Bitcoin Forum

If and when cryptocurrency and/or bitcoin becomes the official currency of the world, do you think there will be a downside to it? If so, what do you think the negative effect will be once cryptocurrency becomes a worldwide currency?

Bitcoin is good cryptocurrency and comparing to other it is the best. Its price is also higher then that of other cryptocurrency. But it has some demerit or downsides. First of all its its irregularities in its production and distribution and this is occur because of miners fault and this thing affect bitcoin price. Another thing is its volatility which is biggest reason behind investment crisis. Many investors looses their money for their. Some other down side is its involvement in criminal activities.

Each country has its own economy and its currency, confirmed by a gold reserve. Digital money can’t become a single world currency, because they are decentralized, i.e. aren’t controlled by anyone. But a crypto currency can remain a means of paying for some services or goods, like chips in a casino or as coupons.

According to my oopinion, each country has its own economy and its currency, confirmed by a gold reserve. Digital money can’t become a single world currency, because they are decentralized in the world.  :)

Bitcoin has the value from its buyers and holders only. So bitcoin cannot be a store of value. Unless bitcoin is used in trade and commerce, bitcoin price can crash once people lose interest or panic sets in

Surely the government won't allow it to happen because they'll go bankrupt if everyone moves to Bitcoin.

Let's say the said scenario happened now, once billions of people starts using Bitcoin the network will be busy due to the millions of unconfirmed transactions and fees would go up (btc wise). The price could be a problem for some people because of the volatility, though it's expected that the price will stabilize as soon as more people are trading Bitcoin. I still think that there will be times that all of us have to spend more/less.

Reported for copy pasting.

Now payment side Paypal is captured the overall marketplace value buddy. I really do not want the people take bitcoin as a consideration in a mainstream payment since as of now it is decentralized platform oriented cryptocurrencies.
You all may hear about the Ripple's adoption in the marketplace and usage on the banks side also. That is happened because it is belongs to decentralized platform. If you find the centralized coins more then banks will be adopted it for sure.

PayPal might be ditched quite fast because of its growing fees and ease of chargebacks. I am tired of transacting with people who are constantly chargebacking their transactions. As far as I know, sellers have to pay a fee if someone does so.


No wonder why banks are interested in it. Ripple is centralized and that's why it can process so many transactions. Your money can be frozen anytime and you have to pay about 20 XRP for creating a new wallet, that's ridiculous.

There are various downside of bitcoin is present. Which cause trouble in its profit and also put its future in dark. Because of its decentralised nature no one control its production and distribution which creat a lot of disturbance in its trading and any other thing. Bitcoin transactions are not reversible, if you done it accidentally then there is no way to reverse it. Bitcoin has no physical form if any virus attack occurs or any hardware crash occur then their is no backup of its present. And crypto are uncertain currency which means it can ban it in any country. Their is no stability of it.

I'm of the opinion that there can be plenty downside to crypto if one was to really look for all the negativity in this market. Sure, there are some such as high risks and low rewards but when it goes big it will be felt.

Obviously I prefer crypto over the current banking system but one thing that can suck about cryptocurrency if your not careful is that transactions are not reversible.  If you carelessly send coins to a wrong address or a hacker gets access to your private key those funds are gone and you will not get that money back.

Bitcoin is created with vision of decentralisation so there is little chance that government will announce it as it's official digital currency. Infact government can make its separate cryptocurrency in future from which they can track identification of holders which will be centralised. This centralised currency can help government to tackle issues related to scam and corruption easily but government can dictate the freedom which we get in decentralised manner.

That is probably never going to happen and that is because of the biggest downside of bitcoin which is that is a coin designed for online payments, but even in this advanced and technological world from time to time you need cash, and the people that have the lowest incomes cannot afford to do a transaction online for their payments, they need to use a physical medium of exchange.

I think that the downside of btc is volatility wherein it is not stable due to fluctuations that are recurring from time to time. Another factor I see is the limited circulation supply which I don't think can manage to it's distribution globally. In my opinion btc is not feasible for now to become a single global currency.

I think that one of the realistic drawbacks is that corruption from some of the third world countries and malicious governments will gain access to a tool to poison other economies. Over time however, I expect much of the world will reach parity in terms of economic development and infrastructure, but it will take a very long time for this, until then it will be a detriment.

Well, i don't think cryptocurrency is very perfect. For now, i can say crypto has some number of downsides such as the drastic change of its price within hours. I believe the reason for this problem is due to the young nature of cryptocurrency and the crypto world....

Maybe there will. Anything has problems, we may encounter problems with cryptocurrencies or digital currencies if there's a defect with electricity or technical problems in computers.

Every country have their own law and currencies because some of country like china didn't recognize bitcoim as one of the currency and i think it illegal to them so that if bitcoin will recognized by all country it was to us because we know bitcoin will be the one be popular and primary cryptocurrency to use. We hope also in the near future it will legal to each country.

the major problem and the big downside of bitcoin will be volatility, we can't really predict the price of bitcoin, yes it will pump higher but after the pump there is always a drop that will happen. For me bitcoin won't be the world currency, it will be the worlds trading for every countries digital currency.

There could always be a downside. But it will still have far more upsides or advantages.

Yeah, the downside for me is all about the price. The current value of bitcoin is very volatile that holding one is very risky at the moment when you expect good return crypto currency are not for you since its price is shifting every minute.

lol bitcoin cannto be the worlds leading currency, as it doesnt work for the worlds economic managment

if it would become the worlds dominant currency people all over the world would be enslaved to the bitcoin miners, and the bitcoin miner cartel would then rule the world. especially the biggest miners.

sooner or later people will get rid of their enslavement of constantly having to serve and run the huge mining facilities for those owner (oligarchy)

and do a revolution

i have a picture of that bitcoin centristic world

https://i.imgur.com/EgMq8Z7.png
regards

It is almost inconceivable that the world powers will relinquish they powers of money control to adopt bitcoin as the global currency, it will not be practicable for bitcoin to cover sever trillions of dollars in global trade.It will make some individuals richer than nations which is bad for society.Not a good idea.

the disadvantage that I am worried about is that the price of cryptocurrency is very volatile and this becomes positive and negative, but if the price declines quickly and does not rise again, this can make a huge loss to the world.

of course, when bitcoin becomes the official currency in the world, people will get to know bitcoin, they flock to buy bitcoin and invest, the loss that is definitely felt is that there will be a lot of gambling in the world, they want faster profits

lack of crypto is the price that often goes up and down and sometimes there is no result. and often get a lot of losses.

The weakness of crypto unstable prices, uncontrolled security, this is a lot of hackers who are trying to find our loophole, so that the government can only give a warning for all the risks that occur if the loss is not the government's responsibility. The risk is too large if one makes a decision, all the things that affect the crypto will have a negative or positive impact.

I think so too. You're right to say that the advantages of crypto currently outweigh any disadvantages. As far as I can see, the only downside will be whether or not it will have legal backing. That's the main issue, right? Will crypto need regulation?

Cryptocurrency will be a good help to improve the economy of one country but the downside of it is being used I'm illegal transactions which may increase the rate of unsolved criminality because of anonymity if every transactions. No one can control of the digital currency that is safe for the powerful officials on corrupting own country but increase the number of cybercrime case.

Interesting observation. I wonder, do you think that the price and market of bitcoin will decrease if everyone in a country will get into bitcoin? And will it still be unpredictable like how it is today? Or will the crypto world be chaotic?

But what if the government tries to get into bitcoin, do you think that there is a chance for bitcoin to become the official currency of even a single country? I wonder if it will still be unpredictable if the government get into the crypto world?

Yeah. I think that this is one of the major flaw of bitcoin: its unpredictability. But do you think this problem will be solved if everyone in a country gets into bitcoin? Or perhaps there will be more fluctuations in the market?

Highly  unpredictable market movement.

I wouldn't call it a flaw though, its one of a characteristics of a asset specially with limited supply and supply demand ratio.


I highly doubt that bitcoin can be seen as official currency in the world. Banking system will stop that at any cause. But for the sake of argument, perhaps the only downside is that we will see more exchange hacks, wallet hacks, anything that a criminals can do in the fiat world would also be applicable to bitcoin, plus they don't need guns to steal our coins. :)

no no no, I don't think that will happen.
bitcoin is not suitable to be a world currency, vollatilitas and fluctuations are the main obstacle.

The price of Bitcoin will stabilize at some point in the future. We are still far away from seeing any country adopting Bitcoin and even if that happened, it would have a huge impact on the whole network. We still have to face some important issues such as ease of use for ordinary people and scalability. The next world crisis might force people to consider using Bitcoin since its completely independent from the decisions of governments.

Well there's an "if" In the statement so op probably wants to know in that scenario. Though there's always the challenge of instability. A lot of regulations and arguments would likely take place and that still would be the main challenge for crypto.

It can never become an official currency of the world. The government will never let this happen, and it's true that will have a more detrimental effect compared to positive.

Not a lot of people are comfortable in using crypto so yea after it becomes official currency then the scam rate will increase drastically.

