Bitcoin Forum

It is possible that  someday all country accept Crypto Currency and it will become Universal Money?

if all countries accept the crypto I think it's impossible because each country has a legal basis legislation in different laws currencies that do not can be changed for the money eyes cryptocurrency could be the currency of all the countries I think is very difficult because there are many countries who see illegal cryptocurrency and unbelievably risky to be made tool payment for buying and selling value very quickly down and quickly rose so quickly.

At the moment there are many countries hesitating to accept cryptocurrencies due to its meaning of alternative to cash or their own currency. Sooner or later they will accept it but maybe with some regulations behind it. At the moment I see only Bitcoin which has the potential to become universal currency if accepted by all countries.

Crypto is already a truly universal money because it is being bought, sold, exchanged and transferred from and to any country in the world without any restrictions and in a hassle free way which other real world currency can do it for you.
So the fact is that crypto is already global and it is just the local regulators and authorities in some countries that declared it illegal but then again still they cannot stop it and sooner or later all these people are also going to accept it, it is just a matter of awareness and policy.

Yes. Just like US dollars as the basis of most countries, the world can live with bitcoin as the universal money as long as they won't declare it illegal. And there is monetary value for bitcoin so they can actually treat it as a money and can't ignore it.
It can happen but we don't know until when it's going to be the actual time that it's going to be used by most countries. But even without the validation of government, just like now, it's already being used by individuals in every parts of the world.

I think it's possible to happen, right now there are so many people in different counties are already using cryptocurrency because it is convenient to use and also hassle free to transact. Specially today that we are in the face of pandemic it really matters that we don't have to go outside our houses to make transactions like paying our bills. Because of it's decentralization anyone can use it without any regulations to be followed.

It's possible, but there will be strict restrictions and regulations that are going to be imposed by governments.

And there are countries now that have their own crypto, called CBCD (Central Bank Digital Currency), so that alone indicates that we may be heading on that direction.

But to truly become universal like bitcoin BTC, I don't think that governments are going to allow it though. But I'm happy to what we are witnessing today, as crypto is really growing and you can call it adoption already. I'm not going far stretch for crypto to be a single monetary unit like USD or Yen Or UE.

It's possible and it looks like that this has already started to happen, you should try to check this news https://www.coindesk.com/bitcoin-is-a-form-of-money-d-c-federal-court-rules-bloomberg

I will not think it will replace the fiat but it will be considered as alternative money (digital money)

If any country at the moment accepts on an equal footing with national money, then with such price jumps, it may lose the country) .. I'll buy myself a piece of some country.

We are slowly getting there and I know it will happen at no specific time. I just heard the news in US that they accept bitcoin as real money and this can be a good progress to all of us. The only question here is that, will bitcoin stick to its limited supply or there's a chance that it can still be increase since if the mass adoption begin, there will be a limited supply of bitcoin and its price will become more volatile and expensive. Let's all hope for the better, we need this real digital money under no control of anyone, and transact freely without experiencing loads of paper to fill up and wait for days of transactions.

Cryptocurrency becoming universal money won't be happening in the short, right now few countries have shown interest of legalizing cryptocurrencies analysing and knowing the need for it. Some countries have even started to create their own cryptocurrency, so that it can be used within the country and government can have complete control over it. These days the digital transaction has increased, but there is no big adoption towards cryptocurrency. Maybe this can happen in the future.

It can happen, but we need massive adaptation. The current state of crypto is way far for it to be used globally. A few merchants accepts crypto and crypto is not accessible to some areas especially rural areas. We need crypto awareness and acceptance by the mass, merchants and even government to be able to acknowledge as an alternative currency.

soon or later cryptocurrency will accepted as general payment system. it will not accepted as money but it will used as payment that didnt replace fiat. as alternative payment cryptocurrency have different function that is used as investment portofolio too. so when we used it we will take advantages when its price rise.

Cryptocurrency can work together with fiat money, because digital money is only used to buy or pay online, I am also sure that in the future Cryptocurrency will accepted by all countries, maybe only a few countries rejected, but that's okay, because those who did not accept Crypto would become an ancient country.

That is not easy mate because there are countries that will always oppose in adopting Bitcoin and this is the sad reality.
Imagine how this will effect their Currencies and also their Governments when decentralized currency took over?
I think for the next 10 years? this denial will continue and we cannot change that way.

