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Disadvantages

Lack of Awareness & Understanding

  • People are still unaware of Bitcoin and digital currencies as a whole.
  • People need to be educated about Bitcoin to be able to apply it to their lives.
  • Businesses are accepting bitcoins because of the advantages, but the list is relatively small compared to physical currencies.

Risk and Volatility

  • Users need to be very careful since their digital wallets can be hacked, if they don’t follow certain rules of security.
  • Bitcoin’s price is volatile mainly due to the fact that there is a limited amount of coins and the demand for them increases by each passing day. Volatility will decrease as more and more users and businesses begin to accept Bitcoin.

Still Developing

  • Bitcoin is still at its early stage with incomplete features that are in development.
  • To make the digital currency more secure and accessible, new features, tools, and services are currently being developed.
  • Bitcoin needs to work out its problems just like how any currency in its beginning stage would need to.

 

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