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?
At the moment the biggest downside of the cryptocurrencies is the way they are stored, you only need a little distraction or a wrong click and you can lose part of your funds or all your funds. For example with a bank trasferimento you need both the IBAN or routing number and the name of the person/company, so you should be wrong twice, with the public addresses well, I understand it's just a copy-paste but you never know... 
Topic: Downsides to crypto - page 7. (Read 3247 times)
I think the biggest problem is the weak controllability of cross-border transfers. National banks and other supervisory and monitoring authorities in national payment systems cannot supervise and control the issuance of Bitcoin, the implementation of transactions in this currency, services and electronic exchanges that provide services for performing Bitcoin transactions.
For me bitcoin is one of the most and top crypto that can lead the crypto to be known all over the world but bitcoin price is not that stable it can go up so high and then it can go down very low. Not like gold or fiat there price are stable and that like bitcoin can pump or dump price. And your bitcoin can hack anytime if careless.
Yes.Bitcoin is such a good investment and a currency at the same time.But due to its volatility,the government might find it hard to legalize it because its price is always subjected to change that will surely cause more pressures to the people.And fiat currency won't be given high importance anymore knowing bitcoin is there as another form for payment system.
For me bitcoin is one of the most and top crypto that can lead the crypto to be known all over the world but bitcoin price is not that stable it can go up so high and then it can go down very low. Not like gold or fiat there price are stable and that like bitcoin can pump or dump price. And your bitcoin can hack anytime if careless.
Two very valid points above! I think its a generational thing. Particularly, millenials and generations to come will have a more rounded veiw on tech and will know how to use them proficiently. Heck my 2 yr old neice can use an iphone better than me at the age of 25! So what I'm saying is that most likely things will become adaptable in the years to come when particular older generations die out.
I also believe that this is a generational thing, which is why I think that the adoption of cryptocurrencies is going to take a lot longer than many people think, to this day I still know of people that distrust banks so much that they refuse to use bank accounts, and while I can understand very well why they distrust banks because I do not trust in them either, at the same time this kind of people are not going to adopt cryptocurrencies because they are going to distrust them as well because they will not understand them.So we'll have to wait for the current generation to become older, that way the oldest generation and the current one will have similar knowledge about the technology behind bitcoin and finally we will see the adoption that we have been looking for so long.
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Downsides of crypto among many includes price volatility some caused by market manipulations something that does not happen with any fiat currency. Plus the governmental issues.
If a user lost a password from his e-wallet, it means for him the loss of all the funds in it. Since there is no control over the conduct of transactions using digital money, there is no guarantee of their safety.
Cryptocurrency is characterized by high volatility due to the specifics of its circulation.
In relation to cryptocurrency, various negative influences may be attempted by national regulators of monetary circulation.
Since over time, the process of obtaining kryptonet is becoming more and more complicated, then mining with the help of the equipment of individual users becomes less and less profitable.
Each of the existing types of cryptocurrency has both advantages and disadvantages inherent in all of them together.
Cryptocurrency is characterized by high volatility due to the specifics of its circulation.
In relation to cryptocurrency, various negative influences may be attempted by national regulators of monetary circulation.
Since over time, the process of obtaining kryptonet is becoming more and more complicated, then mining with the help of the equipment of individual users becomes less and less profitable.
Each of the existing types of cryptocurrency has both advantages and disadvantages inherent in all of them together.
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, i.e. aren’t controlled by anyone. But a crypto currency can remain a means of paying for some services or goods, like chips in a casino or as coupons.
You’re right on this dude,as existing currencies from all over the world will never lose their position instead cryptocurrency will help them make all the needed by the people
As i believe that virtual money created just for back up or like a gambling chips that the value will rely on the real currency
First, the cryptocurrency will not become a world currency) Because the dollar, the euro simply will not miss it
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.To answer the above topic question, my one cent opinion, one should remember that Market is Volatile, price value of one coin may goes up and down dependent on the Volume of investment by the investors put in into Crypto coin, It is very unpredictable on the market movement, and the Risk of investment into the market.
