Bitcoin Forum

Is it better to just have one global currency? Or should each country have its own national digital currency?
We (if not most of us) are confident that cryptocurrency will be the currency of the future. But what is more feasible: one global currency, or one national digital currency for each country?

Both are terrible options and genuinely unacceptable.

For freedom and liberty, we should divorce crypto currency from nations.

There are no positives, and many, many negatives, to having our currencies administered by governments.

It depends on who you're asking when you ask the question -- because it's going to be better for who?

Better for the working class people? Probably not so much, as their country (depending on where they live, and what country they're in) has lost control of their native currency and has given this control to a regulative body which could be represented by a whole different group of people (SEE THE EU)

It might be better for businesses, the financial sector, etc. But it's not going to be better for smaller countries that are going to have to be fully beholden to the bigger countries in the world who have the ability to bully them through monetary policy. But that's just me thinking off the top of my head here folks.


I may look into this further at some point and see if there are any concrete studies on the matter.

Seriously, I'd like to have one global currency so wherever you go there's no need to exchange to another currency.

And crypto is the most ideal for that. But this is going to be a long debate and like squatz1 said, depends on the person you are going to ask.

But I thought it was the goal to be a cashless society and use a digital currency to upgrade our financial system? Isn’t cyptocurrency designed to be better than fiat?

One global digital currency would be ideal. It would reduce the individual leverage of nations, which is one contributing factor to both trade wars and actual wars, creating one world economy. There are a lot of benefits to this:

-You could make decent money in previously third-world countries (India, Ukraine, etc.)

-It would level the global economic arena. China could no longer use currency exchange as a means to make their goods cheaper on the global market.

Having one global currency is a bad idea. Every country has the right to have its own currency, which it can control and generate. Having a single currency will completely destroy the freedom and existence of a country.

It would be a bad idea to have cyrptos controlled by any country. This basically destroys the core essence of cryptocurrency.

One currency would be a great option for the global economy. It would eliminate the need for exchanges, fees, make it much easier for people to transact. It's the same with local laws. If all countries had open borders and obeyed the same set of laws it would make it much easier for everyone. The EU with its Schengen zone is a good example of how open borders and unified laws can work wonders. If we had unified law all over the world, people wouldn't make stupid mistakes that have to be paid for because of simple lack of knowledge. Nowadays you have different speed limits, age for drinking alcohol, having sex, and so on.
The problem is that we already have different countries with different cultures and people don't like changes. Also, some cultures simply cannot coexist.

Well no, this wouldn't be the case anymore -- as stuff wouldn't be priced (or paid in wages) the same in all countries.

You have to understand that when the entire world gives up the control of their currencies, you're also giving up control over monetary policy (interest rates and so on) to a group/chamber of people who are going to be voting on these issues. Most likely with proportional representation from bigger countries (population)

I agree that it will depend on one’s perspective. And I get what you mean about the convenience of having a global currency. It sounds practical because it should simply all our transactions regardless of location. Why do you think others are opposed to having a global currency? Don’t the benefits outweigh its disadvantages?

There would be a little something for everyone with a global currency. Developed nations would certainly benefit since there would no longer be currency risk in international trade. In addition, there would be somewhat of a leveling of the global playing field, since nations like China could no longer use currency exchange as a means to make their goods cheaper on the global market.
But it will never happen anyway ;D At least not in foreseeable future.

The problem with a global currency is that it would destroy sovereign nations, who would be in charge of quantitive easing and inflation rates? who would trust an overseas foreign party to control your countries finances? I hope not the IMF cabal who is currently running the show. What happens when you get inflation of the currency in a struggling country.... and it puts the price of property which is already out of reach to some getting on the housing ladder..

I don't think a global currency is a good idea.. a currency should be reflective of the value and product of that country.. after all we are living in a capitalist resource based world.

Let the free market decide. I wouldn't have an issue with the world having just one currency as long as it wasn't issued by a central bank who can manipulate it as they see fit, but that's unlikely to happen unless there's some sort of global-financial collapse -- which is a possibility I guess. I think there will likely always be government issued fiat supplied by each individual nation though, but that's why I like bitcoin and crypto so much because it gives you the option of transacting with something outside of that. Bitcoin isn't perfect but it's certainly a decent experiment and who knows what it will lead to in the future but it's going to be exciting to see where it takes us.

Good thing no government or bank would ever want it to be like this, as the first couple years of the free market deciding would most likely be a a good deal of chaos (and I'm not saying if that's a bad or good thing, I'm just stating it)\

Government and politicians are always going to want control of monetary policy, and while it does make sense, that blockade makes it pretty much impossible for the free market to decide on currency usage.

Whoever said that governments should, or are necessarily, in control of money systems?

That's so yesterday.

It would be, but not for those who currently benefit from multiple currencies  ;)

Ever heard of the phrase "don't put all your eggs in one basket?"

This is already pretty obsolete.  Just use a credit card with no exchange fees. 

Governments don't have control of the free market. If something is a good idea then it will catch on. That's what I like about bitcoin -- or crypto in general. It gives you an option to the mainstream and something that is outside of state control. When they control the fiat supply they can do what they want with it and that's why it's constantly being devalued.

They certainly want to such control...