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Author Topic: What will happen if the all countries convert to cryptocurrency?  (Read 3047 times)
cryptocurrencyguru
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September 12, 2018, 11:54:00 AM
 #61

If all the countries invest in cryptocurrency then we will see cryptocurrency market as trillion dollar business which will happen sooner or later by this coming year 2019
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September 12, 2018, 12:26:47 PM
 #62

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?


advantage:
#it won't be easy for someone who is bad to make counterfeit money
#we can bring almost all our wealth everywhere without worrying as long as we make some back up data

disadvantage:
#because the blockchain can only advance and cannot back down then we must be very careful in making transactions if done manually
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September 12, 2018, 12:33:42 PM
 #63

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?


Well its pretty good to pay virtual but as you said it also has a disadvantage. For me the disadvantage of it are some senior citizens are not capable to used it because they since birth they used physical money or fiat for paying their bills, Many stores also did not yet accepting cryptos in their store, and if its capable to not bring cash then all of your money in your wallet you always bring and its hassle because it can detect how much money left in your account.

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September 12, 2018, 12:56:33 PM
 #64

If all countries convert into cryptocurrency. We can see the beginning of a new era. An era of a cashless society and everything will be paid in cryptocurrency.

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September 12, 2018, 01:03:24 PM
 #65

Convenience when paying is a boon, but it is also a disadvantage. Because to support payment everywhere, the country needs good infrastructure, installation of payment stations and transactions, high intellectual standards, the government accepts virtual money.
You see, there are many who doubt Bitcoin's ability, because of its "virtual" nature. It's like old times, from coin to paper money, it seems they do not support it. There must be persuasion.
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September 12, 2018, 01:33:49 PM
 #66

If all countries happen to convert into cryptocurrency, then this will be the era of cryptocurrency all over the world, and this is will be the reality of the said cashless society in which there is no need to bring cash or fiat money.
chocolaty
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September 12, 2018, 01:48:51 PM
 #67

One problem that may hinder a cashless world involves identification cards that those people in the lowest social class do not have. To be capable of getting valid wallets (digital form, probably on phones) or card (in physical form), whatsoever, ofcourse, you need to have an ID. KYC is one proof that only those people in the middle class and above can be involved in thos kind of community. What about the poor ones? They won't be able to afford getting cards etc because most of the time they do not have valid ids. Probably maybe because they don't have work or money to produce one.

UchihaRukawa
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September 12, 2018, 01:55:18 PM
 #68

One thing is for sure, when we are using cryptocurrency as our currency and paper money isnt needed anymore, then it is sure that the way of life is gonna be a lot easier, I think by that time, the volatility issue is gonna be worked with and there will no more reason for us to use banks.

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September 12, 2018, 02:01:39 PM
 #69

As I see it, it could be of our advantage more than giving us negative effects, transactions are gonna be made easier and more time is gonna be used for something more productive, but the problem is that, even illegal transactions are ginna be made easier as well, but that is their problem, if they wanna use this advantage in doing good or they wanna continue to use it in illegal matters.

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September 12, 2018, 02:05:28 PM
 #70

If it happens it will be very interesting. We will make a quick and convenient payment on a daily basis using crypto. But I think it's impossible. How do governments and banks accept crypto? Most crypto are decentralized. and they can not control them.

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September 12, 2018, 11:00:38 PM
 #71

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.
Well, at least some major countries will start it, mainly in Japan i guess because they were just the countries that i know that loved so much of the technology. Hence, making a new technology is not that hard for them because they were too far advanced than the rest or it could be the US also.
These two giant countries in the scene of technology will make a great new discovery in the future but it's just too far to happen yet.

Quote
a possible next financial crisis might be a catalyst to speed the process up.
I don't think this could happen in most major countries but i think someone will fill their gap in financial crisis to make it happen.

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September 12, 2018, 11:08:22 PM
 #72

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.
Well, at least some major countries will start it, mainly in Japan i guess because they were just the countries that i know that loved so much of the technology. Hence, making a new technology is not that hard for them because they were too far advanced than the rest or it could be the US also.
These two giant countries in the scene of technology will make a great new discovery in the future but it's just too far to happen yet.

Quote
a possible next financial crisis might be a catalyst to speed the process up.
I don't think this could happen in most major countries but i think someone will fill their gap in financial crisis to make it happen.
You don`t think that major countries can suffer from big financial crisis, but some of the big countries will fall first. Did you hear about expression higher you are, bigger drop it is. Japan already began this transition with legalizing bitcoins and some other altcoins, I believe those countries that start sooner with transition to crypto will suffer less from financial crisis that will come, and they will come. History is full with big crisis, we already know that many countries are on the edge and they will pull down others with them, its domino effect.

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September 12, 2018, 11:32:00 PM
 #73

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 all be rich theb bitcoin price coukd increase ten folds from its currebt ath.. It will be better for the community and technology

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September 13, 2018, 12:08:52 AM
 #74

If it happens it will be very interesting. We will make a quick and convenient payment on a daily basis using crypto. But I think it's impossible. How do governments and banks accept crypto? Most crypto are decentralized. and they can not control them.
Yes, that's right, today there aren't many governments in the world that accept bitcoin as a currency in their country. because bitcoin is anonymous in transactions, there is no institution that regulates it. so it's very difficult the whole world can use Bitcoin as a legitimate payment. it takes a long time for Bitcoin to become the legal currency in the world.

Titus Maximus
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September 13, 2018, 12:16:28 AM
 #75

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.
Well, at least some major countries will start it, mainly in Japan i guess because they were just the countries that i know that loved so much of the technology. Hence, making a new technology is not that hard for them because they were too far advanced than the rest or it could be the US also.
These two giant countries in the scene of technology will make a great new discovery in the future but it's just too far to happen yet.

Quote
a possible next financial crisis might be a catalyst to speed the process up.
I don't think this could happen in most major countries but i think someone will fill their gap in financial crisis to make it happen.

Japan is probably among the most likely countries that would be doing such a step, after all Japan has the most crypto friendly and suportive government in whole asia, after all they are very proud as Satoshi Nakamoto seems to have japaneese origin, even though no one could track him down so far.
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September 13, 2018, 12:22:37 AM
 #76

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.
you say it right but if all countries convert to bitcoin then bitcoin delivery and receipt will be very slow, you can imagine yourself if every day there are 1 million more transactions while 1 transaction takes 15 minutes, so you can imagine it will be very slow with this long queue, and this is specifically for converting to bitcoin, but it might be different if you convert to another coin that has a faster confirmation speed than bitcoin.
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September 13, 2018, 12:38:24 AM
 #77

The moment every country decides to convert to cryptocurrency, that is when the prices of all cryptos will just skyrocket. But I really don't know if this will happen in future.
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September 13, 2018, 04:17:58 AM
 #78

States will not switch to the use of decentralized crypto currency instead of their national money. This is utopia. It can only allow the circulation of decentralized crypto-currency in its territory along with its national money. Citizens can use any kind of crypto currency, but this will not have any significant impact on this process.

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September 13, 2018, 04:39:03 AM
 #79

Easy and Fast transaction, and if this happen in all over the world, this probably safe, for sure they improve security in transaction. But this is far away, but we hope this happen in the future.

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September 13, 2018, 05:08:59 AM
 #80

If all the countries invest in cryptocurrency then we will see cryptocurrency market as trillion dollar business which will happen sooner or later by this coming year 2019
First it is impossible to happen because every country will always manage their own local currency, but if they think that happens, of course the price of each coin in cryptocurrency will have a very high price, let alone bitcoin, with mass adoption of course the price will soar

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