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

[FlightyPouch]

North Korea because their fiat is already worthless and cryptocurrencies are only used by criminals like Kim Hong Un. Nah but seriously, probably a smaller country. Wasn't there a tiny island that's currency is bitcoins but it means nothing because the island's only inhabited by one family?

May be you are right. North Korea will step ahead to replace their fiat with crypto currencies forever. Besides I think Japan will also increase the usage of the digital currency and may someday replace fiat with digital currencies altogether. Let’s see what is waiting for us.

I think there are some countries which are planning to make a digital currency and make their citizens use it. I can't remember fully the country but I know I've read it here.

Also North Korea, I think will not be the first one, I think there will be others first like maybe Japan, which us kind of a high tech country that will make their first step to this digital currency, but first I think we really need to make bitcoin a digital currency that can be used in instant and free transactions.

[Hydrogen]

You are right in that there are some things fiat is just simply better for.

However, I think you are forgetting about paper wallets which is the exact same thing as fiat.

It depends on whether its possible to print fake paper wallets. Paper fiat is difficult to counterfeit. A paper wallet could be much easier to forge which could complicate things if people ever tried to utilize crypto the same way they do fiat.

[Barbarian]

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

My guess is Japan, they are the ones that are farther away in term of adoption and I think they are going to realize soon enough that bitcoin is way better than their currency that keeps being devalued by the Japanese government, I do not think it is going to happen soon but it will happen eventually.

[ShowOff]

Greece almost do that, remember when they almost bankrupt and their people change Euro to Bitcoin. but they got problem because they still need to use bank to do online transfer but almost all of their bank already closed.

[masterwakokok7]

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

I think this is definitely not going to happen. Why..? Becuase of Politics. Governments for sure will impose taxes, laws, and regulations whenever Bitcoin or other cryptos are fully accepted *Legally* worldwide. It will definitely affect the personal interests of the powerful people. Once, Crypto fully takes over then it would lead to the centralization of Bitcoin, Anonymity will be lift and etc.

[Dudeperfect]

I don't think any major or even any minor country would discriminate their fiat currency at all just for the reason of adopting the digital currency. There is a risk in using a fully digital financial system which might cause a loss of millions of dollars. A Recent example of Somalia is a good example of what could happen if the internet is disrupted.

* Somalia's internet outage costing country $10 million a day.

Thus, I don't think any country will do that even after several years. Exception: The Sealand.

[youngagethinker]

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.

Same thought here./
I'm in the third world and I know how bad the internet connection here and the service is so frustrating. The speed is just running in daytime at 30-100 kbps average and the internet fee is so high. We all know that the idea of blockchain is good and if this will be implemented then the third world country will be behind in this technology because people here especially in the province barely have a smartphone and good signal. And this will be a cause when the implementation of cryptocurrencies will go to the congress. We are still in a long ride.

[Golftech]

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

I think this is definitely not going to happen. Why..? Becuase of Politics. Governments for sure will impose taxes, laws, and regulations whenever Bitcoin or other cryptos are fully accepted *Legally* worldwide. It will definitely affect the personal interests of the powerful people. Once, Crypto fully takes over then it would lead to the centralization of Bitcoin, Anonymity will be lift and etc.

That's the real issue here how government handle the said matter politics still influence whichever country that will try to adopt this currency and for sure just in case it will happen they will change it up being centralized for them to be in control.

[Clutch_Jones]

It would be hard for an entire country to eliminate their fiat currency and rely totally on any cryptocurrency. Every country has people that simply couldn't move to crypto, at all.

[TexasHuck]

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.

That's true.  You make some excellent points.  It would be nearly impossible...

[GreenBits]

It's possible, but only an extremely economically depressed country would bother. Why? Cryptos, at least as we know them, can aid and abet capital flight, which is the bane of all goes. What you don't want is a way for someone to quickly, cheaply and anonymously move value outside of your country. If a gov were to issue a coin, it would look pretty much like the ACH system in the US, or Ripple for a direct Crypto comparison. Transactions would have to be reversible; everyone would be identified, and fees would go to the central authority as there is no need for decentralized consensus.

We will be using cryptos mainstream, soon. They just need to make it so seamless that it is indistinguishable from using electronic cash, that is a debit card. This is already the case honestly; I only keep Crypto, and with my Shift card no one knows that I am spending coin when I swipe at a point of sale.

[Bittoshi]

No country will fully switch to crypto currencies where they have no control over the cash flow. Aside from some failed states and civil war countries like Somalia where the official fiat lost almost all its value and the war lords need to laundry their bloody money and could use the privacy of crypto currencies.

[Aladdin-Sane-83]

I don't see any country taking over a crypto currency instead of any Fiat. What we will see is the technology beeing adopted to a lot of Fiats and banking systems. The crypto coins will grow and exist in a side market hand in hand with the official fiat.

[xuan87]

None, if a country using decentralized currency then the economic can ruined, Fiat is very important to keep the country economic balance and it need to be supervised and controlled so there are no big inflation, big inflation can caused the citizen economic situation become disrupted

[CryptoBry]

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.

I love this idea actually but maybe even a whole city can be too big enough to fully convert into cryptocurrency. Maybe we could start with a certain community where people would really be using their coins for daily transactions but this can really be a big problem with Bitcoin as many are really holding on to it expecting that it can rise further.

[Ampad]

First country, my guess. Russia. This could be their trick up the sleeve.

[malikusama]

I don't think so any country will eliminate the fiat and start using cryptocurrencies as its national currency, no government will allow to make decentralized currencies (whose transactions are anonymous) as their national currency. There is no other choice other than fiat for government, well nothing is impossible but this seems difficult that fiat will be replaced.

[syaripudin]

What msalah is the value of bitcoin that has not been stable, so I do not think there is a country that really remove the fiat to be replaced with crypto, maybe the country is facing the economic crisis was not possible to remove the existing fiat to replace it with crypto to overcome the crisis problems that Faced, at least the country will legalize crypto, but not to replace the fiat that is already the currency of the country, because the worry is when the value of crypto drastically decreased of course the country will face a more severe crisis, I think between fiat and Crypto must go side by side.

[BartS]

North Korea because their fiat is already worthless and cryptocurrencies are only used by criminals like Kim Hong Un. Nah but seriously, probably a smaller country. Wasn't there a tiny island that's currency is bitcoins but it means nothing because the island's only inhabited by one family?

There are many islands that have good standards of living and that have very low populations, however many of those islands use the dollar as their currency so maybe when the dollar begins to get more unstable as the economy of the United States worsen then that could be the time that some of those small countries decide to accept bitcoin as their official currency.

[Pab]

Maybe Mauritous,only one place where ico is legal,but thay have rules.Any major country,national currency is fundament of independence