I think this will be difficult for some countries to accept and the negative effects may be that flat money will not be there while not everyone understands crypto

The only downside I can see is that I wont have enough stocked up by that time to retire :D lol... Seem's like alot of the third world countries are considering making their own cryptos for their nations. I can only see bitcoin going up with this happening and alt of the alt coins will always be tied to bitcoin itself and not separate away. Bitcoin is the gold standard and if nations are to create their own crypto it will be tied to it regardless.

I think that nothing is wrong.When this happens it will be a completely different world.And honestly, I'm looking forward to it.

The speed of the transaction will be the main problem. The current technology cannot handle a huge amount of traffic and it has a relatively slow transaction processing compared to the modern blockchains. The technology behind bitcoin is not as fast as the new generation blockchains (e.g. NEO). The price would not be the main problem here, if bitcoin is the world currency, this means that it will have a stronger value, it will be the basis for the price of goods. Like USD in the world market.

I think one of the major downsides that people don't often speak about is the amount of training required in order to see it mve into primetime. Think about it, cash money is very simple, it doesn't really need to be explained because absolutely everybody understands how it works. However, with Bitcoin and other cryptocurrencies there are multiple layers of difficulty in between the users and Bitcoin utility. A lot of people still don't even understand how to use a computer or smart phone, the odds of them learning how to use Bitcoin is slim to none.

I don't know if this is a downside but maybe for those who didn't hold enough Bitcoin because the price will surge instantly and the price will shoot and go to the moon literally if it becomes an International currency. Just imagine a 21million supply with Billions of people in the world.

There will always be a downside for it.It will always be prone to hacking and scams. History has already shown that unless, if there will be an untraceable blockchain that will be invented in the distant future.

One of the most clearest down sides we can see is strong fluctuating. The price can fall down from 20000 USD to 4 USD. That's sound terrible ! Besides, many government don't accept Bitcoin as a legal currency so it is difficult for Bitcoin to develop. Can they not believe in Bitcoin ? Thus, I think this cryptocurrency need to improve more to access the currency of world.

We can deny the risks which Bitcoin takes. No one and no organizations can control this cryptocurrency. Therefore, people don't feel safe when they invest in Bitcoin. Just because their money was not guaranteed.

I don't think Bitcoin or any other cryptocurrency will ever become a world currency. It will remain the same type of asset as gold, will be hopefully accepted as an additional way to make purchases but nothing more than that.

I think one thing is not only advantage but also down side of Bitcoin, this is price. The price of Bitcoin now is approximate 7000 USD. That is a large number of money which not every people can invest. However, this also makes the value of Bitcoin.

When it comes to crypto as opposed to fiat, I feel crypto has certain downsides, of course:
a) volatility;
b) vulnerability to to hackers' attacks;
c) dependence on electricity;
d) lack of anonymity.

Comparing cryptocurrencies to fiat money it's pretty hard for me to find any downsides of crypto. If it will become a worldwide currency it willbe very good for all of us.

There is almost no country in the world which currency is backed by gold. All countries in the world are in debt and tend to print banknotes wich only makes things worse.

I think that Bitcoin won't be able to be a world curency because there is not enough Bitcoin in cirrculation, however there mayby a different cryptocurrency on Blockchain that will meet all expectations and finally become a world currency.

I don't see this happening at all. So many people especially those that live in the third world countries and the none educated person will find it difficult to use crypto. Remember crypt is quite complex and not so easy to use. There might be mass adoption in the future but I don't see bitcoin becoming the only worlds currency.

As technology evolves, of course Digital Money will become the common currency of the world. However, digital money can hardly become the reserve currency of the world, because it has no real value. In addition, it encountered some trouble in the countries. Look forward to being widely used around the world then consider becoming a reserve currency.

Bitcoin is a decentralized currency, this is what makes this currency difficult to manage and is used by some people for illegal transactions. Bitcoin also has some disadvantages. First of all irregularities in production and distribution and this happens because of the fault of the miner and this affects the price of bitcoin. Another thing is its volatility which is the biggest reason behind the investment crisis.

I'm having a hard time saying and arguing about this post. I think you are too naive because the cryptocurrency is still very far from being a world currency. this is a matter of useless debate. and about downsides, that's why cryptocurrency is difficult to become a world currency.

In my opinion, bitcoin will never become official currency in any market.
It's very simple really, since there is no bank or government behind bitcoin, no control or legal protection, bitcoin will remain alternative currency.
Also, no way that crypto will become official global, world currency.
I really believe that some countries will follow Venezuela example and start own, state crypto currency.
It's to early to predict future with such currencies.

Generally, I'm not sure any crypto coin can become an international currency. But even so, in my opinion, both options are possible. Or it will rise drastically or the price of this coin will drop. To be honest I do not know.

I have to agree. Crypto may not be an official currency worldwide, but do you think that cryptocurrency could co-exist with fiat money in the future? I could see some countries creating their own cryptocurrencies though.

All things have downsides, but it all matters to how heavier the benefits are. Bitcoin for example, if it were to become a worldwide currency, governments would have a hard time to tax people who operate business though crypto. The reason being their concept being opposite to each other--a centralized entitiy wanting to control a decentralized entity.

Well, I don't see that as the downside of bitcoin because it is still easy for the government to  collect tax because what will do is create a vat for every cryptocurrency exchange just like how hotel, flight agency does. However, the only downside I see in bitcoin if it go mainstream is transaction cause the amount if transaction which the bitcoin network can treated per second is too small. Therefore, transaction,no physical touch(cause people who don't have internet access can not join crypto community) and tx fee are the downside of all crypto

Bitcoin is legally located here in our area and is acceptable to our country because many banks also accept bitcoin so we can take care of it well.

If it become a worldwide currency and it has replaced fiat, the downside would be its volatility. Bitcoin's price is frequently changing at it hurts a lot of user. One negative aspect is that it only runs through the use of technology and internet so it is prone to technological failures.

And what kind of downside do you mean? If bitcoin become the world currency, then crypto wont go downside.
The negative effect of it maybe on the fiat currency. Peoples will less to use fiat if they already easy to using bitcoin as a world currency.

I do not think there will still be a need for exchanges if cryptocurrency is globally accepted already. We only use exchanges for now because we need to convert crypto to fiat in order to spend them. I think it will be an advantage for tax evaders to use crypto because it is harder for government to monitor and track crypto.

I think there is no loss, it's just that Bitcoin will have a fixed and stable value. because currently one of the main problems to reach the world currency is that bitcoin has no stable value and tends to manipulation and speculation. so most countries are reviewing this. Will it be the world currency? I am still pessimistic, but I am optimistic if bitcoin will become a vehicle for transactions for world fiat currencies.

We all know that the craze of these crypto currencies are increasing among people day by day and therefore now there are millions of people around the world who are investing into bitcoin as they find it more profitable and the most beneficial investment of all the available one and in present times they only are the part of investment and once it will get centralised world wide, it will further open many job opportunities and will prove very beneficial for the entire world.

Sorry it seems not possible for any crypto to be official currency of the whole world as we know that not all countries has supports on crypto. Different country has different economy it's difficult to balance the economic growth for the whole world that reflects our cultures.

Very true, as is anything within the financial industry.
However, there is a token trying to change and re-form the payments system though. Have you checked out PumaPay? Their telegram is a lively discussion about all things crypto and blockchain related. https://t.me/PumaPay

The main feature of cryptocurrency is that it is anonymous, technically digital money transfers will be difficult to track compared to cash transfers or banks, this will make illegal transactions more prevalent and even more difficult for authorities to handle and investigate illegal transactions.

so far I have not thought about the loss when bitcoin or cryptocurrency is the official currency. I think more about being accepted in all countries, now the problem is that not all countries accept it. because in general bitcoin is decentralized or cannot be controlled by any party. and tends to digital assets.

The only negative part of cryptocurrency that exist was inability of crypto to have a support term that can reverse any cryptocurrency that is mistaken send to a wrong wallet address or hacked token. The way  blockchain technology is improving provision will be made to solve that problem.

I am afraid that the only and the main drawback of this wonderful event will be that the population has not had time to understand and master the blockchain will remain far behind.The concepts of the lower and middle classes will be completely erased.To avoid this, it is necessary now to begin to educate people on this issue and connect new users.

The value of bitcoin today is very unstable which holds it very risky at times when you expect a return of good cryptocurrencies not for you because the price shifts every minute.

Uptill now I can still remember what granma use to say,  WHAT GOES UP  SURLY COME DOWN,  the rule of velocity must apply,  cryptocurrency goes up and down and that makes it more interesting

perhaps a crypto currency and is an interesting moment of the fall of the crypto-currency market, but the person who invested his funds in late 2017 thinks quite differently.

The major downside, in my opinion, is high volatility of cryptocurrency. Another dowside is the usage in terms of technology and awareness. We are optimistic that cryptocurrency will create impact as a currency in the world.

I think it's not the rule of velocity but rather the law of gravity, what goes up will surely come down. But nonetheless, cryptocurrency is not gravity driven. It exists in a digital world where it defied different laws of expectations.

