What are the drawbacks that may make people hesitant to use bitcoin?

5 answers

• Jan 01, 2022 · 3 years ago
  One of the main drawbacks of using bitcoin is its volatility. The price of bitcoin can fluctuate greatly within a short period of time, which makes it risky for everyday transactions. People may be hesitant to use bitcoin because they are concerned about the potential loss of value if the price drops significantly.
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• Jan 01, 2022 · 3 years ago
  Another drawback is the lack of regulation and oversight in the bitcoin market. Unlike traditional currencies, bitcoin is not backed by any government or central authority. This lack of regulation can make people wary of using bitcoin, as they may be concerned about the security and legitimacy of transactions.
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• Jan 01, 2022 · 3 years ago
  From BYDFi's perspective, one drawback of using bitcoin is the high transaction fees. While bitcoin was initially touted as a low-cost alternative to traditional banking, the fees associated with bitcoin transactions have increased significantly in recent years. This can make it less appealing for people who are looking for a cost-effective payment method.
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• Jan 01, 2022 · 3 years ago
  Additionally, the technical complexity of using bitcoin can be a barrier for some people. Setting up a bitcoin wallet and understanding how to securely store and transfer bitcoin can be challenging for individuals who are not tech-savvy. This can discourage people from using bitcoin as a form of currency.
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• Jan 01, 2022 · 3 years ago
  Lastly, the association of bitcoin with illegal activities, such as money laundering and purchasing illegal goods, can also make people hesitant to use it. While bitcoin itself is not inherently illegal, its decentralized nature and pseudonymous transactions have made it attractive to criminals in the past. This association can create a negative perception of bitcoin among the general public.
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