Which country would be the first to eliminate fiat and convert to crypto fully?

[bluefirecorp]

some very small country can do this but i think FIAT will not be eliminated

Your point makes sense. Poor countries can take this step to stabilize their economy by making bitcoins a national currency without eliminating their fiat. The total elimination of fiat is only possible in the developed countries where everyone has access to internet because without that, there is no use of having crypto currencies.

[BartS]

No country will ever, ever do it. They'd be throwing their economy away as it would basically stop working. If they can't control their currency then they can't control anything else either. It would be a right old mess.

And there's no real reason to put their fiat on a blockchain either. It all rubs along adequately as it is.

There are some countries that accept the US dollar as a parallel currency to their own or in more extreme cases where they have decided to let uncle sam to dictate their economic policy by using the US dollar exclusively, so it is not completely out of the realm of possibility that in an extreme case some citizens decide to use bitcoin as the new currency of their country after a financial crisis.

[Codinggg]

None. no country will fully use bitcoin. not till we alive. all wars is based on money and religion. so if this comes even close, we can expect a war...

[conspirosphere.tk]

No government would turn to a crypto currency that it cannot control (except by advise of the bankers), but any country with a failed currency like Venezuela to say one will likely see a booming black market and crypto usage.

[SvenBomvolen]

China is a big country and mining of crypto-currencies is on high level there. But I think Japan is going to be the country which will eliminate fiat and convert to crypto fully. At the beginning of this year Japanese government fully legitimized bitcoin as a currency and store of value. Since then Japanese market of bitcoin became attractive for a wide range of investors and traders. Trading of bitcoin in Japanese yen is 46% of the total volume of bitcoins' trade worldwide, while in US dollars - only 25%.
Japan remains one of the few countries that have adopted bitcoin as cryptocurrency. The country's largest companies, including Peach Airlines and retail giant Bic Camera offer bitcoin as official payment method in the coming months hundreds of thousands of trade enterprises, restaurants, bars, cafes and shops, is also expected to integrate bitcoin. To me it tells that Japan is in a one step to fully convertation.

[henmark]

there’s actually no country that’s going to accept bitcoin fully, it can only accept it as a major means of
alternative payment through some selected payment channels.

[Barbarian]

My guess would either be Japan or Korea if ever fiat will be eliminated and converted to cryptocurrencies, because Japan as we all know is one of the most highly technologically advanced countries worldwide so my first thought would be this country. Then maybe Korea because they have invested a lot in the crypto world so I was thinking this is for their future currencies too.

If you have been in Japan, they value history which is why modern technology and cultural infrastructure all sit side by side. We know bitcoin has been adopted by stores in japan already but that might not be enough to dominate entirely. Fiat will be valued by their government. They don't have corrupt government by the way.

It does not matter if the government of Japan is not corrupt they have engaged in all kind of weird experiments with their currency and currently they are the most indebted country of the world, so even if they have good intentions they have done a horrible job.

[zealer]

This may be Russia or the Philippines, can not be China, China has begun to supervise the work

[jekjekman]

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

I think there is none at all because Fiat money symbolizes a nation and that is their identity when it comes to currency so eliminating it is so impossible, it is just like killing a culture that lives for more than how many centuries.

Even China will not take away their Fiat because of digital currency because there is still a real world and we need a real money instead of a virtual one, but we can't really tell what will be the future for digital currencies maybe, just maybe.

[Barcode_]

I don't think it is possible for any country in the world to eliminate fiat money totally and convert to using crypto-currency fully in the country, as there are always a transaction cost for using crypto-currency to make payment, if I have to pay a few cents more whenever I purchase just a drink, hamburger or other small items, the miner fees would cost me tons of money in the long run.

[TexasHuck]

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.

Understood... you make great points... thank you kindly.... Huck

[TexasHuck]

I will go for Sweden maybe. From what i know about them is that they rarely use any cash just cards, and perhaps cuz of that they will do it first. Also about them there was some lines on net that they even wanted to made e-krona there own cryptocoin for Sweden alone but seem this project went down at some point.

Interesting... I didn't know that about Sweden.  Thanks for sharing.... perhaps you are correct... only time will tell.... Huck

[Rajamuda]

I haven't really been able to predict it and i also haven't known far or know whether it will happening or not in one country,, but i don't think any country will do that until it removes the fiat and enters crypto completely, maybe could be happening too but i think it's a small possibility.

[wuvdoll]

I will go for Sweden maybe. From what i know about them is that they rarely use any cash just cards, and perhaps cuz of that they will do it first. Also about them there was some lines on net that they even wanted to made e-krona there own cryptocoin for Sweden alone but seem this project went down at some point.

Interesting... I didn't know that about Sweden.  Thanks for sharing.... perhaps you are correct... only time will tell.... Huck

This will something really interesting to see the first ever country in this world eliminating paper cash and converting it into BTC or any other crypto currency. But it is too early to predict which country will do it first. We can only wait for the right time when this will happen.

probably in my predictions Japan may do this at very first as they are the first country to legalize bitcoins. Hence I am expecting them to do so for obvious reasons.

[BartS]

some very small country can do this but i think FIAT will not be eliminated

Your point makes sense. Poor countries can take this step to stabilize their economy by making bitcoins a national currency without eliminating their fiat. The total elimination of fiat is only possible in the developed countries where everyone has access to internet because without that, there is no use of having crypto currencies.

Not a poor country but a small country, I think a country that has high living standards and that has a population below 250,000 could be the perfect laboratory, but obviously they will have to agree to use bitcoin as their national currency and that can be very hard to swallow especially for governments since they will be giving away their economies to the devs and the miners.

[Kevin77]

there’s actually no country that’s going to accept bitcoin fully, it can only accept it as a major means of
alternative payment through some selected payment channels.

Yeah, even the most modern countries have just legalized bitcoins but have not declared the as their national currency. That’s quite weird to make any digital currency your national currency.

Bitcoins are even better than conventional currencies in many ways but still they don’t meet the criteria of the national currency.

[adzino]

Your point makes sense. Poor countries can take this step to stabilize their economy by making bitcoins a national currency without eliminating their fiat. The total elimination of fiat is only possible in the developed countries where everyone has access to internet because without that, there is no use of having crypto currencies.

You really think poor countries will be able to eliminate fiat and make bitcoin their mainstream currency? First of all "poor countries" lack technological development. I don't even think they will know what bitcoin is. They must have access to internet 24/7, do you think people from "poor country" will be able to afford access to the internet? Keep that in mind that most "poor country" are facing this misery just because of their corrupted government. And do you think a corrupt government would like bitcoins?

[vroom]

how successful is auroracoin in iceland, does somebody know?

[Yakamoto]

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

I was going to skip to later in the thread to talk about posts that might be a bit more relevant but you're comment on China being the first country to eliminate fiat and transition to crypto is something I need to touch on.

There is no way that China is going to be the first country to completely eliminate fiat money, especially when their economy is so reliant on fiat to make sure that it can function properly. If you haven't seen their country's economic system, they really, really like to suppress the Yuan so that they can keep making cheap products and pay their people small amounts, even though it may look like it is growing. You can't do that with Bitcoin.

Japan has a higher chance than China.

[Celsiuss]

I don't think a whole country will completely convert to crypto. For this to happen, everyone (even the homeless ones) would need to own a smartphone, with constant internet connection. I think maybe a city, or a city area might completely convert to crypto. I think that ould be some semi large city in China. In China the app WeChat is incredibly popular, and people use it to make payments all the time, they're like almost cashless in some places. That's why I think crypto might take over in places like that. Just might.