I don't think Bitcoin will ever become an official currency in any country. Goverments won't ever agree for decentralised payments.
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 the best if compared to other crypto, you can see in terms of price, Bitcoin is far away from its closest altcoin, Ethereum. But irregularities in production and distribution are weaknesses of Bitcoin because of the fault of miners and this affects the price of bitcoin. Another thing is its volatility which is the biggest reason behind the investment crisis. Some other side is his involvement in criminal activities.Criminal activities was always prone to issues on money matters, and that side of crypto really gathered negative effects towards development of increasing demand from investors. I am not a hater of bitcoin alts, but it seems that other project related to new crypto is with the involvement of crimes such as fraudulent managers who managed most scam projects, that made people became hesitant on crypto due to bad experiences. For me that's considered a serious crimes which we need to look with most of the time when we deal with anonymous people handling projects, which crypto was always concerned.
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 the best if compared to other crypto, you can see in terms of price, Bitcoin is far away from its closest altcoin, Ethereum. But irregularities in production and distribution are weaknesses of Bitcoin because of the fault of miners and this affects the price of bitcoin. Another thing is its volatility which is the biggest reason behind the investment crisis. Some other side is his involvement in criminal activities.
In short term, I can not see the possibility for the world to be able to adopt and use bitcoin as official currency, because government wants to control something they can control, however, there is no central control on bitcoin due to its decentralized features.
If bitcoin is used as fiat one day, the downside would be all the people will go mining for the "money", because bitcoin can be generate through mining and large amount of bitcoin will held in small portion of people due to early mining.
If bitcoin is used as fiat one day, the downside would be all the people will go mining for the "money", because bitcoin can be generate through mining and large amount of bitcoin will held in small portion of people due to early mining.
if the digital currency is used officially globally, then there will be a lot of criminal acts, but as the development of crypto transactions can be monitored because with the KYC system, everyone can find out who is transacting, and the loss is that the country does not get tax from the transaction when a user makes payments or purchases goods from outside his country, but it is possible that the government of a country makes a policy if bitcoin officially becomes a global currency
Cons of bicoin cryptocurrency:
For new users, it takes time for them to become acquainted with the technology of creating electronic wallets and to use it in a proficient manner.
The price of electronic money fluctuates constantly, making people constantly unpredictable
A criminal activity where money laundering.
For new users, it takes time for them to become acquainted with the technology of creating electronic wallets and to use it in a proficient manner.
The price of electronic money fluctuates constantly, making people constantly unpredictable
A criminal activity where money laundering.
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 is too far from today, and it might happen in the next future because the government doesn't want to give any statement about using cryptocurrency as the official currency of the world. When we are all united in one nation than the possibility to see cryptocurrency will wide open because we can be one nation and with one currency. But once again, it will need a long time before it's happening.
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 suspect that cryptocurrency will be more difficult to accept in the wider community, because its use and distribution cannot be evenly distributed. This is what is used by some people and the volatility of crypto still at high point
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?
Well, it will take a longer time for Bitcoin and crypto currency in general to become world wild currency if it will ever happen. The side effect will that government of different country will start manipulation of its value same as is currently happening to the faith currency of the world. The anonymity of Bitcoin will no longer be is place since is going to be regulated by the government. The downside of the cryptocurrency will be its volatility. The World can't have a currency with a value that changes from time to time. It will affect the Economy and that kind of currency will not stay long. I think this is the major downside of the cryptocurrency.
Volatility isn't permanent. One of the main factors contributing to it is distribution. Big currencies like the dollar are more stable because they're distributed among millions of people. At least 300 million people use the dollar every day. How many people own Bitcoins? It's hard to say but much less. How many people use Bitcoin every day? It would be great even if it was 3 million. If we went to 30 the volatility would be 10 times lower. Jump to: