Downsides to crypto

[hachiman13]

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?

All things have downsides, but it all matters to how heavier the benefits are. Bitcoin for example, if it were to become a worldwide currency, governments would have a hard time to tax people who operate business though crypto. The reason being their concept being opposite to each other--a centralized entitiy wanting to control a decentralized entity.

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[suzanne5223]

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?

All things have downsides, but it all matters to how heavier the benefits are. Bitcoin for example, if it were to become a worldwide currency, governments would have a hard time to tax people who operate business though crypto. The reason being their concept being opposite to each other--a centralized entitiy wanting to control a decentralized entity.

Well, I don't see that as the downside of bitcoin because it is still easy for the government to  collect tax because what will do is create a vat for every cryptocurrency exchange just like how hotel, flight agency does. However, the only downside I see in bitcoin if it go mainstream is transaction cause the amount if transaction which the bitcoin network can treated per second is too small. Therefore, transaction,no physical touch(cause people who don't have internet access can not join crypto community) and tx fee are the downside of all crypto

[rapsa2018]

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 legally located here in our area and is acceptable to our country because many banks also accept bitcoin so we can take care of it well.

[Scavagers]

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?

If it become a worldwide currency and it has replaced fiat, the downside would be its volatility. Bitcoin's price is frequently changing at it hurts a lot of user. One negative aspect is that it only runs through the use of technology and internet so it is prone to technological failures.

[Raggie]

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?

And what kind of downside do you mean? If bitcoin become the world currency, then crypto wont go downside.
The negative effect of it maybe on the fiat currency. Peoples will less to use fiat if they already easy to using bitcoin as a world currency.

[Albert211994]

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?

All things have downsides, but it all matters to how heavier the benefits are. Bitcoin for example, if it were to become a worldwide currency, governments would have a hard time to tax people who operate business though crypto. The reason being their concept being opposite to each other--a centralized entitiy wanting to control a decentralized entity.

Well, I don't see that as the downside of bitcoin because it is still easy for the government to  collect tax because what will do is create a vat for every cryptocurrency exchange just like how hotel, flight agency does. However, the only downside I see in bitcoin if it go mainstream is transaction cause the amount if transaction which the bitcoin network can treated per second is too small. Therefore, transaction,no physical touch(cause people who don't have internet access can not join crypto community) and tx fee are the downside of all crypto

I do not think there will still be a need for exchanges if cryptocurrency is globally accepted already. We only use exchanges for now because we need to convert crypto to fiat in order to spend them. I think it will be an advantage for tax evaders to use crypto because it is harder for government to monitor and track crypto.

[crossabdd]

I think there is no loss, it's just that Bitcoin will have a fixed and stable value. because currently one of the main problems to reach the world currency is that bitcoin has no stable value and tends to manipulation and speculation. so most countries are reviewing this. Will it be the world currency? I am still pessimistic, but I am optimistic if bitcoin will become a vehicle for transactions for world fiat currencies.

[stayeduptolate]

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?

We all know that the craze of these crypto currencies are increasing among people day by day and therefore now there are millions of people around the world who are investing into bitcoin as they find it more profitable and the most beneficial investment of all the available one and in present times they only are the part of investment and once it will get centralised world wide, it will further open many job opportunities and will prove very beneficial for the entire world.

[Cindykhato]

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?

Sorry it seems not possible for any crypto to be official currency of the whole world as we know that not all countries has supports on crypto. Different country has different economy it's difficult to balance the economic growth for the whole world that reflects our cultures.

[Stavvay]

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.

Very true, as is anything within the financial industry.
However, there is a token trying to change and re-form the payments system though. Have you checked out PumaPay? Their telegram is a lively discussion about all things crypto and blockchain related. https://t.me/PumaPay

[jygsaw]

The main feature of cryptocurrency is that it is anonymous, technically digital money transfers will be difficult to track compared to cash transfers or banks, this will make illegal transactions more prevalent and even more difficult for authorities to handle and investigate illegal transactions.

[PM.coins]

so far I have not thought about the loss when bitcoin or cryptocurrency is the official currency. I think more about being accepted in all countries, now the problem is that not all countries accept it. because in general bitcoin is decentralized or cannot be controlled by any party. and tends to digital assets.

[cryptolandlords]

The only negative part of cryptocurrency that exist was inability of crypto to have a support term that can reverse any cryptocurrency that is mistaken send to a wrong wallet address or hacked token. The way  blockchain technology is improving provision will be made to solve that problem.

[SventraPapere]

I am afraid that the only and the main drawback of this wonderful event will be that the population has not had time to understand and master the blockchain will remain far behind.The concepts of the lower and middle classes will be completely erased.To avoid this, it is necessary now to begin to educate people on this issue and connect new users.

[swifer]

The value of bitcoin today is very unstable which holds it very risky at times when you expect a return of good cryptocurrencies not for you because the price shifts every minute.

[RussCryptoBull]

Uptill now I can still remember what granma use to say,  WHAT GOES UP  SURLY COME DOWN,  the rule of velocity must apply,  cryptocurrency goes up and down and that makes it more interesting

[ajdaj]

Uptill now I can still remember what granma use to say,  WHAT GOES UP  SURLY COME DOWN,  the rule of velocity must apply,  cryptocurrency goes up and down and that makes it more interesting

perhaps a crypto currency and is an interesting moment of the fall of the crypto-currency market, but the person who invested his funds in late 2017 thinks quite differently.

[evichi]

The major downside, in my opinion, is high volatility of cryptocurrency. Another dowside is the usage in terms of technology and awareness. We are optimistic that cryptocurrency will create impact as a currency in the world.

[BitcoinPanther]

Uptill now I can still remember what granma use to say,  WHAT GOES UP  SURLY COME DOWN,  the rule of velocity must apply,  cryptocurrency goes up and down and that makes it more interesting

I think it's not the rule of velocity but rather the law of gravity, what goes up will surely come down. But nonetheless, cryptocurrency is not gravity driven. It exists in a digital world where it defied different laws of expectations.

Bitcoin and other cryptocurrencies are purpose driven with utilization and value at its core. Truly, it sounds like a big let down when the price plummet from $20K to $5K, and a lot bleeded for this reason, yet i personally think the a bitcoin at $5K is still very valuable and still holds a great potential for profit.

[Suharti12]

if crypto becomes the world currency it will be very good and there may also be negative effects, and I think the negative effect of that is due to the inaccessibility of the interior with the internet, which creates an understanding of the crypto world.