Bitcoin Disadvantage !

[neoooo]

Although I'm big believer of bitcoin future, but also we need to discuss "current" disadvantage of bitcoin.

What are bitcoin’s disadvantages?

Depending on who you ask, you’ll get different answers. Coders and programmers might argue that bitcoin is already an outdated network, compared to some of the newer cryptocurrency networks available.

Here we will concentrate on bitcoin’s disadvantages to the casual user:

Advanced digital knowledge is necessary

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.

Lack of acceptance

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.

Lack of protection

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.

Anti-bitcoin politicians

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.

Source : https://www.hongkiat.com/blog/bitcoin-questions/

[MakeMoney]

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. 

[Fedor07]

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. 

[neoooo]

@SuddenlyBroke I totally agree with you , here in my country - Egypt- they are thinking about forbid the use of bitcoin and put anyone use it in Jail to protect the local currency!!  

[skillex]

If this thing banning will ever occur, well the World government must do a majority voting selection where we all crypto users will appeal to this in court and do a petition.

[juniorokogun]

On 12/18/2017 at 6:26 PM, neoooo said:

Although I'm big believer of bitcoin future, but also we need to discuss "current" disadvantage of bitcoin.

What are bitcoin’s disadvantages?

Depending on who you ask, you’ll get different answers. Coders and programmers might argue that bitcoin is already an outdated network, compared to some of the newer cryptocurrency networks available.

Here we will concentrate on bitcoin’s disadvantages to the casual user:

Advanced digital knowledge is necessary

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.

Lack of acceptance

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.

Lack of protection

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.

Anti-bitcoin politicians

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.

Source : https://www.hongkiat.com/blog/bitcoin-questions/

Do Bitcoin have a disadvantage? 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.

[barbaris]

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.

[kurian]

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