Downsides to crypto

[anitaraymonds]

If crypto becomes universally accepted for transactions and payments , then there will be less delay in transaction time  and less fraud in the system. Blockchain is the best technology that we have in this century and it is to liberate the common man and empower him financially. Blockchain will reduce financial loss as there will be no third party  when there is P2P transaction and the transaction fees will be retained by the 2 transacting parties. I am yet to envisage any low side of the cryptocurrency backed by block chain technology. Except for it being decentralized which makes it a willing tools in the hands of evil men to commit evil without traces.

[Kamote_1102]

The downside of the cryptocurrency will be its volatility. The World can't have a currency with a value that changes from time to time. It will affect the Economy and that kind of currency will not stay long. I think this is the major downside of the cryptocurrency.

[SanvabD]

The downside of the cryptocurrency will be its volatility. The World can't have a currency with a value that changes from time to time. It will affect the Economy and that kind of currency will not stay long. I think this is the major downside of the cryptocurrency.

At the moment this is indeed one of the big downsides. This will probably change once crypto is adopted by the general public. Coins like Bitcoin have a big chance not to be adopted massively because a big part of the coins is in the hands of a small group of people. Other coins will come and replace bitcoin with a better scalable product and a better spread of coin holders. This will not mean that Bitcoin will disappear, but it might have to be adapted to satisfy this demand. The lightning network might facilitate this.

[mohammedmattar]

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 the thing I fear is the loss of financial freedom
Thus Bitcoin lost its hallmark and the most attractive

I do not think developments will go in this direction.

[pixie85]

The downside of the cryptocurrency will be its volatility. The World can't have a currency with a value that changes from time to time. It will affect the Economy and that kind of currency will not stay long. I think this is the major downside of the cryptocurrency.

Volatility isn't permanent. One of the main factors contributing to it is distribution. Big currencies like the dollar are more stable because they're distributed among millions of people. At least 300 million people use the dollar every day. How many people own Bitcoins? It's hard to say but much less. How many people use Bitcoin every day? It would be great even if it was 3 million. If we went to 30 the volatility would be 10 times lower.

[Bagaji]

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?

Well, it will take a longer time for Bitcoin and crypto currency in general to become world wild currency if it will ever happen. The side effect will that government of different country will start manipulation of its value same as is currently happening to the faith currency of the world. The anonymity of Bitcoin will no longer be is place since is going to be regulated by the government.

[b3llsf1l3s]

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 suspect that cryptocurrency will be more difficult to accept in the wider community, because its use and distribution cannot be evenly distributed. This is what is used by some people and the volatility of crypto still at high point

[kidsrock]

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?

It is too far from today, and it might happen in the next future because the government doesn't want to give any statement about using cryptocurrency as the official currency of the world. When we are all united in one nation than the possibility to see cryptocurrency will wide open because we can be one nation and with one currency. But once again, it will need a long time before it's happening.

[raking]

Cons of bicoin cryptocurrency:
For new users, it takes time for them to become acquainted with the technology of creating electronic wallets and to use it in a proficient manner.
The price of electronic money fluctuates constantly, making people constantly unpredictable
A criminal activity where money laundering.

[Brama Jasa]

if the digital currency is used officially globally, then there will be a lot of criminal acts, but as the development of crypto transactions can be monitored because with the KYC system, everyone can find out who is transacting, and the loss is that the country does not get tax from the transaction when a user makes payments or purchases goods from outside his country, but it is possible that the government of a country makes a policy if bitcoin officially becomes a global currency

[thisav]

In short term, I can not see the possibility for the world to be able to adopt and use bitcoin as official currency, because government wants to control something they can control, however, there is no central control on bitcoin due to its decentralized features.
If bitcoin is used as fiat one day, the downside would be all the people will go mining for the "money", because bitcoin can be generate through mining and large amount of bitcoin will held in small portion of people due to early mining.

[CrimBit]

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 the best if compared to other crypto, you can see in terms of price, Bitcoin is far away from its closest altcoin, Ethereum. But irregularities in production and distribution are weaknesses of Bitcoin because of the fault of miners and this affects the price of bitcoin. Another thing is its volatility which is the biggest reason behind the investment crisis. Some other side is his involvement in criminal activities.

[Cherylstar86]

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 the best if compared to other crypto, you can see in terms of price, Bitcoin is far away from its closest altcoin, Ethereum. But irregularities in production and distribution are weaknesses of Bitcoin because of the fault of miners and this affects the price of bitcoin. Another thing is its volatility which is the biggest reason behind the investment crisis. Some other side is his involvement in criminal activities.

Criminal activities was always prone to issues on money matters, and that side of crypto really gathered negative effects towards development of increasing demand from investors. I am not a hater of bitcoin alts, but it seems that other project related to new crypto is with the involvement of crimes such as fraudulent managers who managed most scam projects, that made people became hesitant on crypto due to bad experiences. For me that's considered a serious crimes which we need to look with most of the time when we deal with anonymous people handling projects, which crypto was always concerned.

[Brigtano]

I don't think Bitcoin will ever become an official currency in any country. Goverments won't ever agree for decentralised payments.

[Lorna111]

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.

 To answer the above topic question, my one cent opinion, one should remember that Market is Volatile, price value of one coin may goes up and down dependent on the Volume of investment by the investors put in into Crypto coin, It is very unpredictable on the market movement, and the Risk of investment into the market.

[hima]

First, the cryptocurrency will not become a world currency) Because the dollar, the euro simply will not miss it

[carlisle1]

Each country has its own economy and its currency, confirmed by a gold reserve. Digital money can’t become a single world currency, because they are decentralized, i.e. aren’t controlled by anyone. But a crypto currency can remain a means of paying for some services or goods, like chips in a casino or as coupons.

You’re right on this dude,as existing currencies from all over the world will never lose their position instead cryptocurrency will help them make all the needed by the people

As i believe that virtual money created just for back up or like a gambling chips that the value will rely on the real currency

[Qurelal]

If a user lost a password from his e-wallet, it means for him the loss of all the funds in it. Since there is no control over the conduct of transactions using digital money, there is no guarantee of their safety.
Cryptocurrency is characterized by high volatility due to the specifics of its circulation.
In relation to cryptocurrency, various negative influences may be attempted by national regulators of monetary circulation.
Since over time, the process of obtaining kryptonet is becoming more and more complicated, then mining with the help of the equipment of individual users becomes less and less profitable.
Each of the existing types of cryptocurrency has both advantages and disadvantages inherent in all of them together.

[worldofcoins]

Downsides of crypto among many includes price volatility some caused by market manipulations something that does not happen with any fiat currency. Plus the governmental issues.

[wxa7115]

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.

I also believe that this is a generational thing, which is why I think that the adoption of cryptocurrencies is going to take a lot longer than many people think, to this day I still know of people that distrust banks so much that they refuse to use bank accounts, and while I can understand very well why they distrust banks because I do not trust in them either, at the same time this kind of people are not going to adopt cryptocurrencies because they are going to distrust them as well because they will not understand them.

So we'll have to wait for the current generation to become older, that way the oldest generation and the current one will have similar knowledge about the technology behind bitcoin and finally we will see the adoption that we have been looking for so long.