Downsides to crypto

[BitcoinPanther]

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.

Price volatility is really a good factor for those who view bitcoin as an investing tool, but to common users whose purpose is to utilize bitcoin as a system of payment, it is really a downside. Though regarding bitcoin's price being expensive, the beauty of its design can really be appreciated as bitcoin can be broken down to satoshis which gives everyone the chance to buy and take part in the bitcoin space.

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[Emily_Davis]

Surely the government won't allow it to happen because they'll go bankrupt if everyone moves to Bitcoin.

Let's say the said scenario happened now, once billions of people starts using Bitcoin the network will be busy due to the millions of unconfirmed transactions and fees would go up (btc wise). The price could be a problem for some people because of the volatility, though it's expected that the price will stabilize as soon as more people are trading Bitcoin. I still think that there will be times that all of us have to spend more/less.

But do you think that mass adoption of bitcoin will be good for the crypto market, given that the price of bitcoin is ever changing? Sometimes I can't help but wonder if this whole concept of cryptocurrency becoming a global currency will be for the better since not everyone can afford to buy bitcoins.

[ClassyDancer]

But all these downsides are not insurmountable, right? Maybe with a few regulations, scams and other illegal activities can be deterred? And if more people start using crypto, that could help achieve some price stability, correct?

[georgiasus]

I believe that the main disadvantage will be that people will use cryptocurrency for criminal purposes, buying weapons, laundering fiat money

[Desscount]

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 if cryptocurrency starts to be used by all levels of society, of course every country will have its own crypto, so the possibility of an altcoin that you will die. this is the logic, except that bitcoin is the center of the market binder without anyone being able to control.

[bchain22]

I don't really see a downside here. Only positive sides.

[eSurge]

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.

Not as unsolved as it seems. For instance, US intelligence agencies nowadays manage to track down many fraudsters committing crimes using Bitcoin & Ethereum. AFAIK it's still really hard for anyone to track anonymous systems such as Monero & ZCash.

Considering Bitcoin, many blockchain analysis tools already exist, e.g. Chainalysis, Coinfirm and others. There are far more ways to track down Bitcoin transactions as it seems at the first glance.

[kavabanga07]

Hello dear traders
After today's fall, we tested the 6300 zone and it looks like it will continue to move in a falling wedge formed from January - a reversal pattern. At the same time we are moving to the support line. Most likely after the test of this line we will fly up. I showed a long-term vision of btcusd movement. There are many factors that talk about long-term growth, so fasten your seat belts and we are getting ready to stand on the runway.
On October 12, I will start my first webinar, where I will give my full vision of the situation on crypto market.

[eashikde]

Of course, cryptocurrency has its drawbacks, since this is a new segment. I think the main one is not a complete understanding of people about what it really is. Many do not understand how it works and be afraid, but I think people will soon become interested in more and investors will become much more.

[Mophadiarus]

I do not think it will be negative. Everything is double-sided. When Bitcoin becomes a globally acclaimed cryptocurrency. Valuable pressure causes Bitcoin to differ from Altcoin.

[wxa7115]

I think the biggest problem is the weak controllability of cross-border transfers. National banks and other supervisory and monitoring authorities in national payment systems cannot supervise and control the issuance of Bitcoin, the implementation of transactions in this currency, services and electronic exchanges that provide services for performing Bitcoin transactions.

That is a feature not a problem with cryptocurrencies in general, cryptocurrencies were created with the idea to not let the governments take control of the network because if they did then they will be able to do whatever they want with it and that is not something that Satoshi wanted, and anyone that understands the true nature of cryptocurrencies doesn't want that either, if you want to cooperate with your government and pay your taxes and reveal everything that you are doing with your cryptocurrencies you are free to do so.

But there are many people that appreciate the characteristics of bitcoin and they are never going to allow that any government gets control of the network and implement a way to supervise and control bitcoin at the protocol level.

[cah ndablek]

I think the impact that arises from bitcoin after being officially used as a currency is provide an opportunity for someone to continue to invest because they tend not to be afraid to try it and the government directly supports the activity.That's where the country can experience progress when people can prosper.

[SneakyLady]

I think the upsides of crypto outweigh the downsides and the benefits of fiat do not compare to the benefits of crypto.

Throughout human history, government interests, not the people's, have been the source of almost all human misery because it is believed that people cannot govern themselves.

Blockchain technology saves us from ourselves in a way. It makes all transactions secure without the need for centralized institutions that do not prioritize the public's well-being.

[raden1922]

In general, cryptocurrency or specifically bitcoin cannot be the official currency of the world. But there are still several benefits that can be taken from Crypto, namely in making transactions more convenient and efficient.

[Dmitry.Vastov]

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 highly volatile crypto currency and thus valuation tends to flactuate and varies according to market demand and supply and we all know that bitcoin has made tremendous progress in this passed decade and has always increase its valuation each year and that is why from having millions of haters, now there are millions of people around the world who are investing into bitcoin but in this year the valuation of bitcoin has deflated to a very low extent but there is nothing to worry about as there are assumptions that the valuation will inflate in coming months of this year.

[JPSelzer]

I think that the main drawback, to be more precise, the problem of accepting bitcoin will be the difficulty of using it in underdeveloped countries. Also, I believe that it will be impossible to use bitcoin everywhere until the problem with its volatility is solved.

[MajkD000ooo]

1)Immediately it should be noted that the main problems of cryptocurrency can be solved by improving the source code base and legalization.

2)Indeed, there are difficulties with scalability. And they need to be solved in order to be able to attract additional users to the ecosystem. The developers are already addressing this issue and have proposed a number of solutions. In our time there are no unsolvable problems.

3)In developed and developing countries, there is a gradual legalization of currencies. Even the most conservative countries, such as Russia, are working to bring this market out of the shadows. To date, Singapore and Switzerland have made the most progress in this direction.

4)Changing the protocol is a very long and complicated procedure. However, by common efforts of the community, the protocol is gradually improving. Even in Bitcoin, Segregated Witness was eventually introduced.

5)Price volatility is a natural process accompanying the emergence of a new asset class. The change in price reflects how much new technology is accepted by society.

6)Recognition does not occur in one day. This will take a long time, but already there is a constant influx of people into the cryptocurrency market. And it pleases.

7)Hacking systems occur and will inevitably occur in the future, but networks built on blockchain technology are constantly being upgraded to prevent possible attacks. Theft of coins occurred even in Bitcoin, but the network itself can and will cope with such problems.

[VanityWallets2015]

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 only downside to bitcoin is its decentralised nature thus no proper authentic regulating body over bitcoin and thus leading to its illegal use, bitcoin being so profitable has always helped millions of people in finding their jobs and earning them a good life but still due to its decentralised nature, most of the countries are in against of it as no country wants to bring terrorism in their nation but to solve this issue, centralisation of bitcoin all over the world is the last option left as then countries governments will look after all bitcoin activities.

[Sam San]

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 only downside to bitcoin is its decentralised nature thus no proper authentic regulating body over bitcoin and thus leading to its illegal use, bitcoin being so profitable has always helped millions of people in finding their jobs and earning them a good life but still due to its decentralised nature, most of the countries are in against of it as no country wants to bring terrorism in their nation but to solve this issue, centralisation of bitcoin all over the world is the last option left as then countries governments will look after all bitcoin activities.

bitcoin needs to remain decentralized. the only thing he fastened the usual deterrent mechanisms of the stock market futures and ETF funds

[bezygly]

I do not think this will be a disadvantage. Because our funds will not be more controlled by banks and the government. And the government is a parasitic form of life on the body of the people.