The only thing that must matter on us is that the usage of this and the profit we get in trusting and investing in this.
My own country has no adoption still but no denial also.

Yeah you're right. The cryptocurrencies have the ability to be a global money, however, not many countries willingly accept it because they will try to keep their fiat money in charge. What we can expect in the near future is that some of those countries such as the U.S, Canada, EU will accept crypto payment in regular and daily transactions!

The new currencies should be treated seriously, as they are a way to influence the market for their incorporation and subsequent investment, recently there are many projects concerning the blockchain that are very useful, one that caught my attention was MintMe.com that allows you to save and market your work in the form of tokens that you can exchange within the platform.

Should cryptocurrencies take over entirely, new infrastructure would have to be developed in order to allow the world to adapt. There would inevitably be difficulties with the transition.Established financial institutions would likely have to scramble to change their ways.

Some government are making cryptocurrency hard to deal with, while impact they can still legalize it with some limitations. In my country it's not yet legal but it's not also illegal. There is already a registered exchange for trading, a wallet for transfer via online or banks, a Bitcoin ATM and a bank accepting it for deposit without any issue from the government,they just require KYC for registration. I guess that's what only matter for them to make it legal unless people really don't want to do KYC that becomes a problem.

Actually at this moment its impossible to say this where maximum countries of the world not accepted it. But positive side that in this pandemic situation crypto has explored massive way and maximum government thinking about it. As a result we saw US bank make custody system of crypto for their people. Russia also thinking about it. So i can say here if it goes in this way one day it will be universal money.

thanks.

If we are talking about the future. It is hard to see it that way. First off, different countries has different fiat money.  But with bitcoin as universal money is hard to achieved. We have discussed this many times in different threads before and bitcoin failed some requirements to be fitted as "money". However, if we can see it as secondary monetary payment in worldwide it is possible.

its a money mate and its been discussed many times  . btc as a secondary payment method is fine but whats not fine  is its acceptance because fewer countries havent get over to thier bans made on btc  . universal money does not means itll replace every currency a country has but i think it means we can use crypto on every country  . thats not possible today but if we are talking about the future it surely is because future means many days are going to past by that time many changes are also going to be applied

It's not impossible but I think it's still vague as of now since a lot of countries are still not open to cryptocurrency and decentralization. Other countries will accept or already accepted it, but I doubt that all governments will agree with cryptocurrency.

If all countries would use crypto as an alternative currency, it will need a lot of time because it needs the government and the public's acceptance and understanding of what is a cryptocurrency and its essence. It's possible, but we never know when or if it will actually happen, but crypto is slowly moving towards mass adoption.

Even if this will happen it will taje a long time, many countries government have not yet approve the use of crypto in different countries, so it will be difficult to for crypto to be a universal money, nobody knows what will happen in the near future if this will happen, for now, it is in the hand of the government.

I do not know what is the status of crypto in the place you live but here in my locality even if no store accepts crypto still you can exchange them for local cash and then use that cash for your needs. So definitely crypto is money and i am enjoying being part of crypto community and i am sure future belongs to crypto.

The new currencies should be treated seriously, as they are a way to influence the market for their incorporation and subsequent investment, recently there are many projects concerning the blockchain that are very useful, one that caught my attention was MintMe.com that allows you to save and market your work in the form of tokens that you can exchange within the platform.

It depends on the Crypto currencies you have in mind, countries can decide to have their own National Cryptocurrencies which China seems to be doing and Vunezuela have their own PetroDollar, I think we are likely to see this but if what you have  in mind are the Ethereum, Tron, BTC of these world  they are not going to become Universal Money

Your post is pretty of the topic and it shows that you are promoting MintMe, This could put danger to your account  ;)

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Well it varies on every government and the countries situation. For now, in our current situation, I think it would be pretty hard discussion for governments to accept crypto in a time like this, But as a crypto believer, we all can agree that it takes time and it is possible that most of the countries will accept cryptocurrency. I just hope when it happens I'm still alive considering the fact that this will take a lot of time for every country to accept it and will become universal money.

To be honest mostly crypto is still regarded as mode of investment and to make gains, yes it is used for payments and global transfers as well but that ratio is small as compared to the trading for profit. Crypto will become universal money after global regulatory compliance and encouraging atmosphere by govts to use it for payments.

