What are the problems with bitcoin

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What are the problems with bitcoin?

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Asked On2022-10-17 11:46:01 by:Sanjana-Mandhare-

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Disadvantages of bitcoins :-

Bitcoins Are Not Widely Accepted:- 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.
Wallets Can Be Lost:- If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned.
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. This problem can be solved using a third party escrow service like clear coin but then, escrow services would assume the role of banks, which would cause Bitcoins to be similar to a more traditional currency.

Answerd on:2022-11-06 Answerd By:suman

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What are the problems with bitcoin?

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