What will happen if we use a one currency only?

[Sabar90]

for example if we use the dollar it will certainly be bad news to see the habits of the corruptors in Indonesia, they will never do small corruption. What if they later corrupted $ 50 million or even $ 1 billion. Countries will be dizzy to tackle such corruption cases. that is if we use only one currency, for example the dollar currency

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[Gozie51]

Unification of currency will breed corruption, chaos, greater poverty, hardship, backwardness. Is just like narrowing it down to communism and communism thrives more in an indigenous society and not heterogeneous. It will breed chaos. This my view anyway.

[Don Pedro Dinero]

Both of you say that using just one currency will bring corruption but neither of you say why and I can’t see the reason. Could you elaborate more? Corruption has always existed and it doesn’t matter if there is one currency or more, there will always exist. Apart from that, the fact that only one currency is legal worldwide doesn’t mean that people cannot start using other currencies, for example, small gold coins. Cryptocurrencies are another example.

[DpremiumTrades]

i think it'll be easier, since all of the countries will be using one currency, so trading will be easier than now. cheers brother !!

[carcassone]

this currency should have a lot of feature that are probably un-realizable:
- infinite and illimitate supply (you need to serve all world!)
- probably to be adopted online this currency need a sort of blockchain
- be clear (cyrillic? latin letters? suggestion?) from taiwan to seattle, passing from paris and jakarta. (this is not easy at all).
- who will issue this? who have the right to print this new currency?
No I don't think it's possible use only one currency for only one planet

[Oilacris]

for example if we use the dollar it will certainly be bad news to see the habits of the corruptors in Indonesia, they will never do small corruption. What if they later corrupted $ 50 million or even $ 1 billion. Countries will be dizzy to tackle such corruption cases. that is if we use only one currency, for example the dollar currency

Having once currency would be also a good way on resolving those issues but i would bet that not all countries would really allow this thing to happen specially US dollars have been used,in this case we are all in the power of US government since their currency is being used and countries wont really like for this thing to happen this is why we do see lots of currencies because i do believe that their own monetary unit signifies its power.

[Gracechen17]

for example if we use the dollar it will certainly be bad news to see the habits of the corruptors in Indonesia, they will never do small corruption. What if they later corrupted $ 50 million or even $ 1 billion. Countries will be dizzy to tackle such corruption cases. that is if we use only one currency, for example the dollar currency

In my opinion, one currency will have one world, one government and there will be no freedom. Everything is in uniformity. Boring and monopolized.

[Hydrogen]

One currency is a centralized paradigm.

Centralized paradigms are very similar, possibly identical to monopolies.

Monopolism could restrict innovation, advancement and progress.

An example of a centralized paradigm or monopoly is the telecommunications monopoly that existed in the united states until the 1980's. It wasn't until after that monopoly was broken up that real progress in the industry was made in the form of push button phones, cell phones, cheaper long distance calls, lower monthly phone bills.

When one currency has control of the entire market, there's no need for it to improve or grow.

Advancement typically comes from competition such as AMD vs intel. If either AMD or intel had a monopoly over the market for the past 10 years there's no way chips would have advanced or innovated as much as they have. Competition and progress tend to be found together.

Also monopolies and centralized paradigms are correlated with exploitation and unethical business practices. One currency is similar to pharmaceuticals in the healthcare industry which raise their drug prices 1000% due to them being the only drug on the market.

[randythered]

There would be a few benefits with using one currency such as reduced transaction costs and greater price transparency but the main issue lies in the fact that different regions have different economies and any shocks to these economies need to be accounted for in terms of changes to supply/demand/price. In the case of their being only one currency it would take far longer for these changes to occur which could lead to greater unemployment. I think that is the jist of it, we did a short paper on it in class a few years ago.

[Celsiuss]

It'll be bad. If one country screws up their economy, it'll influence the rest of the world very hard. I don't remember the exact term, but extreme inflation is a thing, and can screw things up pretty badly. Countries likes to be in control of their own economy, that's why using Euros isn't always as popular.

[LeGaulois]

No matter the currency, corruption will be always here. Having only one currency won't change anything or if it does it's only about to increase it. Since it makes it easier. Big firms, for example, are able to corrupt in any currency, in any language, in any country...

On another side, if the only currency is Bitcoin, it can help to fight the corruption. For example, when the population pays the taxes, we could see for what purposes the money is used and where it goes, since transactions are public.

1Taxes4eg5rcr82HmO4KhjhatBvf        ===> 1Health4dezrfHolrcelojJHfhkjh5sSlmsS (address for the social security/health)
                                                          ===> 1Edu4PjJ5Quht9jugtyrFno69fegvDRGH (address for school/program education)
                                                          ===> 1Infra4khftd2fyui7nuyt4dftyhYgyu15ni (address for  infrastructures: roads,etc...)
                                                          ===> 1Social54rftgre5rtgg78KIRgijsdcde4rgr (addresss for social help, families...)

[trecore4]

This will creat chaos in very short period of time because equalising the currency means there will be no upward or downward velocity for the trades and investment or to the price of things that we buy with it. The equalisation will just make it very challenging to operate in all the countries because the most powerful country in the world might just take more authority over regulating it. They might show off their power and may restrict different countries with its use and this will generate poor operations. Look like aftermath won't be very thoughtful in this regard and equalisation of currency.