Bitcoin and other cryptocurrencies are purpose driven with utilization and value at its core. Truly, it sounds like a big let down when the price plummet from $20K to $5K, and a lot bleeded for this reason, yet i personally think the a bitcoin at $5K is still very valuable and still holds a great potential for profit.

if crypto becomes the world currency it will be very good and there may also be negative effects, and I think the negative effect of that is due to the inaccessibility of the interior with the internet, which creates an understanding of the crypto world.

Bitcoin is good crypto, actually the best crypto. But i see Bitcoin in its downside when value is lowering down, all crypto seems connected to Bitcoin, so they all based with Bitcoin value.

I have not yet any downside of bitcoin. If you have read and understood the whitepaper of bitcoin, you will know that bitcoin is getting better than it was insinuated to be.

The fact that blockchain technology requires internet access first in order to work, that's the strongest point and weakest point at the same time. This is favorable for crypto in a sense that it makes every transaction much faster and free from paperworks — simply convenient. But on the other hand, this will be a catastrophe if ever internet suddenly shut down. Imagine every business transaction in the whole world Is on pending, what a huge misery, right? This will not only result to a waste of time but also a big loss for economic growth of every country. Time is gold literally and figuratively :) that's why we can't afford to lose that. 

Cryptocurrencies or Bitcoin becoming world currency is one thing I always see as impossible because every country has it fiat currencies used by it citizens allowing crypto to take over will definitely affect their economy as it currencies will be worthless. secondly crypto is decentralized, also is not easy for common man to understand it transactions which I think is one of the main reason why government are against crypto.

Every country has their own law and currency because some countries don't know bitcoim as one of the currencies and I think it's illegal for them so that if bitcoin will be recognized by all states to us because we know bitcoin will become a popular and popular cryptocurrency for used. We also hope that in the near future it will be legal for each country.

The biggest downside right now is that bitcoin is not ready, there is not an official number of bitcoin users but I have seen estimates go from one million to ten million, if bitcoin was actually used by billions of people the cost of each transaction will be very high and it would be almost impossible to get anything confirmed in time unless you send a very high fee to the miners.

So we need to be realistic, bitcoin is great and it's one of the best currencies around the world but it is still in its development stage and until it's ready we cannot really expect that bitcoin is adopted as a worldwide currency used by everyone.

the only minus of the crypto currency is its volatility, but I think that in the future this problem will be eliminated and bitcoin will become available to all people and will gain immense popularity

I think that there will be advantages and disadvantages, because then the currency will become smoother and we will not be able to earn as it is now. And the advantages are the same, but then the losses will be much less. But that's my opinion...

As BTC previous and current status, it's absolutely right choice for investors. Bitcoin still giving it's best output to their investors. The current price of BTC is not bad particularly Buyers think about it.

in my opinion, bitcoin will have more benefits than losses. bitcoin will stabilize the economic market.

the negative thing we worry about is hacking and using bitcoin for action criminal by irresponsible people.

it hurts bitcoin and all crypto users.
because of that, the crypto world requires regulation that covers every market development.

The fall of bitcoin and other cryptocurrency will become fast if the people will sell all of their crypto and banned it worldwide. But as long as there are interested buyers of bitcoin, it will not go to zero value. People urges to have profits and one way to gain is to enter the world of cryptocurrency.

When that happens if it were to happen, I think one major downside would be the fact that it may be used by the wrong kind of persons for wrong motives or wrong reasons e.g scams and as a means of anonymous payments for various kinds of crimes.

I think bitcoin will be a rival for currencies and other assets such as gold and silver. even it will replace every fiat transaction. that is a loss for conventional banks.

but, the growth of bitcoin in the future will be better and has a great potential to fill every space in the world exchanges.

One downside to cryptocurrency, particularly Bitcoin, is that it is not yet accepted worldwide. Only a few nations have actually recognized crypto as a legal form of payment. It may still take a significant amount of time before crypto would be able to penetrate majority of nations. Another is that crypto prices or value regularly fluctuates. Thus, making them unstable in terms of value. This is more of a concern for traders.

As of the moment, I do not see Bitcoin becoming the "official" currency of the world as you put it. I don't know if the supply will last until that time. But anything is possible though. So I'm not totally closed to the idea.

Governments aren’t going to make a currency like this because they have a vested interest in maintaining their own currency reserves. I am assuming that by "official currency" you mean the country's National Currency, as one can have both a national currency and another currency that is accepted as legal tender. Cryptocurrency is nothing more than what we already have today,  

The only downside of btc/crypto is their unpredictable behavior and an unprecedented level of fluctuations, which might destabilize the global economy. Given there aren't mechanisms to control the decentralized currency including its exchange rates, crypto can put the entire world in jeopardy. Isn't it a downside?

I like crypto and i think that it will remain the best coin forever until digital currency exists. To my mind, it is better to use crypto now as the way to earn money by trading it when the market recovers

Illegal transactions for buying illegal items.
For money laundering which could lead to government corruption.

Although it is great to be used as payment method it could also lead to a large scale of downside when abused.
People are getting witty by now and they could find holes easily.
But it could also be countered by the government if they want too. But I dont think one honest government will try to make it come true if they are also using it to escape money.

No doubt crypto is the most successful and the most popular investment and therefore millions of people are investing into crypto and it has opened many job opportunities throughout the world and has helped to achieve a next step towards digitalisation, but as we all know that each coin has two sides, on the same way crypto two has few downside inspite of having millions of advantages and the biggest of all is its illegal use.

Crypto is very huge and very potentiating crypto currency and therefore there are millions of people around the world who are investing into crypto and I think they must be thinking that they are investing their money at the right place from where they can get the good profit otherwise no one will waste his or her valuable money but inspite of all these, there are few downsides of crypto that is stopping many governments not to legalise it and the foremost is its increasing illegal use.

I think maybe bitcoin can become a world currency and you might match the dollar's difference between bitcoin is only digital and invisible and while the dollar looks maybe bitcoin will become more famous in the coming years.

There are many downsides to cryptocurrencies. These differ from one currency to another, one aspect may be the downside of one cryptocurrency but may be the positive aspect of another crypto.
You just need to judge for yourself, through experience and expert views about the various pros and cons of each cryptocurrency and decide for yourself which currency do you want to invest in.

For the ones who are here for some more detailed answers, one of the major downsides of cryptocurrencies is the fluctuating value it has. As you can see for bitcoin, the crypto once hypes and increases in value, but after that hype, the crypto is followed by a huge dip which may be stretched for too long.

Another negative aspect of cryptos are the bans and negative publicity they receive, many countries have been very slow to accept the importance of cryptos and this might be a huge negative aspect for some of you. Other aspects include the inability to use cryptos for normal day to day transactions or the lack of knowledge.

Cryptographic market is too small and young. It will take a long time to develop.

all there are advantages and disadvantages

http://cryptouniversity.co.id/ketahui-kelebihan-dan-kelemahan-cryptocurrency-bitcoin/

When anything becomes immensely popular, the negatives seem to get bigger as the people in charge seem to take advantage. If Bitcoin remains decentralised, with minimal regulation, the negatives should remain low. Another problem I foresee is that Bitcoin relies heavily on technology, far more so than fiat. If there is a power outage, yu can still run down to the corner shop and buy your groceries with cash, but this may prove to be a problem with Cryptos.

every digital currency there must be weaknesses and advantages. in my opinion, if crypto becomes the official digital currency throughout the world. then crypto prices will be more stable and investors will switch to using crypto as an investment tool. and crypto will make it easier for us to transact with everyone because crypto currencies are universal. its weakness, this currency transaction system will be increasingly crowded because it will be used throughout the world and security must be increased.

Of course there will be a downside. Judging from the everyday attitude of humans, I can foresee that they will abuse the use of cryptocurrencies and they will be able to conceptualize more types of crimes. With that said, I also think that crypto will never be the main currency unless all the countries around the world are at peace.

I don't think it will ever happen because the biggest weakness of Crypto is a coin designed for online payments, but even in the developed world and technology you need cash from time to time, and the people with the lowest income are unable to make online transactions for their payment, they need to use physical media exchanges.

if you think about the loss, I think the cryptocurrency owner will benefit because he can sell crypto at a high price. but the negative effects will certainly weaken the country's money and certainly make inflation in the country because it disrupts economic stability.

Disadvantages of Crypto-Currency
Not all countries offer legal tools for working with crypto-currencies. Some of them have not yet passed legislation on work with them, some of them impose their conditions. Although residents even those countries where legislation is not regulated, in practice can make and receive payments.

Price volatility. The exchange rate is usually quite dramatically changing, which complicates the planning of costs and the formation of prices for goods or services. Although for those who play crypto-currencies on the exchange, this is just a significant advantage. The level of complexity of calculations increases, the same concerns payback, with time, the proceeds from mining are less, which requires a revision of the policy.

Lost password from the wallet means the loss of all funds on it. There are procedures to restore access to the wallet, but for this you need to know the secret code, do not lose it.

You can not always get the right technical support. If, for example, the sender is mistaken with a symbol when sending funds, they will go to another purse and can no longer be returned to the sender.

