kzozenberg
Jr. Member
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Activity: 140
Merit: 1
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October 09, 2018, 06:55:16 PM |
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Bitcoin has already become an international currency, it is used by a huge number of people around the world and I do not see any drawbacks. The only possible problem is scaling!
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skish85
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October 10, 2018, 01:06:26 PM |
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If cryptocurrencies remain as volatile as they are now, this could have a negative impact on the economies of countries.
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shesheboy
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October 10, 2018, 01:14:01 PM |
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If cryptocurrencies remain as volatile as they are now, this could have a negative impact on the economies of countries.
Negative impact ? I dont see it . crypto volatility doesnt have a conection to the economy of a country . What i already know is that cryptocurrency is verry helpful to the people and also the economy of a country because it provides a career or jobs to everyone . If there are downside of using a crypto then that is it cannot be used without internet or electricity because as of now cryptocurrency do mainly work online . |
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kamfragila
Newbie
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Activity: 20
Merit: 0
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October 10, 2018, 01:28:57 PM |
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bitcoin's most downside is transactions cappacity. something like 50 or less txs per second is a joke i think.
e: always when i sent some BTC to other address i had a problem that nobody found any block for 30-40 minutes.
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Btcvilla
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October 10, 2018, 01:40:47 PM |
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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?
good discussion, but I'm not sure crypto will be the official currency as a transaction tool. why am I not sure, because every country has fiat currency as a transaction tool and has been regulated according to international law. As for other things to be an option, surely every country will adopt its crypto as a transaction tool. even then if it's legal. |
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Shresherya
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Activity: 56
Merit: 0
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October 10, 2018, 02:30:36 PM |
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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.
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ocid
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October 10, 2018, 02:44:15 PM |
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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 talk about the negative side that will be gained if bitcoin becomes the world currency option, in my opinion, bitcoin as a decentralized currency will be one of the transactions that can be done freely without centrality related to the existence of the law that applies to the existing transaction system. So my point is what is feared that a decentralized system can be used by people who aim to commit crime. |
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sino22
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October 10, 2018, 02:56:40 PM |
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The biggest problem of crypto is that you can easily lose your coins. Like forgetting your key, getting scammed and sending to the wrong address. If you have one of these problem than it is difficult to get your coins back. You cannot contact someone and ask them to stop the transaction/refund, if you had a bank account then it would be possible.
true if it happens like losing private keys, fraud and wrong sending address will be the biggest problem but if we are not careless and always guard with secrets it will certainly be safe. |
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Sam San
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October 10, 2018, 05:37:42 PM |
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If cryptocurrencies remain as volatile as they are now, this could have a negative impact on the economies of countries.
Negative impact ? I dont see it . crypto volatility doesnt have a conection to the economy of a country . What i already know is that cryptocurrency is verry helpful to the people and also the economy of a country because it provides a career or jobs to everyone . If there are downside of using a crypto then that is it cannot be used without internet or electricity because as of now cryptocurrency do mainly work online . for a long time, the ICO will now allow you to not necessarily pay Fiat to a crypto-currency account, which will happen simultaneously debiting amounts from crypto-currency wallets. the technology allows you to lend for the time of customers on the amounts held on cryptocurrency accounts to pay for purchases in the store. |
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BillieCrypt
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Activity: 223
Merit: 10
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October 11, 2018, 04:04:38 PM |
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Any business has its pros and cons. If Bitcoin is a truly decentralized cryptocurrency that cannot be influenced by whales and government bodies, this will lead to a more fair and honest public system, preserving forests and reducing chemical emissions associated with printing paper money.
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happy weblancer
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October 11, 2018, 08:15:59 PM |
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According to my oopinion, 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 in the world
Such a volatile currency, as Bitcoin can't become the main world currency. People can't receive salaries and social payments in Bitcoins with the risk that their incomes will decrease overnight, for example, by 10-20%. Regulation of the crypto market will devalue the whole idea of cryptoencryption and blockchain. |
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xlmlover
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Activity: 518
Merit: 10
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October 11, 2018, 09:01:56 PM |
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one of the weaknesses of this crypto is that there is no official regulation from the government, this is the crypto barrier, and there are few people who use this crypto to commit crimes, for example buying and selling drugs, money laundering. this is what makes crypto negative by some people.
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thinkright
Copper Member
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Activity: 280
Merit: 1
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October 11, 2018, 09:14:37 PM |
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One of the downside of the world wide use of crypto currency(bitcoin to be specific) will have to do with ethics.. As we still experience fraudulent transactions carried out via crypto, the results will increase increase due to its anonymity.
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xmzaz
Newbie
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October 11, 2018, 10:02:29 PM |
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the downsides of crypto is that its reliance on to much technolgy and electricity to maintain its use, without even just one of the two bitcoin cant be use and its just another failed technology. thats the biggest downside to it. too much reliance on technology. but hey! we have an evolving world
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Bonsaiav
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October 11, 2018, 10:24:27 PM |
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Cryptocurrency has excellent features that other currencies do not have, namely its speculative value. Unfortunately, this feature also at the same time becomes a weakness for him. Because, cryptocurrency can have a detrimental effect on low-income or financially incapable users, to hold currencies without understanding the risks involved.
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evichi
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October 11, 2018, 11:37:23 PM |
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My greatest concern is the high volatility. Suppose you have 1 bitcoin worth $18000 as at 2017, and a few months later it fell, lets say to $14000. You will be hoping that the price will still go up, so will hold your coin. But, for each passage of time, it continues to go down. Today, it is now $6300. This means you have lost $11700. This is not a funny deal. So, to me , this is my greatest fear in bitcoin/cryptocurrencies.
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waitforme
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BBOD The Best Derivatives Exchange
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October 11, 2018, 11:39:34 PM |
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The most significant disadvantage of Crypto is that it is easy to be used by criminals to commit illegal transactions and this is also a big reason for the government to ban it. Also, the issuance of Tokens is too easy to create fake projects aimed at appropriating investment funds of investors.
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SeVenlast
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● KEEP CALM & HODL ●
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October 11, 2018, 11:53:20 PM |
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For me, crypto is very vulnerable at a bad price because all types of crypto will follow the flow of Bitcoin. if the price of Bitcoin decreases then all types of Crypto will experience it.
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Michael_Cox
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October 12, 2018, 12:08:50 AM |
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Bitcoin's price unpredictability. I think that's one of the downsides to it. Even if it eventually becomes a global currency and more people started using it, it still won't erase the fact that its price is very high and unpredictable. Not a lot of people have the amount of money to buy a single bitcoin so that's also one problem to solve.
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satria2
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October 12, 2018, 12:10:17 AM |
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The most significant disadvantage of Crypto is that it is easy to be used by criminals to commit illegal transactions and this is also a big reason for the government to ban it. Also, the issuance of Tokens is too easy to create fake projects aimed at appropriating investment funds of investors.
It has become an unsolved problem until now but Bitcoin is a freedom so everyone can commit crimes with Bitcoin transaction tools. |
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