Downsides to crypto

[coinsycrip09]

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?

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.

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[Koenraad Lange]

I think the downside is that it is vulnerable to hacking and its price is unstable. Your account will be easy to evaporate if you are not careful

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.

[Golftech]

yes, if bitcoin be the world currency, i think all people will save their money in the bitcoin, because in bitcoin government can;t access and trace it, so all people in the world dont need to pay a tax. it is the problem until right now, we should solve this problem first before going to the next step

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..

[eSurge]

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.

[qiwoman2]

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.

[ethereumhunter]

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?

there will likely be inflation of the fiat currency, and the risk of the crypto currency is very large and of course everyone who holds the currency will hold the risk too but if managed properly it will likely be good

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.

[VanityWallets2015]

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?

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.

[gajebo]

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.

[mizamuneerashine]

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.

[BlackRacerX]

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?

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.

[Catt95]

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.

Many think crypto will end up like .com

[llyfee4u]

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. 

[131tc01n]

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

[rizqoAD]

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.