Nothing is perfect. Bitcoin isn't perfect, either. And it's just in its experimental stage though it has been appeared for years. There is an elephant in the room that will need to be confronted. One of the accepted virtues of blockchain is that it creates a permanent, immutable ledger of transactions. But this is its own enemy, because it makes Bitcoin a ledger that can’t be corrected. It nearly impossible to resolve human error and mischief efficiently.

It's hard for Bitcoin to become the official currency of one country, much less to be a global currency. And of course, like everything in the world, which is always imperfect, Bitcoin has some drawbacks. The Bitcoin system could contain unexploited flaws. As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.

Bitcoin and other cryptocurrencies are non-centralized and not created by any central bank. If altcoins become very popular as a means for transaction and storing wealth, then this could it more difficult for central banks to conduct monetary policy.

When people start to use Bitcoin more, they can cause the internet congestion and high fee transaction. At the end of 2017, when everyone rush to buy and sell Bitcoin, the fee was up to more than $50, discouraging people from using Bitcoin at that time. This is the biggest downside of Bitcoin.

Main downside or disadvantage would be this questions  Do everyone needs it? do everyone will use it on a daily basis? do we really need to make it as official currency of the world? This is very impossible, the logic would be like this, A decentralized system is centralizing the world but how ? bitcoin is really helpful but that does not mean that everyone is really into it.

If we are adopting crypto as a global currency, not everyone will be able to survive because the basic necessity to use crypto lies in the ability to use the internet. As of now, the literacy rate is not impressive especially when it comes to the technology and hence not everyone will be able to use cryptocurrencies to transfer the values. That would give big trouble for the entire economy.

to become a world, you need to eliminate many shortcomings. while I see an uncomfortable way to protect the wallet. later I hope this will solve

even though i really like cryptocurrency i also believe that it will also be having it's downside just like anything else in this world.
one of which is the availability and its usability to those who are not really engaged with technology.
such as old people and those who doesn't have access to internet and computers.

Yeah, to using crypto it's need at least basic skill on computer and internet. It will be really annoying, because there are so much people on the world that didn't know computer even internet, even though technology has developed so far.

The situation will definitely improve down the road but as of now, the sharp transformation is not possible due to this limitation. Crypto is based on blockchain technology which relies on the principle of decentralization that is focused on transparency and in order to bring the transparency, there is no other way than using the internet for broadcasting the transactions.

That is not really a downside of bitcoin if you compare it to fiat, in fact if we were to look at the statistics about how much money is being laundered in bitcoin and how much money is being laundered to banks around the world I'm pretty sure that there is not going to be any kind of competition, the money that is laundered by banks will be hundreds of times bigger than any kind of amount of money that is being laundered through bitcoin.

To me that is just an excuse the governments are using to try to scare people away from this new currency, they are trying to make it seem as if the only people that are using bitcoin are criminals, and we know that is not the case, it is obvious that some people are going to try to get advantage of bitcoin and its nature but those people are a minority.

The exchange rate is relatively unstable ;)

Yeah you are right but for sure that time will come mass adoption will come and will really a great help for all of us, although there is a downsides in crypto but for sure people will likely adjust for the sake of them to know crypto better.

I think we should have the solution based approach here which will allow everyone to participate in the empowerment of economy as per their capacity. Bitcoin and blockchain technology is definitely helpful for optimisation of current traditional infrastructure but at the same time, we should have an inclusive approach that will give options to the people instead of forcing them to get involved with it. I am sure that we will see growth in the crypto industry within coming years.

Well, all i can think is the average people who are not into technology and especially the poor where they don't even have gadget to access the internet like smart phones, iPad, tablets and others. I think it will be hard for them to use crypto much even more that crypto is so technical that you need to have knowledge in ICT especially computer and the internet.

it is very true what you say in your opinion, in my opinion the greater the risk the greater the profit may be behind the weakness there must be a tremendous advantage

The negative effect will be that the system can not control financial flows of citizens, it will be possible to hide from taxes, just as the crypto currency can be used for criminal purposes

For me, one of the downsides is "trust building". I'm an Internet marketer for decade and and I'm experiencing hardest selling efforts in the crypto world. So, if the whole IM world would be digitalized with crypto????????

The biggest drawback of crypto currency is the inability to recover the address in case of loss. I think a lot of ordinary people will lose their money that way. This can lead to depression and even suicide.

The downside of crypto can be the practicality of the whole world. Because some countries haven't recognized cryptocurrency. Blockchain technology isn't well known.

On the present about the negative effects we learn when it happens:) but so far it looks like a logical continuation of traditional money

each country has its own economy and currency, confirmed by gold reserves. and there is no decentralized cryptorency that controls its production and distribution which creates a lot of disruption in trade and other things.

In my opinion, I think btc is already considered a world currency as there are already many people who happen to use this currency globally through payment system and as a currency for investment. With this, people from all over the globe are patronizing the use of btc mostly for their investment as they are seeing bright potential to grow further. In my opinion with regards to downside of cryptocurrency is the volatility of the coin wherein it is still very unstable.

This is the situation of panic mood in the crypto market. Because almost all of the cryptos are going down and down even lost it's original price. So, investors are requested to hold only good coin like; Bitcoin, ETC, ETH, Verge, Waves, Neo etc.

You are definitely right about that. Before the cryptocurrency to be legalize we need the whole world to recognize and accept the use of it. But as of now I think we are still little far from that.

Yes I do agree with that. When you lost a huge amount of money it will just bury in your memory and need to be accepted. Some people became stress and depress with this kond of situation.

Don't put all eggs in the same basket. This is true even for fiat. That's why a person deposit money in different banks.

That is definitely a big disadvantage of bitcoin and I do not see a way to solve it, so if people want to obtain the benefits of this new technology they will have to adapt themselves to it, it is similar to what happened with computers, many people did not want to to use them and now it is impossible to not use computers no matter what kind of job you do, now many people are going to resist change as we know there are many people that despite of living in a digital era refuse to use computers, but those people are outliers, because the benefits that cryptocurrencies in general are going to bring to our lives are going to be so great that not adopting them will put you at a disadvantage.

Two very valid points above! I think its a generational thing. Particularly, millenials and generations to come will have a more rounded veiw on tech and will know how to use them proficiently. Heck my 2 yr old neice can use an iphone better than me at the age of 25! So what I'm saying is that most likely things will become adaptable in the years to come when particular older generations die out.

Since cryptocurrencies work in a decentralized system, all States will have to unite to make bitcoin a world currency. And if this happens, then the authorities will find a way to properly regulate the cryptocurrency with minimal risks when used.

Yes, if all world governments unite to validate bitcoin as a world currency, besides fiat money, it's very good, it will make bitcoin have a legality protection body in each country that uses bitcoin as its currency. So that bitcoin will be something very valuable.

The biggest disadvantage of bitcoin is its anonymity. The anonymity provided by Blockchain is both a virtue and a weakness that makes it easy for criminals and terrorists to escape.

Of the negative effects, we can assume the absence of a stable exchange rate of such a currency, which will cause inflation.

Why do you think it will become the worlds currency anyways ? I dont really think that it can be world currency and lets just imagine for a seconds that it becomes the world crypto currency, then also there will be not much use of it. Do you know why? Because most of the countries which are on the asian side will have no access to them due to insufficient infrastructure of electricity, internet connection and most important its education. I agree that this might be associated with the few countries but unfortunately these are the countries who are having most of the population in them. Also, it would be difficult to manage these currencies as there is no fixed value to them and thus it will be more difficult to use in day to day life. Thats just my thought.

Don't think about this, crypto's are likely to be adopted as 2nd payment even without declaring it as an official currency of the world. Right now, this depends on the people/company you are dealing with if they are accepting it.

Negative effect will be the countries feed back once crypto's are massively adopted.

I don't think all like that idea. I think some countries will fight against that  making it harder and harder to use it or buy it.

The downside of cryptocurrencies is that it can be easily use as a way or as a tool in committing crime. It is because whenever someone use bitcoin or other crypto as a tool on using to buy illegal things on theblack market, they cannot be trace, thus, they will show complacent and not stop doing this type of thing.

on a lighter note heres the Top Memes Going Around in the Crypto Space: https://pumapay.io/top-crypto-memes/

I always consider the goodside of crypto currency i look crypto in a positive way and set a side the bad things about crypto. And also i think there is not bad things bring the crypto currency because it was created to help many people financially and the people who used with it is the one who make crypto bad.

Crypto currency will be used as currency online, but to be an official currency of the world, thats really Imposible, because every countries has their traditional currency that can never be replace any currency, even a dollar. You cannot change the facts that every nation has a rules about accepting other currency.

The downside is definitely the low supply. When the supply of Bitcoin is too little, it can not be used for many purposes of payment. Besides, today's wallet systems of many altcoins still have many holes and the hackers easily penetrate and steal. The problem is always in security.

