I'm of the opinion that there can be plenty downside to crypto if one was to really look for all the negativity in this market. Sure, there are some such as high risks and low rewards but when it goes big it will be felt.
it is very true what you say in your opinion, in my opinion the greater the risk the greater the profit may be behind the weakness there must be a tremendous advantage 
Topic: Downsides to crypto - page 10. (Read 3247 times)
Well, all i can think is the average people who are not into technology and especially the poor where they don't even have gadget to access the internet like smart phones, iPad, tablets and others. I think it will be hard for them to use crypto much even more that crypto is so technical that you need to have knowledge in ICT especially computer and the internet.
If we are adopting crypto as a global currency, not everyone will be able to survive because the basic necessity to use crypto lies in the ability to use the internet. As of now, the literacy rate is not impressive especially when it comes to the technology and hence not everyone will be able to use cryptocurrencies to transfer the values. That would give big trouble for the entire economy.
Yeah, to using crypto it's need at least basic skill on computer and internet. It will be really annoying, because there are so much people on the world that didn't know computer even internet, even though technology has developed so far. I think we should have the solution based approach here which will allow everyone to participate in the empowerment of economy as per their capacity. Bitcoin and blockchain technology is definitely helpful for optimisation of current traditional infrastructure but at the same time, we should have an inclusive approach that will give options to the people instead of forcing them to get involved with it. I am sure that we will see growth in the crypto industry within coming years.
If we are adopting crypto as a global currency, not everyone will be able to survive because the basic necessity to use crypto lies in the ability to use the internet. As of now, the literacy rate is not impressive especially when it comes to the technology and hence not everyone will be able to use cryptocurrencies to transfer the values. That would give big trouble for the entire economy.
Yeah, to using crypto it's need at least basic skill on computer and internet. It will be really annoying, because there are so much people on the world that didn't know computer even internet, even though technology has developed so far.
The exchange rate is relatively unstable 
Illegal transactions for buying illegal items.
For money laundering which could lead to government corruption.
Although it is great to be used as payment method it could also lead to a large scale of downside when abused.
People are getting witty by now and they could find holes easily.
But it could also be countered by the government if they want too. But I dont think one honest government will try to make it come true if they are also using it to escape money.
That is not really a downside of bitcoin if you compare it to fiat, in fact if we were to look at the statistics about how much money is being laundered in bitcoin and how much money is being laundered to banks around the world I'm pretty sure that there is not going to be any kind of competition, the money that is laundered by banks will be hundreds of times bigger than any kind of amount of money that is being laundered through bitcoin.For money laundering which could lead to government corruption.
Although it is great to be used as payment method it could also lead to a large scale of downside when abused.
People are getting witty by now and they could find holes easily.
But it could also be countered by the government if they want too. But I dont think one honest government will try to make it come true if they are also using it to escape money.
To me that is just an excuse the governments are using to try to scare people away from this new currency, they are trying to make it seem as if the only people that are using bitcoin are criminals, and we know that is not the case, it is obvious that some people are going to try to get advantage of bitcoin and its nature but those people are a minority.
If we are adopting crypto as a global currency, not everyone will be able to survive because the basic necessity to use crypto lies in the ability to use the internet. As of now, the literacy rate is not impressive especially when it comes to the technology and hence not everyone will be able to use cryptocurrencies to transfer the values. That would give big trouble for the entire economy.
Yeah, to using crypto it's need at least basic skill on computer and internet. It will be really annoying, because there are so much people on the world that didn't know computer even internet, even though technology has developed so far. The situation will definitely improve down the road but as of now, the sharp transformation is not possible due to this limitation. Crypto is based on blockchain technology which relies on the principle of decentralization that is focused on transparency and in order to bring the transparency, there is no other way than using the internet for broadcasting the transactions.
If we are adopting crypto as a global currency, not everyone will be able to survive because the basic necessity to use crypto lies in the ability to use the internet. As of now, the literacy rate is not impressive especially when it comes to the technology and hence not everyone will be able to use cryptocurrencies to transfer the values. That would give big trouble for the entire economy.