For the fact that the main concept of crypto with emphasis on Bitcoin is decentralization it will be hard for every country to accept it. Crypto can be used worldwide in different aspects or the other but for it to be a universal money is something that might be hard to actualise. Also, although countries will accept it but yet there will be restrictions so as to ensure the government still have a level of authority towards it, however they can not be able to suppress its growth because a coin like Bitcoin can't be stopped from growing.

Perhaps one day all countries will accept cryptocurrency at least bitcoin. However, this may not happen, but many countries accept blockchain and advanced countries are already working on it and creating their own digital currency.

Currently it has been an universal money, you can spend it anywhere in the world and have values at every places and we don't need anyone's authorization to transact crypto funds then why government needs to accept it?

Maybe all people will realize the need of decentralization.

Yes, everywhere where is the internet and you have the access to the internet - for example, a mobile phone or POS terminal you can accept cryptocurrency. You don´t have any bank or another financial account! Isn´t it super cool? Now you can send money just like a message on Facebook :).

It was the talk since 2017 but I think this year was more on adoption specially many country has an economic collapse they don't want the paper money they just want is to be alive and safety so there was a possible that the crypto would be the next money or they are going to use the virtual currency if I'm not mistaken there was a atm machine for bitcoin in Hong Kong so we can say that the adoption was started maybe on the next years we don't have paper money we just have is virtual.money that you are carrying on your pocket.

The crypto can be categorized as security can't be used as a universal payment and there was the only bitcoin that can be used to be a universal payment that will be accepted anywhere. It's not all of crypto are suitable to be used as a universal payment.

If crypto cant be used as a universal payment as you said then Bitcoin is also in that category.

Thats correct but almost all altcoin dont have the capacity to withstand the pressure bitcoin was able to overcome during governments fud, bad news and pandemic. However, 95% of all altcoin are fake coin.

Are you suggesting that countries will treat crypto currencies the same way as their national currencies? I dont get this, isnt the point of crypto currencies is to remain undetected and untraceable?

it is possible, but I do not think that any of us will be able to alive till this moment. cryptocurrency will definitely take a dominant place in the economic development of the world, but not today or tomorrow

It will be good if that could be possible that cryptocurrency becomes universal currency for all the country but there still going to be a problem of accessibility in some locality especially those that in a place where there's no knowledge about internet or digital currency.

You need to understand that there are extremely challenges to creating a universal money.

Though it is true that the vast majority of countries have a stable economy, there are also a large number of developing economies that suffer from rampant hyper inflation. Some of this is due to corruption, but also due to extremely poor fiscal policy in these countries.

How would these countries that don't even have their own economy under control be able to buy Bitcoin to even make it their country's national currency? It would take an extremely long time, and that's if all the Bitcoin isn't hoarded by the more economically developed countries.

I don't think Bitcoin will ever be a truly universal currency, but it can definitely get close.

It could be possible as long as that crypto has a lot of countries back up it. The term 'all country' it a bit hard to get since I'm betting there will some stubborn countries won't allow or ban it.

There is absolutely nothing that is impossible in life, that is what science and technology believe.  It may not be possible now but it might be in the future.  There have been different eras of means of exchange from time immemorial of different countries; started from trade by barter, to cowries, to goldsmith issued coin and so on, so there is possibility that crypto becomes universal means of exchange.

It's possible yet it will take time. Crypto has been existing for years and they have seen how it developed but then some countries are still doubting it. It will still take time to be adopted but it still has a lot to prove to be a universal money. Stability is one of the thing needed to be considered as a universal money and we all know that the value of crypto is inconsistent so it still needs to undergo lots of tests of time.

I don't think it's possible for all countries in the world to accept one universal money, but it's possible for all countries to support cryptocurrency and use a stable coin for transactions within the country. The universal cryptocurrency as far as I'm concerned is Bitcoin and several individuals and companies accept it as a means of exchange in most countries. The government may not support bitcoin due to the volatility, but businesses and institutions accept it worldwide.

I agree with you, the idea of having a universal money would go pari-pasu with a universal government. I personally won't like to have a universal government in all the world. Crytocurrency could gain greater acceptance in the world and many more people and government may support the industry in the near future. Let's keep our fingers crossed and hopeful for the best.

