The negative aspects of Bitcoin
We have dedicated an article to the advantages of the most popular cryptocurrency, but Bitcoin, like almost everything in life, not only has positive aspects. It also has some disadvantages, of which we are going to see three of the main ones:
Degree of acceptance
Many people do not know about Bitcoin yet. Every day, more businesses accept Bitcoin to take advantage of its advantages, but the list is still small and needs to grow so that they can benefit from its network effect.
Volatility
The total value of bitcoins in circulation and the number of businesses using Bitcoin are very small compared to what it could be. Therefore, relatively small events, exchanges or business activities significantly affect the price. In theory, this volatility will decrease as the market and Bitcoin technology mature. A nascent coin has never been seen before, so it is very difficult (and exciting) to imagine what will happen.
Ongoing development
Bitcoin software is still in beta with many incomplete features in development. New tools, features, and services are being developed to make Bitcoin more secure and accessible to the masses. Many are not yet ready for the public. Most Bitcoin businesses are new and do not offer security. In general, Bitcoin is still in the process of maturing.
Then we have the issue of its use in illegal activities, an issue on which the organization itself pronounces: “Bitcoin is money and money has always been used for legal and illegal purposes. Cash, credit cards, and banking systems far outperform Bitcoin when it comes to financing crime. Bitcoin can bring innovation to payment systems and the benefits of such innovation are considered much more valuable than the potential drawbacks.
Bitcoin is designed to take a huge step forward in monetary security and could also play a big role against many forms of financial crime. For example, bitcoins are impossible to counterfeit. Users have full control over their payments and cannot receive unapproved charges like you might see with credit cards. Bitcoin transactions are irreversible and immune to fraudulent chargebacks. Bitcoin allows you to secure money against theft using strong and useful mechanisms such as backups, cryptographic encryption, and multiple signatures .”