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Author Topic: Which country would be the first to eliminate fiat and convert to crypto fully?  (Read 3537 times)
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August 15, 2017, 03:09:13 AM
 #1

Which country would be the first to eliminate fiat and convert to crypto fully?  My guess is China...

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August 15, 2017, 03:21:44 AM
 #2

I don't think it would really fully eliminate the fiat money especially abruptly. There will always be people who could not adopt to new innovations and technology and I am sure any country can be aware of this. India has just started to demonetize the bulk of their paper money but it has not yet totally done so.

As for China, the government can be planing to have their state-sponsored cryptocurrency just like what Russia is planning though I doubt if it can be as successful as Bitcoin which is decentralized and not under the control of the government. However, a state-sponsored crypto can be successful within the country.

 
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August 15, 2017, 03:32:44 AM
 #3

I think no country will fully adopt crypto currency and eliminate fiat in their market...That's very difficult to implement since bitcoin requires technology not everyone can adopt unless the country is really that rich to be able to provide the technology needed for bitcoin.

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August 15, 2017, 04:06:21 AM
 #4

there will be no country will do that fure sure,
if they really did it,doesn't that mean they will be our slave ?
we're the one who's controlling their economy,deflation or inflation.
Bitcoin and Fiat need to coexist,because Bitcoin always be a cryptocurrency and Fiat will always be a real currency.
we will never know about Bitcoin value if we don't have a Bitcoin,

Just stick to Bitcoin goal,it's used as a payment point and anonymity.
it will never replace Fiat no matter what

 
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August 15, 2017, 04:07:43 AM
 #5

I think this is still a long ways down the road. We should not get ahead of ourselves, but rather ask the question of what MAJOR CITY would be the first to eliminate fiat and convert to crypto fully?

My view is it would be a progressive city given conservatives generally embrace change late and liberals tend to do so early. Therefore, pick the most liberal/leftist cities in the world and you have your answer.
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August 15, 2017, 04:40:10 AM
 #6

Which country would be the first to eliminate fiat and convert to crypto fully?  My guess is China...

Some big countries of course such USA, Japan and Korea. These countries are really good on technology and if you ever go to that country, you can see that their life is much upgraded with high technology. I'm sure in the next 5-15years, people on that country will adopt a digital money to make their life more easier.
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August 15, 2017, 04:56:42 AM
 #7

Which country would be the first to eliminate fiat and convert to crypto fully?  My guess is China...

No government in the world would totally eliminate their fiat and go for bitcoin. Bitcoin is not sustainable and they will also need to convert it to USD to be able to do trading or business with other country that don't accepts bitcoin. Likelihood to happen is 0. Legalization or adoption of bitcoin is one thing,

Which country would be the first to eliminate fiat and convert to crypto fully?  My guess is China...

Some big countries of course such USA, Japan and Korea. These countries are really good on technology and if you ever go to that country, you can see that their life is much upgraded with high technology. I'm sure in the next 5-15years, people on that country will adopt a digital money to make their life more easier.

LOL. The country that will not go for crypto is those big country you mentioned, They are superpowers and getting bitcoin as main currency will do more harm to them than good. Do you think that Central banks around the world will agree do this? Highly doubt it. What we can do is take advantage of both fiat and bitcoin and they can exist mutually.

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August 15, 2017, 05:17:11 AM
 #8

Which country would be the first to eliminate fiat and convert to crypto fully?  My guess is China...

Your guess is as good as mine with china though it's unlikely that even china would go full crypto. I don't think any country can actually do that however advanced they are. We still have a long way to go if we'll expect crypto to be a countries exclusive currency

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August 15, 2017, 05:36:39 AM
 #9

I think this is still a long ways down the road. We should not get ahead of ourselves, but rather ask the question of what MAJOR CITY would be the first to eliminate fiat and convert to crypto fully?

My view is it would be a progressive city given conservatives generally embrace change late and liberals tend to do so early. Therefore, pick the most liberal/leftist cities in the world and you have your answer.
yes of course an advanced countries will be the one who apply and adopt it fully. like japan in asia for example , i believe it could be the major candidate to achieve it . i just don't think it is really necessary fiat to be eliminated , bitcoin and a conventional currency could exist side by side.

just the way how people transform consider bitcoin as their primary currency and fiat as secondary currency.

