What will happen if the all countries convert to cryptocurrency?

[Kemarit]

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?

Yes, there's that possibility that countries might go full crypto, but it doesn't mean that fiat will be obsolete. Crypto and fiat can go stand side-by-side, IMHO. Just look at Japan right now, they have both the Yen and crypto as payment methods. But you also need to look at how many countries are hostile to crypto, perhaps we might see some countries adopt while majority will remain fiat based.

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?

Crypto offers security, just like you said you don't need to bring cash, just your mobile phone to buy stuff in groceries. And we might see bitcoin fees much lower if LN + Segwit will be fully implemented by merchants.

One disadvantage is that you always need to be connected to the Internet at some point to processed your transactions.

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[senin]

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 necessary to clearly understand that states can allow the circulation of decentralized crypto currency, but they will never actively support it and make mutual settlements in it. International trade at the state level is unlikely to be widely used in crypto-alaite. Decentralized crypto currency will mainly be used by citizens. At the country level, decentralized crypto currency can only go in parallel with national money. Only in this way will the negative impact of large volatility of the crypto currency on the economy of the country not be manifested.

[Findingnemo]

All the governments will go poor but most of their citizen will be rich if they allow cryptos in all the places but I don't think any government will allow crypto currency in the place of their local fiat since they are running their governments only with the tax money.

[mostkey]

In fact, more and more people use cash because it is convenience without having to get a loss, so far if cryptocurrency is to be what you want, there are some risks that we face are price fluctuations that can change quickly without thinking, yes it is the panic that many people experience now, cryptocurrency will be very suitable if it becomes a long-term investment for me because for trading it is very risky, the advantages and disadvantages are very clear in the current journey, opportunities are still wide open if the government wants to control to avoid things that harming a lot of people.

[kaya11]

If ever that will happen, I guess in my opinion Bitcoin and other decentralized crypto currencies will drastically fall or even will lose its value. Crypto currencies will battle with the version of the government-a centralized version therefore will regain its control over the popularity of decentralize such as Bitcoin and ether. Governments are making their own for one of these reasons, and another is the non stopping competency which each others economy, no one's wanting to be left behind.

[BorisVirla]

There will be a battle for the right to be the main one in cryptography.

[Impulseboy]

It is possible that we convert to cryptocurrency since we are now going cashless. However, I am not sure that every single country will use cryptocurrency in the near future because some of them have not heard cryptocurrency or bitcoin before, let alone have access to the internet. But for countries that are already going cashless, it is only a matter of time before they start accepting bitcoins more.

[usekevin]

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?

Every creation had advantage and disadvantage .So cryptocurrency is similar to this. Cryptocurrency had huge advantage and some disadvantage. Advantage is your are free from lockers and money storage .You can store your entire earning in terms of cryptocurrency in your single wallet.Disadvantage of cryptocurrency is hacking issues.Some of the people are claiming, their wallet is hacked.You should secure your wallet with two factor authentication.

[gabmen]

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?

Every creation had advantage and disadvantage .So cryptocurrency is similar to this. Cryptocurrency had huge advantage and some disadvantage. Advantage is your are free from lockers and money storage .You can store your entire earning in terms of cryptocurrency in your single wallet.Disadvantage of cryptocurrency is hacking issues.Some of the people are claiming, their wallet is hacked.You should secure your wallet with two factor authentication.

Well more countries adopt cashless options probably but i don't think a lot would go entirely cashless. If they do, they have to be pretty established that majority of thelir population can use digital money. Of course going pure cashless has it's benefits but there's also some downsides to consider.

[Oceat]

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 might happen soon and i'm pretty sure that the value of each bits is more than the value today.
The advantages of it is that, it could be faster than to transact than the banking system today and i know there is new regulations that will going to implement to us in the system before we can use the crypto currency freely in the future.

But this kind of thought is too futuristic to happen soon in our life and maybe it will happen after 20-50 years from now. I don't know what kind of technology could someone has to create during that time but i'm pretty sure it's an amazing technology.

[Rath_]

Crypto offers security, just like you said you don't need to bring cash, just your mobile phone to buy stuff in groceries. And we might see bitcoin fees much lower if LN + Segwit will be fully implemented by merchants.

One disadvantage is that you always need to be connected to the Internet at some point to processed your transactions.

The Internet connection won't be an issue in the future since all mobile plans are becoming more and more cheaper. The Internet is widely available in Europe for everyone and this is very unlikely to change. Small stores will have to use the Lightning Network or any other off-chain solution in order to benefit from low fees and encourage people to do their shopping there. We might see some kind of NFC card which will be able to sign a transaction and send it to the terminal.

[Dreamchaser21]

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?

The disavantages is that, this is a decentralized market and government has no control over this one so technically we will not convert to cryptocurrency. Most of the countries will just regulate cryptocurrency, but it will still depend on you whether you will still buy coins or you will stick with your cash.

[yuzefa]

I can't guess anything if it really happens. The scenario will be really weird, almost everything could happen. Btw I don't think it could really happen, not all country together.. that's sure.

[Daseento]

Let's assume this come into reality. Then we early adopters of the system will become the new world billionaire playing the role of Bill Gates and others. But seriously, fiat will always be needed for transaction because the whole world is not digital yet and government will never want to lose its control over monetary and fiscal policy.

[Finestream]

Let's assume this come into reality. Then we early adopters of the system will become the new world billionaire playing the role of Bill Gates and others. But seriously, fiat will always be needed for transaction because the whole world is not digital yet and government will never want to lose its control over monetary and fiscal policy.

I think if all countries will adopt cryptocurrency,all transactions will be cashless making them more easy and convenient to use.But i believe leaving fiat currencies won't be that easy knowing lot of people  still prefer to use them for their daily transactions.

[hildacitra]

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 sounds good but it will be a big problem around the world. There will be a global economic crisis and even global economic war. It has many impacts to the world economic stability, all countries must lose their income from the trading commodity, taxation from import and export things, and etc. It happens because people no need to pay taxes of their purchasing and other transactions due to the free system of crypto. It will be a flaming everywhere.

[Tellek Garing]

it is very difficult to make it happen because not all countries agree with what you think, every country has a certain authority and also different capabilities in every country so to realize a cryptocurrency I think not all countries can do that

[7Dyoknga5]

The time when countries convert into cryptocurrencies is the time when governments were able to regulate crypto's.

Most of the countries concern is about their government able to monitor transactions so they could provide security for their people.

[A.SanchezNo7]

I think, if all countries convert to use cryptocurrency, then the world economy and the national economy will no longer boundaries. All payments, exchanges and dealers... are through the cryptocurrency exchanges. This idea is very good but very difficult to implement in the current condition because of the difficult control of cryptocurrency. As this is now a lot of governments have yet to accept cryptocurrency.

[leeheidrick]

I think the loss that you will get is that the money you convert to cryptocurrency will decrease or increase because the cryptocurrency price can change at any time because of fluctuations.