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?
Of course there will be a downside. Judging from the everyday attitude of humans, I can foresee that they will abuse the use of cryptocurrencies and they will be able to conceptualize more types of crimes. With that said, I also think that crypto will never be the main currency unless all the countries around the world are at peace. 
Topic: Downsides to crypto - page 11. (Read 3324 times)
every digital currency there must be weaknesses and advantages. in my opinion, if crypto becomes the official digital currency throughout the world. then crypto prices will be more stable and investors will switch to using crypto as an investment tool. and crypto will make it easier for us to transact with everyone because crypto currencies are universal. its weakness, this currency transaction system will be increasingly crowded because it will be used throughout the world and security must be increased.
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?
When anything becomes immensely popular, the negatives seem to get bigger as the people in charge seem to take advantage. If Bitcoin remains decentralised, with minimal regulation, the negatives should remain low. Another problem I foresee is that Bitcoin relies heavily on technology, far more so than fiat. If there is a power outage, yu can still run down to the corner shop and buy your groceries with cash, but this may prove to be a problem with Cryptos.
all there are advantages and disadvantages
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Cryptographic market is too small and young. It will take a long time to develop.
There are many downsides to cryptocurrencies. These differ from one currency to another, one aspect may be the downside of one cryptocurrency but may be the positive aspect of another crypto.
You just need to judge for yourself, through experience and expert views about the various pros and cons of each cryptocurrency and decide for yourself which currency do you want to invest in.
For the ones who are here for some more detailed answers, one of the major downsides of cryptocurrencies is the fluctuating value it has. As you can see for bitcoin, the crypto once hypes and increases in value, but after that hype, the crypto is followed by a huge dip which may be stretched for too long.
Another negative aspect of cryptos are the bans and negative publicity they receive, many countries have been very slow to accept the importance of cryptos and this might be a huge negative aspect for some of you. Other aspects include the inability to use cryptos for normal day to day transactions or the lack of knowledge.
You just need to judge for yourself, through experience and expert views about the various pros and cons of each cryptocurrency and decide for yourself which currency do you want to invest in.
For the ones who are here for some more detailed answers, one of the major downsides of cryptocurrencies is the fluctuating value it has. As you can see for bitcoin, the crypto once hypes and increases in value, but after that hype, the crypto is followed by a huge dip which may be stretched for too long.
Another negative aspect of cryptos are the bans and negative publicity they receive, many countries have been very slow to accept the importance of cryptos and this might be a huge negative aspect for some of you. Other aspects include the inability to use cryptos for normal day to day transactions or the lack of knowledge.
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 maybe bitcoin can become a world currency and you might match the dollar's difference between bitcoin is only digital and invisible and while the dollar looks maybe bitcoin will become more famous in the coming years.
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?
Crypto is very huge and very potentiating crypto currency and therefore there are millions of people around the world who are investing into crypto and I think they must be thinking that they are investing their money at the right place from where they can get the good profit otherwise no one will waste his or her valuable money but inspite of all these, there are few downsides of crypto that is stopping many governments not to legalise it and the foremost is its increasing illegal use. 
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?
No doubt crypto is the most successful and the most popular investment and therefore millions of people are investing into crypto and it has opened many job opportunities throughout the world and has helped to achieve a next step towards digitalisation, but as we all know that each coin has two sides, on the same way crypto two has few downside inspite of having millions of advantages and the biggest of all is its illegal use.
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.
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.
I like crypto and i think that it will remain the best coin forever until digital currency exists. To my mind, it is better to use crypto now as the way to earn money by trading it when the market recovers
The only downside of btc/crypto is their unpredictable behavior and an unprecedented level of fluctuations, which might destabilize the global economy. Given there aren't mechanisms to control the decentralized currency including its exchange rates, crypto can put the entire world in jeopardy. Isn't it a downside?
Governments aren’t going to make a currency like this because they have a vested interest in maintaining their own currency reserves. I am assuming that by "official currency" you mean the country's National Currency, as one can have both a national currency and another currency that is accepted as legal tender. Cryptocurrency is nothing more than what we already have today,
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?
One downside to cryptocurrency, particularly Bitcoin, is that it is not yet accepted worldwide. Only a few nations have actually recognized crypto as a legal form of payment. It may still take a significant amount of time before crypto would be able to penetrate majority of nations. Another is that crypto prices or value regularly fluctuates. Thus, making them unstable in terms of value. This is more of a concern for traders.As of the moment, I do not see Bitcoin becoming the "official" currency of the world as you put it. I don't know if the supply will last until that time. But anything is possible though. So I'm not totally closed to the idea.
I think bitcoin will be a rival for currencies and other assets such as gold and silver. even it will replace every fiat transaction. that is a loss for conventional banks.
but, the growth of bitcoin in the future will be better and has a great potential to fill every space in the world exchanges.
but, the growth of bitcoin in the future will be better and has a great potential to fill every space in the world exchanges.
When that happens if it were to happen, I think one major downside would be the fact that it may be used by the wrong kind of persons for wrong motives or wrong reasons e.g scams and as a means of anonymous payments for various kinds of crimes.
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 fall of bitcoin and other cryptocurrency will become fast if the people will sell all of their crypto and banned it worldwide. But as long as there are interested buyers of bitcoin, it will not go to zero value. People urges to have profits and one way to gain is to enter the world of cryptocurrency.
in my opinion, bitcoin will have more benefits than losses. bitcoin will stabilize the economic market.
the negative thing we worry about is hacking and using bitcoin for action criminal by irresponsible people.
it hurts bitcoin and all crypto users.
because of that, the crypto world requires regulation that covers every market development.
the negative thing we worry about is hacking and using bitcoin for action criminal by irresponsible people.
it hurts bitcoin and all crypto users.
because of that, the crypto world requires regulation that covers every market development.
As BTC previous and current status, it's absolutely right choice for investors. Bitcoin still giving it's best output to their investors. The current price of BTC is not bad particularly Buyers think about it.
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 that there will be advantages and disadvantages, because then the currency will become smoother and we will not be able to earn as it is now. And the advantages are the same, but then the losses will be much less. But that's my opinion...
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