What will happen if the all countries convert to cryptocurrency?

[bleachX]

this might happen but I think it will take a long time maybe in 10-20 years. because right now the cryptocurrency mass adoption hasn't materialized there is still a lot of rejection in some countries. most governments reject crypto because the crypto's anonymous nature will tend to be used for criminal acts. and bitcoin is also decentralized and cannot be controlled by the government. so I think fiat money will remain until later.

Fiat money will be destroyed and replaced by digital money, that's what I predict for world currencies in the future. At this time Cryptocurrency has not been well received by various countries, because most people do not understand what Crypto is and how to use it. If later on Crypto has been converted by all countries, is the bank no longer needed?

[uray]

I think that a full transition of all countries to cryptocurrencies is impossible in the near future. We have different political systems on the planet and some of them do not support the idea of cryptocurrencies.

The entire world might not completely endorse cryptocurrencies and majority will not accept a decentralized currency because of their incapability to implement fair rules and regulation but we should not forget that some of these countries can come up with their own centralized cryptocurrency, so anything is possible in this situation in the next five years. I will stay away from any government based cryptocurrency because of privacy issues.

[bitzizzix]

this might happen but I think it will take a long time maybe in 10-20 years. because right now the cryptocurrency mass adoption hasn't materialized there is still a lot of rejection in some countries. most governments reject crypto because the crypto's anonymous nature will tend to be used for criminal acts. and bitcoin is also decentralized and cannot be controlled by the government. so I think fiat money will remain until later.

Fiat money will be destroyed and replaced by digital money, that's what I predict for world currencies in the future. At this time Cryptocurrency has not been well received by various countries, because most people do not understand what Crypto is and how to use it. If later on Crypto has been converted by all countries, is the bank no longer needed?

I don't think as far as you can predict if an entire country can convert cryptocurrency then fiat money will be destroyed, it's not easy because not everyone can use cryptocurrency and can access a good internet network especially in remote areas and besides there will be pros and cons in government to replace the fiat currency completely with cryptocurrency and even though it will happen in 10-20 years from now but it is not easy.
cryptocurrency only applies as a world currency and paper money as the country's currency and both will continue to be used as any transactions.

[jets567]

Even despite the fact that many governments of different countries express a negative attitude towards cryptocurrency, many countries have long been pursuing a policy of transferring their citizens to cashless payments.  I believe that in this regard, cryptocurrency will greatly help and improve the quality of services received by each person.

Government is still finding ways to solve the dark side of cryptocurrency in which could take a lot of years given the nature that creating a new regulation is very slow but I doubt that most of the countries will just create their own coin if ever they convert into a digital currency so they can have a full control.

[TrevorS]

Bitcoin is not stable is a fact. This is the biggest difficulty for the full transition of all people to cryptocurrency. There is nothing surprising in the fact that regulators are trying so hard to ban the Libra project.
After all, according to Marcus, Libra will be a stable version of bitcoin. It doesn’t matter if it will be an analog of bitcoin at all, it is important that it will be a stable cryptocurrency used everywhere, which means that people will not be afraid to transfer their funds to this currency and use it. Mass adaptation here and now.

[sapnu]

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?

We cannot really jump into conclusion so soon about having a world where cryptocurrency leads the monetary system. There are a lot of assumptions saying that it would make the world a better place regardless of the sacrifices needed to be done for it to happen. It would make a huge impact on everyone's life most specially to the old ones who've grown to the culture of using fiat and will surely choose to die using it rather than crypto that they don't have any idea about. It is a risky move for the world so we should first keep on researching on how it can happen in harmony.

[Arkann]

Even despite the fact that many governments of different countries express a negative attitude towards cryptocurrency, many countries have long been pursuing a policy of transferring their citizens to cashless payments.  I believe that in this regard, cryptocurrency will greatly help and improve the quality of services received by each person.

[yulchatar]

I think that a full transition of all countries to cryptocurrencies is impossible in the near future. We have different political systems on the planet and some of them do not support the idea of cryptocurrencies.

The entire world might not completely endorse cryptocurrencies and majority will not accept a decentralized currency because of their incapability to implement fair rules and regulation but we should not forget that some of these countries can come up with their own centralized cryptocurrency, so anything is possible in this situation in the next five years. I will stay away from any government based cryptocurrency because of privacy issues.

I think this is possible, and many countries have a huge incentive for technological progress and seek to introduce cryptocurrencies in order to get rid of leadership and dominance  US in the global financial economy, which, in turn, is interested in curbing the adoption of cryptocurrencies everywhere.

[supercanada1]

Even despite the fact that many governments of different countries express a negative attitude towards cryptocurrency, many countries have long been pursuing a policy of transferring their citizens to cashless payments.  I believe that in this regard, cryptocurrency will greatly help and improve the quality of services received by each person.

Government is still finding ways to solve the dark side of cryptocurrency in which could take a lot of years given the nature that creating a new regulation is very slow but I doubt that most of the countries will just create their own coin if ever they convert into a digital currency so they can have a full control.

I agree with you. This is the case at present. However, we can see that technology has now covered far remote areas of our world too. Internet needs to touch few places but it really does not matter if tribes of Amazon don't agree upon using bitcoin against fiat, because they are not in the game at all. Crypto currencies are the future of money and sooner or later, we will be dealing with them only. So it is best for us to collect them sooner.

