What will happen if the all countries convert to cryptocurrency?

[Polar91]

It is such a great steps if all of the countries will totally adopt cryptocurrency and use cashless payments. But that will eradicate banks and paper money which I think will be the main disadvantage if all of the country will use it. Yes, i agree that it will become an easy way for us to do payment transactions but there are many things that should be considered.

It can be an easy way making transactions, but this can never eliminate the use of paper money around the world. In future countries might adopt the usage of cryptocurrency having its own cryptocurrency. Cashless payments that were available apart from cryptocurrency too isn't much used by common people. This way it takes time for all countries to go full on cashless payments.

Even rich countries can't eliminate the usage of fiat. It's because no matter how rich the country is, not all people are capable of using cryptocurrency as global payment. Also, there are some situations wherein the usage of fiat is must. Therefore in my opinion it's better to use cryptocurrency as an alternative means of payment and shouldn't fully replace fiat..

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[0t3p0t]

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?

Disadvantage is that transactions are ireversible. Majority of cryprocurrencies are decentralized so it can also be used in legal and illegal activities such as money laundering, terrorist funding, buying of weapons and illegal drugs. Advantages could be something like convenience in paying goods and services instantly no matter where we are from in the world without any hassle falling in line in an unsafe place just to pay for something.

[jrrsparkles]

There are lot more advantages to virtual payment system when compared to fiat money like convenient,secured from theft,no need to wait for transaction through globally and no hidden fee but the disadvantage maybe you can lose all your funds at once if you send to the wrong one since it is impossible to reverse the transaction once confirmed.

[playboy654]

If every countries are ready to accept the cryptocurrency it will be a great change in this world because no other country will not ready to take a chance about accepting the cryptocurrencies in their country so I think it will be a good change for the economy and also good thought for the next development in future

[Falgorn]

Now in the world, about 3 percent of the world's population use cryptocurrency. this percentage will increase over time. however, there will always be certain groups of people who will not be interested in it and will not be used in their practical activities. cryptocurrency will always go in every state along with the national money of these states. A decentralized cryptocurrency can partially crowd out national cash and non-cash money, but can never completely replace it. therefore, a cryptocurrency may have some positive effect on the economy of the country, but this effect will not be very significant.

[Artemis3]

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?

Foreign exchange disappears, wire transfer disappears. Those two are solid enough reasons. No electricity or connectivity might make things difficult. Maybe if they do like a casino, a machine dispensing (physical) tokens that could be used instead and exchanged later, for these few occasions.

[senin]

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.

Yes, if all countries switch to the use of cryptocurrencies, surprising events will indeed begin, since the economies of all countries will immediately become out of balance and financial and general chaos will begin in the world. However, I assure you that this nonsense will never happen. But one state in the world will never switch to the use of cryptocurrency and will not give up its national money. Cryptocurrency will continue to go in a society together with national currencies of the states.

[mrdeposit]

There are lot more advantages to virtual payment system when compared to fiat money like convenient,secured from theft,no need to wait for transaction through globally and no hidden fee but the disadvantage maybe you can lose all your funds at once if you send to the wrong one since it is impossible to reverse the transaction once confirmed.

Addresses can be added to the system with name. So this is not something that could be a problem. Once the regulations will be made the QR code will suffice. Already, will not be needed any exchange.

[travwill]

If this happens then when all cryptocurrencies are more or less stable, then many states may well save themselves from being dependent on the dollar.

[rika0223]

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.

Crypto currency was created with the purpose that you convey in your opinion and crypto currency was created using technological advancements and developments but certainly still requires a long process and time for my country

[Adriano2010]

Well, most of us, crypto users wants this, but governments not want, at least not now, but if all countries convert to cryptocurrency then the price will not be so much volatile as of now and maybe will be very good for crypto holders but not for whales.