There must be a qualification for crypto that can be considered as a potential choice to be universal money and it's not altcoin. The only coin that has been fulfilling all of the requirement was bitcoin and no more.

There was no even a single utility coin in the market except bitcoin.

Crypto IS a universal money, the understanding money is basically what crypto is, you can pay bitcoin and buy 1 kg of apple right? I mean could you technically do it for gold itself? Would be very very hard, you need a very very tiny gold and you need to carry that with you and would be risky, but if you want to buy something more huge, like let's say a house, could you pay in gold? That would be easier, and it means carrying all that much gold. At the end of the day bitcoin is easier, it is harder than digital fiat transfer, that is still easier, but crypto is money anyway in the same manner.

So, at the same time it is universal, you can send money from USA to Japan, you can send it from UK to South Africa, it doesn't matter where you are and the receiver is they will get the money.

Yes. Bitcoin can be considered a universal money once it will be legally adopted by all countries and it can be totally used as payment for our daily goods. But this might happen 10 or 20 years from now as there are still lot of countries who only focus on fiat because it can be fully controlled by the government. Hopefully bitcoin can still be considered as an alternative money as another option for fiat as early as possible.

So far, many countries have accepted the cryptocurrencies but mostly not for the transaction, only the digital assets. however, it has been good moves for the crypto world to be recognized. basically, one of the main reasons for creating cryptocurrencies is to be universal/global transaction manner without any complicated regulation worldwide. And I think that crypto has the chance to be one of the currencies that will be accepted for global payment methods.

Of course the possibility of crypto becoming universal money is possible, because no one can guess what will happen in the future.
But of course there are several requirements so that crypto can become universal money, one of which is that all countries legalize
crypto as payment tools. If this happens, crypto easily becomes universal money. But this is not easy to manifest, given the government
fears cryptocurrency will replace fiat.

This is impossible, if crypto is used as a means of payment or universal money. because every country has rules to protect the economic and financial system, although in countries that accept crypto as a means of payment such as Japan, not all stores accept crypto, only for certain regions and stores. Also international traders have not been able to accept crypto because of its volatile value.

You can't achieve any universality in the market right now and perceive cryptocurrency only as a way to earn - what universal cryptocurrency are you talking about at the state level? In the same EU, where the Euro is everywhere in use, there are countries that for decades have only promised to switch to the Euro (Hello Poland, Hello Czech Republic) but instead continue to print their internal money and do not want to change anything.
You can answer the question yourself - why do you need a universal currency? And do the others need it? This is some kind of dream on the level of youthful euphoria from reading Ayn Rand than some real development of events

Its possible but wont be easy since there are also countries prohibiting or set crypto as illegal. Before we can see crypto (particularly bitcoin) co-exist with fiat, it should be recognized first of each country to have a mass adoption.

It can happen but there's no certain time when can we witness it. For now lets enjoy the increase of merchants accepting crypto as one of their payment method.

There is a changes if all capital of the nation is unity to accept or access crypto .I think if all chapter has chosen to claim as payment as well I guess I think good dealing to all transaction is very popular.

I think there is no chance for cryptocurrency to become a universal money while fiat currency is still existing because the government will still support fiat currency over cryptocurrency. Also, there are still countries who banned bitcoin because it is being used in illegal activities like scam, so it would be impossible for crypto to be used worldwide.

What do you mean by cryptocurrency expression? It is enough to look at the current global trends to understand that cryptocurrency is accepted in one way or another in almost every country. It doesn't have a massive reach, but with bitcoins you can find a way to cash or cash in almost everywhere. Will this be the mainstream currency? In the framework of state systems, it is unlikely, because everything depends on the banks. But the possibilities for using cryptocurrencies will expand constantly.

Have you asked why England not using Euro despite being in EU earlier. All country using Crypto is not going to be possible. We still have Presidents and Prime minsters.

It's possible that cryptocurrency would become a legal tender in some countries. As it stands, I believe that Bitcoin is a universal money, though it may not be publicly accepted, but as far as this forum is concerned and other cryptocurrency forums, bitcoin is a universal money. I haven't seen any cryptocurrency exchange that doesn't list bitcoin as a trading pair to other cryptocurrencies.

