When talking about the negative sides I think it's always a good thing to start with the Implanting process.
Getting a body mod comes always with some risks. Infections, irritations, pain, and the risk of not liking it in the end. I can ensure you, this comes from someone that hates needles and pain, the implantation is doable. The pain is on a scale of 1-10 a 3-4 and only for around 10 minutes but I would still put it as a negative because it takes something around 2 - 3 weeks to heal completely. Time in which you always have to have an eye on the wound, clean it and not move it that much i.e you are not allowed to go to the gym and stuff like that.
But when it's healed completely the good parts take over, right? Yeah, well it depends on who you are and what you want to do with your implant. If the only thing you want to do with it is to play a rickroll. Sure you are good to go. But if you want to integrate it into your technology or your life, it gets a bit more complex.
First, the smartphone problems. Before you can use it with your iPhone you need to format it with an android phone. Good luck when you, like me, grew up in an apple household. After you initiated it becomes easier. Tons of apps allow you to read and write most of them are free which is nice. But then you want to show your friends your new shiny toy and you realize it's not as smooth as holding your hand up and boom. No. Every phone has its reading spot in different positions along the back of the phone. IPhones are the worst because not only is the spot on a weird position (top of the phone, for everyone that is searching it). But it also has weak antennae. This leads to you having to position the phone just right to read it.
After that, you want to implement it into your tech system and you realize that you have to make sure that your reading device can work with your chipset and has a strong enough antenna which isn't the case most of the time. This can get annoying fast. To this date, I haven't managed to get it to work with my setup.
I know after all this ranting it sounds terrible to have this chip and in some cases, it's annoying yes. But I still think it's an interesting technology and I don't regret getting it. For me, it got degraded to a showpiece like a piercing or other mod, and looking at it from that angle it's fun to carry around.