Downsides to crypto - page 8. | Bitcointalksearch.org

mohammedmattar

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Quote from: Impulseboy on September 03, 2018, 01:02:52 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?

I think the thing I fear is the loss of financial freedom
Thus Bitcoin lost its hallmark and the most attractive

I do not think developments will go in this direction.

SanvabD

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Quote from: Kamote_1102 on October 05, 2018, 03:54:07 PM

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.

At the moment this is indeed one of the big downsides. This will probably change once crypto is adopted by the general public. Coins like Bitcoin have a big chance not to be adopted massively because a big part of the coins is in the hands of a small group of people. Other coins will come and replace bitcoin with a better scalable product and a better spread of coin holders. This will not mean that Bitcoin will disappear, but it might have to be adapted to satisfy this demand. The lightning network might facilitate this.

Kamote_1102

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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.

anitaraymonds

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If crypto becomes universally accepted for transactions and payments , then there will be less delay in transaction time and less fraud in the system. Blockchain is the best technology that we have in this century and it is to liberate the common man and empower him financially. Blockchain will reduce financial loss as there will be no third party when there is P2P transaction and the transaction fees will be retained by the 2 transacting parties. I am yet to envisage any low side of the cryptocurrency backed by block chain technology. Except for it being decentralized which makes it a willing tools in the hands of evil men to commit evil without traces.

munify

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Crypto is a currency with investment value, although crypto on the one hand has the advantage of being able to continue to increase, but the world is not ready to use it as a currency, crypto is unstable and if the market goes down it will have a bad impact on the economy.

FlightyPouch

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Quote from: JMD07 on October 05, 2018, 10:03:34 AM

Quote from: Impulseboy on September 03, 2018, 01:02:52 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?

The bitcoin is not design to become a worldwide currency as this can't cater the bulk of transactions if huge amount of transactions will be process simultaneously. Also, not all country will support on this due to price volatility and prone to manipulations.

That is right. Governments knew this that is the reason why it will never be a crypto currency being used as a world wide currency. If they will be using a crypto currency, it will be a crypto that they made for that certain use. Blockchain is a great technology and will be used in the future, even now, some technologies are being applied by this technology.

Isiaka208

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I am in full support of crypto but I am always worried of the unstable transaction fees, I mean its not easy thinking of making transactions and thinking of the transaction fee because you do not know what to expect.Secondly, you need to have a smartphone or a computer to send crpto or make payments, what happens to those in the core villages if eventually we go mainstream?

JMD07

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Quote from: Impulseboy on September 03, 2018, 01:02:52 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?

The bitcoin is not design to become a worldwide currency as this can't cater the bulk of transactions if huge amount of transactions will be process simultaneously. Also, not all country will support on this due to price volatility and prone to manipulations.

yazher

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You own the pen

The negative effect of it, is like the usual one we experiencing today of course there will be more and more scamming and making something like that of ponzi scheme and there will be more and more people will become victim with that kind of scammed. what i mean is the investment scam the high ROI if you invest your money to them.

RickeyRush

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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.

tadung8790

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i'm feel worrry about it. Thought i know everything have its downsides Sad

Moblie_Legend

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Quote from: RickeyRush on October 05, 2018, 09:17:31 AM

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.

yes you are right, if we look for all the negativity about the crypto market, there are many weaknesses, as you say, and I will add a little, namely crypto has an unstable value, is prone to theft or loss, bad investment, money laundering tools

Tashi

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Quote from: Impulseboy on September 03, 2018, 01:02:52 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?

Yes, well I think if that actually happens, maybe Bitcoin or cryptocurrencies would be centralized and governments would control it. Also, it may become like the usually currency we have in our country. Also, it’s high value would gradually decrease since stocks are now limitless.

leavolnhals

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Quote from: Impulseboy on September 03, 2018, 01:02:52 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?

The downside is definitely the low supply. When the supply of Bitcoin is too little, it can not be used for many purposes of payment. Besides, today's wallet systems of many altcoins still have many holes and the hackers easily penetrate and steal. The problem is always in security.

chrisrianparcon

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Bitcoin has the value from its buyers and holders only. So bitcoin cannot be a store of value. Unless bitcoin is used in trade and commerce, bitcoin price can crash once people lose interest or panic sets in

darkangel020716

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Quote from: Impulseboy on September 03, 2018, 01:02:52 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?

Crypto currency will be used as currency online, but to be an official currency of the world, thats really Imposible, because every countries has their traditional currency that can never be replace any currency, even a dollar. You cannot change the facts that every nation has a rules about accepting other currency.

Maricel2017

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I always consider the goodside of crypto currency i look crypto in a positive way and set a side the bad things about crypto. And also i think there is not bad things bring the crypto currency because it was created to help many people financially and the people who used with it is the one who make crypto bad.

Stavvay

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on a lighter note heres the Top Memes Going Around in the Crypto Space: https://pumapay.io/top-crypto-memes/

bakermaker123

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Quote from: Impulseboy on September 03, 2018, 01:02:52 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?

The downside of cryptocurrencies is that it can be easily use as a way or as a tool in committing crime. It is because whenever someone use bitcoin or other crypto as a tool on using to buy illegal things on theblack market, they cannot be trace, thus, they will show complacent and not stop doing this type of thing.

Catt95

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Quote from: Impulseboy on September 03, 2018, 01:02:52 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?

I don't think all like that idea. I think some countries will fight against that making it harder and harder to use it or buy it.

Topic: Downsides to crypto - page 8. (Read 3247 times)