The cryptocurrency was designed to lessen the challenges of money transfer all around the world. Because it has no central system to control it. No country or bank is involved to control your currency but the bitcoin network is peer-to-peer.
There are some amazing benefits of using cryptocurrencies, like quick transfer of money with quite a few changes. The system is secure because it has a very complex algorithm to decode it. So companies and individuals enjoyed using it. You simply need a business computer, an internet service provider to use cryptocurrency.
As everyone can use bitcoins that's why even children can own and use it easily. They don't need any certificate to open an account and owing something. It's among the biggest benefits of using cryptocurrency.
No doubt there are some amazing benefits for cryptocurrency but there are some unforgettable flaws of bitcoins that everyone must keep in mind. There following are some major flaws of bitcoins.
You can't reserve transactions:
Once I started using bitcoins, my friend advised me that never send btc to someone before taking payments or products. Because once you have done a transaction you can't undo it correct it. No matter you made a mistake in the private key or someone installed malware on your phone to control your transactions, you can't get your money back.
Unfortunately, many cryptocurrency users are scammed by any means, and they never find a bitcoin recovery expert to recover their scammed money back. So we can consider it as one of the major flaws of bitcoins.
Hackable vanity addresses:
Vanity addresses are used for transactions, you can't transfer btc without that address but there are some tools to hack vanity addresses. That means btc is not that much safe it is believed it to be.
You can say that hackers can hack any account but hacking a bank account is far harder than hacking your bitcoin wallet so it’s not comparable. One other thing is that if your bank account is hacked you can claim the money but if your wallet is hacked it’s gone. You can’t claim it again.
You don't own it:
Although, you keep your btc in your wallet and you have full rights to use them but still you don't have a physical thing to own it. Cryptocurrency is all about coding and algorithm. It's not even like your bank accounts where at least you keep dollars in your bank account and you can transfer them to any other account. You don't have anything physically in your wallet.
It secures the record the transactions but in fact there is nothing in your account. So it's also one of the biggest flaws of bitcoins.
Governments have no control over it:
Maybe, you don't take it as a flaw but really it is. As it's a decentralized system of transferring money all around the world so no country has control over it. It can completely destroy economies because people won't expose their assets and pay taxes for whatever they have. That's why cryptocurrency can be a great threat to economies.
Cryptocurrency is complex:
Cryptocurrency uses complex math for its algorithm. So it's not easily understandable for common people. Its complex algorithm makes people fear it and they don't want to believe in it. That's why it becomes a flaw of bitcoins.