Negative influence of bitcoin

[Godlovesyou]

Every good thing has side effects, I believed bitcoin ha play roles of changing lives and improving digital structural economy. But bitcoin also has negative damnation on lives by impoverishing people of their spare resource and income. Today I want point out some negative impact of bitcoin on societies such as:
1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.
2. No refund to anyone who incurs loss through keys, seed phase or fraud.
3. Privacy- bad people trying to give bitcoin bad name by faking bitcoin apps and site.
4. Cyber hacking - cyber wizards an fraudsters makes people to loss bitcoin wallets and money.
5. Price vitalities - bitcoin price is unpredictable and nobody as monopoly of the market.

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[JeromeTash]

1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.

Really? Maybe people like you just choose to be ignorant about what's going on
How can you compare this;

Bitcoin                                                                                              


to this

Fiat payment system
[/center]
Source

2. No refund to anyone who incurs loss through keys, seed phase or fraud.

When you withdraw your funds from a bank and then lose them, do you get a refund?

3. Privacy- bad people trying to give bitcoin bad name by faking bitcoin apps and site.

Privacy is good. Just like you are not letting us know your real name, where you live, what you do and where you are right now via this forum.

4. Cyber hacking - cyber wizards an fraudsters makes people to loss bitcoin wallets and money.

The same happens to fiat, even worse, corrupt politicians, robbers, cyber hackers, etc. Stop making it look like it happens only to bitcoin

5. Price vitalities - bitcoin price is unpredictable and nobody as monopoly of the market.

Have you taken a look at different stock markets and fiat currencies of a number of countries?  

[yudi09]

Only 5, please add more so we can all answer.

1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.

Bitcoin makes it easy for anyone when they try to be curious about Bitcoin so there are no attempts at fraud. Only people who hate Bitcoin would commit scams like spreading FUD.

2. No refund to anyone who incurs loss through keys, seed phase or fraud.

The loss occurred due to a negligence made by the owner so that it is impossible for the owner to ask for compensation for the mistake he made himself.

3. Privacy- bad people trying to give bitcoin bad name by faking bitcoin apps and site.
4. Cyber hacking - cyber wizards an fraudsters makes people to loss bitcoin wallets and money.

Why is the state willing to hire high-paying special officers to maintain data. The answer is because privacy is very important.
The closest logic to describe this to you is that you will be furious when I try to leak and share or sell your personal data to others.

5. Price vitalities - bitcoin price is unpredictable and nobody as monopoly of the market.

An elderly grandfather kept fiat for decades as a result of his daily hard work and when he was about to exchange it at the state bank, the bank said that the money that the grandfather wanted could not be exchanged and was no longer valid and this is the true story that happened in my area.^[1]
Another example of a stock game.

[1]. https://www.cnbcindonesia.com/news/20230430162415-4-433343/tidak-bisa-ditukar-ini-nasib-uang-ratusan-juta-kakek-sarneli

[palle11]

But bitcoin also has negative damnation on lives by impoverishing people of their spare resource and income.

How does this happen? I don't agree that bitcoin impoverish people, no it doesn't except if you want to multiply your unit or fraction by trading it. If you make a decision to trade your coins then it is not the fault of bitcoin but the trader that refuse to hodl only. Example if you are hodling 0.005 in btc, it will remain that value after bear market and can increase if the bull season come but it is riskier to trade it because you can lose all of it. Hodling bitcoin is not negative but trading it can be negative if you lose. 

[gunhell16]

I can't think of Bitcoin as a negative influence. From what I know and understand, it only has a negative influence on people who doubt it.

But for people who believe that it is a good long-term investment and it has been proven that there is really no room for the word negative in bitcoin because there is trust in bitcoin, that's how simple it is to understand in my opinion. Maybe it only has a negative influence on you, not on us who believe in it.

[TheUltraElite]

I dont see these as negative influence, a rather strong word to say and things which are also applicable to fiat.

I understand that these phrases are coming from users who are newly exposed to crypto and observing things related to it while making comparisons with fiat.

No-refundable - A good deterrent to careless spending and being alert when sending money. You will think twice before sending money to a random stranger and also reduces beggers from getting the easy change off daily passengers. Imagine beggers with QR codes on the road, they will get ignored by everyone.

Privacy - is important but not completely possible because we do use centralized exchanges and buy gift cards on online sites which log our IPs and all.

Hackers - they are everywhere, in this century basic cybersecurity measures should be learnt by every user. It is a necessity and they are enough to keep you safe.

Price changes - I urge you to check the yearly volatility of bitcoin, it remains under 15%.

