Topic: Downsides to crypto - page 5. (Read 3308 times)
I believe that the main disadvantage will be that people will use cryptocurrency for criminal purposes, buying weapons, laundering fiat money
But all these downsides are not insurmountable, right? Maybe with a few regulations, scams and other illegal activities can be deterred? And if more people start using crypto, that could help achieve some price stability, correct?
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 do you think that mass adoption of bitcoin will be good for the crypto market, given that the price of bitcoin is ever changing? Sometimes I can't help but wonder if this whole concept of cryptocurrency becoming a global currency will be for the better since not everyone can afford to buy bitcoins.
Bitcoin's price unpredictability. I think that's one of the downsides to it. Even if it eventually becomes a global currency and more people started using it, it still won't erase the fact that its price is very high and unpredictable. Not a lot of people have the amount of money to buy a single bitcoin so that's also one problem to solve.
Price volatility is really a good factor for those who view bitcoin as an investing tool, but to common users whose purpose is to utilize bitcoin as a system of payment, it is really a downside. Though regarding bitcoin's price being expensive, the beauty of its design can really be appreciated as bitcoin can be broken down to satoshis which gives everyone the chance to buy and take part in the bitcoin space.
The most significant disadvantage of Crypto is that it is easy to be used by criminals to commit illegal transactions and this is also a big reason for the government to ban it. Also, the issuance of Tokens is too easy to create fake projects aimed at appropriating investment funds of investors.
It has become an unsolved problem until now but Bitcoin is a freedom so everyone can commit crimes with Bitcoin transaction tools.
Bitcoin's price unpredictability. I think that's one of the downsides to it. Even if it eventually becomes a global currency and more people started using it, it still won't erase the fact that its price is very high and unpredictable. Not a lot of people have the amount of money to buy a single bitcoin so that's also one problem to solve.
For me, crypto is very vulnerable at a bad price because all types of crypto will follow the flow of Bitcoin. if the price of Bitcoin decreases then all types of Crypto will experience it.
The most significant disadvantage of Crypto is that it is easy to be used by criminals to commit illegal transactions and this is also a big reason for the government to ban it. Also, the issuance of Tokens is too easy to create fake projects aimed at appropriating investment funds of investors.
My greatest concern is the high volatility. Suppose you have 1 bitcoin worth $18000 as at 2017, and a few months later it fell, lets say to $14000. You will be hoping that the price will still go up, so will hold your coin. But, for each passage of time, it continues to go down. Today, it is now $6300. This means you have lost $11700. This is not a funny deal. So, to me , this is my greatest fear in bitcoin/cryptocurrencies.
Cryptocurrency has excellent features that other currencies do not have, namely its speculative value. Unfortunately, this feature also at the same time becomes a weakness for him. Because, cryptocurrency can have a detrimental effect on low-income or financially incapable users, to hold currencies without understanding the risks involved.
the downsides of crypto is that its reliance on to much technolgy and electricity to maintain its use, without even just one of the two bitcoin cant be use and its just another failed technology. thats the biggest downside to it. too much reliance on technology. but hey! we have an evolving world
One of the downside of the world wide use of crypto currency(bitcoin to be specific) will have to do with ethics.. As we still experience fraudulent transactions carried out via crypto, the results will increase increase due to its anonymity.
one of the weaknesses of this crypto is that there is no official regulation from the government, this is the crypto barrier, and there are few people who use this crypto to commit crimes, for example buying and selling drugs, money laundering. this is what makes crypto negative by some people.
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
Such a volatile currency, as Bitcoin can't become the main world currency. People can't receive salaries and social payments in Bitcoins with the risk that their incomes will decrease overnight, for example, by 10-20%. Regulation of the crypto market will devalue the whole idea of cryptoencryption and blockchain.
Any business has its pros and cons. If Bitcoin is a truly decentralized cryptocurrency that cannot be influenced by whales and government bodies, this will lead to a more fair and honest public system, preserving forests and reducing chemical emissions associated with printing paper money.
If cryptocurrencies remain as volatile as they are now, this could have a negative impact on the economies of countries.
Negative impact ? I dont see it . crypto volatility doesnt have a conection to the economy of a country .
What i already know is that cryptocurrency is verry helpful to the people and also the economy of a country because it provides a career or jobs to everyone .
If there are downside of using a crypto then that is it cannot be used without internet or electricity because as of now cryptocurrency do mainly work online .
The biggest problem of crypto is that you can easily lose your coins. Like forgetting your key, getting scammed and sending to the wrong address. If you have one of these problem than it is difficult to get your coins back. You cannot contact someone and ask them to stop the transaction/refund, if you had a bank account then it would be possible.
true if it happens like losing private keys, fraud and wrong sending address will be the biggest problem but if we are not careless and always guard with secrets it will certainly be safe. 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 you talk about the negative side that will be gained if bitcoin becomes the world currency option, in my opinion, bitcoin as a decentralized currency will be one of the transactions that can be done freely without centrality related to the existence of the law that applies to the existing transaction system. So my point is what is feared that a decentralized system can be used by people who aim to commit crime.
The biggest disadvantage of bitcoin is its anonymity. The anonymity provided by Blockchain is both a virtue and a weakness that makes it easy for criminals and terrorists to escape.
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?
good discussion, but I'm not sure crypto will be the official currency as a transaction tool. why am I not sure, because every country has fiat currency as a transaction tool and has been regulated according to international law. As for other things to be an option, surely every country will adopt its crypto as a transaction tool. even then if it's legal.
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