Yeah, to using crypto it's need at least basic skill on computer and internet. It will be really annoying, because there are so much people on the world that didn't know computer even internet, even though technology has developed so far. 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?
even though i really like cryptocurrency i also believe that it will also be having it's downside just like anything else in this world.
one of which is the availability and its usability to those who are not really engaged with technology.
such as old people and those who doesn't have access to internet and computers.
to become a world, you need to eliminate many shortcomings. while I see an uncomfortable way to protect the wallet. later I hope this will solve
If we are adopting crypto as a global currency, not everyone will be able to survive because the basic necessity to use crypto lies in the ability to use the internet. As of now, the literacy rate is not impressive especially when it comes to the technology and hence not everyone will be able to use cryptocurrencies to transfer the values. That would give big trouble for the entire economy.
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?
Main downside or disadvantage would be this questions Do everyone needs it? do everyone will use it on a daily basis? do we really need to make it as official currency of the world? This is very impossible, the logic would be like this, A decentralized system is centralizing the world but how ? bitcoin is really helpful but that does not mean that everyone is really into it.
Provided Bitcoin becomes the official currency of the world, it does have problems. It can cause deflation because the number of Bitcoin is limited to 21 million units. Each bitcoin will be worth more and more as the total number of Bitcoins maxes out. This system is designed to reward early adopters. Since each bitcoin will be valued higher with each passing day, the question of when to spend becomes important. This might cause spending surges which will cause the Bitcoin economy to fluctuate very rapidly, and unpredictably.
When people start to use Bitcoin more, they can cause the internet congestion and high fee transaction. At the end of 2017, when everyone rush to buy and sell Bitcoin, the fee was up to more than $50, discouraging people from using Bitcoin at that time. This is the biggest downside of Bitcoin.
Bitcoin and other cryptocurrencies are non-centralized and not created by any central bank. If altcoins become very popular as a means for transaction and storing wealth, then this could it more difficult for central banks to conduct monetary policy.
It's hard for Bitcoin to become the official currency of one country, much less to be a global currency. And of course, like everything in the world, which is always imperfect, Bitcoin has some drawbacks. The Bitcoin system could contain unexploited flaws. As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.
Nothing is perfect. Bitcoin isn't perfect, either. And it's just in its experimental stage though it has been appeared for years. There is an elephant in the room that will need to be confronted. One of the accepted virtues of blockchain is that it creates a permanent, immutable ledger of transactions. But this is its own enemy, because it makes Bitcoin a ledger that can’t be corrected. It nearly impossible to resolve human error and mischief efficiently.
Disadvantages of Crypto-Currency
Not all countries offer legal tools for working with crypto-currencies. Some of them have not yet passed legislation on work with them, some of them impose their conditions. Although residents even those countries where legislation is not regulated, in practice can make and receive payments.
Price volatility. The exchange rate is usually quite dramatically changing, which complicates the planning of costs and the formation of prices for goods or services. Although for those who play crypto-currencies on the exchange, this is just a significant advantage. The level of complexity of calculations increases, the same concerns payback, with time, the proceeds from mining are less, which requires a revision of the policy.
Lost password from the wallet means the loss of all funds on it. There are procedures to restore access to the wallet, but for this you need to know the secret code, do not lose it.
You can not always get the right technical support. If, for example, the sender is mistaken with a symbol when sending funds, they will go to another purse and can no longer be returned to the sender.
Not all countries offer legal tools for working with crypto-currencies. Some of them have not yet passed legislation on work with them, some of them impose their conditions. Although residents even those countries where legislation is not regulated, in practice can make and receive payments.
Price volatility. The exchange rate is usually quite dramatically changing, which complicates the planning of costs and the formation of prices for goods or services. Although for those who play crypto-currencies on the exchange, this is just a significant advantage. The level of complexity of calculations increases, the same concerns payback, with time, the proceeds from mining are less, which requires a revision of the policy.
Lost password from the wallet means the loss of all funds on it. There are procedures to restore access to the wallet, but for this you need to know the secret code, do not lose it.
You can not always get the right technical support. If, for example, the sender is mistaken with a symbol when sending funds, they will go to another purse and can no longer be returned to the sender.
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 think about the loss, I think the cryptocurrency owner will benefit because he can sell crypto at a high price. but the negative effects will certainly weaken the country's money and certainly make inflation in the country because it disrupts economic stability. 
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 don't think it will ever happen because the biggest weakness of Crypto is a coin designed for online payments, but even in the developed world and technology you need cash from time to time, and the people with the lowest income are unable to make online transactions for their payment, they need to use physical media exchanges. Jump to: