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What could be disadvantages of using Bitcoins?

September 3, 2014

Bitcoin offers a lot of advantages to its users and this is the reason why it is become exceedingly popular. However, there are certain serious disadvantages which the Bitcoin developers will have to take into consideration to make the model more robust and stable.

Bitcoin prices are very volatile

One of the biggest drawbacks of Bitcoins is that its prices are very volatile. The prices keep changing very frequently and sway to the extremes. If there is a certain price to Bitcoin today, it may swing to something completely different tomorrow. This is the reason why many experts are not very positive about the future of Bitcoins. But there is one point that we cannot miss.

Although Bitcoin usage has grown in the past, it is still relatively not used much. Since there are very small numbers of transactions, even the smallest thing can affect the price of Bitcoins. However, as the Bitcoins usage will increase, it will become more stable. Only the future will tell whether Bitcoin will become the mainstream mode of financial transactions or not.

Not many people are aware of it

We have seen that the popularity of Bitcoins has increased over the last couple of years; however, there is still a very long way to go. Only a very small percentage of the world population knows about Bitcoins. Out of the people who know about it, very few actually know how to use it. Since Bitcoin does offer many advantages too, to make it a better and stable currency people will need to get more aware of it. There are people who are using Bitcoins for the reasons of profit making and they are trying their bit to increase their awareness. However, all the users who have benefitted from Bitcoins should put in good words for it.

Bitcoin network and software is still getting developed

The Bitcoin network is still in the development phase and hence there are many things which are still incomplete. There are many security features which are still being developed. Additionally, the Bitcoins are not regulated by any authorities hence the system is still not very organized. One of the biggest disadvantages is that Bitcoin software is an open source code. This is why people can create their own protocols. For the Bitcoins to be available to the masses there needs to be consensus on the protocol.

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