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?
All things have downsides, but it all matters to how heavier the benefits are. Bitcoin for example, if it were to become a worldwide currency, governments would have a hard time to tax people who operate business though crypto. The reason being their concept being opposite to each other--a centralized entitiy wanting to control a decentralized entity.
Well, I don't see that as the downside of bitcoin because it is still easy for the government to
collect tax because what will do is create a vat for every cryptocurrency exchange just like how hotel, flight agency does. However, the only downside I see in bitcoin if it go mainstream is transaction cause the amount if transaction which the bitcoin network can treated per second is too small. Therefore, transaction,no physical touch(cause people who don't have internet access can not join crypto community) and tx fee are the downside of all crypto
I do not think there will still be a need for exchanges if cryptocurrency is globally accepted already. We only use exchanges for now because we need to convert crypto to fiat in order to spend them. I think it will be an advantage for tax evaders to use crypto because it is harder for government to monitor and track crypto.