What will happen if the all countries convert to cryptocurrency?

[calya]

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?

Most of the people are going to be happy since there are a lot of people today who wants a digital transactions in order to have efficient and fast transferring of money on different market and online stores.

and no more people carry much money on their bag.so people not affraid anymore bring much money in their electronic wallet such crypto wallet.its more secure and people felt comfortable.

[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?

If all countries are converted to cryptocurrency for sure every transaction will be on blockchain technology or simply it will be digitalized. The advantage of it every transaction will be fast that you don't need to fall in line in shopping malls, but the disadvantage of it is it will be easier for hackers to steal all of your money.

I think stealing money digitally is already happening anyway. I have read a facebook thread where people with Paypal accounts got hacked. I am not sure how, maybe they just installed a keylogger or something and were unaware of it. If it's going to be on blockchain perhaps they may find a way to track it? I believe I have read somewhere that with blockchain every movement of a process/transaction can be logged and cannot be tampered with.

[Sherwood_Archer]

Apparently there is also a discussion about this that is in reddit. https://www.reddit.com/r/newzealand/comments/8xrqho/a_cashless_society_in_10_years/
I guess a lot of people are still skeptical about having a cashless society although, of course, there are also many people who are not necessarily interested with bitcoin that also like the idea of not having cash with them at all times and find it convenient to pay virtually.

[Sherwood_Archer]

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

Sorry if it sounds ignorant but how could crypto create a better economic situation? I like it for its possibility of convenience in payment and such but I do not know how it would be better economically. I just see crypto as just another type of currency, one that I could use digitally. But yes, if countries regulate crypto it would be great for people for the convenience part.

[feelivent]

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.

This will happen one day and I am waiting for that time anxiously but I think it will take long time and will not happen in my life because I am 43 years old, but I am sure that our children will see this new era and the use of bitcoin all over the world. Blockchain will take over the market in the future and the whole world will use only digital currency for their needs.

Economy of the world will change. There would be no other currency and the monopoly of dollar will come to end. I am sure that in the future the whole world will use only bitcoin because it is the mainstream and will take over the market in the future. Certainly it will take long time but finally it will hold the currency market. Then the price will also be not a matter.

[UconBit]

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.

What amazing things to the world and financial sector would the benefits be apart from faster and easier sending and receiving of money? I hope there will be a more specific answer to the question as I am also intrigued by it. Everything seems to be going digital nowadays and I am sure that in no time currency would follow if not this decade but most probably in this century.

[trecore4]

If in our imagination anything like this happens then we will be able to transact the borderless transaction very easily and with cheap rates and also we can show the tax proofs for the same. As if currently we can do the same but if we are transacting huge amount of money across the border then it is not good and can be seen as the money laundering act as there are no rules and regulations over it. But things will change in the upcoming days if and only if all the counter start accepting the crypto currency legally. This may affect the current banking system and also the exchanger services which do the foreign trades all the time.

[guoyu78]

If all countries convert to cryptocurrency maybe the fiat currency will be gone and our purchasing power will not control by the government or banks. Our financial system will be change. But I dont think that fiat currency will be gone and it will co-exist with cryptocurrency. Bitcoin will be our digital gold and if all the people believe and accept it .. The price of bitcoin will skyrocket and will bring big fortune to us early adopters.

Unfortunately, these are things that are going to be a bit hard to see happen as no government will certainly allow everyone to dive into cryptocurrency without trying to bring up some form of limitation as they simply know this would be a very hard thing for them to control over time and the fact that they are losing that control on its own which fiat has given them over time, it would be hard to let go as far as I am concerned. However, in the real sense and logically, this is something that would have happened.

[SnowAugustine]

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

I so agree with this. Cryptocurrency is very convenient although not a lot of people in the world are already aware of it. Perhaps when awareness of its benefits are spread to everyone then more people would demand for their governments to legalize crypto. Right now, when I mention cryptocurrency to some of my friends, all they know is bitcoin and the recent fall of it.

[skish85]

In order for the crypto currency to become a universal medium of exchange, all countries must unite in one state.

[hildacitra]

That is right that Crypto and blockchain technology today are growing fast, and the wide spread is more and more. The time of digital era is sooner. People now days are interested much in Crypto currency due to its offered system. However, it is to hard to convert virtual currency every countries into crypto currency, because it will rise many problems. I think crypto currency will only be an alternative even thought it can be used for payment but can not change and replace the virtual money.

[preikaler]

What is certain is that when everyone uses cryptocurrency as a payment tool there will be lots of people going and the price of each crypto will rise high and the technology will be used by many people and compete to collect as much bitcoin as possible

[minhkhoa]

Cryptocurrency will bring a society without cash, with only technology and technology. People will bring high intellectual development, paid for in applications, if the cryptocurrency is used properly, it will create a rich economic situation.

[Olalomi]

If the cashless society is fully adopted and operational initially it will very difficult to operatevdue low level of orientation and obviously going to take time to be integrated fully into the society of course with the introduction of cryptocurrencors as a digital currency its gonna be much easier provided that the scalability issue had been resolved to ensure swift and faster transactions.

[Faxmate]

If in the current time, all countries are switching to Cryptocurrency, the world economy may have a problem affecting it. But sooner or later, the world will have to move to Cryptocurrency

Of course a much crypto currency is important for us it will surely happen so it is good to happen right now; if our world will convert to crypto currency so it will be easy to use it all over the world and people will be happy to have it, they will not have to hide or to convert their bitcoin to money as they will be able to buy any kind of thing with bitcoin at any time it will be great time for all of us for sure.

[Snaic]

Citizens can switch to the use of crypto currency and the state can legalize it or not. However, the state itself, that is, the system of state bodies, will not switch to the use of decentralized crypto currency in their financial calculations. Any state will only support its national money and its centralized crypto currency, if it is created. Decentralized crypto currency is not needed by the government.

[redsun114]

Maybe crypto currencies will revolutionize the world. And making its crypto currency recognized as a global currency in the future.

This is a beautiful dream but i do not think that it can happen every. This will pose a possible threat to the demand of USD and the US would never love that. Yes it can be accepted as secondary currency which will bring ease and you would not have to go to the exchange or bank to convert your currency.

Besides, majority of the countries are in sheer financial crisis and they just cannot pay attention to this new system and might not be able to accept it as a secondary currency because the demand for their already degrading national currency will further decline.

[mriansa]

I think it will make the country very risky and maybe it can make the country become a developing country, but to be able to change cryptocurrency payments it must make the economic conditions in the country be good first and provide information about cryptocurrency in the country so that many people can use it.

[webdevmastery]

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 most of the countries are going to convert into cryptocurrency then there is no way for other people to use their fiat and everything will be a digital transaction.

[mikan111]

It is certain that this will not happen in the near future. Only when governments and central banks have total control over the cryptocurrencies only then. Bitcoin is designed as a decentralized currency, so any government or banking control is tackling the very essence and reason for the existence of Bitcoin.