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

[Sled]

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.

That is the problem for a country to convert in cryptocurrency fully because they will have a lot of problem for their citizen because if they want to convert in cryptocurrency then they need to make sure that there is a stable internet connection for the people in their country and every people in their country has a device like smartphone, laptop or computer if they have that then they can transact with bitcoin.

[machinek20]

No country will fully eliminate fiat, there is so much things to put on stake, if all the bitcoin whale cooperate then the country will be controlled by them, and the fluctuate price everyday will bring difficulty for the people to do transaction

[Barbarian]

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?

Correct, bitcoin is great but it needs a huge infrastructure, and in poor countries most people do not have access to electricity or the internet and this make extremely difficult to get access to bitcoin and a lot less convenient, so like most of the time those that have money are the ones that have earlier access to new technologies.

[BartS]

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.

I think that there is going to take a lot of time before bitcoin becomes the official of a currency, to be honest I do not think that is going to happen any time soon, I think it is a lot more likely that bitcoin is going to become accepted alongside the official currency, something similar to what is happening on Japan, basically you will be able to use your local currency or bitcoin in order to buy anything you need, to me that seems like the best scenario that we are going to see in near the future.

[iram1011]

Which country will first do it is hard to tell. But Countries might shift whole to cryptos. But that won't be any famous cryptocurrency that we know. Rather it would be their own. Governments might be legalizing Bitcoin. But still they never want Bitcoin dominance in the market. They can't let an outer currency drive their national market.

[yndye]

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.

I think crypto would not totally eliminate fiat because how can the people who has no capability to access the technology buy something when all they know is fiat as a medium of exchange. Even some people don't have electricity so it's not possible for them to make use of it. Maybe a country that has a smaller population and hi-technology can start the implementation of it by testing it in a small community and then eventually extending the scope of it until such time it will make the whole country use it. I can observe that maybe Japan would the first one to implement this one.

[betlord90]

No one! and we should stop thinking that crypto's will eliminate fiat since it is just a legend and just a imaginary talk by a crypto fun kids. And Crypto is just an digital asset that is needed to take care where it belongs and fiat have laws covering on it and it is not easy to eliminate by just a thrend assets.

[helars2008]

As of now i dont that there is any country around the world that would willingly eliminate their fiat and make use of crytocurreny. There wasnt even a country yet that legally accepted bitcoin as means of payment for goods and services.
Therefore before we will go on to the discusion on which country would eliminate their fiat and make ise of bitcoin, let us first analyze on which country would be the first to pass a law that says they are already accepting the using of cryptocurrency.

[Twinkledoe]

My guess is Japan, maybe after 20 years or so. That would be interesting scenario to look forward to. 

[evilgreed]

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.

                           I guess you were right. No one knows which country would fully adopt bitcoin first or fully legalize it as their currency, and I certainly believe that it has been discussed by the government if someday it would be happening, so as of now let's just relax and wait for the next years to come, hopefully someday it would be really a good news to all of us, because for now it is still way too impossible that it would happen.

[davids]

there will be no country really fully eliminate the fiat money. Fiat and Bitcoin are opposites that complement each other. although some countries have welcomed crypto currency but the government can't control it

[Soranith]

Maybe Japan will be the first to eliminate fiat and convert to crypto fully since we all know how Japan can be very fast when it comes to technology and Bitcoin in japan is every where nowadays so its possible to happen that one day they will only use crypto as a payment.

[Sithara007]

Apart from the small micronations such as Talossa and Liberland, I don't think that any of the established nations will declare Bitcoin as their national currency. Because it can lead to many complications. And the high volatility of Bitcoin is another problem.

[Sled]

Apart from the small micronations such as Talossa and Liberland, I don't think that any of the established nations will declare Bitcoin as their national currency. Because it can lead to many complications. And the high volatility of Bitcoin is another problem.

I agree to that. There is no reason for a decent country to declare bitcoin as their main currency and eliminate the fiat because if they are going to go for bitcoin in full force then they will have a hard time in managing the money that they will have in bitcoin because it will not become easy for them to manage money since the price is not stable and it can drop or increase anytime.

[angaper]

Maybe Japan will be the first to eliminate fiat and convert to crypto fully since we all know how Japan can be very fast when it comes to technology and Bitcoin in japan is every where nowadays so its possible to happen that one day they will only use crypto as a payment.

Despite the undoubted interest of countries like Korea and Japan in the technological field, we must not forget that these countries are not isolated from the world context and even if they were willing to make a transition towards the economy based on cryptocurrencies, since these countries are important technology exporters par excellence, they would not be able to carry out their economic transactions with countries that do not accept bitcoin or any other crypto, so the current economic system is undoubtedly attached to the use of fiat money, and more specifically the US dollar, so we will never see a country 100% economically integrated to some crypto currency.

[kxp]

I hope there will be none ever.
Don't wanna pay at Burger King n wait til tx confirms.

[bamboylee]

Probably no country will ever abandon the fiat system in exchange of cryptocurrency. And it is beneficial for both currency to co-exists, so I see no reason this will happen. There are advantages of using crypto, and there are advantages of using fiat as well. Let us leave it that way.

[Kevondo]

No one! and we should stop thinking that crypto's will eliminate fiat since it is just a legend and just a imaginary talk by a crypto fun kids. And Crypto is just an digital asset that is needed to take care where it belongs and fiat have laws covering on it and it is not easy to eliminate by just a thrend assets.

Yes it is a bit difficult for the country to eliminate the fiat and convert into the crypto currency because a lot of people in the country does exist that they are not aware of the bitcoin and they don’t know the used of the bitcoin so it is the reason that it will be difficult to some extent but as the power and the strength is increasing as the time passing soon it will happen that bitcoin will be the world currency not only the country.

[Bram 666]

till now for short time zero county but if somethings happen in future Japan will be first then china then korea then spain

[Maum]

I think, only a few countries in Europe could replace fiat, where IT infrastructure is built up in any regions of country.