Topic: Downsides to crypto (Read 3245 times)
Bitcoin's price has remained steady for the past few days. And on the other side there are some more coins. Whose market price is getting better. This is the biggest downsides to Bitcoin.
One of the disadvantages of bitcoin is its anonymity. When transactions are made, the user is allowed to remain anonymous so many people have used it for bad purposes such as money laundering, tax evasion
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if in my opinion and what I experienced and became a complaint by bitcoiners. there are some of the bitcoiners who have lost their assets. is there a better system for the future. so that the assets of bitcoiners are truly safe.
Downside to crypto is looking bad to everyone but it is very good for those investors who have invested in crypto with big amount and waiting for very long time. And positive thinking investors are keeping patience for boom in crypto.
a very vital negative impact is when there is an inflation in a country. does the country want to guarantee when inflation will occur someday, and of course the public is not ready for it. in my opinion it needs very concrete considerations that bitcoin is used as the world's virtual currency.
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?
Becoming the official currency of the world is not an easy task and it requires a lot of time and efforts considering the fact that this is decentralized.
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 this will need ample time to deliberate with each country if we can be united to accept crypto as a worldwide currency. It's a very long process considering each and every countries economic growth and the literacy of their people. I'm not against about this concept but this is difficult to be implemented.
I think the downside of crypto is that it anonymity which will cause money laundering, corruption etc. and we know cryptocurrency cannot access by anyone because we all know that crypto was operate by means of technology , there are places that connection with internet is absent so if crypto will be digital currency it may take a long process.
The disadvantage is that currently crypto prices continue to fluctuate, cannot be used as a world currency that should have a stable value.
If forced as a world currency, the risk can be the instability of currency values and can cause high inflation.
If forced as a world currency, the risk can be the instability of currency values and can cause high inflation.
Of course, when cryptocurence became the world's official currency, there will be an increase in the level of crime in the world, these criminals consider this a golden opportunity to cheat because cryptocurrency is a decentralized technology that is very difficult to trace
For me the greatest downsides to crypto are volatility and the negative perception being promoted by vested interests. I think that the level of volatility attributed to crypto's is one of the things that put people off. Of course there is volatility in conventional trading markets too but i guess that regulation helps to secure investors positions to a certain extent. Whereas, with crypto there is no regulation therefore whales, exchanges and other market forces can impact natural market condition which leads to increased volatility.
Also, the reputation being broadcast about crypto is a downside because it can scare people away from crypto. People across the world get their news from various sources, some reliable, others not. But not everyone can verify or have the capability to verify the authenticity of news. So what they sometimes see or hear becomes the truth.
Also, the reputation being broadcast about crypto is a downside because it can scare people away from crypto. People across the world get their news from various sources, some reliable, others not. But not everyone can verify or have the capability to verify the authenticity of news. So what they sometimes see or hear becomes the truth.
The downsides of crypto is high volatility and sometimes it worried me it we experience same like the dotcom crash. Too much hype in the cryptosphere that could confuse people who are new in crypto and 1000 of alts.
Many think crypto will end up like .com
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 I see in cryptocurrency is the fact that it requires energy to use. What if the time comes that we don't have electricity to depend on? How would we transact? At least we should have a balance between using fiat money and using cryptocurrency. We can never know if we need fiat all of a sudden.
The downsides of crypto is high volatility and sometimes it worried me it we experience same like the dotcom crash. Too much hype in the cryptosphere that could confuse people who are new in crypto and 1000 of alts.
the main problem is if crypto or bitcoin becomes the world currency, is the instability that crypto has, crypto cannot be predicted up and down at any time and it will definitely be a problem if crypto becomes the world currency, so I think crypto or bitcoin will not be an eye world money, crypto will only be a place to invest because it is more profitable.
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 of bitcoin is its decentralised nature, as we all know that bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body over the bitcoin who could keep eye over all its transactions and this thing is misused by several social defaulters and they use bitcoin in selling drugs, explosives, money laundering and this is the reason why most of the countries do not want to legalise bitcoin in their nation as no country wants to bring terrorism in their nation but to solution of this problem is lies in the problem itself as to stop the illegal use, bitcoin needs to get centralised all over the world. hero member
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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?
there will likely be inflation of the fiat currency, and the risk of the crypto currency is very large and of course everyone who holds the currency will hold the risk too but if managed properly it will likely be goodYes, but I am sure that if we are in trouble in the crypto, we can get a solution to solve the problem. Besides that, I am sure that people who are involved in the cryptocurrency will know about the crypto too. I think there will be a downside in crypto like what we see now and I don't think that the downside will stay for a long time because the downside will change to the upside and it makes the crypto can survive in the bad situations.
The downside to crypto right now is that many got hurt in the bear market due to the volatility and pump and dumps by the powers that be. I think security is still an issue as it is more likely for someone to lose their coins and tokens due to a hack, losing their 2fa etc than it is by having your money for example in the bank. So, for now, I think we need to step up on the security issue side so that everyone has a chance to hodl their cryptos safely and securely without any troubles. I hope this area will improve soon so we all feel secure in holding our cryptos now and for the foreseeable future.
Let's take a a look in the past - almost 10 years of crypto industry, being born & developed with great influence all around the world, have just passed.
As you may see, crypto related apps (wallets, exchanges, dexs, LN) continue to become more and more user-friendly and more widely accepted.
Though, there is still a major hurdle: unless your grandma cannot understand how to pay in Bitcoin, we are not ready for the mass adoption. However, lots of efforts are being put into making it as simple as most internet banking applications.
Aside from user-friendliness required for the day-to-day life, we have the "subvert-the-paradigm" principle of being responsible for storing & securing your own funds, which should make a shift in the consciousness of society.
And a few more hurdles to address: regulatory uncertainty, merchants' adoption.
Once we address all of these things, I guess most downsides of crypto *as we know it today*, may be successfully mitigated.
As you may see, crypto related apps (wallets, exchanges, dexs, LN) continue to become more and more user-friendly and more widely accepted.
Though, there is still a major hurdle: unless your grandma cannot understand how to pay in Bitcoin, we are not ready for the mass adoption. However, lots of efforts are being put into making it as simple as most internet banking applications.
Aside from user-friendliness required for the day-to-day life, we have the "subvert-the-paradigm" principle of being responsible for storing & securing your own funds, which should make a shift in the consciousness of society.
And a few more hurdles to address: regulatory uncertainty, merchants' adoption.
Once we address all of these things, I guess most downsides of crypto *as we know it today*, may be successfully mitigated.
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