What are the main disadvantages of Bitcoin?

[Ralphjoe]

The major challenge that is hampering Bitcoin as a payment gateway is its volatile nature, this makes it not a very good store of value as that value stands a high chance of dropping in value within a very short time.
Then it's time it takes to confirm it's transaction, Bitcoin takes more than 30minutes to confirm receipt transaction most times, that can be frustrating.

 

[Kennysplash]

Bitcoin cryptocurrency has entered as a payment method in many businesses such as restaurants, real estate, and legal institutions.

Although it is a new phenomenon, it achieved more than $ 1.5 billion in transactions in 2013, and at the present time millions of bitcoins are traded daily at a value of more than $ 2 billion.
But still it has some issues prevents it devolepement .. some thoughts about this issues ?

Bitcoin, no doubt is the best crypto currently. However a major disadvantage of it is it's high transaction fees. The lowest exchange rate I've see is 1%. Now imagine that percentage of 1bitc. It's for the able

 

[Lagazine]

I've not seen any special disadvantage in Bitcoin. I know bitcoin is the king of all cryptocurrency, but the only thing I can call a disadvantage is the high risk of losing your coin to the third party app and releasing your login details to the third party. If that's not there, no third party can get access to your personal account.

 

[Sotherefore]

For me I don't actually see the real disadvantage of cryptocurrency , cryptocurrency to my own has a lot of advantages example of such advantage is sending crypto to someone anywhere in the world and the person might even collected within 10 minutes, it aid in transaction and also provide some way of making money through crypto trading.don't really see the disadvantage because cryptocurrency is a digital currency and we are also in digital age.

 

[btaliat]

The disadvantage of bitcoin is fluctuation in its price. No one can rightly predict its price. It may go down in price even when one expects it to soar up and vice versa. Also, it has not been accepted globally as a medium of exchange.

 

[alberello75]

Well, a lot is said on this site, as well as on social media that, probably, we will hardly ever have the opportunity to use Bitcoin, as we use cash today.
First, the absence of a real bank, this in the first instance. Moreover, the volatility factor.
These are perhaps the first two disadvantages of Bitcoin.

 

[WhiteHouse]

As an Investment:

Profoundly unpredictable

Varies anyplace between 1–25% in a day

Unregulated

In the event that you lose your Bitcoin, get hacked by a trade, get cheated by an organization, trade or individual, there is no legitimate plan of action

Legitimate/Illegal

In a few nations, Bitcoin is Illegal or a hazy situation. There are no tax collection rules and resource arrangement

 

[Bilal0087]

Bitcoin cryptocurrency has entered as a payment method in many businesses such as restaurants, real estate, and legal institutions.

Although it is a new phenomenon, it achieved more than $ 1.5 billion in transactions in 2013, and at the present time millions of bitcoins are traded daily at a value of more than $ 2 billion.
But still it has some issues prevents it devolepement .. some thoughts about this issues ?

There are many different type of problems In bitcoin trading that lead to big loss in investing, such as in many countries there are different rules for btc transection, secondly there is very high exchange fee for Bitcoin.

 

[Mawome]

I have also been asking how people tend to lose money after investing in crypto currencies. I believe it's due to lack of patience on their own part and also fear, they sell out of panic simply because there's a drop in its price.

Exactly bro, some will hear rumors that btc will fall, immediately you see them withdrawing or selling their coin, without proper investigation, and then the value of their coin must have depreciated, that's not smart.

 

[Bookwormlux]

Exactly bro, some will hear rumors that btc will fall, immediately you see them withdrawing or selling their coin, without proper investigation, and then the value of their coin must have depreciated, that's not smart.

Same thing happened to me and that thought me a very important lesson. No expert or analyst can give accurate details of what would happen to Bitcoin's price. I believe they are giving their own opinions and we shouldn't take them too serious.

 

[chicnthin]

My main issue is its volatility, inconsistency in its price and high fees. It's good that the price increases a lot, however, it can also drastically decrease on such short time. It's very risky but it's the nature of investing. If you want to earn profit, you should be a risk taker.

 

[Josemendez]

Bitcoin cryptocurrency has entered as a payment method in many businesses such as restaurants, real estate, and legal institutions.

Although it is a new phenomenon, it achieved more than $ 1.5 billion in transactions in 2013, and at the present time millions of bitcoins are traded daily at a value of more than $ 2 billion.
But still it has some issues prevents it devolepement .. some thoughts about this issues ?

One of the things that have affect Bitcoin general adoption is it's volatility . Shops are scared of being at the losing end when they adopt cryptocurrency as a payment method .
Irreversibility of Bitcoin transaction is another disadvantage of Bitcoin

 

[Ehizzy1]

I think the main issue is that most criminal now use bitcoin to do what they want to do , like to steal , and other bad things , since they feel it has anonymity when compared to the use of bit co in , so this are some of the problems

 

[Bookwormlux]

My main issue is its volatility, inconsistency in its price and high fees. It's good that the price increases a lot, however, it can also drastically decrease on such short time. It's very risky but it's the nature of investing. If you want to earn profit, you should be a risk taker.

If you think this way, you will continue procrastinating and you end up not making any investment. My advice is for any one to just go for long term investment and have peace, you won't have to bother about short changes in price of Bitcoin.
With long term investment, you don't bother but you are rest assured that you are getting enough profit if you can wait.