Downsides to crypto

[gamechangers]

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.

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[blocklancer8]

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.

[kidsrock]

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.

[darshan331]

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.

[abhi777]

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.

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.

[leetlezee]

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 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.

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.

[pretius99]

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

[ngusmin]

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.

[Valer4ik]

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.

[akram143]

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

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.

[globalking]

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

[Yusuf77]

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.

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.

[thuthanh]

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.

[Gabah56]

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

[TRONTON]

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

[fauzan Ichsan]

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

[eann014]

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?

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.

[Lorin]

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.

[Nhor1011]

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?

    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.

[KingOfWinterfell01]

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.