future there will be other solutions that can overcome
the two disadvantages that I have mentioned.

The biggest disadvantage of bitcoin for me is the increasing numbers of scammers and hackers. Bitcoin becomes the assets of the scammers to bait victims. The number outgrew when bitcoins price goes up. But aside from that, I have no problem when it comes to bitcoin because it helps me so much specially my financial needs.

The volatility of the Bitcoin's price and second is the high transaction fee when the blockchain is congested. Actually there's a lot of disadvantage of cryptocurrency compared to fiat since in fiat one thing is the ignorance of many people in regards with cryptocurrency since it is a  complicated thing.

ya.ya.yo!

- It relies on outside influences to function.
- Subject to manipulation. Trading bots, etc.
- Governments.

If you are without power like a lot of people in today’s world, bitcoin won’t do you much good.

If your internet service provider or phone provider decides to limit your access due to a number of factors from government meddling, or because of maintenance issues resulting in blackouts, bitcoin won’t do you much good.

If miners are backlogged or simply don’t accept the transaction you’re transaction might be held up. Another cause for concern is the huge mining operations. Governments know where the power consumption comes from and can easily take over the large mining operations, making bitcoin centralized.

Wallets are subject to attack in numerous ways.

No anonymity.

Everything an address does is there forever.


If you prefer to avoid the above mentioned headaches precious metals would work 100% of the time. At least they have for the last 6,000+ years.

We use bitcoin nowadays as a store of value. And I'm expecting when bitcoin hits $100k, we could pay as high as $100 for one transaction with that huge amount depending on the size and amount you're about to send to the exchange or any receiver you'll have by that time.

But as long as we can check and opt to pay for the lower fees, this is also an advantage for bitcoin. If we don't like the fee, we can change it and choose to customize. But just to make sure that you're paying with the recommended fee.

This is what I am thinking, due to massive demand the fee gets higher and higher, especially this season? you may see the fee next month it will become higher than expected and it will give you so much longer in time before you will received it. Fees and network congestion is the most disadvantage thing of bitcoin to me. Yes bitcoin has a good and high value, but the moment it increase, the higher the fee and the slower it could be.

Let's get some things cleared here. Real HODL enthusiasts want to see it at 100k, but they aren't waiting for that level to dump everything. I used to hodl at 1k and waiting for 2k to come, but I kept hodling at 3,4,5k and so on. If we hit 50k, I'd probably sell 1 BTC to celebrate and pay for big holidays for my friends and family at some beach resort, but I wouldn't dump my coins. Hodling 4 life!

Fees are not going to be much higher in satoshis. Satoshis will be much more valuable in fiat so if we go up fast to reach 50k next year you will probably reach a point where a transaction will cost you $50, but it will still be 0.001 BTC The same 0.001 that you have to pay now for a fast tx.

It's been a long time already that fees are playing around BTC0.0004 as calculated fees on Exchange. Because bitcoin price increase, BTC0.0004 now becomes around $6-$7 which is just $2-$3 before. If we are calculating in USD value, it's really high but for the Bitcoin unit, it's just on average. Back then, for example, Coinbase even charges BTC0.0025 as a median fee but if I'm not mistaken, the USD value of it is around $5 at that time.

While we are using BTC units to pay for fees, expect that the USD value of it will increase as Bitcoin price skyrocketing its price.

Being FOMO is normal in every market as this what makes others rush into buying bitcoin which makes it more interesting as investment. It can be a disadvantage for us but an advantage for others who already invested in Bitcoin before us. The only disadvantage that I see in BTC is that my countries were using BTC to scam others that makes many people in my area not believe in BTC and didn't able to see the benefits it can do for them.

Every good things also have some disadvantages. But it depends upon its user. If anyone use science in bad ways then its not the fault of science. It's the fault of the bad thinker user. In this case Bitcoin is a good coin. But no one can trace its transaction. For this reason some bad people use it to buy illegal things, laundering black money etc.

Based on my knowledge and experience in crypto currency, below are some disadvantages of Bitcoin which are to take note of;
Built in Deflation
Since the entire big variety of bitcoins is capped at 21 million, it'll reason deflation. Each bitcoin are going to be really worth greater and additional because the complete quantity of Bitcoins maxes out. This device is meant to reward early adopters. Since every bitcoin are going to be valued greater with every passing day, the query of when to spend turns into important. this might motive spending surges which can motive the Bitcoin economic system to fluctuate very rapidly, and unpredictably.

No Physical Form
Since Bitcoins do not have a bodily form, it cannot be utilized in bodily stores. it might continually need to be transformed to different currencies. Cards with Bitcoin pockets facts saved in them are proposed, however there's no consensus on a particular system. Since there would be quite one competing systems, retailers would locate it unfeasible to help all Bitcoin cards, and consequently customers would be pressured to convert Bitcoins anyway, until a daily device is proposed and implemented.

No Valuation Guarantee
Since there's no central authority governing Bitcoins, nobody can warranty its minimal valuation. If a huge crew of shops determine to “dump” Bitcoins and get away the system, its valuation will reduce noticeably which can immensely harm customers who have an enormous quantity of wealth invested in Bitcoins. The decentralized nature of bitcoin is each a curse and blessing.

Anyone that says that bitcoin is the perfect crypto currency and can be used as a normal currency are in the stage of denial. Bitcoin is no where near being the perfect. Though it is currently better than most of the crypto currencies out there. But, yeah, it is still in its infant stage and there are a lot of space for improvement. We are seeing those improvement and give it few more years and then we might have a perfect "bitcoin".
I would say one of the biggest disadvantage is the bitcoin scalability problem which causes the fee surge during heavy network load.

4. object of manipulation, thus the price very volatile.
5. require mining expenses (hardware, electricity, shed, maintenance)


No, it's not always that bad. Bitcoin ever be an ideal medium of exchange, most of the time, as long as it's not on a rally like these days.
Someone could transfer millions of dollars from one country to another with a low fee, just a few bucks, without having to fill out any documents.

Quite simply, the biggest disadvantage of bitcoin is buying at an expensive time. and unable to manage and pay no attention to price movements. always in a rush to sell it. maybe my opinion is quite understood.
because in the management system we do not only have a lot of money, but pay attention to various aspects. choosing a market must also be considered, not necessarily any market, you must look at the market with great potential in terms of trading volume.

That is without a doubt a disadvantage and taking into account that a great deal of digital transactions offered by banks are free of charge then bitcoin cannot effectively compete against that on your average transaction, but like many people have pointed out in the past if you make a large transaction then banks will take a percentage of that transaction while bitcoin will take the same fee regardless of how big it is, in that case bitcoin has an advantage, however I think the issue here is that many think of bitcoin as an ideal currency and that is not true, it has many strong points but it also has some weak points and the one you are pointing out is one of them.

There is nothing perfect in this world right?
Include bitcoin , when there is no disadvantage there is no development , means there is no business on top of that.
So the disadvantages that you people listed above sometimes become an advantage for the other side.
We are all hate those problem , there is a lot of space for the development to solve it , lets wish everything will get fixed as soon as possible as bitcoin looks not ready for the mass adoption.

I think its high fees and slow confirmation time are the main disadvantages when using bitcoin. About the volatility, it could a double-edged sword, as you can it can be advantageous and disadvantageous. The volatility is it what makes bitcoin interesting. You can earn money in such a short period of time but you can also lose money in a short time.