Yes, well I think if that actually happens, maybe Bitcoin or cryptocurrencies would be centralized and governments would control it. Also, it may become like the usually currency we have in our country. Also, it’s high value would gradually decrease since stocks are now limitless.

yes you are right, if we look for all the negativity about the crypto market, there are many weaknesses, as you say, and I will add a little, namely crypto has an unstable value, is prone to theft or loss, bad investment, money laundering tools

i'm feel worrry about it. Thought i know everything have its downsides :(

The negative effect of it, is like the usual one we experiencing today of course there will be more and more scamming and making something like that of ponzi scheme and there will be more and more people will become victim with that kind of scammed. what i mean is the investment scam the high ROI if you invest your money to them.

The bitcoin is not design to become a worldwide currency as this can't cater the bulk of transactions if huge amount of transactions will be process simultaneously. Also, not all country will support on this due to price volatility and prone to manipulations. 

I am in full support of crypto but I am always worried of the unstable transaction fees, I mean its not easy thinking of making transactions and thinking of the transaction fee because you do not know what to expect.Secondly, you need to have a smartphone or a computer to send crpto or make payments, what happens to those in the core villages if eventually we go mainstream?

That is right. Governments knew this that is the reason why it will never be a crypto currency being used as a world wide currency. If they will be using a crypto currency, it will be a crypto that they made for that certain use. Blockchain is a great technology and will be used in the future, even now, some technologies are being applied by this technology.

Crypto is a currency with investment value, although crypto on the one hand has the advantage of being able to continue to increase, but the world is not ready to use it as a currency, crypto is unstable and if the market goes down it will have a bad impact on the economy.

If crypto becomes universally accepted for transactions and payments , then there will be less delay in transaction time  and less fraud in the system. Blockchain is the best technology that we have in this century and it is to liberate the common man and empower him financially. Blockchain will reduce financial loss as there will be no third party  when there is P2P transaction and the transaction fees will be retained by the 2 transacting parties. I am yet to envisage any low side of the cryptocurrency backed by block chain technology. Except for it being decentralized which makes it a willing tools in the hands of evil men to commit evil without traces.

The downside of the cryptocurrency will be its volatility. The World can't have a currency with a value that changes from time to time. It will affect the Economy and that kind of currency will not stay long. I think this is the major downside of the cryptocurrency.

At the moment this is indeed one of the big downsides. This will probably change once crypto is adopted by the general public. Coins like Bitcoin have a big chance not to be adopted massively because a big part of the coins is in the hands of a small group of people. Other coins will come and replace bitcoin with a better scalable product and a better spread of coin holders. This will not mean that Bitcoin will disappear, but it might have to be adapted to satisfy this demand. The lightning network might facilitate this.

I think the thing I fear is the loss of financial freedom
Thus Bitcoin lost its hallmark and the most attractive

I do not think developments will go in this direction.

Volatility isn't permanent. One of the main factors contributing to it is distribution. Big currencies like the dollar are more stable because they're distributed among millions of people. At least 300 million people use the dollar every day. How many people own Bitcoins? It's hard to say but much less. How many people use Bitcoin every day? It would be great even if it was 3 million. If we went to 30 the volatility would be 10 times lower.

Well, it will take a longer time for Bitcoin and crypto currency in general to become world wild currency if it will ever happen. The side effect will that government of different country will start manipulation of its value same as is currently happening to the faith currency of the world. The anonymity of Bitcoin will no longer be is place since is going to be regulated by the government.

I suspect that cryptocurrency will be more difficult to accept in the wider community, because its use and distribution cannot be evenly distributed. This is what is used by some people and the volatility of crypto still at high point

It is too far from today, and it might happen in the next future because the government doesn't want to give any statement about using cryptocurrency as the official currency of the world. When we are all united in one nation than the possibility to see cryptocurrency will wide open because we can be one nation and with one currency. But once again, it will need a long time before it's happening.

Cons of bicoin cryptocurrency:
For new users, it takes time for them to become acquainted with the technology of creating electronic wallets and to use it in a proficient manner.
The price of electronic money fluctuates constantly, making people constantly unpredictable
A criminal activity where money laundering.

if the digital currency is used officially globally, then there will be a lot of criminal acts, but as the development of crypto transactions can be monitored because with the KYC system, everyone can find out who is transacting, and the loss is that the country does not get tax from the transaction when a user makes payments or purchases goods from outside his country, but it is possible that the government of a country makes a policy if bitcoin officially becomes a global currency

In short term, I can not see the possibility for the world to be able to adopt and use bitcoin as official currency, because government wants to control something they can control, however, there is no central control on bitcoin due to its decentralized features.
If bitcoin is used as fiat one day, the downside would be all the people will go mining for the "money", because bitcoin can be generate through mining and large amount of bitcoin will held in small portion of people due to early mining.

Bitcoin is the best if compared to other crypto, you can see in terms of price, Bitcoin is far away from its closest altcoin, Ethereum. But irregularities in production and distribution are weaknesses of Bitcoin because of the fault of miners and this affects the price of bitcoin. Another thing is its volatility which is the biggest reason behind the investment crisis. Some other side is his involvement in criminal activities.

Criminal activities was always prone to issues on money matters, and that side of crypto really gathered negative effects towards development of increasing demand from investors. I am not a hater of bitcoin alts, but it seems that other project related to new crypto is with the involvement of crimes such as fraudulent managers who managed most scam projects, that made people became hesitant on crypto due to bad experiences. For me that's considered a serious crimes which we need to look with most of the time when we deal with anonymous people handling projects, which crypto was always concerned.

I don't think Bitcoin will ever become an official currency in any country. Goverments won't ever agree for decentralised payments.

 To answer the above topic question, my one cent opinion, one should remember that Market is Volatile, price value of one coin may goes up and down dependent on the Volume of investment by the investors put in into Crypto coin, It is very unpredictable on the market movement, and the Risk of investment into the market.

First, the cryptocurrency will not become a world currency) Because the dollar, the euro simply will not miss it

You’re right on this dude,as existing currencies from all over the world will never lose their position instead cryptocurrency will help them make all the needed by the people

As i believe that virtual money created just for back up or like a gambling chips that the value will rely on the real currency

If a user lost a password from his e-wallet, it means for him the loss of all the funds in it. Since there is no control over the conduct of transactions using digital money, there is no guarantee of their safety.
Cryptocurrency is characterized by high volatility due to the specifics of its circulation.
In relation to cryptocurrency, various negative influences may be attempted by national regulators of monetary circulation.
Since over time, the process of obtaining kryptonet is becoming more and more complicated, then mining with the help of the equipment of individual users becomes less and less profitable.
Each of the existing types of cryptocurrency has both advantages and disadvantages inherent in all of them together.

Downsides of crypto among many includes price volatility some caused by market manipulations something that does not happen with any fiat currency. Plus the governmental issues.

I also believe that this is a generational thing, which is why I think that the adoption of cryptocurrencies is going to take a lot longer than many people think, to this day I still know of people that distrust banks so much that they refuse to use bank accounts, and while I can understand very well why they distrust banks because I do not trust in them either, at the same time this kind of people are not going to adopt cryptocurrencies because they are going to distrust them as well because they will not understand them.

So we'll have to wait for the current generation to become older, that way the oldest generation and the current one will have similar knowledge about the technology behind bitcoin and finally we will see the adoption that we have been looking for so long.

For me bitcoin is one of the most and top crypto that can lead the crypto to be known all over the world but bitcoin price is not that stable it can go up so high and then it can go down very low. Not like gold or fiat there price are stable and that like bitcoin can pump or dump price. And your bitcoin can hack anytime if careless.

Yes.Bitcoin is such a good investment and a currency at the same time.But due to its volatility,the government might find it hard to legalize it because its price is always subjected to change that will surely cause more pressures to the people.And fiat currency won't be given high importance anymore knowing bitcoin is there as another form for payment system.

I think the biggest problem is the weak controllability of cross-border transfers. National banks and other supervisory and monitoring authorities in national payment systems cannot supervise and control the issuance of Bitcoin, the implementation of transactions in this currency, services and electronic exchanges that provide services for performing Bitcoin transactions.

At the moment the biggest downside of the cryptocurrencies is the way they are stored, you only need a little distraction or a wrong click and you can lose part of your funds or all your funds. For example with a bank trasferimento you need both the IBAN or routing number and the name of the person/company, so you should be wrong twice, with the public addresses well, I understand it's just a copy-paste but you never know...

Yes. You can lost all your bitcoins even with a single wrong decision.Once bitcoin will be accepted as a legal currency worldwide,it will be of high popularity and has high chances that people will not patronize fiat currency in the long run.So this  will make a threat to the government knowing they can't controlled bitcoin because of its decentralized nature.

Basically bitcoin is the media which's more appropriate and can comply, with various aspects of banking and finance rather than currencies supported by central banks, especially for those who don't have bank accounts and small-scale international trade players. On the other hand, bitcoin's able to combine the principles of social benefits, positive externalities and we can also make it as opposed to the risk of shifting values. The presence of  Negative Effects will usually be found as time goes by.

Still possibility of making crypto currency particularly bitcoin as the universal currency because every nations will protect its own currency since it will determine the status of every country, but still I believe that somewhere in the future it will happen when blockchain dominate the entire digital technology.

