What are the cons of using bitcoins in a transaction?

Cons of using Bitcoin in transactions

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Bitcoin are not widely accepted


http://moneyandstate.com/bitcoin-libertarian-introduction-used-care/

Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.

Lack of Awareness & Understanding


https://investorplace.com/2017/12/dont-understand-the-bitcoin-price-try-a-mutual-fund/

Fact is many people are still unaware of digital currencies and Bitcoin. They need to be educated about Bitcoin to be able to apply it to their lives. Also, Networking is a must to spread the word on Bitcoin.

No Buyer Protection

When goods are bought using Bitcoins, and the seller doesn’t send the promised goods, nothing can be done to reverse the transaction.

No Physical Form

Since Bitcoins do not have a physical form, it cannot be used in physical stores. It would always have to be converted to other currencies. Cards with Bitcoin wallet information stored in them have been proposed, but there is no consensus on a particular system. Since there would be multiple competing systems, merchants would find it unfeasible to support all Bitcoin cards, and therefore users would be forced to convert Bitcoins anyway, unless a universal system is proposed and implemented.


Onies,A.,Daniele,G.,Olayinka,T. Disadvantages Retrieved from https://cs.stanford.edu/people/eroberts/cs181/projects/2010-11/DigitalCurrencies/disadvantages/index.html

What are the Advantages and Disadvantages of Bitcoin? Retrieved from https://coinreport.net/coin-101/advantages-and-disadvantages-of-bitcoin/





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