Downsides to crypto - page 15. | Bitcointalksearch.org

goldSkylark

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Quote from: mcTether on September 03, 2018, 06:28:23 PM

Quote from: Impulseboy on September 03, 2018, 12:02:52 PM

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.

I think so too. You're right to say that the advantages of crypto currently outweigh any disadvantages. As far as I can see, the only downside will be whether or not it will have legal backing. That's the main issue, right? Will crypto need regulation?

Dwi Winarto69

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The weakness of crypto unstable prices, uncontrolled security, this is a lot of hackers who are trying to find our loophole, so that the government can only give a warning for all the risks that occur if the loss is not the government's responsibility. The risk is too large if one makes a decision, all the things that affect the crypto will have a negative or positive impact.

ngalamunan

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Quote from: bbcolex on September 03, 2018, 06:33:39 PM

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.

lack of crypto is the price that often goes up and down and sometimes there is no result. and often get a lot of losses.

131tc01n

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of course, when bitcoin becomes the official currency in the world, people will get to know bitcoin, they flock to buy bitcoin and invest, the loss that is definitely felt is that there will be a lot of gambling in the world, they want faster profits

fernandoclause

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the disadvantage that I am worried about is that the price of cryptocurrency is very volatile and this becomes positive and negative, but if the price declines quickly and does not rise again, this can make a huge loss to the world.

suzanogbomo

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It is almost inconceivable that the world powers will relinquish they powers of money control to adopt bitcoin as the global currency, it will not be practicable for bitcoin to cover sever trillions of dollars in global trade.It will make some individuals richer than nations which is bad for society.Not a good idea.

KingScorpio

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Quote from: Impulseboy on September 03, 2018, 12:02:52 PM

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?

lol bitcoin cannto be the worlds leading currency, as it doesnt work for the worlds economic managment

if it would become the worlds dominant currency people all over the world would be enslaved to the bitcoin miners, and the bitcoin miner cartel would then rule the world. especially the biggest miners.

sooner or later people will get rid of their enslavement of constantly having to serve and run the huge mining facilities for those owner (oligarchy)

and do a revolution

i have a picture of that bitcoin centristic world

regards

bbcolex

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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.

mcTether

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Quote from: Impulseboy on September 03, 2018, 12:02:52 PM

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.

brylle34

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the major problem and the big downside of bitcoin will be volatility, we can't really predict the price of bitcoin, yes it will pump higher but after the pump there is always a drop that will happen. For me bitcoin won't be the world currency, it will be the worlds trading for every countries digital currency.

a4techer

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Every country have their own law and currencies because some of country like china didn't recognize bitcoim as one of the currency and i think it illegal to them so that if bitcoin will recognized by all country it was to us because we know bitcoin will be the one be popular and primary cryptocurrency to use. We hope also in the near future it will legal to each country.

charlotte04

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Quote from: Impulseboy on September 03, 2018, 12:02:52 PM

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?

Maybe there will. Anything has problems, we may encounter problems with cryptocurrencies or digital currencies if there's a defect with electricity or technical problems in computers.

Cryptotissue

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Well, i don't think cryptocurrency is very perfect. For now, i can say crypto has some number of downsides such as the drastic change of its price within hours. I believe the reason for this problem is due to the young nature of cryptocurrency and the crypto world....

BALIK

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I think that one of the realistic drawbacks is that corruption from some of the third world countries and malicious governments will gain access to a tool to poison other economies. Over time however, I expect much of the world will reach parity in terms of economic development and infrastructure, but it will take a very long time for this, until then it will be a detriment.

ambisyon

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I think that the downside of btc is volatility wherein it is not stable due to fluctuations that are recurring from time to time. Another factor I see is the limited circulation supply which I don't think can manage to it's distribution globally. In my opinion btc is not feasible for now to become a single global currency.

andrei56

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Quote from: Impulseboy on September 03, 2018, 12:02:52 PM

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?

That is probably never going to happen and that is because of the biggest downside of bitcoin which is that is a coin designed for online payments, but even in this advanced and technological world from time to time you need cash, and the people that have the lowest incomes cannot afford to do a transaction online for their payments, they need to use a physical medium of exchange.

Saint1990

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Bitcoin is created with vision of decentralisation so there is little chance that government will announce it as it's official digital currency. Infact government can make its separate cryptocurrency in future from which they can track identification of holders which will be centralised. This centralised currency can help government to tackle issues related to scam and corruption easily but government can dictate the freedom which we get in decentralised manner.

BitBustah

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Obviously I prefer crypto over the current banking system but one thing that can suck about cryptocurrency if your not careful is that transactions are not reversible. If you carelessly send coins to a wrong address or a hacker gets access to your private key those funds are gone and you will not get that money back.

worldofcoins

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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.

stiffbud

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Quote from: Impulseboy on September 03, 2018, 12:02:52 PM

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 are various downside of bitcoin is present. Which cause trouble in its profit and also put its future in dark. Because of its decentralised nature no one control its production and distribution which creat a lot of disturbance in its trading and any other thing. Bitcoin transactions are not reversible, if you done it accidentally then there is no way to reverse it. Bitcoin has no physical form if any virus attack occurs or any hardware crash occur then their is no backup of its present. And crypto are uncertain currency which means it can ban it in any country. Their is no stability of it.

Topic: Downsides to crypto - page 15. (Read 3308 times)