I think now is not the time to discuss this. Because the beautiful future of Bitcoin is far away. We need to tackle more serious issues such as fraud, lack of stability, and consistency in market manipulation. If those problems are solved in the best way, let's discuss this distant issue.

don't you think the main downside is there are no regulations? I think there's a long way to go before we put all our eggs into one basket and withdraw all our savings from a bank!

I think Digital money cannot be the single currency of the world, because it is decentralized, which is not controlled by anyone. But crypto currencies can remain a means of payment for some services or goods,

It's hard for Bitcoin to become the official currency of one country, much less to be a global currency. And of course, like everything in the world, which is always imperfect, Bitcoin has some drawbacks. The Bitcoin system could contain unexploited flaws. As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.

There's no need to, as you the market is now striking for adoption, thats where cryptocurrency could sustain good value and grow as investments, downsides of crypto are pretty obvious, its volatile and might lose all your money if it fails. No government would go easy on bitcoin as there's so much to gain with a growing instrument, as investors you either look long or just play along with market trends for profits.

This one can be a downside the volatility of the price that it may down and up. And other crypto can be use in illegal activities. Exactly these are the downside to crypto but still can be use by many and cannot be the main currency.

cryptocurrency does have many weaknesses, but we must be able to deal with it patiently and hard work, if we want to always get a profit. an example of crypto's weakness, it has unstable values, money laundering tools, and so on

The downside of cryptocurrency is the price instability and it's easily manipulated by people who own them in large numbers. But this is also the advantage of Cryptocurrency that every investor interested in taking advantage of this will quickly earn a profit.

I think the biggest disadvantage of bitcoin before it becomes the official currency of the world is that the value of bitcoin is constantly fluctuating. I think if bitcoin prices constantly change this will make the bitcoin payments unstable. Whales who hold the most bitcoin will create price fluctuations so that they can bring in profits for them

Crypto market is high volatility from another stock exchange this is big downsides in my opinion. All transaction is hidden so there are no legal sources. Money laundering can be possible in crypto and we are got many news this type. Government is not giving consent to legalize it.

therefore, with the many who purify state money, the government is still very difficult to legalize crypto because it is hidden and cannot be seen by me other than the owner

The biggest problem of crypto is that you can easily lose your coins. Like forgetting your key, getting scammed and sending to the wrong address. If you have one of these problem than it is difficult to get your coins back. You cannot contact someone and ask them to stop the transaction/refund, if you had a bank account then it would be possible.

Bitcoin has already become an international currency, it is used by a huge number of people around the world and I do not see any drawbacks. The only possible problem is scaling!

If cryptocurrencies remain as volatile as they are now, this could have a negative impact on the economies of countries.

Negative impact ? I dont see it . crypto volatility doesnt have a conection to the economy of a country .

What i already know is that cryptocurrency is verry helpful to the people and also the economy of a country because it provides a career or jobs to everyone .

If there are downside of using a crypto then that is it cannot be used without internet or electricity because as of now cryptocurrency do mainly work online .

bitcoin's most downside is transactions cappacity. something like 50 or less txs per second is a joke i think.
e: always when i sent some BTC to other address i had a problem that nobody found any block for 30-40 minutes.

good discussion, but I'm not sure crypto will be the official currency as a transaction tool. why am I not sure, because every country has fiat currency as a transaction tool and has been regulated according to international law. As for other things to be an option, surely every country will adopt its crypto as a transaction tool. even then if it's legal.

The biggest disadvantage of bitcoin is its anonymity. The anonymity provided by Blockchain is both a virtue and a weakness that makes it easy for criminals and terrorists to escape.

if you talk about the negative side that will be gained if bitcoin becomes the world currency option, in my opinion, bitcoin as a decentralized currency will be one of the transactions that can be done freely without centrality related to the existence of the law that applies to the existing transaction system. So my point is what is feared that a decentralized system can be used by people who aim to commit crime.

true if it happens like losing private keys, fraud and wrong sending address will be the biggest problem but if we are not careless and always guard with secrets it will certainly be safe.

for a long time, the ICO will now allow you to not necessarily pay Fiat to a crypto-currency account, which will happen simultaneously debiting amounts from crypto-currency wallets. the technology allows you to lend for the time of customers on the amounts held on cryptocurrency accounts  to pay for purchases in the store.

Any business has its pros and cons. If Bitcoin is a truly decentralized cryptocurrency that cannot be influenced by whales and government bodies, this will lead to a more fair and honest public system, preserving forests and reducing chemical emissions associated with printing paper money.

Such a volatile currency, as Bitcoin can't become the main world currency. People can't receive salaries and social payments in Bitcoins with the risk that their incomes will decrease overnight, for example, by 10-20%. Regulation of the crypto market will devalue the whole idea of cryptoencryption and blockchain.

one of the weaknesses of this crypto is that there is no official regulation from the government, this is the crypto barrier, and there are few people who use this crypto to commit crimes, for example buying and selling drugs, money laundering. this is what makes crypto negative by some people.

One of the downside of the world wide use of crypto currency(bitcoin to be specific) will have to do with ethics.. As we still experience fraudulent transactions carried out via crypto, the results will increase increase due to its anonymity.

the downsides of crypto is that its reliance on to much technolgy and electricity to maintain its use, without even just one of the two bitcoin cant be use and its just another failed technology. thats the biggest downside to it. too much reliance on technology. but hey! we have an evolving world

Cryptocurrency has excellent features that other currencies do not have, namely its speculative value. Unfortunately, this feature also at the same time becomes a weakness for him. Because, cryptocurrency can have a detrimental effect on low-income or financially incapable users, to hold currencies without understanding the risks involved.

My greatest concern is the high volatility. Suppose you have 1 bitcoin worth $18000 as at 2017, and a few months later it fell, lets say to $14000. You will be hoping that the price will still go up, so will hold your coin. But, for each passage of time, it continues to go down. Today, it is now $6300. This means you have lost $11700. This is not a funny deal. So, to me , this is my greatest fear in bitcoin/cryptocurrencies.

The most significant disadvantage of Crypto is that it is easy to be used by criminals to commit illegal transactions and this is also a big reason for the government to ban it. Also, the issuance of Tokens is too easy to create fake projects aimed at appropriating investment funds of investors.

For me, crypto is very vulnerable at a bad price because all types of crypto will follow the flow of Bitcoin. if the price of Bitcoin decreases then all types of Crypto will experience it.

Bitcoin's price unpredictability. I think that's one of the downsides to it. Even if it eventually becomes a global currency and more people started using it, it still won't erase the fact that its price is very high and unpredictable. Not a lot of people have the amount of money to buy a single bitcoin so that's also one problem to solve.

It has become an unsolved problem until now but Bitcoin is a freedom so everyone can commit crimes with Bitcoin transaction tools.

Price volatility is really a good factor for those who view bitcoin as an investing tool, but to common users whose purpose is to utilize bitcoin as a system of payment, it is really a downside. Though regarding bitcoin's price being expensive, the beauty of its design can really be appreciated as bitcoin can be broken down to satoshis which gives everyone the chance to buy and take part in the bitcoin space.

But do you think that mass adoption of bitcoin will be good for the crypto market, given that the price of bitcoin is ever changing? Sometimes I can't help but wonder if this whole concept of cryptocurrency becoming a global currency will be for the better since not everyone can afford to buy bitcoins.

But all these downsides are not insurmountable, right? Maybe with a few regulations, scams and other illegal activities can be deterred? And if more people start using crypto, that could help achieve some price stability, correct?

I believe that the main disadvantage will be that people will use cryptocurrency for criminal purposes, buying weapons, laundering fiat money

I think if cryptocurrency starts to be used by all levels of society, of course every country will have its own crypto, so the possibility of an altcoin that you will die. this is the logic, except that bitcoin is the center of the market binder without anyone being able to control.

I don't really see a downside here. Only positive sides.

Not as unsolved as it seems. For instance, US intelligence agencies nowadays manage to track down many fraudsters committing crimes using Bitcoin & Ethereum. AFAIK it's still really hard for anyone to track anonymous systems such as Monero & ZCash.

Considering Bitcoin, many blockchain analysis tools already exist, e.g. Chainalysis, Coinfirm and others. There are far more ways to track down Bitcoin transactions as it seems at the first glance.

https://www.tradingview.com/i/bdk0uH8n/
Hello dear traders
After today's fall, we tested the 6300 zone and it looks like it will continue to move in a falling wedge formed from January - a reversal pattern. At the same time we are moving to the support line. Most likely after the test of this line we will fly up. I showed a long-term vision of btcusd (https://www.tradingview.com/symbols/BTCUSD/) movement. There are many factors that talk about long-term growth, so fasten your seat belts and we are getting ready to stand on the runway.
On October 12, I will start my first webinar, where I will give my full vision of the situation on crypto market.

Of course, cryptocurrency has its drawbacks, since this is a new segment. I think the main one is not a complete understanding of people about what it really is. Many do not understand how it works and be afraid, but I think people will soon become interested in more and investors will become much more.

