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For you as an individual, what are the drawbacks or risks of bitcoin, as compared to...

For you as an individual, what are the drawbacks or risks of bitcoin, as compared to using the U.S. dollar?

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Answer #1

The drawbacks are :

  • it is not backed by any authority i.e. if the price of the bitcoin falls or if anyone refuses to accept the bitcoin as money there is no remedy, that coin will be lying waste. this cannot happen with Dollar as it is backed by the Fed and its a legal tender.
  • its value keeps changing i.e. today its value can be a million for a coin but tomorrow it can be zero, no one is accountable for that like we have Fed.
  • Its not accepted universally so its not a cash at most of the places.
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