Downsides to crypto

[ajoygb]

Bitcoin is good crypto, actually the best crypto. But i see Bitcoin in its downside when value is lowering down, all crypto seems connected to Bitcoin, so they all based with Bitcoin value.

[Myown55]

I have not yet any downside of bitcoin. If you have read and understood the whitepaper of bitcoin, you will know that bitcoin is getting better than it was insinuated to be.

[NavI_027]

The fact that blockchain technology requires internet access first in order to work, that's the strongest point and weakest point at the same time. This is favorable for crypto in a sense that it makes every transaction much faster and free from paperworks — simply convenient. But on the other hand, this will be a catastrophe if ever internet suddenly shut down. Imagine every business transaction in the whole world Is on pending, what a huge misery, right? This will not only result to a waste of time but also a big loss for economic growth of every country. Time is gold literally and figuratively that's why we can't afford to lose that. 

[coinnumber]

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?

Cryptocurrencies or Bitcoin becoming world currency is one thing I always see as impossible because every country has it fiat currencies used by it citizens allowing crypto to take over will definitely affect their economy as it currencies will be worthless. secondly crypto is decentralized, also is not easy for common man to understand it transactions which I think is one of the main reason why government are against crypto.

[kemonojim]

Every country has their own law and currency because some countries don't know bitcoim as one of the currencies and I think it's illegal for them so that if bitcoin will be recognized by all states to us because we know bitcoin will become a popular and popular cryptocurrency for used. We also hope that in the near future it will be legal for each country.

[wxa7115]

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 biggest downside right now is that bitcoin is not ready, there is not an official number of bitcoin users but I have seen estimates go from one million to ten million, if bitcoin was actually used by billions of people the cost of each transaction will be very high and it would be almost impossible to get anything confirmed in time unless you send a very high fee to the miners.

So we need to be realistic, bitcoin is great and it's one of the best currencies around the world but it is still in its development stage and until it's ready we cannot really expect that bitcoin is adopted as a worldwide currency used by everyone.

[1van__]

the only minus of the crypto currency is its volatility, but I think that in the future this problem will be eliminated and bitcoin will become available to all people and will gain immense popularity

[macartem]

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 think that there will be advantages and disadvantages, because then the currency will become smoother and we will not be able to earn as it is now. And the advantages are the same, but then the losses will be much less. But that's my opinion...

[Ahsan Aly]

As BTC previous and current status, it's absolutely right choice for investors. Bitcoin still giving it's best output to their investors. The current price of BTC is not bad particularly Buyers think about it.

[zolfa]

in my opinion, bitcoin will have more benefits than losses. bitcoin will stabilize the economic market.

the negative thing we worry about is hacking and using bitcoin for action criminal by irresponsible people.

it hurts bitcoin and all crypto users.
because of that, the crypto world requires regulation that covers every market development.

[Nellayar]

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 fall of bitcoin and other cryptocurrency will become fast if the people will sell all of their crypto and banned it worldwide. But as long as there are interested buyers of bitcoin, it will not go to zero value. People urges to have profits and one way to gain is to enter the world of cryptocurrency.

[Blessing97]

When that happens if it were to happen, I think one major downside would be the fact that it may be used by the wrong kind of persons for wrong motives or wrong reasons e.g scams and as a means of anonymous payments for various kinds of crimes.

[hadveach]

I think bitcoin will be a rival for currencies and other assets such as gold and silver. even it will replace every fiat transaction. that is a loss for conventional banks.

but, the growth of bitcoin in the future will be better and has a great potential to fill every space in the world exchanges.

[kendra1107]

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?

One downside to cryptocurrency, particularly Bitcoin, is that it is not yet accepted worldwide. Only a few nations have actually recognized crypto as a legal form of payment. It may still take a significant amount of time before crypto would be able to penetrate majority of nations. Another is that crypto prices or value regularly fluctuates. Thus, making them unstable in terms of value. This is more of a concern for traders.

As of the moment, I do not see Bitcoin becoming the "official" currency of the world as you put it. I don't know if the supply will last until that time. But anything is possible though. So I'm not totally closed to the idea.

[adefirman98]

Governments aren’t going to make a currency like this because they have a vested interest in maintaining their own currency reserves. I am assuming that by "official currency" you mean the country's National Currency, as one can have both a national currency and another currency that is accepted as legal tender. Cryptocurrency is nothing more than what we already have today,  

[4builder]

The only downside of btc/crypto is their unpredictable behavior and an unprecedented level of fluctuations, which might destabilize the global economy. Given there aren't mechanisms to control the decentralized currency including its exchange rates, crypto can put the entire world in jeopardy. Isn't it a downside?

[Jackolantern]

I like crypto and i think that it will remain the best coin forever until digital currency exists. To my mind, it is better to use crypto now as the way to earn money by trading it when the market recovers

[Reid]

Illegal transactions for buying illegal items.
For money laundering which could lead to government corruption.

Although it is great to be used as payment method it could also lead to a large scale of downside when abused.
People are getting witty by now and they could find holes easily.
But it could also be countered by the government if they want too. But I dont think one honest government will try to make it come true if they are also using it to escape money.

[Dmitry.Vastov]

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 doubt crypto is the most successful and the most popular investment and therefore millions of people are investing into crypto and it has opened many job opportunities throughout the world and has helped to achieve a next step towards digitalisation, but as we all know that each coin has two sides, on the same way crypto two has few downside inspite of having millions of advantages and the biggest of all is its illegal use.

[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?

Crypto is very huge and very potentiating crypto currency and therefore there are millions of people around the world who are investing into crypto and I think they must be thinking that they are investing their money at the right place from where they can get the good profit otherwise no one will waste his or her valuable money but inspite of all these, there are few downsides of crypto that is stopping many governments not to legalise it and the foremost is its increasing illegal use.