Downsides to crypto

[Nolimitz84]

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

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[Wingo]

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 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.

[Parodium]

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.

[Sponsoredby15]

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 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.

[ShowOffoN]

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.

[Samuel Borges]

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.

[Christine Bettencourt]

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.

[Airbuxf]

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.

[Benjamin Roberts]

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.

[breadwinners]

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.

[Nayborksta]

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.

[Panetymerni]

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. 

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.

[LimeFeline]

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.

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.

[Fred3030]

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.

[Phan Long]

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.

[indopool]

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 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.

[Gontxi]

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'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.

[Daniel91]

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?

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.

[MinerFTW]

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?

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.

[Impulseboy]

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.

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.