Downsides to crypto

[entebah]

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.

Yes, if all world governments unite to validate bitcoin as a world currency, besides fiat money, it's very good, it will make bitcoin have a legality protection body in each country that uses bitcoin as its currency. So that bitcoin will be something very valuable.

[Dukjila]

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 fact, even now there is no world currency, because no country ever recognizes world currency.

This is due to the fact that currencies, that is, money, are always closely connected with the government and the economy of individual states.

To create a world currency will have to destroy this barrier.

[Bonnie113]

The biggest disadvantage of bitcoin is its anonymity. The anonymity provided by Blockchain is both a virtue and a weakness that makes it easy for criminals and terrorists to escape.

[Nikolya]

Of the negative effects, we can assume the absence of a stable exchange rate of such a currency, which will cause inflation.

[ss890]

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?

Why do you think it will become the worlds currency anyways ? I dont really think that it can be world currency and lets just imagine for a seconds that it becomes the world crypto currency, then also there will be not much use of it. Do you know why? Because most of the countries which are on the asian side will have no access to them due to insufficient infrastructure of electricity, internet connection and most important its education. I agree that this might be associated with the few countries but unfortunately these are the countries who are having most of the population in them. Also, it would be difficult to manage these currencies as there is no fixed value to them and thus it will be more difficult to use in day to day life. Thats just my thought.

[boyptc]

If and when cryptocurrency and/or bitcoin becomes the official currency of the world

Don't think about this, crypto's are likely to be adopted as 2nd payment even without declaring it as an official currency of the world. Right now, this depends on the people/company you are dealing with if they are accepting it.

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?

Negative effect will be the countries feed back once crypto's are massively adopted.

[Catt95]

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 all like that idea. I think some countries will fight against that  making it harder and harder to use it or buy it.

[bakermaker123]

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 downside of cryptocurrencies is that it can be easily use as a way or as a tool in committing crime. It is because whenever someone use bitcoin or other crypto as a tool on using to buy illegal things on theblack market, they cannot be trace, thus, they will show complacent and not stop doing this type of thing.

[Stavvay]

on a lighter note heres the Top Memes Going Around in the Crypto Space: https://pumapay.io/top-crypto-memes/

[Maricel2017]

I always consider the goodside of crypto currency i look crypto in a positive way and set a side the bad things about crypto. And also i think there is not bad things bring the crypto currency because it was created to help many people financially and the people who used with it is the one who make crypto bad.

[darkangel020716]

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 currency will be used as currency online, but to be an official currency of the world, thats really Imposible, because every countries has their traditional currency that can never be replace any currency, even a dollar. You cannot change the facts that every nation has a rules about accepting other currency.

[leavolnhals]

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 downside is definitely the low supply. When the supply of Bitcoin is too little, it can not be used for many purposes of payment. Besides, today's wallet systems of many altcoins still have many holes and the hackers easily penetrate and steal. The problem is always in security.

[Tashi]

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?

Yes, well I think if that actually happens, maybe Bitcoin or cryptocurrencies would be centralized and governments would control it. Also, it may become like the usually currency we have in our country. Also, it’s high value would gradually decrease since stocks are now limitless.

[Moblie_Legend]

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.

yes you are right, if we look for all the negativity about the crypto market, there are many weaknesses, as you say, and I will add a little, namely crypto has an unstable value, is prone to theft or loss, bad investment, money laundering tools

[tadung8790]

i'm feel worrry about it. Thought i know everything have its downsides

[yazher]

The negative effect of it, is like the usual one we experiencing today of course there will be more and more scamming and making something like that of ponzi scheme and there will be more and more people will become victim with that kind of scammed. what i mean is the investment scam the high ROI if you invest your money to them.

[JMD07]

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 bitcoin is not design to become a worldwide currency as this can't cater the bulk of transactions if huge amount of transactions will be process simultaneously. Also, not all country will support on this due to price volatility and prone to manipulations. 

[Isiaka208]

I am in full support of crypto but I am always worried of the unstable transaction fees, I mean its not easy thinking of making transactions and thinking of the transaction fee because you do not know what to expect.Secondly, you need to have a smartphone or a computer to send crpto or make payments, what happens to those in the core villages if eventually we go mainstream?

[FlightyPouch]

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 bitcoin is not design to become a worldwide currency as this can't cater the bulk of transactions if huge amount of transactions will be process simultaneously. Also, not all country will support on this due to price volatility and prone to manipulations. 

That is right. Governments knew this that is the reason why it will never be a crypto currency being used as a world wide currency. If they will be using a crypto currency, it will be a crypto that they made for that certain use. Blockchain is a great technology and will be used in the future, even now, some technologies are being applied by this technology.

[munify]

Crypto is a currency with investment value, although crypto on the one hand has the advantage of being able to continue to increase, but the world is not ready to use it as a currency, crypto is unstable and if the market goes down it will have a bad impact on the economy.