[Lorence.xD]

I think those you've mentioned will be a bad impacted only to newbies. I also started from no knowledge so before engaging to this industry I've studied how it works and of course I'm aware to the decentralized nature of Bitcoin knowing these things would make you to have a wise decision. Having no knowledge itself will be the first disadvantage where almost everything you've mentioned will fall. Cuz if you know how to manage Bitcoin in this industry, scammer couldn't even have a chance to scam you, you'll only need to think of your strategies for your calls since we all have different preferences.

[maydna]

Because people don't want to learn more about bitcoin, they run into scams from programs that end up being fraudulent. If they were willing to learn more about bitcoin and the program offering the investment, they could find out if the program turned out to be a bogus investment.

People think that after buying bitcoins, they can join those programs to increase their bitcoin amount. But the truth is that it will only make them lose their bitcoins, and they never learn about it.

As long as you can keep your bitcoins in a separate wallet and never tell anyone how much or tell anyone that you have bitcoins, you will be safe from hacking, fraud, or theft. So when people decide to invest in bitcoin, they must look after it.

[KiaKia]

Imagine you have no idea about Bitcoin and someone out of no where tell you that something is far superior to Fiat currency, bro you will be laughing nonstop, because it will sound to stupid to you, for some people till today, Bitcoin is nothing but the largest successful Ponzi scheme.

There are many friends and relatives that believes this, and they believe that one day the bubble will burst, they are trying to rebel against Bitcoin, hoping to prove that it's a scam after it's burst and made people lose their money.

Instead of them to try figuring out what Bitcoin is all about, they hope for it to fail.

[Aanuoluwatofunmi]

1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.

People having a misconception about bitcoin is not a negative influence to me, they people has the lapse from their end in the lack of the ability to try out something new, take a risk and believe in what bitcoin has come to offer in the entire financial system and economy

2. No refund to anyone who incurs loss through keys, seed phase or fraud.

I can't accept this is well as a demerit to bitcoin becau if you're been careless with your fiat currency abd lost to due to vulnerability or attack it's all gone for life, same applies to bitcoin, you can make a mistake and expect it to be reversible or undo when you're at fault and not the blockchain technology.

3. Privacy- bad people trying to give bitcoin bad name by faking bitcoin apps and site.

The more reasons to avoid storage of your asset on centralized exchanges, or believe all those crypto influencers and some crypto projects, NFTs and their likes, the bad ones are many than the few good ones.

4. Cyber hacking - cyber wizards an fraudsters makes people to loss bitcoin wallets and money.

The problem here is not bitcoin but you for using a centralized exchange and been careless with your wallet security and private keys.

[boyptc]

Every good thing has side effects, I believed bitcoin ha play roles of changing lives and improving digital structural economy. But bitcoin also has negative damnation on lives by impoverishing people of their spare resource and income. Today I want point out some negative impact of bitcoin on societies such as:
1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.
2. No refund to anyone who incurs loss through keys, seed phase or fraud.
3. Privacy- bad people trying to give bitcoin bad name by faking bitcoin apps and site.
4. Cyber hacking - cyber wizards an fraudsters makes people to loss bitcoin wallets and money.
5. Price vitalities - bitcoin price is unpredictable and nobody as monopoly of the market.

Scammers are everywhere and they're not just taking advantage of bitcoin but also even in the use of fiat, they can be found.

While someone who's enthusiastic about bitcoin don't see bitcoin's volatility is a negative thing to be considered. It is for sure that newbies will think of when you say that it doesn't have a stable price but instead it has got a variance on its price.

Instead of them to try figuring out what Bitcoin is all about, they hope for it to fail.

These are people that knows nothing but want people to see on their misfortune. As a Bitcoin investor, we don't intend to see non-bitcoin investors miss these opportunities.

But them to expect bitcoin to fail, these minds are nothing but crab mentality.

[m2017]

Every good thing has side effects, I believed bitcoin ha play roles of changing lives and improving digital structural economy. But bitcoin also has negative damnation on lives by impoverishing people of their spare resource and income. Today I want point out some negative impact of bitcoin on societies such as:
1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.
2. No refund to anyone who incurs loss through keys, seed phase or fraud.
3. Privacy- bad people trying to give bitcoin bad name by faking bitcoin apps and site.
4. Cyber hacking - cyber wizards an fraudsters makes people to loss bitcoin wallets and money.
5. Price vitalities - bitcoin price is unpredictable and nobody as monopoly of the market.

You list the negative aspects of bitcoin. Do you think that cash, bank accounts, the stock market or other financial instruments have no disadvantages? Everywhere has its downsides.

