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Author Topic: What will happen if the all countries convert to cryptocurrency?  (Read 3048 times)
MMysterious
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September 12, 2018, 12:50:32 AM
 #41

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.

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Titus Maximus
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September 12, 2018, 12:51:05 AM
 #42

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.

Not all countries want transparency and a finite supply of their currency. Just look at how many countries have corrupt governments just want to fill their own pockets...a decentralised ledger does not make that easier.

Therefore it is unlikely we see all countries evolve, but I also think it's realistic to see at least a majority of countries adopt and replace fiat with crypto in the next decades...a possible next financial crisis might be a catalyst to speed the process up.
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September 12, 2018, 01:03:19 AM
 #43

Maybe crypto currencies will revolutionize the world. And making its crypto currency recognized as a global currency in the future.
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September 12, 2018, 03:56:25 AM
 #44

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 think it is very difficult for all countries to accept cryprocurrency at this time because it will make their economy very chaotic and take a long time to be able to control the crypto. You can see the disadvantages ahead as hackers robbed money from your electronic wallet or bitcoin users to make bad transactions.

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September 12, 2018, 04:09:10 AM
 #45

The first thing we can see is that we can easily send and receive money around the world. Not only the problems such as counterfeiting, theft will no longer occur. However, the level of development between countries is different, if the sharing of electronic money destroys the balance between nations. So for bitcoin to be widely used, we need some time to narrow the development gap between countries.

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September 12, 2018, 04:38:46 AM
 #46

Converting our fiat money into cryptocurrency isn't good for us. Not all are highly developing countries with advanced technologies. Though most are in favor with cryptocurrency for a better and faster transaction others aren't able to enjoy this thing because they are not familiar with crypto and mostly their quality of life is different from those who are in highly urbanized place. They don't even understand what is this crypto thing.
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September 12, 2018, 04:48:04 AM
 #47

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?


Simple. We will be doomed. It's not that convenient to have all transactions made digitally, In fact, not all people has the access through the internet and has the knowledge to use machineries in the current time. Fiat will still be needed even if the digital money will come to its time to maneuver the society as well as the economy...

They don't even understand what is this crypto thing.

Yes, Indeed. Not all people nor countries do understand how crypto works, even if you think a little step forward the possibility to accept crypto and replace Fiat will still be impossible.

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September 12, 2018, 05:59:41 AM
 #48

If one day all countries would convert to cryptocurrency, all banks would probably die. Maybe some will transform to keep loan business, but they it will not be needed for everyday use anymore.
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September 12, 2018, 06:01:16 AM
 #49

I can think of it in theory, but I do not think you can be in real life. In the future, cryptos can become very common. But I think it can never be like national currency. At least in the short term.

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September 12, 2018, 06:16:08 AM
 #50

Simple, it will be a cashless world. Everyone will turn digital because crypto is manupulated by blockchain technology where oniine are badly needed.
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September 12, 2018, 06:38:30 AM
 #51

That wont be possible, few countries that are advanced will only adapt and make this work, we still have so many under developing countries that its citizens still dont have access to internet anf no way for them to go digital.

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September 12, 2018, 07:19:31 AM
 #52

If all the countries in the world will adopt cryptocurrency, the level of market capitalization will increase tremendously and it will mean a new dawn of freedom for all cryptocurrencies users as banks and all other intermediaries will be completely eliminated and people will be able to conduct their transactions with ease.

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September 12, 2018, 07:32:11 AM
 #53

the financial and trade revolution will be realized where everything will be easier, faster and more transparent, while the one that becomes a matter of hesitation in using crypto for payment instruments is its value is very volatile and this will be confusing in assessing goods against crypto
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September 12, 2018, 07:36:20 AM
 #54

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?


there's a big possibility  that all country are use crypto currency because every now and then people didn't stop to create a significant thing that brings us to progressive living. people doesn't handle of  many credential or requirement to provide if ever they applied for some other application they want  all transaction must be processed in virtual currency no need to bring the hassle thing only in crypto currency should provide all their needs.
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September 12, 2018, 08:01:30 AM
 #55

I don't see any drawbacks.In fact, there are some advantages.First-convenience,2-impossibility of the theft of Your funds,3-earnings.Yes, a very big advantage is earnings.If you follow the ICO, a very large number of them gives you the opportunity to earn crypto currency.



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September 12, 2018, 08:21:24 AM
 #56

If you're saying replacing crypto currencies with fiat then its impossible.Because country's develop can be stop. Converting fiat with cryptocurrencies mean not paying tax to government which is dangerous

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September 12, 2018, 08:40:42 AM
 #57

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's possible, if the government are switching to issuing their national currency on a blockchain.

It's actually an interesting point to consider because it is actually extremely likely that this will happen some time in the future. We're already seeing many governments around the world expressing interest in doing so, or actively doing so already (Venezuela, for example).

Even though it would still be considered to be a crypto, it is in fact just fiat currency issued on a different platform. The element of control is still there for the government, and I wouldn't say that anything would change much in terms of how the economy is run. To the average consumer, it wouldn't be any different than electronic transactions that we already have atm.

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September 12, 2018, 08:41:45 AM
 #58

If all the countries would convert to crypto, a new era would begin. By paying in Cash you are actually less likely to be attacked rather then by using crypto. Simply because there is more to take. It definitely would be easier, but not sure if safer..
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September 12, 2018, 11:26:15 AM
 #59

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?

There would be one usable currency in the world nobody would need any exchange in other countries. Life will be easy for the whole world. Purchasing and payments will also be easy and there will be no tension for choosing selective platform for sending money to the required destination. Just one click and your money will be transfer or you will get money.
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September 12, 2018, 11:31:31 AM
 #60

This may not actually be possible. There will still be some form of opposition to cryptocurrency. But if this opposition can be coerced into converting to cryptocurrency, then it will be very good for the crypto market prices.
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