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August 15, 2017, 05:40:31 AM
 #10

 Don't think it would really fully eliminate the fiat money especially abruptly. There will always be people who could not adopt to new innovations and technology and I am sure any country can be aware of this. India has just started to demonetize the bulk of their paper money but it has not yet totally done so.
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August 15, 2017, 06:05:51 AM
 #11

Which country would be the first to eliminate fiat and convert to crypto fully?  My guess is China...

Why would an authoritarian country like China give up control of their legal tender to a currency they do not control? What good would that bring to their government?

No government is stupid enough to give up monetary control. To control the money is to control the people.
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August 15, 2017, 06:14:55 AM
 #12

If Zimbabwe can find a way to provide mobile internet services to everyone in the country and be able to educate them, I think they would stop using cash and move over to Bitcoin. They have faced a lot of challenges with their economy and they are accustomed to using other currencies to replace their local reserve currency.

The next country might be Kenya, because they are already used to digital money in the form of M-Pesa. ^smile^

It will definitely not be China, because they need 100% control over their citizens and Bitcoin does not provide that to them.

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August 15, 2017, 10:30:50 AM
 #13

Haha. Why China? Because of the mining prowess? Perhaps, but when you take practicality into account, fiat won’t be eliminated anytime soon; maybe never. If fiat does get eliminated by Bitcoin it is still too early to decide which country will make the shift first. I mean Japan has a lot of vendors and merchants of accepting Bitcoin. China has great Bitcoin mining power. But as the year progresses more countries are accepting Bitcoin. So it is nearly impossible to decide which country would eliminate fiat first … if they ever do.

I personally believe in a world where fiat is used and Bitcoin is used more than it is now. Such a world would be good. I personally don’t want a world where fiat is eliminated completely. Fiat and Bitcoin are opposites that complement each other. They work better together.



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August 15, 2017, 10:34:39 AM
 #14

According to me, at the inverse of what you are saying, that will not be at all China, for the simple reason that they have no incentive to do so, and because they would lose a monetary power that needed great efforts from them in order to possess it. My call is that it will rather be a little country, wanting to attract investors and become known worldwide. I will not make a guess on the exact country, since it can be so many.
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August 15, 2017, 10:38:51 AM
 #15

I do not think any country will ever do that.
A government needs to be in controle of its currency.
Or at least bind it to a major currency that is managed through the market situations.
Giving the financial faith of your country completely out of your hands, that would not be a wise decision.

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August 15, 2017, 10:39:24 AM
 #16

There are many countries that are ahead in terms of usage and acceptance but that doesn't mean that they will also be the ones to fully embrace cryptos in the future. Much benefit must be derived from it, without the government losing control of the hold on the economy. So even if we see countries like Japan, Switzerland, USA or South Korea leading the way with welcoming crypto currency, there is still too much gap between digital currency and our fiat money.
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August 15, 2017, 10:51:02 AM
 #17

The one who has control over the financial system owns the country. It knew the founders of the Federal reserve system of the United States. They even went further and were able to own the world. Who would refuse such an opportunity? I even think that bitcoin will never be recognized as a currency.
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August 15, 2017, 11:03:12 AM
 #18

I think that no country would try to do its so.Only micro nations which don't have a strong currency and which suffer from huge economic crisis might try it just like Liberland.They might not have any other option than that.But i don't think that other nations would try to do so.They might have both fiat currency and crypto currency side by side.Otherwise,they might have to face serious consequences when a power failure occurs or when internet connection stops temporarily.So,no country would do like that.

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joseafonso123az
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August 15, 2017, 12:56:36 PM
 #19

I don't think any country would adapt to bitcoin only because of it's volatility.
But I guess some 3rd world countries who have several financial issues could somewhat pump their financial status if they used bitcoin for a while, as it is steadily gaining value and potential. Ofcourse they shouldn't go all in because if bitcoin gets a decrease in it's value, that country would likely be doomed.
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August 15, 2017, 01:07:23 PM
 #20

Which country would be the first to eliminate fiat and convert to crypto fully?  My guess is China...
that would be too impossible for now we know that bitcoins is not stable and it is not good to use as a mode of payments in real jobs if fiat will be eliminate .China will be more advance in making new with bitcoins but to make crypto as fully use in a government is impossible now.

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