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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.

 

[Usman ameen]

For those of you who do not know what Bitcoin is let me put it this way, Bitcoin is a currency which cannot be controlled by any bank or any government, it is basically a virtual currency and can be bought online using real money.So then apart from being a decentralized currency what are its advantages, well you can transfer bitcoin anywhere in this world without much fees, you can be 100% anonymous while doing transactions thanks to a technology called blockchain.So then what is the big thing about this you may ask, well let me tell you when it first launched it has absolutely no value but now 1 bitcoin = 6,689.35 $ that is some pretty impressive growth isn't it?.

 

[Gamer01]

High transaction fees is one of the drawback that bitcoin has probably eth has the highest transaction fees now but bitcoin used to had it earlier and now they need to work ona new model for it to reduce fees

 

[btaliat]

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.

Just like you said, Bitcoin lacks widely acceptable level. There are many people that do not believe in Bitcoin. There are many reasons for this but the most cited reason for this is that the platform is shrouded with some clandestine activities.

 

[Sammydan]

The greatest drawback bitcoin have is that mining of bitcoin consumes a lot of energy. This one of reasons bitcoin mining is prohibited in some countries. Initially, Iran banned mining of bitcoin but later opened it after considering a look at the prospects.
Another drawback of bitcoin is low acceptability by governments, financial institutions, etc.

Those that mining bitcoin made use of sophisticated equipment to mine it. And there's limit to the amount of bitcoin they can mined in a day. If mining bitcoin is easy and there's no limit on what to mined, it may have lose its value.

 

[Wisdom01]

The drawback that Bitcoin have is actually the huge fluctuations ,but the thing is that the fluctuation could actually be very positive and negative , the positive part is that you could be making more profits and the negative part is more losses

 

[btaliat]

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.

The level of acceptability is low not because people do not know its usefulness. But mainly because government is not really in support of it. Half of the government of the world gives their citizens right and chance for them to involve in cryptocurrency.

 

[Usman ameen]

A. Flexible Online Payments

Bitcoin is an online payment system and just like any other such system, the users of Bitcoin have the luxury of paying for their coins from any corner of the world that has an internet connection. This means that you could be lying on your bed and purchasing coins instead of taking the pain of travelling to a specific bank or store to get your work done.

Moreover, an online payment via Bitcoin does not require you to fill in details about your personal information. Hence, Bitcoin processing Bitcoin transactions is a lot simpler than those carried out through U.S. Bank accounts and credit cards.

B. ) Minimal Transaction Fees

Fees and exchange costs are a part and parcel of standard wire transfers and international purchases. Bitcoin is not monitored or moderated by any intermediary institution or government agency. Therefore, the costs of transacting are kept very low unlike international transactions made via conventional currencies.

 

[Wisdom01]

The drawbacks of bitcoin include lack of utility and use cases to drive price leaving bitcoin price only driven by hype and sentiment.Bitcoin still has not fixed its scalability issues which prompted the introduction of the Lightning network to increase bitcoin network speed
Bitcoin is too volatile to be widely accepted and used by all individuals in the world,decentralisation is not enough

The wide acceptation is actually a big something , it have really put Bitcoin in that preffential potential at the end , that's why I hope it develops further , I really want Bitcoin growth to tally and not to actually slow down

 

[fiery phoenix]

Nations around the world see bitcoin as unfavourable not only because of its decentralisation but also its high volatility.Incorporating that kind of currency into the economy could hurt already struggling economies and low wage citizens

 

[Wisdom01]

The disadvantage that it genuinely presents is that the level of government acceptance is still not very high, the volatility and dangerous index of Bitcoin is still very high, and investors are unable to accumulate and earn more gains because they must eliminate risk management.

The volatility index of Bitcoin is actually high , more people have made huge loss from their investment , most especially the ones that can't stand the volatility ,they feel since it's actually with high volatility it's a problem to them I think

 

[PassiveEarner05]

Fees used to be pretty high last time I checked, don't know if it has changed since then but that's why I prefer to use altcoins for some transactions.

 

[Wisdom01]

Fees used to be pretty high last time I checked, don't know if it has changed since then but that's why I prefer to use altcoins for some transactions.

I think there are some people that actually make use of different altcoins to actually run transaction , like they actually run proper transaction and others to actually earn more money and others

 

[cmoneyspinner]

For me, the major drawback of bitcoin or any crypto coin is that the transactions are irreversible. I am the victim of scam ring that is operaing out of Nigeria. If I could have gone back and reversed out the crypto transactions, I could have recovered the crypto. But once it's gone, it's gone. On another platform, I woke up one morning and it no longer existed. On another platform they declared bankruptcy because they were victims of the FTX scandal. If these are not examples of drawbacks, I don't know what is.

 

[Wisdom01]

The major drawback is actually the fact that it might not bring in more profit opportunities for many , there are some people that aren't earning more gains off the coin , I think they need to understand how to trade the analysis and others to make use of

 

[Prissygirl]

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.

I think the major drawback is low acceptance as a medium of exchange. Another drawback is no central regulations for its transactions. Fewer coins are available in circulation.

 

[Wisdom01]

I think the major drawback is low acceptance as a medium of exchange. Another drawback is no central regulations for its transactions. Fewer coins are available in circulation.

The low acceptance is really a very big drawback , I really wish there was more acceptance of cryptocurrency , I think those countries that have not been adopting it should be accepting it as one medium of exchange on the first place

 

[Prissygirl]

The low acceptance is really a very big drawback , I really wish there was more acceptance of cryptocurrency , I think those countries that have not been adopting it should be accepting it as one medium of exchange on the first place

Yes, I really wish so too. Low acceptance is obviously a major drawback on bitcoin. Many financial experts are optimistic that bitcoin will rise and widely accepted in future. Let's keep our fingers crossed.

 

[Wisdom01]

Yes, I really wish so too. Low acceptance is obviously a major drawback on bitcoin. Many financial experts are optimistic that bitcoin will rise and widely accepted in future. Let's keep our fingers crossed.

The low acceptance is really a discouraging factor , I think when it comes to the acceptance of Bitcoin , the drawbacks and others have really have effect on how the acceptance of Bitcoin would actually tally in years to come

 

[Riberet19]

The low acceptance is really a discouraging factor , I think when it comes to the acceptance of Bitcoin , the drawbacks and others have really have effect on how the acceptance of Bitcoin would actually tally in years to come

Well it really is a very new asset sincerely, I assure you that 13 years after humanity discover the gold, did not have the acceptance that for example surely had 100 years later, in addition one of the problems is also that it has been used a lot to speculate and this makes many do not see the real value of the cryptocurrency, on the other hand it also has many detractors so this also makes many people not want to approach Bitcoin out of fear.

 

[Wisdom01]

Well it really is a very new asset sincerely, I assure you that 13 years after humanity discover the gold, did not have the acceptance that for example surely had 100 years later, in addition one of the problems is also that it has been used a lot to speculate and this makes many do not see the real value of the cryptocurrency, on the other hand it also has many detractors so this also makes many people not want to approach Bitcoin out of fear.

I think that's the reason for the slow development of Bitcoin , there are some people that still doesn't believe in the Bitcoin scheme , they still don't understand that it's possible to actually earn big off the scheme of it