I do not think it will be negative. Everything is double-sided. When Bitcoin becomes a globally acclaimed cryptocurrency. Valuable pressure causes Bitcoin to differ from Altcoin.

That is a feature not a problem with cryptocurrencies in general, cryptocurrencies were created with the idea to not let the governments take control of the network because if they did then they will be able to do whatever they want with it and that is not something that Satoshi wanted, and anyone that understands the true nature of cryptocurrencies doesn't want that either, if you want to cooperate with your government and pay your taxes and reveal everything that you are doing with your cryptocurrencies you are free to do so.

But there are many people that appreciate the characteristics of bitcoin and they are never going to allow that any government gets control of the network and implement a way to supervise and control bitcoin at the protocol level.

I think the impact that arises from bitcoin after being officially used as a currency is provide an opportunity for someone to continue to invest because they tend not to be afraid to try it and the government directly supports the activity.That's where the country can experience progress when people can prosper.

I think the upsides of crypto outweigh the downsides and the benefits of fiat do not compare to the benefits of crypto.

Throughout human history, government interests, not the people's, have been the source of almost all human misery because it is believed that people cannot govern themselves.

Blockchain technology saves us from ourselves in a way. It makes all transactions secure without the need for centralized institutions that do not prioritize the public's well-being.

In general, cryptocurrency or specifically bitcoin cannot be the official currency of the world. But there are still several benefits that can be taken from Crypto, namely in making transactions more convenient and efficient.

Bitcoin is highly volatile crypto currency and thus valuation tends to flactuate and varies according to market demand and supply and we all know that bitcoin has made tremendous progress in this passed decade and has always increase its valuation each year and that is why from having millions of haters, now there are millions of people around the world who are investing into bitcoin but in this year the valuation of bitcoin has deflated to a very low extent but there is nothing to worry about as there are assumptions that the valuation will inflate in coming months of this year.

I think that the main drawback, to be more precise, the problem of accepting bitcoin will be the difficulty of using it in underdeveloped countries. Also, I believe that it will be impossible to use bitcoin everywhere until the problem with its volatility is solved.

1)Immediately it should be noted that the main problems of cryptocurrency can be solved by improving the source code base and legalization.

2)Indeed, there are difficulties with scalability. And they need to be solved in order to be able to attract additional users to the ecosystem. The developers are already addressing this issue and have proposed a number of solutions. In our time there are no unsolvable problems.

3)In developed and developing countries, there is a gradual legalization of currencies. Even the most conservative countries, such as Russia, are working to bring this market out of the shadows. To date, Singapore and Switzerland have made the most progress in this direction.

4)Changing the protocol is a very long and complicated procedure. However, by common efforts of the community, the protocol is gradually improving. Even in Bitcoin, Segregated Witness was eventually introduced.

5)Price volatility is a natural process accompanying the emergence of a new asset class. The change in price reflects how much new technology is accepted by society.

6)Recognition does not occur in one day. This will take a long time, but already there is a constant influx of people into the cryptocurrency market. And it pleases.

7)Hacking systems occur and will inevitably occur in the future, but networks built on blockchain technology are constantly being upgraded to prevent possible attacks. Theft of coins occurred even in Bitcoin, but the network itself can and will cope with such problems.

The only downside to bitcoin is its decentralised nature thus no proper authentic regulating body over bitcoin and thus leading to its illegal use, bitcoin being so profitable has always helped millions of people in finding their jobs and earning them a good life but still due to its decentralised nature, most of the countries are in against of it as no country wants to bring terrorism in their nation but to solve this issue, centralisation of bitcoin all over the world is the last option left as then countries governments will look after all bitcoin activities.

bitcoin needs to remain decentralized. the only thing he fastened the usual deterrent mechanisms of the stock market futures and ETF funds

I do not think this will be a disadvantage. Because our funds will not be more controlled by banks and the government. And the government is a parasitic form of life on the body of the people.

Losses will always be there, just the same as paper currency. And this is not recommended for people who are low income or not financially skilled, to hold the crypto currency without understanding the risks. The wise thing is an investor needs to understand what risks will be borne afterward.

From today I think there will be bad effect now, I think crypto currencies is good enough and it can fit us especially the busy people. The good effect is that I think there will no corruption in government if we use crypto.

Here are some negative effects I can think of :

1) First of all the uneducated or backward people will not be able to make proper use of crypto.

2) Hacking related incidents are also on the rise and it can cause some issues.

Not yet, but it's possible. But the further the legislative base from the real state of Affairs and requests of society, the illusive any expectations to Wake up in the rule of law in the near future.

The time will come when bitcoin will become the most popular cryptocurrency even more than any other currency, we only have to search as much bitcoin as we can. And we will enjoy the results later.

Yes the downside of bitcoin is blackmarket there are so many illegal transaction everytime the user bitcoin as a payment method because bitcoin have anonymous wallet address and fast transaction compare to fiat. Deepweb has many illegal activites like buying drugs,weapons and services bitcoin is the main payment method on that. That's why bitcoin is still negative to the public because of involving that.

I think it will be an opportunity for criminals and drug trafficking, because all transactional information is confidential so criminals can use it to exchange and trade underground. The world will lose control, the government will fail to manage and seek funding for terrorists. Wow, to tell the truth it's so bad.

I have been working in the cryptocurrency market for about a year. I really saw a lot of advantages and further prospects for the development of cryptography. You can emphasize only one drawback, this is that the market is very unstable and high volatility. Which in turn scares potential new investors.

I think we should discuss the shortcomings of Btc currently and as btc/crypto enthusiasts discuss how best they can be resolved or better still how best the suggested solutions can best manage these shortcomings. I believe the adage that goes like: when we get to the river we will know how to cross it. Once worldwide adoption happens, of which I doubt, and problems arise with the system, we can then look at it.

What I really worry about bitcoin before it becomes the world currency is that it can be badly affected by criminals, taking advantage of it for illegal activities. The use of bitcoins to evade taxes from the government is really a big deal . Drug trafficking or arms trafficking and criminals are taking advantage of bitcoin to carry out these illegal activities.

Before bitcoin was even created, there were already a huge number of criminals who have been using fiat money to execute deals in drugs trafficking or other forms of illegal deals, it is usually some group of people who are trying to find lots of unreasonable reason to bash bitcoin to make it look alike some sort of illegal currency. So I believe the government officials should be focusing their task on catching those criminals instead of trying to shift the blame to bitcoin.

Well, if we recognize the official currency, the shortcomings are unlikely to be. They just bring the technology to mind and nothing will need to be changed. The coin will work stably, there will be quick transactions. Although the technology has great prospects, and bitcoin can be improved every time, so those advantages that are now in the future may be a disadvantage in its improvement.

the characteristics of bitcoin can be a bitcoin weakness. you must understand. governments in the world have full control to regulate their country so that it runs on good rules. including finance. it was done so that they could supervise those who committed fraud. criminal, or other bad thing. while bitcoin is a free rule. created by individuals, with personal rules, used together for individuals.

There will be always downside to everything, some people will always find a way to criticize digital currencies since its still not widely accepted. Example to the downside of crypto are hacking, price tends to be very volatile.

Right, from the start other people criticize the crypto and they doesnt believe the future ahead of it. That is also one of thise downside value is very volatile which users should understand the situation in crypto.

besides that many think that cryptocurrency is a multi level marketing, so they have a bad image of it. especially for those who don't follow development of technology, it is certainly more difficult to explain

In my opinion the downside of the crypto market is that Bitcoin dependency is too large. So when Bitcoin increases or decreases other Altcoins also follow. So Bitcoin does not have a rule that manages it and regulates it publicly about the price of it.

I think most crypto has downsides whether we like it or not, bitcoin is still developing and the downsides are the people who use bitcoin for illegal activity and also the price is very volatile. However bitcoin is the top 1 cryptocurrency and i think the advantages of having bitcoin will be seen in the future.

It would be a disadvantage to the people who have no proper access to internet connection because they wouldn't be able to full benefit from the technology itself. There would be no problem with those countries wherein they can fully utilized the capacity but it would be a disadvantage for those countries who have limited access.

The network would become slow because more people are gonna use it so they need to find ways for the transaction to be fast. Other than that, it would be easier for the people to send/receive money which is a convenience.

I think bitcoin will never be the official currency of the world. Maybe such currency will be one of the altcoin. If so, I think there will be only benefits from this type of currency.

As far as I can see, fraud and scam will be the major downsides to cryptocurrency in future. I see fraud reaching a proportion where it will eventually get out of hand. I am judging from the current level of crime which have gone unattended to.

It seems that this will not happen, because bitcoin will deviate from its main purpose. Bitcoin is part of technology that is developing in digital and this will remain that way. The second impossibility is that in each country has set the value even the symbol of each currency and bitcoin itself does not have a fixed value. So, surely this will be difficult to accept in all circles. A real loss in the event of endorsement as a currency of the world would certainly be capital for crime.

