What will happen if the all countries convert to cryptocurrency?

[Sherwood_Archer]

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

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[scoin9]

The moment all the countries convert to crytocurrency would be the beginning of many amazing things to happen to the world and the financial sector, the process sending and receiving funds worldwide would become very fast and easy, it would lead to growth of businesses and make life easier for citizens of the world.

[Indrawan77]

We are toward the cashless society, unfortunately the one in the government's mind is the digital money not crypto currencies, crypto do give a big benefit for the users, it's very easy and convenient to use, I think a country need to regulate the crypto before trying to adopt it, the reason is because crypto is decentralised, without any balance in using fiat and crypto it can cause serious inflation to the country, if crypto being implemented correctly, it will create a better economic situation for the country

[boyz97]

The moment all the countries convert to crytocurrency would be the beginning of many amazing things to happen to the world and the financial sector, the process sending and receiving funds worldwide would become very fast and easy, it would lead to growth of businesses and make life easier for citizens of the world.

that would be really amazing if could happen.but i think it just our imagination and could not happen in near future.moreover  many government still confuse with bitcon regulation.

[pinkflower]

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

Its very possible. Once the banks start to take over the cryptocurrency market and have 100% control over it, that when its ready for mass adoption.

The advantage would make it very easy for banks to track your payments for you.

Theres no disadvantage because it will be the banks job to process your payments directly without the need for physical cash.

Are those the answers you were looking for?

[johny1512]

If it happens so that all countries converted on crypto then in my view or according to my mind world will be free for everything  because everyone will do what they want easily things will become more simpler than before and people will enjoy tax heaven .. it will be very attractive if this happens.

[HabBear]

is it possible that we also start converting to cryptocurrency?

Anything is possible. Is it likely? No...it's very far from likely. Countries don't put their wealth in investments that fluctuate so frequently. And people won't use a "currency" that isn't boringly stable in value.

If that happens, what do you think are the advantages and disadvantages?

Advantages: Faster payment processing - minutes instead of days. Cheaper transactions. More control in the hands of the people, rather than the banks.

Disadvantages: Those in power will seek to corrupt the cryptocurrency system. This in power are afraid to give more control to the people or a system that delivers true equality.

Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

Paying virtually doesn't equal paying with cryptocurrency. You are paying virtually when you use a debit card, or when you use PayPal. Disadvantages are that if your mobile wallet i on your phone and you lose your phone you lose your mobile wallet. It doesn't have to be petty theft...you're out your money. That's the only real disadvantage...it requires each person to maintain greater involvement of security in their own financial affairs.

[Binugon]

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

It is difficult for all countries to legalize ceyptocurrency, which can threaten the country's conventional banks, but if the country in the world makes the right regulation cryptocurrency will be able to open unlimited global trade that will affect the world economy

[boyptc]

If everyone will convert and start using crypto's and the government will be converting fully to crypto's, there will be a lot of regulations worldwide but isn't it amazing that everyone's into crypto's? which we think before is an impossible thing. Cashless society is the future but we are unsure if crypto's will be use or there will be a digital fiat money.

[timerland]

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

It doesn't really make a difference in my opinions.

If nations convert to cryptocurrency as an entire state then it means that they are simply issuing fiat in another form. The currency being issued is still going to be centralized, except it is on a blockchain. It's sort of going to be like a national cryptocurrency scheme such as the Petro, I'd imagine.

It is going to be convenient but it's not going to be any different from the fiat we've got now, just in an online form and stored on a blockchain ledger. Unless it's a grassroot movement to adopt decentralized cryptos as an alternative currency, I don't think this is necessarily good news if any country does do it as it essentially allows the government to exert even more direct control over the economy, and opens up opportunity for even more debasement of the value of the currency.

[pamsugas]

the advantage is that the initial investors will get very basic profits. prices will soar fiat will be lost replaced by crypto

[Phil315]

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

If this can happen all over the world, then cryptocurrency will be recording its greatest boom ever. Let us all pray for this to happen.

[Gozie51]

I think Op's question is basically on the disadvantages if fiat gets converted to cryptocurrency. That to me means the government will come in totally and we know that governments enjoys controlling of society's funds. So it will breed centralization because of the regulations and the people we keep suffering and continue being caged by the few, meaning we are still going to run into oligarchy, plutocracy etc. but not democracy.

[Harlot]

Maybe this is not possible to happen because if it does where will these new cryptpcurrencies based their value on? Let us remember cryptocurrencies' value are based on fiat currency and not one another. A shift from fiat currency to cryptocurrency really is not a necessary change we need to aim because we always have digital alternatives even before Bitcoin was created. Also the adaption for all its citizens will take forever as the learning curve will be higher to people who are not into technogy which are people who are in an old age.

[liuqi]

The moment all the countries convert to crytocurrency would be the beginning of many amazing things to happen to the world and the financial sector, the process sending and receiving funds worldwide would become very fast and easy, it would lead to growth of businesses and make life easier for citizens of the world.

that would be really amazing if could happen.but i think it just our imagination and could not happen in near future.moreover  many government still confuse with bitcon regulation.

All the counties are accepting the Bitcoin but only disadvantages is decentralized platform. Most of the governments are discussing the Bitcoin legalisation but it is decentralized and transparent platform so government should not control the activities. Once legalised in Bitcoin many regulation is possible in all the countries. Bitcoin will be globalised cryptocurrency in future.

[Komissarnik]

Unfortunately, this development is still very far away. As long as there is a poverty line and developing countries, the widespread implementation of crypto currency will not happen. Bitcoin will remain the lot of units-enlightened.

[nl247]

Logically, nothing else will happen than us hitting a high level of mass adoption and the market hitting quadrillion of dollars or more in market capitalization.
However, we both know this cannot happen. In such state, that means fiat has been totally eliminated globally and I really do not need to start giving you huge explanation on why fiat cannot be eliminated.

[charlotte04]

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

Then those remaining countries that don't use cryptocurrencies will be at a lot of trouble since FIAT will never be accepted anymore. But I know that there will be a solution to that.

[Crypto Girl]

All the counties are accepting the Bitcoin but only disadvantages is decentralized platform. Most of the governments are discussing the Bitcoin legalisation but it is decentralized and transparent platform so government should not control the activities. Once legalised in Bitcoin many regulation is possible in all the countries. Bitcoin will be globalised cryptocurrency in future.

Just so you know, not all countries accept bitcoin as there's some that banned the usage of bitcoin.
If a country adopts crypto currency then it should be backed by something such as gold, oil or fiat itself. Hence, if it doesn't have any backed up then it will be just useless and it won't be acknowledge by central bank. And the essence of being decentralized will loss and it will be replace by becoming centralized, and that's saddening tho.

[Claudyah]

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

It seems very enthusiastic if crypto has legalized and converted in all countries, those who use cryptos will be very easy to transact with other countries without having to exchange fiat money, but I think whether the poor will be able to use digital crypto, while they do not have electronics to use it, and are sure the government will think about it before converting cryptocurrency to the country, while they are still difficult to find finance in fiat currency