Downsides to crypto

[bbcolex]

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.

[KingScorpio]

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?

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


regards

[suzanogbomo]

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.

[fernandoclause]

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.

[131tc01n]

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

[ngalamunan]

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.

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.

[Dwi Winarto69]

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.

[goldSkylark]

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.

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?

[Chicksteen]

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.

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.

[Impulseboy]

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.

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?

[Impulseboy]

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.

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?

[Impulseboy]

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.

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?

[Ebeano]

Highly  unpredictable market movement.

[Kemarit]

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.

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?

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

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 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.

[skeletica]

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?

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.

[Rath_]

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?

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.

[gabmen]

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?

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.

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.

[Roboabhishek]

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?

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.

[randegibran]

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

[wnfakind]

The only downside I can see is that I wont have enough stocked up by that time to retire 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.