I think it because bitcoin is down too deep and people losing their faith in bitcoin. But I am sure that bitcoin will be going to upsides, and the crypto will rise again since the crypto is given a chance to every people to have new investment and they can also make money from the crypto. I don't think that the downsides will takes longer and I think the situations will change in the next year.

my thinking is the downside of bitcoin is volatility wherein it is not stable due to fluctuations and now the price is good and it can be become world currency.

in my opinion, the weakness of crypto depends on the market price of bitcoin. if bitcoin has decreased crypto will also experience a lot of interference. because bitcoin is one of the keys to all investments.

This post is pretty close to hitting the nail on the head. The problem with cryptocurrency as a global currency is that while the anonymity can help good people from getting hassled, it also provides a favorable environment for bad actors. And when people favor safety over freedom, they will ask for governments to sponsor and regulate crypto to catch the bad actors.

And then from there, people will want consumer protections (for example, I go to a store and buy a "new" TV that turns out to be used and broken, but I paid with crypto, so non-reversible transaction).

The problem at that point is that then the government has a lot greater control and oversight over their population than they did while using fiat currency. And at that point, you end up in a dangerous place where they can cut one person off being able to spend their funds (which can be a good thing when trying to catch a criminal, but what if you just happen to be exercising free speech that happens to offend someone in government that has access to the banlist?). And then of course the inevitable argument of what if the group in control of the government decides to go on a purge, Nazi Germany style? People could be purged based on a number of different criteria. Race, religion, income.

So you wind up in a catch-22 situation. Governments are not likely to endorse cryptocurrency unless they are government-sponsored. And people who have thought things through will likely not want to endorse cryptocurrency if it is government-sponsored.

If bitcoin is the world's currency, the shortage is that it is enough to just take your smartphone and make all your money disappear, but it is also sure that hackers will hijack your wallet

Bitcoin has a decentralized nature, and I think this decentralization can be an advantage and also a shortcoming of bitcoin and it depends on the point of view we interpret it, and I consider it a positive thing.

Of course, it’s disturbing that someone has sneeze somewhere and the market reacts so strongly. It is clear that many factors, including purely speculative ones, have an impact, but I want to believe in a mature market that is more attractive to long-term investors. On the other hand, on the same Forex on the threshold and on the release of the main news, there are also big fluctuations. After all, the main thing for us is that the negative news and events on Bitcoin are absorbed by the market and do not break the main trend and growth trends.

All the currencies had both positive and negatives if the past you being higher than negative then it will be the perfect kind to make demacia worldwide currency that's why cryptocurrency is had all the features especially Bitcoin had huge thoughts about that I hope it will be works soon.

no, I don't think it will have any downsides because the number of  coins will be limited no one can make more coin everything will be in control

of course a fraud is difficult to destroy from the cryptocurrency world because crypto has an anonymous nature so that everyone can use it in crime without us knowing the person's personal data. but we can prevent it with security that is very guaranteed and always careful or careful so that we are not easily deceived.

In my opinion, the downside of the crypto market is that pre-encrypted investments can be high risk.The market value of a type of market fluctuates unlike other asset classes.Because the market is out of control,it is outlawed in some jurisdictions and pre-coded trading platforms can always be vulnerable.

the loss of either investing in bitcoin, altcoin or in crypto. I think it's normal, bro. but we must have a positive view so that we can benefit from bitcoin and have a good future

if bitcoin becomes the world currency, I think the disadvantage is that bitcoin supply will run out faster, because if it has become a world currency, of course everyone will go bustling to find and own bitcoin. if it's like that then bad things will happen soon in relation to prices that will not stable

if that happens, of course government has thought about it. of course government formed an organization from all over the world to overcome it. if for fluctuations, i think it will still happen

I don't think that bitcoin will be the world's currency, but if that happens, that will be a big adjustment for all of us, especially for those businesses that do not really need cryptocurrencies, but why not? Bitcoin can develop its coin. After all, we can all adjust with that. Or maybe we can still have our current currencies and at the same time having bitcoin all over the world because cryptocurrencies are the fastest way to transfer money, pay bills and many more.

I think the downside of crypto is that it cannot access by anyone because we all know that crypto was operate by means of technology , there are places that connection with  internet is absent so if crypto will be digital  currency it may take a long process and if course the important is also the acceptance by everyone.

    Every country has it's own currency to be used offline for daily living. Bitcoin is a digital currency that always need internet connection in order  to use and operate. It is just a good investment online. Also it has a lot of downside like anonymity,volatility and internet. It can also easily use in any bad doings like crime,drugs,money laundering and tax evation because it is deentralized currency in which government has no full control of it.

Probably the downside of cryptocurrencies is that it is unregulated. Once the developers release these in the wild market, it's free for all to mark the price of it. Just like bitcoins, it was just mere cents before and now it scaled to tens of thounds of dollars.

yeah, it's one of the negative side like that, besides cryptocurrency users are very difficult to track. that is why some countries do not like cryptocurrency.

plus, the price is very difficult to guess, someone could lose or get billions of dollars in just a short time in his wallet.

I think Crypto's main weakness is that there is no guarantee from anyone. This wallet is susceptible to hacking, bitcoin shipping cannot be canceled so a typo is lost, the price goes up or down very large because it cannot be intervened by anyone, forgetting the wallet code makes bitcoin lost.

And most of the government will not allow that, they will not consider things that they won't benefits from it, if ever such government can implement rules or a laws that put them at the top and gain control then for sure it won't be that hard to them to adopt this system, it is the implementations of something that can give them power to rule this chain..

Let's take a a look in the past - almost 10 years of crypto industry, being born & developed with great influence all around the world, have just passed.

As you may see, crypto related apps (wallets, exchanges, dexs, LN) continue to become more and more user-friendly and more widely accepted.

Though, there is still a major hurdle: unless your grandma cannot understand how to pay in Bitcoin, we are not ready for the mass adoption. However, lots of efforts are being put into making it as simple as most internet banking applications.
Aside from user-friendliness required for the day-to-day life, we have the "subvert-the-paradigm" principle of being responsible for storing & securing your own funds, which should make a shift in the consciousness of society.

And a few more hurdles to address: regulatory uncertainty, merchants' adoption.

Once we address all of these things, I guess most downsides of crypto *as we know it today*, may be successfully mitigated.

The downside to crypto right now is that many got hurt in the bear market due to the volatility and pump and dumps by the powers that be. I think security is still an issue as it is more likely for someone to lose their coins and tokens due to a hack, losing their 2fa etc than it is by having your money for example in the bank. So, for now, I think we need to step up on the security issue side so that everyone has a chance to hodl their cryptos safely and securely without any troubles. I hope this area will improve soon so we all feel secure in holding our cryptos now and for the foreseeable future.

Yes, but I am sure that if we are in trouble in the crypto, we can get a solution to solve the problem. Besides that, I am sure that people who are involved in the cryptocurrency will know about the crypto too. I think there will be a downside in crypto like what we see now and I don't think that the downside will stay for a long time because the downside will change to the upside and it makes the crypto can survive in the bad situations.

The only downside of bitcoin is its decentralised nature, as we all know that bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body over the bitcoin who could keep eye over all its transactions and this thing is misused by several social defaulters and they use bitcoin in selling drugs, explosives, money laundering and this is the reason why most of the countries do not want to legalise bitcoin in their nation as no country wants to bring terrorism in their nation but to solution of this problem is lies in the problem itself as to stop the illegal use, bitcoin needs to get centralised all over the world.

the main problem is if crypto or bitcoin becomes the world currency, is the instability that crypto has, crypto cannot be predicted up and down at any time and it will definitely be a problem if crypto becomes the world currency, so I think crypto or bitcoin will not be an eye world money, crypto will only be a place to invest because it is more profitable.

The downsides of crypto is  high volatility and sometimes it worried me it we  experience same like the dotcom crash.  Too much hype in the cryptosphere that could confuse people who are new in crypto and 1000 of alts.

The downside I see in cryptocurrency is the fact that it requires energy to use. What if the time comes that we don't have electricity to depend on? How would we transact? At least we should have a balance between using fiat money and using cryptocurrency. We can never know if we need fiat all of a sudden.

Many think crypto will end up like .com

For me the greatest downsides to crypto are volatility and the negative perception being promoted by vested interests.  I think that the level of volatility attributed to crypto's is one of the things that put people off.   Of course there is volatility in conventional trading markets too but i guess that regulation helps to secure investors positions to a certain extent.  Whereas, with crypto there is no regulation therefore whales, exchanges and other market forces can impact natural market condition which leads to increased volatility.

Also, the reputation being broadcast about crypto is a downside because it can scare people away from crypto.   People across the world get their news from various sources, some reliable, others not.  But not everyone can verify or have the capability to verify the authenticity of news.  So what they sometimes see or hear becomes the truth. 

Of course, when cryptocurence became the world's official currency, there will be an increase in the level of crime in the world, these criminals consider this a golden opportunity to cheat because cryptocurrency is a decentralized technology that is very difficult to trace

The disadvantage is that currently crypto prices continue to fluctuate, cannot be used as a world currency that should have a stable value.
If forced as a world currency, the risk can be the instability of currency values and can cause high inflation.