Cash, for example, can also be stolen from you, it is subject to strong inflation, paper banknotes burn very well and so on and so forth. But the world doesn't stop using it, right?

I'll add some of my comments:
1. Moreover,bitcoin is not convenient for use by ordinary average people.
2. Bitcoin doesn't forgive mistakes of its users. Wrong amount or recipient address - your funds are lost forever. The need to ensure safe and secure storage of seed phrases.
3. Pseudo-anonymity and permanent preservation of the entire history of transactions in the public domain.
4. Almost the same as the 2nd paragraph. The need to take on the role of a security guard and be your own bank for yourself.
5. Non-constancy of bitcoin price and unpredictability of changes.

Despite these shortcomings (and not only) bitcoin still continues to be an excellent digital money and investment tool. This is the case when the positive aspects more than compensate for the negative ones, which can be neglected under certain conditions (that is, subject to certain actions).

[lizarder]

Every good thing has side effects, I believed bitcoin ha play roles of changing lives and improving digital structural economy. But bitcoin also has negative damnation on lives by impoverishing people of their spare resource and income. Today I want point out some negative impact of bitcoin on societies such as:

Where is the negative if someone can place bitcoin correctly and cases of fraud in the name of bitcoin cannot be separated from individuals or groups who try to take advantage of other people's stupidity, but it is not actually bitcoin that initiates fraud?

1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.

More precisely, it is stupidity that brings people to the stage of fraud, what is the difference from the fiat system that has existed so far?

2. No refund to anyone who incurs loss through keys, seed phase or fraud.

Again talking stupidity about refunds due to errors in transactions. Can you exchange when you buy the wrong item?

3. Privacy- bad people trying to give bitcoin bad name by faking bitcoin apps and site.

All the complexity in this world is inseparable from how you can control it, including privacy, counterfeit apps and fake bitcoin sites. Attempts to scam are everywhere and many people fall for it due to ignorance.

4. Cyber hacking - cyber wizards an fraudsters makes people to loss bitcoin wallets and money.

If people can why not us. If they are able to deceive why can't we avoid being deceived? while there are secure wallets to store bitcoins.

5. Price vitalities - bitcoin price is unpredictable and nobody as monopoly of the market.

The advantages possessed by bitcoin and for this reason we believe in a system of freedom in holding bitcoins. Meanwhile the fiat system tends to be controlled by certain parties and can be monopolized according to interests.

[Nwada001]

@Godlovesyou   In summary, of your four points about the negative influence of Bitcoin, can you point out which of those negative influences is new to society as a result of the development of Bitcoin?

The only negative influence I see here is people like you who choose to put all the blame regarding all the bad influence and negative things going on in society on Bitcoin, as if Bitcoin is the problem. All your listed negative feedback is also seen in every other financial sector.
Regarding losing funds when you lose access to your private key and all that, if you can't take care of your own personal belongings, why then own them? Those are not things you should blame on Bitcoin, but individual mistakes and carelessness for which anyone should take responsibility for their own security.

Hacking and hijacking of funds are primarily for those who hand over their funds security to a third party, and when that third party's security is compromised, everything is lost. It also happens in the banking sector, which is not something new; bank accounts are being hacked and individual funds are being hijacked. Any money that is in your personal wallet, especially a self-custodial wallet, cannot be controlled or moved out by anyone aside from you unless the security of your wallet has been compromised by you, which is mostly as a result of users carelessness in clicking on malicious and untrusted links, which gives hackers control over their wallet. It's not something new.

Sometimes this week, a similar topic regarding the disadvantages of Bitcoin was also listed, which is almost the same point as yours. You guys just need to understand that whatever you are seeing as a disadvantage of Bitcoin is not the fault of Bitcoin but something that has already existed even before the invention of the currency. The earlier you start realizing this, the better it will relieve you of this negative energy you are having with Bitcoin.

[The Cryptovator]

It is a fact that some individuals may experience losses in Bitcoin due to a lack of patience. This is because there will always be someone selling and someone buying, meaning that some individuals will gain while others may lose. It's important to keep in mind that Bitcoin is constantly changing hands, which can contribute to its volatility. However, if you are a strong holder who doesn't engage in frequent buying and selling, you may be more likely to experience gains. It's also worth noting that scams and frauds can be found in any industry, and should not be the sole basis for developing negative opinions about Bitcoin.

[Smartvirus]

Every good thing has side effects, I believed bitcoin ha play roles of changing lives and improving digital structural economy. But bitcoin also has negative damnation on lives by impoverishing people of their spare resource and income. Today I want point out some negative impact of bitcoin on societies such as:
1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.
2. No refund to anyone who incurs loss through keys, seed phase or fraud.

