What will happen if the all countries convert to cryptocurrency?

[lionheart78]

If ever all country convert to cryptocurrency, the first thing that would be affected will be the financial privacy of individual.  We all know that blockchain is transparent and all the transaction and the amount holding by that address can be seen on the blockchain.  Government will have all its way of seeing how much each individual holds and a simple leak of database would compromise each individual.  Though it is convenient to use cryptocurrency because it does not need a third party in transferring, there is always risk involved when things went out of hand.

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[icecube45]

If all countries convert crypto of course this will change the habits of people who make payments using real currency to digital currency. If all countries use crypto which is of course the economy of all countries will be the same, there will be no rich countries and poor countries because the exchange rates of all countries will be the same. But if all countries use different crypto, of course there will be economic differences between countries. The advantage will certainly be easy to use and more efficient if used as a transaction, but the disadvantages of its security are definitely not guaranteed and are very vulnerable to theft. I don't know whether in the future all countries will convert to crypto, but for now it certainly won't happen anytime soon.

[jobukegoya]

In addition to their usual national money and non-cash forms of payment, as well as cryptocurrency, the state can and probably will use it in the near future.
However, it is never possible for the state to fully switch to the use of cryptocurrency, it is simply impossible. Cryptocurrency is not intended for this. It can exist only in parallel with the national money of the states and cannot replace them.

It is impossible for all countries to switch to the use of cryptocurrency, because not all countries have internet access as in developed countries. While the internet is a means to conduct transactions with cryptocurrency. The most likely is cryptocurrency as a companion currency for fiat currencies, so users have a choice.

[project_delta]

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?

Hacking of course. Though there are ways to make sure that doesn't happen but nothing is 100 percent perfect.
Also I guess there are restrictions that come with it, having an electronic device at all times, I guess.

[rose9696]

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?

I do not think that's a good solution. cryptocurrency is just a money transfer tool, it does not have the same properties as fiat money. The disadvantage is that the forex market will lose and many investors will lose all their money. In addition, countries will no longer be rich and poor.

[basyang]

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

Yes it is true. Not all country will accept and adopt Bitcoin as you think. Its a long process to make bitcoin as a legal converter of Cryptocurrency to their national currency. Let we say, today some countries you can exchange or convert Bitcoin to their currency. Its a long discussion in the country to make it possible many countries still have a doubt when it comes to cryptocurrency.

[ellehcar]

The value of bitcoin will skyrocket once the demand for it increase. That would truly be glorious days in the financial history of mankind since we reach the completely digital age. Life would be more easier and convenient by that time. Anyway, I have no doubt that this will come the sooner or later. Whether we like it or not, the veer of time is moving to that point, and no one's can stop it. And those who stick around crypto, believing its true wort would be te most fruitful beneficiaries.

[Febriana98]

I think it's safer, faster, and the country can save on the cost of printing their own country's fiat currency. we all know that the costs a country has to spend on printing their currency are very expensive, and cryptocurrency is the solution...

[efxtrader]

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 government decide creating their own cryptocurrency but still control the supply, i think thats can not call cryptocurrency. Cryptocurrency should be decentalized and no authorities can control the supply.
Its hard for government to convert their currency to cryptocurrency because its decentralized and government or central banks always want to control the supply to boost economic growth

[Koenraad Lange]

Maybe when have country want to convert with crypto currency will make directly of crypto price on higher, many altcoin kinds will be on the top price and all of country will allow what have the first country doing for legal bitcoin transaction.

If that happens, I am sure the cryptocurrency price will rise, and trade transactions will increase. Maybe competition will occur from cryptocurrency, and I expect bitcoin to become the most widely used crypto money in the entire world. However, before that happens infrastructure that supports the use of cryptocurrency must be available, especially fast and stable internet.

[slocker]

This is good idea but with low probability of success in globalization. We have some countries that adopt it which is good but we have many countries that dont know even what this is and on top of that with no internet access and that is main problem. We might see this in some life time but for the moment this is just not possible at the moment to be globally adopted and accepted.