The potentials are high as there are many places and people who already accepting this system, crypto might be a good alternatives

but everything still depends with how government will embrace it, they are the only  voice to decide whether things can push thru

around their jurisdictions, for now what you can do for your assets would be the best thing it takes time.

In my opinion, to apply cryptocurrency as a world currency or universal currency, it is very far away because each country has its own regulation of currency, but if you use blockchain technology, it is possible that it will be applied by each country.

It will never happen as crypto will never able to deal with all of regulations in all of countries. universal currency means crypto will be adopted by all of countries and that means if crypto has no chance to become a universal currency.

Isn't it a universal currency already? Like bitcoin has no geographic boundaries. It can be used from any place on the earth and can be sent anywhere within seconds (unless the government of that country has made usage of bitcoin illegal, but I doubt they can do anything as long as you don't convert it to fiat currency or have any crypto currency transaction connection with the bank).
So for now it is unofficially a universal currency. Once the government starts regulating it more strictly, it will become an official universal currency.

If the rules are established, then the cryptocurrency will lose its function of decentralization. But hopefully an alternative will be found. Many countries are already gradually transferring residents to use non-cash payments, preparing them for the digital future. And, perhaps, in a few decades, we will be able to use cryptocurrency freely as well.

The government is transferring its citizens to cashless payments in order to make control over the income and expenses of citizens more accessible and problem-free. With the advent of cryptocurrencies, the monopoly of the state will crumble and in certain situations governments will oppose the uncontrolled use of cryptocurrencies in everyday life. One way or another, cryptocurrency users have yet to agree with the rules for using cryptocurrency within the state, which will be legally established.

yes some countries are definitely against this but if most other countries approve cryptocurrency as a currency then it's a matter of time in my opinion
but in my opinion cyprocurrency will not be accepted in all countries unless the name is changed to digital asset by changing the name from cryptocurrency to digital asset will change the perspective of each country

I've gone through several replies and yours is concise and valid. Some people hope that someday crypto will be accepted by all countries officially, this is extremely far-fetched as governments will try to protect their citizens due to the risk associated with crypto and also protect their national currency since crypto can actually make people use FIAT less if it's allowed to be universal currency per say. Also, it's possible that countries in future will start minting their own national coins on blockchain, but will be stable coins if ever it happens.

There are countries that might feel it’s not right for them, and they won’t accept them. But despite, we don’t really need every country in the world to accept it, there are already lots of countries around the world that accepts cryptocurrency and that is enough. Then I don’t understand what you mean by Bitcoin becoming a universal money, it will be widely accepted but it’s going to be an alternative to the currency we make use of, and other payment methods there is.

I make use of Bitcoin but I didn’t put all my money there, just those that needs to be there, majority of my money still has to be in the bank and that’s it.

Technically, we already have some small progress on what you saying. Look at China and their cashless money. Nearly similar to cryptocurrency if it was used at a country scale. I have hope because of that so I think yes, it is possible for one day, cryptocurrencies accepted as the universal money in many countries.

I don't think it is going to be easy to take off fiat from human life to be replaced by cryptocurrency. Cryptocurrency has some challenges that fiat makes it more easier because you have the details with a third party which is bank but cryptocurrency security or password is easy you can lose it and that is gone for life.

If some are having a dream that cryptocurrencies will be accepted as an official currency globally then they are living under a rock as it is impossible to foresee a situation like that, if you take into account how the process of cryptocurrencies works then you can call it a global currency as it is not having any border and you can easily convert it to your local currency at a much lower rate than the fiat currency. The idea behind every country coming up with their own national crypto coin is a bit too much as it does not mean anything if it does not have the underlying network capability to hold the network and i do not think any country will be spending billions to hold the network and hence it is not feasible .

it will happen if all countries legalize cryptocurrency and I think it will happen soon, because we are entering the digital era, so we need everything that is fast, easy and safe, then in my opinion cryptocurrency is the right money to be used as a transaction in the current era, because cryptocurrency has the process is fast, safe and easy, therefore I am sure that one day all countries will legalize cryptocurrency and will use digital currency (cryptocurrency).

It might be possible but not at sight, there are a lot of things to be done before this can be achieved and the mass adoption can force Government to comply.