I often have problems understanding why ignorance they say is a "no excuse" but in this @ OP, this I could understand.
You know, there is a hunger difference with when you clearly are aware of the existence of something than, when your fully aware, don't care a thing about it and then some day you just jump on it and hope not to get hurt. Come on, life isn't a place to be comfortable about when you ain't doing great. You have to be willing to put figure things out on your interest.

1. If you don't know something, you learn. That's how you cure ignorance and even better now, we've got multiple source of information.
2. Nothing is perfect and there are rules to ensure safety. Follow them and you won't bother about losing your keys or seeds and refunds.

Nothing comes to you when you do nothing.

[sokani]

1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.

There are many men of God preaching about Jesus Christ, but is it everyone that's receiving this message? Hell no... It's the same with bitcoin.. some persons choose ignorance over information and knowledge that can put power in their hands.

2. No refund to anyone who incurs loss through keys, seed phase or fraud.

When you're careless with your debit or credit card information and it gets into the wrong hands and your money is wiped off from your bank account... Do your bank give you a refund? Hell no.

3. Privacy- bad people trying to give bitcoin bad name by faking bitcoin apps and site.

4. Cyber hacking - cyber wizards an fraudsters makes people to loss bitcoin wallets and money.

Scammers, fraudsters can never stop trying to use it to defraud people but that doesn't make Bitcoin bad either.

5. Price vitalities - bitcoin price is unpredictable and nobody as monopoly of the market.

Bitcoin is a volatile asset, the price is not stable and that's one of the things that makes it beautiful.

[lionheart78]

1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.

Most people are too lazy to learn and do research.  They wanted to be spoonfed and don't want to exert effort in learning new stuff.  Aside from that, the greed makes people fall into scam and fraud.  it isn't the action of Bitcoin but the people itself.  Bitcoin is in no way can influence people to do fraud.

2. No refund to anyone who incurs loss through keys, seed phase or fraud.

No one will refund a person because of their negligence.  The same rule applies to every services.  if it is the person fault, even banks can't refund him of his fault.

3. Privacy- bad people trying to give bitcoin bad name by faking bitcoin apps and site.

So it is the bad people and not Bitcoin.

4. Cyber hacking - cyber wizards an fraudsters makes people to loss bitcoin wallets and money.

Still this is human generated crime.  Bitcoin isn't a part of this.

5. Price vitalities - bitcoin price is unpredictable and nobody as monopoly of the market.

Almost all markets are unpredictable.  It is a normal thing in trading.

The only negative influence I can see in Bitcoin is when you put your shoe on the financial institution place.  Bitcoin can take away clients, users, and believers of the traditional financial system.  But if we put ourselves on the users shoe, it is a good thing to have freedom of financial transactions.  Most influence you stated are caused by a human greed.  Bitcoin has nothing do about them.

[Bananington]

1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.

Nobody had a knowledge of bitcoin, everyone learnt. If you do not understand bitcoins, learn from credible sources and not from any person new and even old sometimes.

2. No refund to anyone who incurs loss through keys, seed phase or fraud.

This is why we should be more care every time.

5. Price vitalities - bitcoin price is unpredictable and nobody as monopoly of the market.

The price volatility is also a positive side to bitcoin that many people have benefited.

[Woodie]

Today I want point out some negative impact of bitcoin on societies such as:
1. Bitcoin is not easily understood by people with no knowledge of it, at such scam and fraud is high on them.

Change is inevitable , if you don't want to move with it...it will go without you! This is as good as the Tin can telephone days and then the telephone came and you say am not ready for the new tech, am sorry these technological development's will happen and people need to be invested in them....Same thing applies to crypto, this is the digital age and most of the stuff we do today has a footprint in the digital world and this is whats happening even with our money.

2. No refund to anyone who incurs loss through keys, seed phase or fraud.

definitely one of the downside of crypto but this also solves the issue of bad actors trying to scam sellers or other parties after a successful transaction,  it's all about getting used to it.

3. Privacy- bad people trying to give bitcoin bad name by faking bitcoin apps and site.

I think people are now woke and will see such a mile away.

4. Cyber hacking - cyber wizards an fraudsters makes people to loss bitcoin wallets and money.

Fiat suffers from such kind of attacks and not new to crypto but its all about improved cyber security measures  and getting educated on how best to protect ourselves and have zero tolerance on pirated software as this is also a source of compromise.

5. Price vitalities - bitcoin price is unpredictable and nobody as monopoly of the market.

Unpredictable but system  still works thanks to supply  and demand!