[Ejanend]

Even despite the fact that many governments of different countries express a negative attitude towards cryptocurrency, many countries have long been pursuing a policy of transferring their citizens to cashless payments.  I believe that in this regard, cryptocurrency will greatly help and improve the quality of services received by each person.

Government is still finding ways to solve the dark side of cryptocurrency in which could take a lot of years given the nature that creating a new regulation is very slow but I doubt that most of the countries will just create their own coin if ever they convert into a digital currency so they can have a full control.

I think that is burdensome because of its uncontrollable nature, so many countries are still considering to adopt it. basically the government does not want to lose control of the currency, and if they make a digital currency and keep full control of it, I think it is no different from the current fiat currency

If government will introduce their own crypto currencies then the problem of control over our money will remain unresolved for sure. The only ease will be not carrying paper money in our wallets, rather some cards and devices to do transactions digitally. Therefore, it is best to go for bitcoin and make ourselves free from government control. Believe me, no one will prefer any coin over bitcoin.

[Peashooter]

If all of the countries convert to cryptocurrency then the people all over the world will use cryptocurrency and they will convert it first into fiat because I still believe many countries will still banned the cryptocurrency and before they use it they must convert it to fiat in order to be legal in the government. But if that really happens that cryptocurrency will run all over the world, the people will enjoy a tax free and people will enjoy the freedom to buy all the things they want to buy using bitcoins or other cryptocurrency.

[imstillthebest]

If all of the countries convert to cryptocurrency then the people all over the world will use cryptocurrency

that will only happen if fiat money will be gone  . not just fiat but if ever all of the payment methods wont exist  . that is the time that they will convert to crypto so the people wont have any choice than to join the crypto revolution  . and what will happen next ? i guess we will have an organized an face paced economy which was good than compare to the previous state that we have or we currently have right now  .  i just cant wait for that to happen   .

[gunungkembar]

this can make the development of cryptocurrency very good because more and more people are using cryptocurrency, the demand will increase and the development of digital currencies will become more widespread, I hope this can become a reality.

[Murat]

It will be a great world which is cashless, it's important for environment and the society, but the government will not allow to do as because if all things will contain cryptocurrency then all the formate will be changed and tax system will collapse for sure, that's why it's mandatory to flow all over the society regarding cryptocurrency, once people get used to payment for the cryptocurrency then it will get a good thing for the future generation, but the starting is difficult, I think if the government realise properly about the crypto then they will also take initiative regarding this issue, so the demand and supply of cryptocurrency should be balanced and well monitored so that people will not get lose their investment through scam project, so the mass adoption is very urgent for this sustainable cryptocurrency.

[toast]

Times are getting digital now. It is not impossible that there are no more cash users. Now any transaction has started via the internet. Although there are still payments via cash too. But someday I believe the system in this world will no longer use cash because it is obsolete in times.

in my opinion fiat currency will not disappear because the government is likely to use a modern economic system and keep up with the times or maybe it will also adopt the economic system used by the blockchain as well and it might be the same as a system with crypto currency that follows the development of the era and technology all possibilities can happen in the future

[panganib999]

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?

This would be great, cashless transactions will bring so much convenience for everyone, especially for those who are technologically inclined and advance institutions who can follow the fast-paced technological innovation and avoid physical contacted crimes and even lower cyber theft for cryptocurrency especially bitcoin are backed with blockchain which has a superior security, but the downsides are, not everyone in the world has the capability to use crypto and are not technologically inclined. There are countries that are still developing and this might be a bad idea considering their financial situation.

[sirminesalot]

this might happen but I think it will take a long time maybe in 10-20 years. because right now the cryptocurrency mass adoption hasn't materialized there is still a lot of rejection in some countries. most governments reject crypto because the crypto's anonymous nature will tend to be used for criminal acts. and bitcoin is also decentralized and cannot be controlled by the government. so I think fiat money will remain until later.

many countries are still considering all the consequences and consequences of using cryptocurrency as an official currency and need a lot of consideration, of course, but at this time there are still many countries that think of the negative results of using cryptocurrency when viewed from positive results can actually help the economy more modern and advanced as technology develops

[RamBahadur.Gurung]

This is actually a good idea. What is the need for all these different currencies? Why can't we have a single currency for all the countries in the globe? I don't know whether Bitcoin can fill that slot or not, but it has the qualities to become the global currency. Currencies such as USD and CNY are being printed by the central banks, and therefore the other countries may be having their reservations on using them.  Bitcoin doesn't have that disadvantage.

[djsugar]

This is gonna happen sooner or later.
With advancement in technology, countries will be shifting to cryptocurrencies which won't be decentralized but might record transactions on a transparent and open ledger. This will save a lot in remittance fee. This will make fund transfer easy and fast and will eliminate the need of third party while transferring the funds. This will save a lot of time and money. This will help in boosting businesses and economies. 

[Palider]

There are good effects and bad effects!

The good thing is that every transaction is easier for us, even when we are in our homes we pay our bills and so on.

And the bad effects that not everyone can afford to buy  mobile phone. So what about poor people? what about those in the tribe? How can they adopt emerging technologies? Everyone needs to be equal, no rich and poor and this is unlikely to happen.