[Pattart]

It is such a great steps if all of the countries will totally adopt cryptocurrency and use cashless payments. But that will eradicate banks and paper money which I think will be the main disadvantage if all of the country will use it. Yes, i agree that it will become an easy way for us to do payment transactions but there are many things that should be considered.

It can be an easy way making transactions, but this can never eliminate the use of paper money around the world. In future countries might adopt the usage of cryptocurrency having its own cryptocurrency. Cashless payments that were available apart from cryptocurrency too isn't much used by common people. This way it takes time for all countries to go full on cashless payments.

Yeah the most reasonable thing is that all countries use cashless or digital payment. even that requires a long process.
there will never be a whole country that converts their currency to cryptocurrency. the problem will be more complicated you know

[D3m1r4wanti]

if what you expect happens then the crypto currency really has become a global currency that is accepted throughout the world.
and after that the FIAT currency became worthless and no longer used.

[Ucy]

Virtual currency on a centralized Internet? Not a very good idea in my opinion. Not even safe for every law abiding human.
 What happens if the Internet goes off completely or if a virus/global tyrant seize or destroys some virtual currencies lawlessly/unjustly...we'll have no physical cash to fall back on.

[okala]

When and if the world decide to identify a single currency such as cryptocurrency then the real aim of globalization will be achieved and the world economy will be fused into one then the advantage will be easy process of carrying out transactions with a very low fees played on cross border transactions, and the disadvantage will be the world power countries will fine way to control the currency and at any time influence it for they country advantage.

[whirlcoin]

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 the countries accepting the cryptocurrency the first and foremost thing is very slow normal currency in the world is available and it will be totally being cryptocurrency field occupy everyone's life and there will be both negatives and costumes are available so need some proper regulation will make it more good for everyone.

[PlusOne88]

Not to disappoint you but thieves are always anywhere. Because they just don't care about how others feel. They might have an upgrade for themselves. We might just call them "Cryptothief". If you have learned already there are so many hackers that does these things anonymously. The old world thief could harm us physically and put our lives in danger, but those hackers saves both, as they don't have to go anywhere to rob somebody physically. They would only need a computer and a victim that doesn't even know what security measures to take to avoid getting hacked. Not to be so negative, I think on the other hand these upgrades to virtual or digital currency is better since you can do transactions easily and get them paid in an instant. The payment could go directly to where should use it. For me the whole system is good but I do think that there will be so many changes to happen before anything and all can be converted into the digital world. There is always this great concern about regulation. This I don't know if it will be made just loosely possible without it, since money is always regulated by each of the government.

[sgenuine]

If every countries are ready to accept the cryptocurrency it will be a great change in this world because no other country will not ready to take a chance about accepting the cryptocurrencies in their country so I think it will be a good change for the economy and also good thought for the next development in future

First of all, it will not happen. Secondly, each country can have its own cryptocurrency to buy/sell things quickly on the Internet. In this case, their tokens will be used only inside their countries.

[Bezobraznike]

If every countries are ready to accept the cryptocurrency it will be a great change in this world because no other country will not ready to take a chance about accepting the cryptocurrencies in their country so I think it will be a good change for the economy and also good thought for the next development in future

First of all, it will not happen. Secondly, each country can have its own cryptocurrency to buy/sell things quickly on the Internet. In this case, their tokens will be used only inside their countries.

   Sgenuine it will happen. We can argue about that, you have your opinion and I have mine. I will throw few arguments:
Entire world using crypto-currencies is full adoption, it`s what most of us is waiting for. We are going into digital future,
everything will be online, money will be used online, can you think something better than Blockchain is?
   Will countries develop their own crypto-currencies or they will use existing one depends from many factors. One thing
is sure, everything will be connected on higher level than ever before.

[uszaty43]

If cryptocurrencies are adopted in the near future as a payment method for payment then i think it would be a good idea and the little problem i have with that as of now is the slow speed at which some blockchain networks still operates. A clear example is bitcoin as it is only able to do about seven transaction per second. This rate at which transactions are confirmed is very slow and it would delay with payments.