Topic: What about negatives of Crypto? - page 5. (Read 570 times)

About negative effects of cryptocurrencies you can ask SEC. There are some problems like scam ICOs, speculations and manipulations, hackers attacks.

But we see a lot of regulations coming up to control this currency. You think regulations will keep a check on illegitimate trading? Some say it sounds promising since it will build confidence in the market but some are against it because it will eventually fall under control. What do you think must be the approach?

Not many online stores and companies accept cryptocurrency as a means of payment. Only few countries have legalized the use of cryptocurrencies. It makes it impractical for everyday transactions. Due to lack of wide acceptance, before buying or investing online or offline, you need to make sure that it is accepted at the place you want to use it.

Although it is slowly getting the acceptance around the world, it will take time to take the idea entirely out of the shadows. While popular cryptocurrency such as bitcoin is currently being used in different ways, there is still a long way to go for it to be used for commerce, international bank transfers as well as electronic payments.

Many years ago, the Crypto currency was created with one goal - to make the transactions anonymous, that is, to make it impossible to trace who and to whom transfers the money. I think that this is a minus, because the fraudster in this environment remain unpunished

Yes there are negatives too, its a non regulated market, where some coins can go very high and some can become 0 in no time, and there would be none to be blamed if any project fails or Scams in ICO. Also while transferring coins or tokens, if there is any mistake commited those cannot transaction cannot be reversed.

Is there anything in this world that does  not have negatives (cons)? Of course there will always be negative aspects in crypto, volatility being one if you are into trading. You have to constantly monitor the price so you will know when to buy or sell. It's just like that but if you focus on the negatives, then everything in your mind will be negative too.

There are many things that make Crypto underestimated by the many frauds that occur, the value that has never been stable tends to decrease so many are disappointed. So in the world of crypto must have a mentality that will be able to deal with the risks that occur.

Uncertainty or volatility is one of the disadvantages of cryptocurrencies. Since Cryptos are new concept of money, they are highly volatile. And this volatility is one of the main reasons hindering mass adoption of cryptocurrencies. Businesses are reluctant to deal with a form of money that can go in huge swing of volatility at any time.

Another disadvantage of cryptocurrencies is that it is irreversible, if you mistakenly pay someone with crypto, there is no way you can get the money refunded without telling the person to please send it back to you which he may decide not to refund you.

More than $10.5B worth of BTC, $3.8B worth of ETH and $2.9B worth of XRP were exchanged in the BTC/USD market.

This is maybe because of few things that happened in few days which caused fear in Investors of losing their investment.

Some individuals have been left with their empty wallets due to malicious websites that provide users with a wallet seed generator. Recently, many users reported having their funds (an estimated $4 million) in their IOTA wallets stolen from an unknown source.
South Korean Exchange Korbit Stops Serving International Citizens
Bitconnect Shuts Down Its Exchange and Lending Platform. The company has widely been accused of operating a Ponzi scheme and was recently rocked by cease and desist notices in two US states.
Yesterday, in an interview recorded at New York’s National Retail Federation conference, Alfred Kelly, Visa's CEO, was pressed for his thoughts on Bitcoin and said:
“I don’t view it [Bitcoin] as payment system player. We at Visa won’t process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions.”

An unidentified thief has reportedly stolen more than $400,000 in Stellar lumens after hacking the digital wallet provider BlackWallet. According to cybersecurity researcher Kevin Beaumont, the attacker hijacked BlackWallet’s domain name system (DNS) server over the weekend, adding a piece of code which transferred any deposits of 20 or more lumens into another wallet.

There is also market manipulation in crypto with pump and dump of a coin. It is a way to earn more money and quicker, but you can also lose a lot.
Many coins are used only to try to get more money. You can't use them in real life for the moment. The blockchain can sometimes be very slow.
Exchanges are sometimes very slow or buggy. And sometimes you need to write letter by letter an address to be able to send your coin to an exchange. It is not user friendly.
Some exchanges let you trade coins which are not real blockchain but are only on their exchange. They don't let you send the coin to another place.
Some people are going to try to scam your money by promising you more profits.
You have to experience it to know everything. After experiencing it, you will be more careful.

Some of the crypto projects seem to be scams and these have affected the performance of cryptography industry.
Another negative fact is the scam exchangers where you can lost some of your coins.

Here we will discuss the disadvantages of cryptocurrencies:
1. Difficult to understand – Cryptocurrencies are relatively new and come with a learning curve. People end up investing without proper knowledge and lose money to something they did not learn about.
2. Lack of knowledge – People are not aware of how to use cryptocurrency and hence open themselves to hacker. The technology is somewhat complex and therefore one needs to be mindful of it before investing.
3. Not accepted widely – Not many websites and companies accept digital currencies yet. Very few countries have legalized the use of cryptocurrencies. It makes it impractical for everyday use.
4. No way to reverse the payment – If you mistakenly pay someone by using cryptocurrency, then there is no way to get a refund of the amount paid. All you can do is to ask the person for a refund and if your request is turned down, then just forget about the money.
5. Uncertainty & Volatility – Since cryptocurrencies are so new, they are also very volatile. This is one of the main reasons mass adoption is taking longer than it should. Many corporations don’t want to deal with a form of money that is going to go through huge swings in volatility.

With everything in life, there are always pros and cons and this is why you need to weigh both actions thoroughly before making a decision. For cryptocurrency, it’s ascension has been due to its ability to initiate secure and untraceable transactions. Now, that the technology is here, only time will tell if the rest of the world will accept it.

In my persona opinion, the highest negative of the crypto is the risk that will lose your money. Crypto is fluctuating and volatile. The price sometimes will be very down and we cannot do anything. It can lead us for losing. However, if we can make our good strategy, we can avoid losing.

The general sentiment around the market has been negative for most of 2018. However, Bitcoin is a volatile asset with its ups and downs still coming.
Exchange does not use top-notch technology to protect consumers and hackers from taking full advantage of this problem. The question is, is there a limit to this hacking? After a few months, we saw the same pattern appear. This is the result of loose regulatory controls and regulators must step in to protect consumers. Anyone who wants to do anything with exchanges must be forced to adopt high-level security and regular security improvements.

I choose to see the positives in cryptocurrencies and the blockchain techology in general. The fact that my country's Customs Services is implementing the blockchain technology in its operations to boost revenue is a major gain for crypto in my country.

Apart from the vulnerability that is associated with cryptocurrencies since they are digitalized and prone to hacks, losses can be suffered anywhere, whether in traditional stocks trading or in real life businesses.

I think that this is still the future truth not soon it will happen very much all is unfinished

Apart from the obvious security and financial ones, there are definite psychological negatives involved, like addiction and depression to name a few.

As for me, I cannot see many disadvantages, vice versa, risks are involved everywhere and I can't say that all businesses that include risks are bad and not worth it. As for me, crypto is a good thing

As for me, I can see more positive sides of crypto than negatives. If to talk about negatives, it can be risk to lose money when trading but the blockchain technology itself doesn't have any negatives

there are soem problems but we are here to fix them and i am sure that cryptocurrency world will change within time