If you ask this question to normal people that don't know or understand about cryptos, I think most of them would answer no. But here, we're the community back and invest behind many crypto projects, innovation idea coins,... Of course, our answer would be a big YES. There is nothing such a dream for cryptos to become the universal money of the global.

So far as there are centralized organizations in this universe, there is no way cryptocurrency can become a universal money or currency for all nations in the world to use in exchange of goods and services. There are power groups in the world that would not allow decentralization in the financial ecosystem. These people will always like to control the nature of the financial ecosystem. The idea of decentralization might hinder how they control the financial space. Cryptocurrency is not yet recognized as a currency and to be even considered as a universal currency.

for me, i think it is possible, since there's a lot of individual used it as a mode of payment in anything... but Beyond the impact of a cryptocurrency future on individual consumers and on financial institutions, governments themselves would suffer. Governmental control over central currencies is key to regulation in many ways, and cryptocurrencies would operate with much less government purview.

I can see a huge potential to see that cryptocurrencies become universal money or another modality of payment and transaction we still need to see that the government must first accept cryptos to make it happen.

Yes its possible that all countries are accepting crypto for paymenr but I cant assure that it will be called as universal money. Its gonna be hard way to be like that. Whats wrong being accepted for payment world wide? Its fine as long as it can be used no need to exaggerate it with the likes of universal money etc.

It's not that even a single altcoin can suit with the requirement to be used as a legal payment system and then bitcoin was also a commodity too. that means crypto has only a very small chance to be used as a main replacement for the universal money that is used by all of countries called fiat money.

Everything could be possible, and if you think at the moment they already accept virtual money when we pay with our credit card or with paypal. I think that each country must have his stablecoin

Not in our lifetime mate,because until now there are majority of countries in the whole world that against crypto so expect the battle will take until the next generation from us.

if then we don;t know what will happen in that time but the important part what we can do is let them ready and open about crypto so in time the next generation will continue the battle and may be successful that time.

The only possibility is there just one country on earth, in addition to this, crypto no way to become Universal Money. Let us face it the reality, most of countries forbid crypto now, the road of Universal Money ahead is full of thorns.Although i don not think crypto could become Universal Money, but i turely really wish it could.

I don't agree with the word impossible you have put.  In science and technology, we are always being careful to use the word 'impossible'. It may not be possible now, but we can't rule out the possibility later.  If we flash back to around 5 years later now, there has been increase in the number of countries trying to adjust their policies in order to incorporate crypto.  So it's very much possible later in life that crypto becomes global currency.

I can only imagine some island in the Caribbean adopting this currency. And this island is something of a utopia for technological advancements and advanced civic and social features. But of course this kind of utopian vision is difficult to undergo and develop since you need to overcome many current socio-economic "hurdles" to easily adopt cryptocurrencies as a medium of exchange. We still have a long way to go before it becomes a reality.

Too hard for it to happen, because not all countries favor crypto, many countries around the world have banned crypto because they fear it will affect their country's economy. surname. But some countries support crypto and are working to create their own cryptocurrency

unfortunately what makes cryptocurrency banned in some countries is because there are many cases of theft and cases of scam created from their country so that the country prohibits the use of cryptocurrency so it can be concluded that what you do will return to the good name of your country, make cryptocurrency a currency that is the best and as much as possible avoid a scam or try to do a scam so that the name cryptocurrency will be good again and many countries will give permission to use cryptocurrency again.

Because I am a positive thinker I think its highly possible, because cryptocurrency is a high technology-based digital asset or currency and because our time now is too much relying on technological help it would be easy for the general population to use it as the established technology base asset or money if that time will arrive I'm sure that using cryptocurrency for everything we need will be as easy as counting.

Still sketchy at this moment. Cryptos are still now widely accepted to majority of countries. Although it is neutral, meaning not illegal, the support is not there. Cryptos are still facing issues in the eyes of the governments so maybe there will be decades before this scenario happen. At this moment, I do see it more for both cryptos and fiat to coexist and not mainly cryptos alone. But who knows, since the development regarding technology is becoming faster, cryptos has a huge spotlight among other digital currencies.
The problem it would encounter in my opinion is the existence of other digital currencies. There are many fiat based digital currencies which are supported by many countries. Ofcourse, in our point of view cryptos has advantages so let us hope others would also appreciate this technology.

IMF thinks so:

https://twitter.com/IMFNews/status/1297640002604527621