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

[patt0]

I don't think that will ever happen. Fiat will always exist, because governments will never abandon it. I think that both systems will exist on most countries in a near future. Japan is a good example of it. They even recognize bitcoin as legal tender, so this proves that having both is perfectly possible.

[arbelian]

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

I guess it would be the big developed countries but of course it would not be easy to eliminate or change the fist currency into bitcoin It would take years before it would happen because not everybody adopted the use of bitcoin the country have to introduce it first and educate its country man before they could do so.

[BartS]

I expect Russia because the people there use cryptocurrency more than paper currency

No, you must understand that no country that is doing moderately well is going to accept to change the system for something new, people are only going to accept that if they are facing terrible consequences of following the fiat system supported by banks and governments, besides bitcoin is not ready to be adopted by a country that is that big since the population of Russia is probably many times over the amount of bitcoin users.

[kingvirtus09]

i think the first county to eliminate fiat and convert to crypto are Russia and Japan, why do i say so? because Russia President Vladimir Putin wants to adopt Blockchain in there country and wants to accept any cryptocurrency on his project. then second why Japan? because in year 2020 Japan will use Virtual Currency as their payment method which is good for their county. they will make their own token. i think J Coin or Japan Coin..

https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games

[Pettuh4]

i think the first county to eliminate fiat and convert to crypto are Russia and Japan, why do i say so? because Russia President Vladimir Putin wants to adopt Blockchain in there country and wants to accept any cryptocurrency on his project. then second why Japan? because in year 2020 Japan will use Virtual Currency as their payment method which is good for their county. they will make their own token. i think J Coin or Japan Coin..

https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games

Japan i'm tempted to agree but Russia i doubt because they don't entertain crypto-currencies at all especially bitcoin and so i don't see why their government would want to do that at this time though.

[marcbitcoins]

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

There is none, we need to accept the reality that bitcoins is purely to be use on some of our investments so that we could earn fiat or money. Paper money  can easily be use by all people either rich or poor, childrens and adults than bitcoin in which computer literacy are most required. As of now we are in greed to have a huge amount of bitcoin so that we could keep a huge amount of dollars to be use for living.

[zee123]

That's a tough one, a country suffering from hyperinflation. A good guess would be Venezuela, maybe Zimbabwe

[traderethereum]

i think the first county to eliminate fiat and convert to crypto are Russia and Japan, why do i say so? because Russia President Vladimir Putin wants to adopt Blockchain in there country and wants to accept any cryptocurrency on his project. then second why Japan? because in year 2020 Japan will use Virtual Currency as their payment method which is good for their county. they will make their own token. i think J Coin or Japan Coin..

https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games

Japan i'm tempted to agree but Russia i doubt because they don't entertain crypto-currencies at all especially bitcoin and so i don't see why their government would want to do that at this time though.

japan is good option as we know japan is already approve bitcoin and maybe japan will eliminate fiat and replace it with crypto currency. russia is good too because we know in russia there are many good project was develop and its grow become bigger and maybe japan and russia will be the first country that eliminate fiat. but i guess it still need more time to make a deal with government because government still have control with their economy system and until now i think government from each country still want to try to control crypto currency which they can not do until now.

[majeed]

It is your dream country. A country which only exist on your brain will be the first country to eliminate fiat and use only crypto As you can see, Fiat is a tool for the government to control the people and no way they will use other type of currency instead of their own national fiat, especially crypto. Crypto is not easily to control and if users know how to use appropriately, there will be no chance for the government to control them as well as their tax

[BartS]

You could also ask us the following question: "which government would be the first to give up their control?". I don't really expect any government to do that because if they do they can't collect taxes and they are totally placed out of the economy. But if I would have to name a country it would probably be one with hyperinflation right now.

No government in which their economy is working is going to give up control but in an extreme case where the country is spiraling out of control I could see a measure like that to be taken, the only issue is that bitcoin is still not ready, bitcoin cannot deal at the moment with a big amount of transactions so they will have to use fiat or the country will have to be very small.

[STT]

Eliminating fiat as a whole is not possible,
Thus no country will come forward to do this.
As fas as considering the acceptance of bitcoins and identifying them legally is considered I think Japan will nake the first move.
Besides it has already started that now at many shops bitcoins are being accepted as payment thus...its not possible to fully eliminate fiat but partial acceptance is legit.

It is very possible for a country to do without paper or coins and if anything its strangely preferable for the government to eliminate the population's small change.  It would require spendable disposible usb type units for little amounts, really it reduces costs Im sure its feasible.  That they are able to tax them more easily and restrict free movement of capital which is roughly how central banks work.

