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[Dagov]

What drawbacks does Bitcoin have?
The drawbacks include the following: -

Because so few individuals are aware of its advantages, there is a very low level of acceptance.
Especially in comparison to what it should be, there are a very minimal number of Bitcoins in circulation overall. Because of this, the price of Bitcoin might become unstable with even a slight change.
Since bitcoins are currently in beta, many unfinished features are being actively developed.

 

[Riberet19]

To be honesty, Bitcoin is clouded with some secrecy. This has made some people not to trust the project. The alleged owner should have come out at least to explain in better way, his intention for creating a platform as big as crypto.

Well but what could have happened if Satoshi nakamoto or the creator had come to light, he could have been defamed or worse even attacked by certain elites or even by people who wanted his BTC holdings if he still has them. also bitcoin could have lost the characteristic that makes it more valuable and is the belief that nobody controls it and is an independent network, and the SEC would have taken action on the matter and would have been cataloged as security and not as a commodity, many things could have changed if you knew who satoshi really is dont you think?

 

[btaliat]

Well but what could have happened if Satoshi nakamoto or the creator had come to light, he could have been defamed or worse even attacked by certain elites or even by people who wanted his BTC holdings if he still has them. also bitcoin could have lost the characteristic that makes it more valuable and is the belief that nobody controls it and is an independent network, and the SEC would have taken action on the matter and would have been cataloged as security and not as a commodity, many things could have changed if you knew who satoshi really is dont you think?

And has his hiding added made any difference? He needs to let the world knows why he created the scheme. I don't know why his life will be under a threat. What he created is not that bad and I don't think he will be criticized if he has convincing reasons.

 

[btaliat]

One of the draw backs of Bitcoin is the huge amount of fees charged when sending Bitcoin from one user to another.
Another draw back is the failure to recover lost Bitcoin in case you send bitcoin on a wrong wallet address.

The second one is the most reason why people do not want to go into Bitcoin trading. There is no mistake in Bitcoin. The moment you miss a letter or figure in the address, another person will receive the money and there won't be any trace.

 

[Xrin Nightfall]

The unpredictability and extreme fluctuation of the coin is almost certainly another factor that discourages most people from investing in it. It has a very high degree of unpredictability. Because of this, a number of individuals have begun to compare it to gambling, despite the fact that the two activities share very few parallels.

 

[Riberet19]

La imprevisibilidad y la fluctuación extrema de la moneda es casi seguramente otro factor que desalienta a la mayoría de las personas a invertir en ella. Tiene un grado muy alto de imprevisibilidad. Debido a esto, varias personas han comenzado a compararlo con el juego, a pesar de que las dos actividades comparten muy pocos paralelos.

I think that the stability of Bitcoin will take a long time to see, probably another decade until it stabilizes somehow, but hey if we are lucky enough to be invested and it continues to grow organically, we will be privileged for it

 

[Adesun]

The use of Bitcoin has drawbacks 1.It's still accepted by a very small online users 2. It's takes time and effort 3. It's scalability 4.It has cyber security issues 5. It has price volatility. 6.It lack interest 7. Transaction is irreversible.

 

[btaliat]

The use of Bitcoin has drawbacks 1.It's still accepted by a very small online users 2. It's takes time and effort 3. It's scalability 4.It has cyber security issues 5. It has price volatility. 6.It lack interest 7. Transaction is irreversible.

I don't really understand the second point. What do you mean by it takes time and effort? Do you mean it takes time and effort to get it mined. I will quite agree with you on its mining process, it is even too expensive to mine it.

 

[Riberet19]

The use of Bitcoin has drawbacks 1.It's still accepted by a very small online users 2. It's takes time and effort 3. It's scalability 4.It has cyber security issues 5. It has price volatility. 6.It lack interest 7. Transaction is irreversible.

I think that most of the security problems that Bitcoin has are not because of the cryptocurrency itself but of the users who neglect their security in the network that is what should prevail, in the scalability issue Bitcoin can create alternative layers within the protocol to solve this as is Lightning Network is something that takes time to carry out but Bitcoin has been implementing improvements since it was born, As you say it has few users this affects volatility while the adoption grows, volatility will decrease as it has done with previous years, and finally irreversible transactions is for me a virtue rather than a disadvantage since it is decentralized and no one can make your transaction come back since it was your decision to send it, if you sent it wrong it is because you were not paying attention or doing things right in the transaction and if someone stole it is like I said before you didn't have the corresponding network security

 

[a_jerobon]

The biggest drawback in Bitcoin is it's volatility. You can invest a very high amount today and loose everything because the price has fallen terribly. But that is it's biggest advantage too, it can make earn great profits if you invest and the price skyrockets. You just need to know what you are doing.

