Downsides to crypto

[#dhabitamartha]

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 maybe bitcoin can become a world currency and you might match the dollar's difference between bitcoin is only digital and invisible and while the dollar looks maybe bitcoin will become more famous in the coming years.

[SachinGuptaa]

There are many downsides to cryptocurrencies. These differ from one currency to another, one aspect may be the downside of one cryptocurrency but may be the positive aspect of another crypto.
You just need to judge for yourself, through experience and expert views about the various pros and cons of each cryptocurrency and decide for yourself which currency do you want to invest in.

For the ones who are here for some more detailed answers, one of the major downsides of cryptocurrencies is the fluctuating value it has. As you can see for bitcoin, the crypto once hypes and increases in value, but after that hype, the crypto is followed by a huge dip which may be stretched for too long.

Another negative aspect of cryptos are the bans and negative publicity they receive, many countries have been very slow to accept the importance of cryptos and this might be a huge negative aspect for some of you. Other aspects include the inability to use cryptos for normal day to day transactions or the lack of knowledge.

[thoanh1998]

Cryptographic market is too small and young. It will take a long time to develop.

[Al Muhaimin]

all there are advantages and disadvantages

http://cryptouniversity.co.id/ketahui-kelebihan-dan-kelemahan-cryptocurrency-bitcoin/

[TranslateME]

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?

When anything becomes immensely popular, the negatives seem to get bigger as the people in charge seem to take advantage. If Bitcoin remains decentralised, with minimal regulation, the negatives should remain low. Another problem I foresee is that Bitcoin relies heavily on technology, far more so than fiat. If there is a power outage, yu can still run down to the corner shop and buy your groceries with cash, but this may prove to be a problem with Cryptos.

[yurekaa]

every digital currency there must be weaknesses and advantages. in my opinion, if crypto becomes the official digital currency throughout the world. then crypto prices will be more stable and investors will switch to using crypto as an investment tool. and crypto will make it easier for us to transact with everyone because crypto currencies are universal. its weakness, this currency transaction system will be increasingly crowded because it will be used throughout the world and security must be increased.

[Tipsters]

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?

Of course there will be a downside. Judging from the everyday attitude of humans, I can foresee that they will abuse the use of cryptocurrencies and they will be able to conceptualize more types of crimes. With that said, I also think that crypto will never be the main currency unless all the countries around the world are at peace.

[ghosong]

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 think it will ever happen because the biggest weakness of Crypto is a coin designed for online payments, but even in the developed world and technology you need cash from time to time, and the people with the lowest income are unable to make online transactions for their payment, they need to use physical media exchanges.

[Congyang]

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 you think about the loss, I think the cryptocurrency owner will benefit because he can sell crypto at a high price. but the negative effects will certainly weaken the country's money and certainly make inflation in the country because it disrupts economic stability.

[Taya Afi]

Disadvantages of Crypto-Currency
Not all countries offer legal tools for working with crypto-currencies. Some of them have not yet passed legislation on work with them, some of them impose their conditions. Although residents even those countries where legislation is not regulated, in practice can make and receive payments.

Price volatility. The exchange rate is usually quite dramatically changing, which complicates the planning of costs and the formation of prices for goods or services. Although for those who play crypto-currencies on the exchange, this is just a significant advantage. The level of complexity of calculations increases, the same concerns payback, with time, the proceeds from mining are less, which requires a revision of the policy.

Lost password from the wallet means the loss of all funds on it. There are procedures to restore access to the wallet, but for this you need to know the secret code, do not lose it.

You can not always get the right technical support. If, for example, the sender is mistaken with a symbol when sending funds, they will go to another purse and can no longer be returned to the sender.

[Jack Ment]

Nothing is perfect. Bitcoin isn't perfect, either. And it's just in its experimental stage though it has been appeared for years. There is an elephant in the room that will need to be confronted. One of the accepted virtues of blockchain is that it creates a permanent, immutable ledger of transactions. But this is its own enemy, because it makes Bitcoin a ledger that can’t be corrected. It nearly impossible to resolve human error and mischief efficiently.

[Samantha Walker]

It's hard for Bitcoin to become the official currency of one country, much less to be a global currency. And of course, like everything in the world, which is always imperfect, Bitcoin has some drawbacks. The Bitcoin system could contain unexploited flaws. As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.

[Diane Ellis]

Bitcoin and other cryptocurrencies are non-centralized and not created by any central bank. If altcoins become very popular as a means for transaction and storing wealth, then this could it more difficult for central banks to conduct monetary policy.

[Henry Reis]

When people start to use Bitcoin more, they can cause the internet congestion and high fee transaction. At the end of 2017, when everyone rush to buy and sell Bitcoin, the fee was up to more than $50, discouraging people from using Bitcoin at that time. This is the biggest downside of Bitcoin.

[Cofee.BLUE]

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?

Main downside or disadvantage would be this questions  Do everyone needs it? do everyone will use it on a daily basis? do we really need to make it as official currency of the world? This is very impossible, the logic would be like this, A decentralized system is centralizing the world but how ? bitcoin is really helpful but that does not mean that everyone is really into it.

[Dudeperfect]

If we are adopting crypto as a global currency, not everyone will be able to survive because the basic necessity to use crypto lies in the ability to use the internet. As of now, the literacy rate is not impressive especially when it comes to the technology and hence not everyone will be able to use cryptocurrencies to transfer the values. That would give big trouble for the entire economy.

[pumbum]

to become a world, you need to eliminate many shortcomings. while I see an uncomfortable way to protect the wallet. later I hope this will solve

[Keeping Up]

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?

even though i really like cryptocurrency i also believe that it will also be having it's downside just like anything else in this world.
one of which is the availability and its usability to those who are not really engaged with technology.
such as old people and those who doesn't have access to internet and computers.

[necromastery]

If we are adopting crypto as a global currency, not everyone will be able to survive because the basic necessity to use crypto lies in the ability to use the internet. As of now, the literacy rate is not impressive especially when it comes to the technology and hence not everyone will be able to use cryptocurrencies to transfer the values. That would give big trouble for the entire economy.

Yeah, to using crypto it's need at least basic skill on computer and internet. It will be really annoying, because there are so much people on the world that didn't know computer even internet, even though technology has developed so far.

[Dudeperfect]

If we are adopting crypto as a global currency, not everyone will be able to survive because the basic necessity to use crypto lies in the ability to use the internet. As of now, the literacy rate is not impressive especially when it comes to the technology and hence not everyone will be able to use cryptocurrencies to transfer the values. That would give big trouble for the entire economy.

Yeah, to using crypto it's need at least basic skill on computer and internet. It will be really annoying, because there are so much people on the world that didn't know computer even internet, even though technology has developed so far.

The situation will definitely improve down the road but as of now, the sharp transformation is not possible due to this limitation. Crypto is based on blockchain technology which relies on the principle of decentralization that is focused on transparency and in order to bring the transparency, there is no other way than using the internet for broadcasting the transactions.