4 Drawbacks or Cons of Bitcoin

Bitcoin is great and has changed our world, but there are some drawbacks to bitcoin too.

• Bitcoin Transactions are not Reversible

Once you send bitcoin for payment there are no charge backs like with your credit card. This can be a benefit too, but in a world of protectionism this is a draw back. There are no support or regulator to help you, because bitcoin is unregulated. It is a decentralised currency remember.

• Vulnerable to Thieves

Hackers love bitcoin. It is internet money, so hackers, who live on the internet find ways to hack exchanges and draw bitcoin.

• Can be very Volatile

Bitcoin is well known for big rises and falls. Get your timing right and you can win big fast. So far, long term, the trend has always been up.

The price of Bitcoin or bitcoin trades 24/7. The volume is low compared to other currencies, but as bitcoin matures and trades more and more and as the price rises the volatility should come down.

• Slow Transaction Speeds

Transactions has become very slow in the last 3 months due to capacity constraints. Bitcoin transactions are increasing every day as more people and businesses use it. Transactions have become slower and more expensive because of the increase in computing power needed.

Bitcoin needs to be modified and improved and plans are underway. In Aug 2017 the implementation of Segregated Witness is underway to improve speed of the network and hopefully bring transaction cost down.

Do you agree with my 4 points above? Do you have more to add?

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Colin Brazendale

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