Topic: Downsides to crypto - page 14. (Read 3308 times)
I don't think Bitcoin or any other cryptocurrency will ever become a world currency. It will remain the same type of asset as gold, will be hopefully accepted as an additional way to make purchases but nothing more than that.
We can deny the risks which Bitcoin takes. No one and no organizations can control this cryptocurrency. Therefore, people don't feel safe when they invest in Bitcoin. Just because their money was not guaranteed.
One of the most clearest down sides we can see is strong fluctuating. The price can fall down from 20000 USD to 4 USD. That's sound terrible ! Besides, many government don't accept Bitcoin as a legal currency so it is difficult for Bitcoin to develop. Can they not believe in Bitcoin ? Thus, I think this cryptocurrency need to improve more to access the currency of world.
There will always be a downside for it.It will always be prone to hacking and scams. History has already shown that unless, if there will be an untraceable blockchain that will be invented in the distant future.
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 know if this is a downside but maybe for those who didn't hold enough Bitcoin because the price will surge instantly and the price will shoot and go to the moon literally if it becomes an International currency. Just imagine a 21million supply with Billions of people in the world. 
I think one of the major downsides that people don't often speak about is the amount of training required in order to see it mve into primetime. Think about it, cash money is very simple, it doesn't really need to be explained because absolutely everybody understands how it works. However, with Bitcoin and other cryptocurrencies there are multiple layers of difficulty in between the users and Bitcoin utility. A lot of people still don't even understand how to use a computer or smart phone, the odds of them learning how to use Bitcoin is slim to none.
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 speed of the transaction will be the main problem. The current technology cannot handle a huge amount of traffic and it has a relatively slow transaction processing compared to the modern blockchains. The technology behind bitcoin is not as fast as the new generation blockchains (e.g. NEO). The price would not be the main problem here, if bitcoin is the world currency, this means that it will have a stronger value, it will be the basis for the price of goods. Like USD in the world market.
I think that nothing is wrong.When this happens it will be a completely different world.And honestly, I'm looking forward to it.
The only downside I can see is that I wont have enough stocked up by that time to retire 
lol... Seem's like alot of the third world countries are considering making their own cryptos for their nations. I can only see bitcoin going up with this happening and alt of the alt coins will always be tied to bitcoin itself and not separate away. Bitcoin is the gold standard and if nations are to create their own crypto it will be tied to it regardless.
lol... Seem's like alot of the third world countries are considering making their own cryptos for their nations. I can only see bitcoin going up with this happening and alt of the alt coins will always be tied to bitcoin itself and not separate away. Bitcoin is the gold standard and if nations are to create their own crypto it will be tied to it regardless. 
I think this will be difficult for some countries to accept and the negative effects may be that flat money will not be there while not everyone understands 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?
It can never become an official currency of the world. The government will never let this happen, and it's true that will have a more detrimental effect compared to positive.
Not a lot of people are comfortable in using crypto so yea after it becomes official currency then the scam rate will increase drastically.
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 no no, I don't think that will happen.bitcoin is not suitable to be a world currency, vollatilitas and fluctuations are the main obstacle.
Well there's an "if" In the statement so op probably wants to know in that scenario. Though there's always the challenge of instability. A lot of regulations and arguments would likely take place and that still would be the main challenge for crypto.
Yeah. I think that this is one of the major flaw of bitcoin: its unpredictability. But do you think this problem will be solved if everyone in a country gets into bitcoin? Or perhaps there will be more fluctuations in the market?
The price of Bitcoin will stabilize at some point in the future. We are still far away from seeing any country adopting Bitcoin and even if that happened, it would have a huge impact on the whole network. We still have to face some important issues such as ease of use for ordinary people and scalability. The next world crisis might force people to consider using Bitcoin since its completely independent from the decisions of governments.
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 no no, I don't think that will happen.bitcoin is not suitable to be a world currency, vollatilitas and fluctuations are the main obstacle.
Yeah, the downside for me is all about the price. The current value of bitcoin is very volatile that holding one is very risky at the moment when you expect good return crypto currency are not for you since its price is shifting every minute.
Yeah. I think that this is one of the major flaw of bitcoin: its unpredictability. But do you think this problem will be solved if everyone in a country gets into bitcoin? Or perhaps there will be more fluctuations in the market?
I wouldn't call it a flaw though, its one of a characteristics of a asset specially with limited supply and supply demand ratio.
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 highly doubt that bitcoin can be seen as official currency in the world. Banking system will stop that at any cause. But for the sake of argument, perhaps the only downside is that we will see more exchange hacks, wallet hacks, anything that a criminals can do in the fiat world would also be applicable to bitcoin, plus they don't need guns to steal our coins.
Highly unpredictable market movement.
Yeah, the downside for me is all about the price. The current value of bitcoin is very volatile that holding one is very risky at the moment when you expect good return crypto currency are not for you since its price is shifting every minute.
Yeah. I think that this is one of the major flaw of bitcoin: its unpredictability. But do you think this problem will be solved if everyone in a country gets into bitcoin? Or perhaps there will be more fluctuations in the market?
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.
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.
But what if the government tries to get into bitcoin, do you think that there is a chance for bitcoin to become the official currency of even a single country? I wonder if it will still be unpredictable if the government get into the crypto world?
Bitcoin is good cryptocurrency and comparing to other it is the best. Its price is also higher then that of other cryptocurrency. But it has some demerit or downsides. First of all its its irregularities in its production and distribution and this is occur because of miners fault and this thing affect bitcoin price. Another thing is its volatility which is biggest reason behind investment crisis. Many investors looses their money for their. Some other down side is its involvement in criminal activities.
Interesting observation. I wonder, do you think that the price and market of bitcoin will decrease if everyone in a country will get into bitcoin? And will it still be unpredictable like how it is today? Or will the crypto world be chaotic?
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.
Cryptocurrency will be a good help to improve the economy of one country but the downside of it is being used I'm illegal transactions which may increase the rate of unsolved criminality because of anonymity if every transactions. No one can control of the digital currency that is safe for the powerful officials on corrupting own country but increase the number of cybercrime case. Jump to: