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?
We all know that the craze of these crypto currencies are increasing among people day by day and therefore now there are millions of people around the world who are investing into bitcoin as they find it more profitable and the most beneficial investment of all the available one and in present times they only are the part of investment and once it will get centralised world wide, it will further open many job opportunities and will prove very beneficial for the entire world. 
Topic: Downsides to crypto - page 13. (Read 3308 times)
I think there is no loss, it's just that Bitcoin will have a fixed and stable value. because currently one of the main problems to reach the world currency is that bitcoin has no stable value and tends to manipulation and speculation. so most countries are reviewing this. Will it be the world currency? I am still pessimistic, but I am optimistic if bitcoin will become a vehicle for transactions for world fiat currencies.
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?
All things have downsides, but it all matters to how heavier the benefits are. Bitcoin for example, if it were to become a worldwide currency, governments would have a hard time to tax people who operate business though crypto. The reason being their concept being opposite to each other--a centralized entitiy wanting to control a decentralized entity.I do not think there will still be a need for exchanges if cryptocurrency is globally accepted already. We only use exchanges for now because we need to convert crypto to fiat in order to spend them. I think it will be an advantage for tax evaders to use crypto because it is harder for government to monitor and track crypto.
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?
And what kind of downside do you mean? If bitcoin become the world currency, then crypto wont go downside.
The negative effect of it maybe on the fiat currency. Peoples will less to use fiat if they already easy to using bitcoin as a world 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?
If it become a worldwide currency and it has replaced fiat, the downside would be its volatility. Bitcoin's price is frequently changing at it hurts a lot of user. One negative aspect is that it only runs through the use of technology and internet so it is prone to technological failures. 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?
Bitcoin is legally located here in our area and is acceptable to our country because many banks also accept bitcoin so we can take care of it well.
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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?
All things have downsides, but it all matters to how heavier the benefits are. Bitcoin for example, if it were to become a worldwide currency, governments would have a hard time to tax people who operate business though crypto. The reason being their concept being opposite to each other--a centralized entitiy wanting to control a decentralized entity.
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?
All things have downsides, but it all matters to how heavier the benefits are. Bitcoin for example, if it were to become a worldwide currency, governments would have a hard time to tax people who operate business though crypto. The reason being their concept being opposite to each other--a centralized entitiy wanting to control a decentralized entity. In my opinion, bitcoin will never become official currency in any market.
It's very simple really, since there is no bank or government behind bitcoin, no control or legal protection, bitcoin will remain alternative currency.
Also, no way that crypto will become official global, world currency.
I really believe that some countries will follow Venezuela example and start own, state crypto currency.
It's to early to predict future with such currencies.
It's very simple really, since there is no bank or government behind bitcoin, no control or legal protection, bitcoin will remain alternative currency.
Also, no way that crypto will become official global, world currency.
I really believe that some countries will follow Venezuela example and start own, state crypto currency.
It's to early to predict future with such currencies.
I have to agree. Crypto may not be an official currency worldwide, but do you think that cryptocurrency could co-exist with fiat money in the future? I could see some countries creating their own cryptocurrencies though.
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?
Generally, I'm not sure any crypto coin can become an international currency. But even so, in my opinion, both options are possible. Or it will rise drastically or the price of this coin will drop. To be honest I do not know.
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?
In my opinion, bitcoin will never become official currency in any market.
It's very simple really, since there is no bank or government behind bitcoin, no control or legal protection, bitcoin will remain alternative currency.
Also, no way that crypto will become official global, world currency.
I really believe that some countries will follow Venezuela example and start own, state crypto currency.
It's to early to predict future with such currencies.
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'm having a hard time saying and arguing about this post. I think you are too naive because the cryptocurrency is still very far from being a world currency. this is a matter of useless debate. and about downsides, that's why cryptocurrency is difficult to become a world 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?
Bitcoin is a decentralized currency, this is what makes this currency difficult to manage and is used by some people for illegal transactions. Bitcoin also has some disadvantages. First of all irregularities in production and distribution and this happens because of the fault of the miner and this affects the price of bitcoin. Another thing is its volatility which is the biggest reason behind the investment crisis.
As technology evolves, of course Digital Money will become the common currency of the world. However, digital money can hardly become the reserve currency of the world, because it has no real value. In addition, it encountered some trouble in the countries. Look forward to being widely used around the world then consider becoming a reserve currency.
I don't see this happening at all. So many people especially those that live in the third world countries and the none educated person will find it difficult to use crypto. Remember crypt is quite complex and not so easy to use. There might be mass adoption in the future but I don't see bitcoin becoming the only worlds currency.
Surely the government won't allow it to happen because they'll go bankrupt if everyone moves to Bitcoin.
Let's say the said scenario happened now, once billions of people starts using Bitcoin the network will be busy due to the millions of unconfirmed transactions and fees would go up (btc wise). The price could be a problem for some people because of the volatility, though it's expected that the price will stabilize as soon as more people are trading Bitcoin. I still think that there will be times that all of us have to spend more/less.
I think that Bitcoin won't be able to be a world curency because there is not enough Bitcoin in cirrculation, however there mayby a different cryptocurrency on Blockchain that will meet all expectations and finally become a world currency. Let's say the said scenario happened now, once billions of people starts using Bitcoin the network will be busy due to the millions of unconfirmed transactions and fees would go up (btc wise). The price could be a problem for some people because of the volatility, though it's expected that the price will stabilize as soon as more people are trading Bitcoin. I still think that there will be times that all of us have to spend more/less.
According to my oopinion, each country has its own economy and its currency, confirmed by a gold reserve. Digital money can’t become a single world currency, because they are decentralized in the world. 
There is almost no country in the world which currency is backed by gold. All countries in the world are in debt and tend to print banknotes wich only makes things worse.
Comparing cryptocurrencies to fiat money it's pretty hard for me to find any downsides of crypto. If it will become a worldwide currency it willbe very good for all of us.
When it comes to crypto as opposed to fiat, I feel crypto has certain downsides, of course:
a) volatility;
b) vulnerability to to hackers' attacks;
c) dependence on electricity;
d) lack of anonymity.
a) volatility;
b) vulnerability to to hackers' attacks;
c) dependence on electricity;
d) lack of anonymity.
I think one thing is not only advantage but also down side of Bitcoin, this is price. The price of Bitcoin now is approximate 7000 USD. That is a large number of money which not every people can invest. However, this also makes the value of Bitcoin.
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