[Wyne]

for example if we use the dollar it will certainly be bad news to see the habits of the corruptors in Indonesia, they will never do small corruption. What if they later corrupted $ 50 million or even $ 1 billion. Countries will be dizzy to tackle such corruption cases. that is if we use only one currency, for example the dollar currency

If we will use one currency only, it has an advantages and disadvantages.  Some of the advantages of it is the value of currency all over the world is equal so, there is no need to go to other country to be able to earn more money because the value of money in other country is much higher compared to the value of money here in the Philippines  (ex: peso vs dollar).  If you want to go to other country, you do not need to look for money changer because everybody use the same type of money. Some of  he disadvantages of this is the possible effect on those people who invest in foreign exchange and stocks.  If all currency is equal meaning the value of money is the same.  So the foreign exchange will be useless.  That is a bad news for those people who earn through investing to foreign exchange. 

[BillyBobZorton]

Unification of currency will breed corruption, chaos, greater poverty, hardship, backwardness. Is just like narrowing it down to communism and communism thrives more in an indigenous society and not heterogeneous. It will breed chaos. This my view anyway.

This used to be the case, not anymore in a post-bitcoin environment.

If all governments on the planet somehow arrived at the (logical) conclusion that it's better to have bitcoin as a global currency, everyone would be operating under the same rules and more bullshit would go on as we have seen with fiat currencies, but governments will never give up on the control of their currency, they will never willingly accept and open source, decentralized currency as the rules of the game, they want their own rules, in other words, closed source and centralized, this is why BTC will either remain as digital gold and a global neutral currency thanks to Lightning Network or if people all over the planet reject fiat and accept BTC only then they will be forced to give up and BTC will be everything. Both scenarios in the long term will make long term holders rich anyway.

[fullypak]

for example if we use the dollar it will certainly be bad news to see the habits of the corruptors in Indonesia, they will never do small corruption. What if they later corrupted $ 50 million or even $ 1 billion. Countries will be dizzy to tackle such corruption cases. that is if we use only one currency, for example the dollar currency

If we will use one currency only, it has an advantages and disadvantages.  Some of the advantages of it is the value of currency all over the world is equal so, there is no need to go to other country to be able to earn more money because the value of money in other country is much higher compared to the value of money here in the Philippines  (ex: peso vs dollar).  If you want to go to other country, you do not need to look for money changer because everybody use the same type of money. Some of  he disadvantages of this is the possible effect on those people who invest in foreign exchange and stocks.  If all currency is equal meaning the value of money is the same.  So the foreign exchange will be useless.  That is a bad news for those people who earn through investing to foreign exchange. 

You are thinking only the exchanger's loss. if it happens then the entire world financial system will change and suppose USD become universal currency all country financial system information will be available in the USA. This no country can accept because it will affect their country economy and many legal issues will occur. The idea is good, but the implementation is very tough.

[Shutup]

for example if we use the dollar it will certainly be bad news to see the habits of the corruptors in Indonesia, they will never do small corruption. What if they later corrupted $ 50 million or even $ 1 billion. Countries will be dizzy to tackle such corruption cases. that is if we use only one currency, for example the dollar currency

For me if we use one currency all people to all the world will understand each other through electronics devices and all transactions to all the world.This is also for easy communications and others for quick transacting to all over the world.And all countries will unite also for the one world goverment.

[ccowl]

Using only one cryptocurrency would be really bad, because they are all different and solve different problems. However using one real currency, is better. Dollar is pretty much a universal currency already. I think many smaller countries with bad economies would rather use dollar than their country's currency which often has insane inflation.

[carlisle1]

for example if we use the dollar it will certainly be bad news to see the habits of the corruptors in Indonesia, they will never do small corruption. What if they later corrupted $ 50 million or even $ 1 billion. Countries will be dizzy to tackle such corruption cases. that is if we use only one currency, for example the dollar currency

For me if we use one currency all people to all the world will understand each other through electronics devices and all transactions to all the world.This is also for easy communications and others for quick transacting to all over the world.And all countries will unite also for the one world goverment.

its impossible to happen mate, people or government around the world will not accept this they will still continue using their own fiat as a symbol of their
independence and controlled over their people, one currency means that everyone can easily transact to anyone without a trace coming from the government
who handle them.

[stomachgrowls]

No matter the currency, corruption will be always here. Having only one currency won't change anything or if it does it's only about to increase it. Since it makes it easier. Big firms, for example, are able to corrupt in any currency, in any language, in any country...

On another side, if the only currency is Bitcoin, it can help to fight the corruption. For example, when the population pays the taxes, we could see for what purposes the money is used and where it goes, since transactions are public.

1Taxes4eg5rcr82HmO4KhjhatBvf        ===> 1Health4dezrfHolrcelojJHfhkjh5sSlmsS (address for the social security/health)
                                                          ===> 1Edu4PjJ5Quht9jugtyrFno69fegvDRGH (address for school/program education)
                                                          ===> 1Infra4khftd2fyui7nuyt4dftyhYgyu15ni (address for  infrastructures: roads,etc...)
                                                          ===> 1Social54rftgre5rtgg78KIRgijsdcde4rgr (addresss for social help, families...)

I love the idea but i can still see flaws regarding on this one.Who would be the one to handle those wallets? Who are on the possesion on its access? I bet that argument would really be long for sure.Not all governments on the world wont do nothing about on having the control of such wallet for sure they would really aim on having the power. I do see chaos on this centralization on all the funds.

[nelmari]

Corruption is always there especially if the government are involved with huge lump sum of money involved, so either we are using one currency or a lot of currencies it does not really matter if corruption is involved. But if ever we would be using one currency I think mass poverty would take place plus the economy would go bad for sure.