Topic: Downsides to crypto - page 12. (Read 3308 times)
the only minus of the crypto currency is its volatility, but I think that in the future this problem will be eliminated and bitcoin will become available to all people and will gain immense popularity
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 biggest downside right now is that bitcoin is not ready, there is not an official number of bitcoin users but I have seen estimates go from one million to ten million, if bitcoin was actually used by billions of people the cost of each transaction will be very high and it would be almost impossible to get anything confirmed in time unless you send a very high fee to the miners.So we need to be realistic, bitcoin is great and it's one of the best currencies around the world but it is still in its development stage and until it's ready we cannot really expect that bitcoin is adopted as a worldwide currency used by everyone.
Every country has their own law and currency because some countries don't know bitcoim as one of the currencies and I think it's illegal for them so that if bitcoin will be recognized by all states to us because we know bitcoin will become a popular and popular cryptocurrency for used. We also hope that in the near future it will be legal for each country.
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?
Cryptocurrencies or Bitcoin becoming world currency is one thing I always see as impossible because every country has it fiat currencies used by it citizens allowing crypto to take over will definitely affect their economy as it currencies will be worthless. secondly crypto is decentralized, also is not easy for common man to understand it transactions which I think is one of the main reason why government are against crypto.
The fact that blockchain technology requires internet access first in order to work, that's the strongest point and weakest point at the same time. This is favorable for crypto in a sense that it makes every transaction much faster and free from paperworks — simply convenient. But on the other hand, this will be a catastrophe if ever internet suddenly shut down. Imagine every business transaction in the whole world Is on pending, what a huge misery, right? This will not only result to a waste of time but also a big loss for economic growth of every country. Time is gold literally and figuratively 
that's why we can't afford to lose that.
that's why we can't afford to lose that.
I have not yet any downside of bitcoin. If you have read and understood the whitepaper of bitcoin, you will know that bitcoin is getting better than it was insinuated to be.
Bitcoin is good crypto, actually the best crypto. But i see Bitcoin in its downside when value is lowering down, all crypto seems connected to Bitcoin, so they all based with Bitcoin value.
if crypto becomes the world currency it will be very good and there may also be negative effects, and I think the negative effect of that is due to the inaccessibility of the interior with the internet, which creates an understanding of the crypto world.
Uptill now I can still remember what granma use to say, WHAT GOES UP SURLY COME DOWN, the rule of velocity must apply, cryptocurrency goes up and down and that makes it more interesting
I think it's not the rule of velocity but rather the law of gravity, what goes up will surely come down. But nonetheless, cryptocurrency is not gravity driven. It exists in a digital world where it defied different laws of expectations.
Bitcoin and other cryptocurrencies are purpose driven with utilization and value at its core. Truly, it sounds like a big let down when the price plummet from $20K to $5K, and a lot bleeded for this reason, yet i personally think the a bitcoin at $5K is still very valuable and still holds a great potential for profit.
The major downside, in my opinion, is high volatility of cryptocurrency. Another dowside is the usage in terms of technology and awareness. We are optimistic that cryptocurrency will create impact as a currency in the world.
Uptill now I can still remember what granma use to say, WHAT GOES UP SURLY COME DOWN, the rule of velocity must apply, cryptocurrency goes up and down and that makes it more interesting
perhaps a crypto currency and is an interesting moment of the fall of the crypto-currency market, but the person who invested his funds in late 2017 thinks quite differently.
Uptill now I can still remember what granma use to say, WHAT GOES UP SURLY COME DOWN, the rule of velocity must apply, cryptocurrency goes up and down and that makes it more interesting
The value of bitcoin today is very unstable which holds it very risky at times when you expect a return of good cryptocurrencies not for you because the price shifts every minute.
I am afraid that the only and the main drawback of this wonderful event will be that the population has not had time to understand and master the blockchain will remain far behind.The concepts of the lower and middle classes will be completely erased.To avoid this, it is necessary now to begin to educate people on this issue and connect new users.
Every nation has its own economy and its money, affirmed by a gold save. Advanced cash can't turn into a solitary world money, since they are decentralized, i.e. aren't controlled by anybody. Be that as it may, a digital money can remain a methods for paying for a few administrations or merchandise, similar to contributes a gambling club or as coupons.
The only negative part of cryptocurrency that exist was inability of crypto to have a support term that can reverse any cryptocurrency that is mistaken send to a wrong wallet address or hacked token. The way blockchain technology is improving provision will be made to solve that problem.
so far I have not thought about the loss when bitcoin or cryptocurrency is the official currency. I think more about being accepted in all countries, now the problem is that not all countries accept it. because in general bitcoin is decentralized or cannot be controlled by any party. and tends to digital assets.
The main feature of cryptocurrency is that it is anonymous, technically digital money transfers will be difficult to track compared to cash transfers or banks, this will make illegal transactions more prevalent and even more difficult for authorities to handle and investigate illegal transactions.
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 could always be a downside. But it will still have far more upsides or advantages.Very true, as is anything within the financial industry.
However, there is a token trying to change and re-form the payments system though. Have you checked out PumaPay? Their telegram is a lively discussion about all things crypto and blockchain related. https://t.me/PumaPay
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?
Sorry it seems not possible for any crypto to be official currency of the whole world as we know that not all countries has supports on crypto. Different country has different economy it's difficult to balance the economic growth for the whole world that reflects our cultures. Jump to: