Downsides to crypto - page 9. | Bitcointalksearch.org

boyptc

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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

Don't think about this, crypto's are likely to be adopted as 2nd payment even without declaring it as an official currency of the world. Right now, this depends on the people/company you are dealing with if they are accepting it.

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

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?

Negative effect will be the countries feed back once crypto's are massively adopted.

ss890

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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?

Why do you think it will become the worlds currency anyways ? I dont really think that it can be world currency and lets just imagine for a seconds that it becomes the world crypto currency, then also there will be not much use of it. Do you know why? Because most of the countries which are on the asian side will have no access to them due to insufficient infrastructure of electricity, internet connection and most important its education. I agree that this might be associated with the few countries but unfortunately these are the countries who are having most of the population in them. Also, it would be difficult to manage these currencies as there is no fixed value to them and thus it will be more difficult to use in day to day life. Thats just my thought.

Nikolya

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Of the negative effects, we can assume the absence of a stable exchange rate of such a currency, which will cause inflation.

Bonnie113

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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.

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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?

In fact, even now there is no world currency, because no country ever recognizes world currency.

This is due to the fact that currencies, that is, money, are always closely connected with the government and the economy of individual states.

To create a world currency will have to destroy this barrier.

entebah

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Quote from: katerinaliisa on October 05, 2018, 03:54:34 AM

Since cryptocurrencies work in a decentralized system, all States will have to unite to make bitcoin a world currency. And if this happens, then the authorities will find a way to properly regulate the cryptocurrency with minimal risks when used.

Yes, if all world governments unite to validate bitcoin as a world currency, besides fiat money, it's very good, it will make bitcoin have a legality protection body in each country that uses bitcoin as its currency. So that bitcoin will be something very valuable.

katerinaliisa

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Since cryptocurrencies work in a decentralized system, all States will have to unite to make bitcoin a world currency. And if this happens, then the authorities will find a way to properly regulate the cryptocurrency with minimal risks when used.

Stavvay

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Quote from: wxa7115 on September 29, 2018, 10:14:51 PM

Quote from: nightfury on September 26, 2018, 02:48:59 AM

Well, all i can think is the average people who are not into technology and especially the poor where they don't even have gadget to access the internet like smart phones, iPad, tablets and others. I think it will be hard for them to use crypto much even more that crypto is so technical that you need to have knowledge in ICT especially computer and the internet.

That is definitely a big disadvantage of bitcoin and I do not see a way to solve it, so if people want to obtain the benefits of this new technology they will have to adapt themselves to it, it is similar to what happened with computers, many people did not want to to use them and now it is impossible to not use computers no matter what kind of job you do, now many people are going to resist change as we know there are many people that despite of living in a digital era refuse to use computers, but those people are outliers, because the benefits that cryptocurrencies in general are going to bring to our lives are going to be so great that not adopting them will put you at a disadvantage.

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.

wxa7115

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Quote from: nightfury on September 26, 2018, 02:48:59 AM

Well, all i can think is the average people who are not into technology and especially the poor where they don't even have gadget to access the internet like smart phones, iPad, tablets and others. I think it will be hard for them to use crypto much even more that crypto is so technical that you need to have knowledge in ICT especially computer and the internet.

That is definitely a big disadvantage of bitcoin and I do not see a way to solve it, so if people want to obtain the benefits of this new technology they will have to adapt themselves to it, it is similar to what happened with computers, many people did not want to to use them and now it is impossible to not use computers no matter what kind of job you do, now many people are going to resist change as we know there are many people that despite of living in a digital era refuse to use computers, but those people are outliers, because the benefits that cryptocurrencies in general are going to bring to our lives are going to be so great that not adopting them will put you at a disadvantage.

niotib

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Quote from: joganuts on September 28, 2018, 11:28:25 AM

Quote from: Treasurer on September 28, 2018, 06:25:11 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 biggest drawback of crypto currency is the inability to recover the address in case of loss. I think a lot of ordinary people will lose their money that way. This can lead to depression and even suicide.

Yes I do agree with that. When you lost a huge amount of money it will just bury in your memory and need to be accepted. Some people became stress and depress with this kond of situation.

Don't put all eggs in the same basket. This is true even for fiat. That's why a person deposit money in different banks.

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Quote from: Treasurer on September 28, 2018, 06:25:11 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 biggest drawback of crypto currency is the inability to recover the address in case of loss. I think a lot of ordinary people will lose their money that way. This can lead to depression and even suicide.

Yes I do agree with that. When you lost a huge amount of money it will just bury in your memory and need to be accepted. Some people became stress and depress with this kond of situation.

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Quote from: charlincharplor83 on September 28, 2018, 07:25:07 AM

The downside of crypto can be the practicality of the whole world. Because some countries haven't recognized cryptocurrency. Blockchain technology isn't well known.

You are definitely right about that. Before the cryptocurrency to be legalize we need the whole world to recognize and accept the use of it. But as of now I think we are still little far from that.

Cmoh

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This is the situation of panic mood in the crypto market. Because almost all of the cryptos are going down and down even lost it's original price. So, investors are requested to hold only good coin like; Bitcoin, ETC, ETH, Verge, Waves, Neo etc.

btcluisdiki

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In my opinion, I think btc is already considered a world currency as there are already many people who happen to use this currency globally through payment system and as a currency for investment. With this, people from all over the globe are patronizing the use of btc mostly for their investment as they are seeing bright potential to grow further. In my opinion with regards to downside of cryptocurrency is the volatility of the coin wherein it is still very unstable.

Al Muhaimin

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each country has its own economy and currency, confirmed by gold reserves. and there is no decentralized cryptorency that controls its production and distribution which creates a lot of disruption in trade and other things.

atariguy

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On the present about the negative effects we learn when it happens:) but so far it looks like a logical continuation of traditional money

charlincharplor83

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The downside of crypto can be the practicality of the whole world. Because some countries haven't recognized cryptocurrency. Blockchain technology isn't well known.

Treasurer

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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 biggest drawback of crypto currency is the inability to recover the address in case of loss. I think a lot of ordinary people will lose their money that way. This can lead to depression and even suicide.

niotib

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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?

For me, one of the downsides is "trust building". I'm an Internet marketer for decade and and I'm experiencing hardest selling efforts in the crypto world. So, if the whole IM world would be digitalized with crypto? Huh

?

georgiasus

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The negative effect will be that the system can not control financial flows of citizens, it will be possible to hide from taxes, just as the crypto currency can be used for criminal purposes

Topic: Downsides to crypto - page 9. (Read 3247 times)