 

[Opeyemi Abduraheem]

Bitcoin and other digital coin are having draw back just because the government has not accepted them. Not all the government of the country have interest to adopt bitcoin or other cryptocurrency because it will render their banking systems useless. The lack of knowledge of digital currency also affecting the general populace in adopting it .

 

[btaliat]

I would have seen the irreversible transactions as a problem but to be honest, I don't think it is a problem. This is because it is in a rare occasion that a person will make mistake while carrying out transactions with crypto. You need to copy the address and not imputing it manually.

 

[Wisdom01]

The only drawback I actually know is the risky nature of Bitcoin , because apart from that , I actually don't think , anything is really wrong with Bitcoin , and also the digital value , some people want Bitcoin to have a physical value

 

[btaliat]

The concept of Bitcoin is too deep to be understood. Hardly can one fully explain how it works. We all know it depends on algorithm and Blockchain transactions. Explaining deeper than this get more confused especially to average and new traders.

 

[Wisdom01]

Bitcoin and other digital coin are having draw back just because the government has not accepted them. Not all the government of the country have interest to adopt bitcoin or other cryptocurrency because it will render their banking systems useless. The lack of knowledge of digital currency also affecting the general populace in adopting it .

yeah I think if the government were really accepting it as payment method and others ,it would have probably been an advantage ,but the government obviously are not ready to bank and support the development of crypto currency

 

[Opeyemi Abduraheem]

yeah I think if the government were really accepting it as payment method and others ,it would have probably been an advantage ,but the government obviously are not ready to bank and support the development of crypto currency

Cryptocurrency is a digital coin that serves as means of exchange between the goods and services and serve a purpose of paying whosoever engaged in an online business what do government can do is to allow it to move into circulation and eliminate the problem of third-party especially the bank but once the government and bank are benefiting from the real current or currency they made that cryptocurrency a problem for us to adopt

 

[Margery]

Let's imagine that bitcoin is recognized by the government and national reserves are depleted in it. With the same level of volatility as now. Represented? That's why it won't be accepted. And this is precisely the main drawback. At the user level, everything is fine. Not at the government level.

 

[makanaki]

Bitcoin has a few drawbacks that should be noted before investing in it. Firstly, it is not backed by any government or central bank, making it subject to extreme volatility. Additionally, Bitcoin transactions are irreversible, meaning that if you send Bitcoin to the wrong address or lose your private keys, you will not be able to recover your funds. Additionally, it can be difficult to purchase Bitcoin, as not all exchanges and payment processors accept it as a form of payment. Finally, Bitcoin transactions are not private, as all transactions are stored on the blockchain and can be tracked, making it difficult to use for privacy-focused purposes.

 

[Wisdom01]

Cryptocurrency is a digital coin that serves as means of exchange between the goods and services and serve a purpose of paying whosoever engaged in an online business what do government can do is to allow it to move into circulation and eliminate the problem of third-party especially the bank but once the government and bank are benefiting from the real current or currency they made that cryptocurrency a problem for us to adopt

I believe currently they are not ready for the adoption ,if they are ready probably they would have start placing things that could possibly yeild to more development and adoption of it , cryptocurrency still have that potential I believe that

 

[Opeyemi Abduraheem]

we have to believe that one day cryptocurrency will take over the foreign exchange in all the country . all of them will come you are docket and day-to-day we traded in it it will make very easy for the masses.

 

[Margery]

we have to believe that one day cryptocurrency will take over the foreign exchange in all the country . all of them will come you are docket and day-to-day we traded in it it will make very easy for the masses.

When will the cryptocurrency become more stable. Not by means of speculation as it is now, this can and will happen. In the meantime, they make such a lot of money on it. And most importantly, not due to the volume of trading, but because of the difference in rates. So we'll have to wait a long time. In the meantime, I'm waiting for the entire cryptocurrency to switch to POS.