[Muzika]

I think it's safer, faster, and the country can save on the cost of printing their own country's fiat currency. we all know that the costs a country has to spend on printing their currency are very expensive, and cryptocurrency is the solution...

It is not that shallow reasoning, when the states convert to  cryptocurrency then everything will change, everything in the financial transaction will change, and therefore the price will raise because of the demand in the market there are also lots of alts to be released.

[S4VV4S]

I think it's safer, faster, and the country can save on the cost of printing their own country's fiat currency. we all know that the costs a country has to spend on printing their currency are very expensive, and cryptocurrency is the solution...

It is not that shallow reasoning, when the states convert to  cryptocurrency then everything will change, everything in the financial transaction will change, and therefore the price will raise because of the demand in the market there are also lots of alts to be released.

Yeah I agree with you if the all countries convert to cryptocurrency then it will be more Altcoin will born,
and certainly the demand will increase that could cause the price will raise. I really want that will happen later.

[ginobitcoiner]

what will happen is crypto currencies will become global money and I think that will be a problem when not everyone can make transactions with digital-based crypto currencies.

[South Park]

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 advantages are that we gonna enjoy the life since the price of what we holding has 99% assurance that the price will go up like x10 and above. The disadvantage is that we will surely their will be many hacks.

You do not have to worry that much about it because countries are not really ready to adopt cryptocurrencies as their main way of exchanging value between people, we still need to solve the issue of the speed of confirmation in the bitcoin network, when the price is going up the bitcoin network gets very busy and the fees skyrocket and it is very difficult to get a single confirmation in a fast way during those times even with the limited amount of users that we have.

[Bonsaiav]

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 a total of all countries use crypto currency, I think people from all walks of life don't mind, especially for those who are connected and understand the internet performance.
There are so many advantages and conveniences that we will get later, for example:

• Each of us can control our own money (with a note: save it in digital format).
• Transactions can be done anywhere, whenever we want.
• Basically crypto currencies can adhere to the aspects that apply in banking and state / private finance, but all this goes back to the way of thinking of the government, especially in managing and utilizing it (the social benefits of positive externalities).

IMO cryptocurrency is a more appropriate medium for banking and finance than fiat currencies supported by central banks especially for people who do not have bank accounts. But the three things above, maybe will leave a loss for people who are still isolated internet connection problems and for those who are not ready for the revolution that occurred in the financial world, such as parents / lay people and those who have little information about crypto.

[Stac]

All countries are converting to crypto currency means it will be more convenient to boost up their economy by the eassy transactions and which will lead to the economical development of the country by avoiding the fiat currency .Mean time each countries are making  their own currency means it will be a centralized one and which will be inconvenient  for the international transactions and such digital transformation will not be a healthy one so a decentralized crypto currency will be much suitable for all countries to transact for their daily requirements.The crypto currency is leading us to a digital world and which will be convenient for the day to day requirements,easy and timely transactions with low service charge with out a third party interference. The crypto currency will change the entire face of the world.which will boost the global economy in various dimensions to make human life very easy and comfortable.

[Buttermellow]

I saw a lot of conflicts on using it as a payment terms if all other kinds of payment will be eliminated or replace by cryptocurrency. However, if cryptocurrency will be only added as another option for payment options then it would be better.

[dangerousdanjon]

I think it's safer, faster, and the country can save on the cost of printing their own country's fiat currency. we all know that the costs a country has to spend on printing their currency are very expensive, and cryptocurrency is the solution...

Exactly. This is a hypothetical scenario that if all the countries converge to the crypto, it will bring much economic prosperity but that would indirectly mean letting go their existing wealth which no country would.

[horrifiedx1]

I saw a lot of conflicts on using it as a payment terms if all other kinds of payment will be eliminated or replace by cryptocurrency. However, if cryptocurrency will be only added as another option for payment options then it would be better.

I think it would be different if all legitimized bitcoin as a payment tool, because bitcoin would certainly not fluctuate as high as it is today. I think it will be like the current market movement of the fiat currency. with the role of the government in this regard, there will be more or less regulations applied. but in my opinion it still takes a long time for that