Downsides to crypto

[Impulseboy]

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?

[Epimetheus]

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.

[happy weblancer]

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.

[Mofazzal840]

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. 

[First77]

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

[ralle14]

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.

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.  

Reported for copy pasting.

[reflector]

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?

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.

[Rath_]

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.

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.

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.

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.

[stiffbud]

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 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.

[worldofcoins]

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.

[BitBustah]

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.

[Saint1990]

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.

[andrei56]

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?

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.

[ambisyon]

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.

[BALIK]

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.

[Cryptotissue]

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....

[charlotte04]

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?

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.

[a4techer]

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.

[brylle34]

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.

[mcTether]

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