The obvious answer here is Venezuela, not by choice but as a tail end consequence of its civil war.   Zimbabwe never rescinded its own money properly, it was just was of no use in exchange so dollars became the default

[BartS]

i think the first county to eliminate fiat and convert to crypto are Russia and Japan, why do i say so? because Russia President Vladimir Putin wants to adopt Blockchain in there country and wants to accept any cryptocurrency on his project. then second why Japan? because in year 2020 Japan will use Virtual Currency as their payment method which is good for their county. they will make their own token. i think J Coin or Japan Coin..

https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games

There is no point to adopt a cryptocurrency that is used by a country that can be changed at will and that you cannot access the source code to see if there is any backdoor in the code, it needs to be a crypto like bitcoin, that has a limit on the amount of coins that are ever going to exists and that has its code open for anyone to see and evaluate.

[nskendrovic]

Probably the country with the least to lose but then again they are probably already buying BTC on the lows. So probably a big government then so they can get people to convert their fiat money into Bitcoin.

[innocent93]

Probably the country with the least to lose but then again they are probably already buying BTC on the lows. So probably a big government then so they can get people to convert their fiat money into Bitcoin.

Probably that country it will be the first one in which there will no more need for money. We love and depend on technology but we are unable to trust in it completely, it is dangerous if you don't have a back door.

[BartS]

Eliminating fiat as a whole is not possible,
Thus no country will come forward to do this.
As fas as considering the acceptance of bitcoins and identifying them legally is considered I think Japan will nake the first move.
Besides it has already started that now at many shops bitcoins are being accepted as payment thus...its not possible to fully eliminate fiat but partial acceptance is legit.

It is very possible for a country to do without paper or coins and if anything its strangely preferable for the government to eliminate the population's small change.  It would require spendable disposible usb type units for little amounts, really it reduces costs Im sure its feasible.  That they are able to tax them more easily and restrict free movement of capital which is roughly how central banks work.

The obvious answer here is Venezuela, not by choice but as a tail end consequence of its civil war.   Zimbabwe never rescinded its own money properly, it was just was of no use in exchange so dollars became the default

I think Zimbabwe rescinded its money quite recently, it was in the 2015 or 2016 if I’m not mistaken, countries need to watch at Zimbabwe and learn a lesson, if they keep playing with the money of the people, the people are going to take away their right to print currency and once that is gone they are never going to regain that power again since bitcoin seems to be more solid than ever.

[ronafurw]

Eliminating fiat as a whole is not possible,
Thus no country will come forward to do this.
As fas as considering the acceptance of bitcoins and identifying them legally is considered I think Japan will nake the first move.
Besides it has already started that now at many shops bitcoins are being accepted as payment thus...its not possible to fully eliminate fiat but partial acceptance is legit.

It is very possible for a country to do without paper or coins and if anything its strangely preferable for the government to eliminate the population's small change.  It would require spendable disposible usb type units for little amounts, really it reduces costs Im sure its feasible.  That they are able to tax them more easily and restrict free movement of capital which is roughly how central banks work.

The obvious answer here is Venezuela, not by choice but as a tail end consequence of its civil war.   Zimbabwe never rescinded its own money properly, it was just was of no use in exchange so dollars became the default

I think Zimbabwe rescinded its money quite recently, it was in the 2015 or 2016 if I’m not mistaken, countries need to watch at Zimbabwe and learn a lesson, if they keep playing with the money of the people, the people are going to take away their right to print currency and once that is gone they are never going to regain that power again since bitcoin seems to be more solid than ever.

Japan and Singapore are also under discussion most of the world thinks that they will implement bitcoin system in them and it doesn’t matter which country will accept first but this is for sure that that country will enjoy a lot of facilitation of bitcoin and there will be economic stability in that region and more pf it people will prefer to work in bitcoin country ass compare to any other.

[nomad1109]

I'm not sure anyone is going to completely eliminate fiat in a good while. The situations in Zimbabwe and Venezuela are something of an organic transition, but I don't see why it would be a complete transition. What they could do is to develop a banking system where Bitcoin is sort of the gold standard. Seeing as their financial systems are so fragile now, that might give people the comfort they need to stop hyperinflation.

[fudster]

My guess would be japan too as they already have plans to create their own cryptocurrency for their country to use. I just read this somewhere too and I can't remember the link but that was the plan. If they already have such plan then they are ahead among any country.

[BartS]

I'm not sure anyone is going to completely eliminate fiat in a good while. The situations in Zimbabwe and Venezuela are something of an organic transition, but I don't see why it would be a complete transition. What they could do is to develop a banking system where Bitcoin is sort of the gold standard. Seeing as their financial systems are so fragile now, that might give people the comfort they need to stop hyperinflation.

I love bitcoin, but I do not think it is mature enough to base the full economy of a country, if a country wants to create a gold standard for themselves then use the gold standard, but most of the time that is not what happens, instead they get an US dollar standard or and Euro standard, which is not that much better since those currencies are going to collapse in the future as well.

[Paecga129]

It doesn't matter which one is going to be the first, but believe me it's going to be someone because whatever reserves and capital they have is extremely centralized compared to Bitcoin.