Downsides to crypto

[wxa7115]

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.

That is not really a downside of bitcoin if you compare it to fiat, in fact if we were to look at the statistics about how much money is being laundered in bitcoin and how much money is being laundered to banks around the world I'm pretty sure that there is not going to be any kind of competition, the money that is laundered by banks will be hundreds of times bigger than any kind of amount of money that is being laundered through bitcoin.

To me that is just an excuse the governments are using to try to scare people away from this new currency, they are trying to make it seem as if the only people that are using bitcoin are criminals, and we know that is not the case, it is obvious that some people are going to try to get advantage of bitcoin and its nature but those people are a minority.

[lolkick]

The exchange rate is relatively unstable

[helen28]

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.

Yeah you are right but for sure that time will come mass adoption will come and will really a great help for all of us, although there is a downsides in crypto but for sure people will likely adjust for the sake of them to know crypto better.

[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.

Yeah you are right but for sure that time will come mass adoption will come and will really a great help for all of us, although there is a downsides in crypto but for sure people will likely adjust for the sake of them to know crypto better.

I think we should have the solution based approach here which will allow everyone to participate in the empowerment of economy as per their capacity. Bitcoin and blockchain technology is definitely helpful for optimisation of current traditional infrastructure but at the same time, we should have an inclusive approach that will give options to the people instead of forcing them to get involved with it. I am sure that we will see growth in the crypto industry within coming years.

[nightfury]

Well, all i can think is the average people who are not into technology and especially the poor where they don't even have gadget to access the internet like smart phones, iPad, tablets and others. I think it will be hard for them to use crypto much even more that crypto is so technical that you need to have knowledge in ICT especially computer and the internet.

[arifteguhr]

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.

it is very true what you say in your opinion, in my opinion the greater the risk the greater the profit may be behind the weakness there must be a tremendous advantage

[georgiasus]

The negative effect will be that the system can not control financial flows of citizens, it will be possible to hide from taxes, just as the crypto currency can be used for criminal purposes

[niotib]

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?

For me, one of the downsides is "trust building". I'm an Internet marketer for decade and and I'm experiencing hardest selling efforts in the crypto world. So, if the whole IM world would be digitalized with crypto??

[Treasurer]

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 drawback of crypto currency is the inability to recover the address in case of loss. I think a lot of ordinary people will lose their money that way. This can lead to depression and even suicide.

[charlincharplor83]

The downside of crypto can be the practicality of the whole world. Because some countries haven't recognized cryptocurrency. Blockchain technology isn't well known.

[atariguy]

On the present about the negative effects we learn when it happens:) but so far it looks like a logical continuation of traditional money

[Al Muhaimin]

each country has its own economy and currency, confirmed by gold reserves. and there is no decentralized cryptorency that controls its production and distribution which creates a lot of disruption in trade and other things.

[btcluisdiki]

In my opinion, I think btc is already considered a world currency as there are already many people who happen to use this currency globally through payment system and as a currency for investment. With this, people from all over the globe are patronizing the use of btc mostly for their investment as they are seeing bright potential to grow further. In my opinion with regards to downside of cryptocurrency is the volatility of the coin wherein it is still very unstable.

[Cmoh]

This is the situation of panic mood in the crypto market. Because almost all of the cryptos are going down and down even lost it's original price. So, investors are requested to hold only good coin like; Bitcoin, ETC, ETH, Verge, Waves, Neo etc.

[Yudai]

The downside of crypto can be the practicality of the whole world. Because some countries haven't recognized cryptocurrency. Blockchain technology isn't well known.

You are definitely right about that. Before the cryptocurrency to be legalize we need the whole world to recognize and accept the use of it. But as of now I think we are still little far from that.

[joganuts]

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 drawback of crypto currency is the inability to recover the address in case of loss. I think a lot of ordinary people will lose their money that way. This can lead to depression and even suicide.

Yes I do agree with that. When you lost a huge amount of money it will just bury in your memory and need to be accepted. Some people became stress and depress with this kond of situation.

[niotib]

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 drawback of crypto currency is the inability to recover the address in case of loss. I think a lot of ordinary people will lose their money that way. This can lead to depression and even suicide.

Yes I do agree with that. When you lost a huge amount of money it will just bury in your memory and need to be accepted. Some people became stress and depress with this kond of situation.

Don't put all eggs in the same basket. This is true even for fiat. That's why a person deposit money in different banks.

[wxa7115]

Well, all i can think is the average people who are not into technology and especially the poor where they don't even have gadget to access the internet like smart phones, iPad, tablets and others. I think it will be hard for them to use crypto much even more that crypto is so technical that you need to have knowledge in ICT especially computer and the internet.

That is definitely a big disadvantage of bitcoin and I do not see a way to solve it, so if people want to obtain the benefits of this new technology they will have to adapt themselves to it, it is similar to what happened with computers, many people did not want to to use them and now it is impossible to not use computers no matter what kind of job you do, now many people are going to resist change as we know there are many people that despite of living in a digital era refuse to use computers, but those people are outliers, because the benefits that cryptocurrencies in general are going to bring to our lives are going to be so great that not adopting them will put you at a disadvantage.

[Stavvay]

Well, all i can think is the average people who are not into technology and especially the poor where they don't even have gadget to access the internet like smart phones, iPad, tablets and others. I think it will be hard for them to use crypto much even more that crypto is so technical that you need to have knowledge in ICT especially computer and the internet.

That is definitely a big disadvantage of bitcoin and I do not see a way to solve it, so if people want to obtain the benefits of this new technology they will have to adapt themselves to it, it is similar to what happened with computers, many people did not want to to use them and now it is impossible to not use computers no matter what kind of job you do, now many people are going to resist change as we know there are many people that despite of living in a digital era refuse to use computers, but those people are outliers, because the benefits that cryptocurrencies in general are going to bring to our lives are going to be so great that not adopting them will put you at a disadvantage.

Two very valid points above! I think its a generational thing. Particularly, millenials and generations to come will have a more rounded veiw on tech and will know how to use them proficiently. Heck my 2 yr old neice can use an iphone better than me at the age of 25! So what I'm saying is that most likely things will become adaptable in the years to come when particular older generations die out.

[katerinaliisa]

Since cryptocurrencies work in a decentralized system, all States will have to unite to make bitcoin a world currency. And if this happens, then the authorities will find a way to properly regulate the cryptocurrency with minimal risks when used.