What will happen if the all countries convert to cryptocurrency?

[NavI_027]

I think if all countries convert to cryptocurrencies, it will be quick and easy to pay. But it will be very difficult to spend daily. Because the value of cryptocurrencies is not small. Not everyone is able to use it in the buying and selling movement.

Sounds promising, isn't it? But in reality it is not as simple as that . Anyway let's assume that at this very moment all of the nations (including rural areas without electricity or at least low tech) are now ready to dump centralization and switch to blockchain technology, how we assigned a store value for every commodity? I mean how can we decide how much btc is equivalent to buy a single apple? That's what I'm thinking about. Maybe some of you may rebutt "That's easy! $1 = .00014 btc = 1 apple" but if that so then what's the essence of shifting if we still use fiat as a basis for our movement — how ironic .

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[SummerBliss]

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 can be two cases. One is that all countries decide to go on a same cryptocurrency while the other case is that all countries bring up their own currencies for this matter. If we have the second option then the world would more or less be same but with much less black money and corruption because all transactions would be available to common people. Moreover if countries would themselves control the currency then more or less it would become centralized and not like bitcoin. But in the first case it would be pretty interesting. Because one currency would mean a much more connected economy world would become a global village without the bar of currency. Moreover the gaps between purchasing power parity of countries would also improve pretty much.

[meliodas]

I think if all countries convert to cryptocurrencies, it will be quick and easy to pay. But it will be very difficult to spend daily. Because the value of cryptocurrencies is not small. Not everyone is able to use it in the buying and selling movement.

The value of the cryptocurrencies is not the problem here. The problem in terms of spending is the volatility or the change in value of cryptocurrency anytime. If the countries will convert to cryptocurrencies but with the stablecoins then it will be alright for its citizen to use cryptocurrencies because they don't need to worry about the volatility and it would be an indeed easy to pay or transact.

[TRONTON]

if agreed in the memorandum, then only need to apply it on condition that it is still in a stable coin. The question is how quickly they change economic laws because this is fundamental to fundamentals.

adjustments must also be extended to security guarantees. the government always tests the material in every new implementation. including its relationship to user security. this is also not easy. If these two things don't go well, there will be a lot of protest from conservatives

[Assface16678]

if agreed in the memorandum, then only need to apply it on condition that it is still in a stable coin. The question is how quickly they change economic laws because this is fundamental to fundamentals.

adjustments must also be extended to security guarantees. the government always tests the material in every new implementation. including its relationship to user security. this is also not easy. If these two things don't go well, there will be a lot of protest from conservatives

It was good too that the other country accepts the use of cryptocurrency to spread how does it works and also earn before there are only two country uses the blockchain and today many people now are using it in a different country, but their country is still not notified how does cryptocurrency working. Base from the previous articles and news, one of the biggest country supports the blockchain technology, and that is China and China also has one of the largest population today. If the people there use this kind of currency, it has a massive impact on the market and in the world. Still, if the government tries to use this as a payment for their workers, I think it is not good because the price of the coin is very volatile it has a significant impact to them if they use this as a salary. If that may happen, I think the price of the currency is stable because many people may be affected if they make a lot of changes in the price.

[Gheka]

I think if all countries convert to cryptocurrencies, it will be quick and easy to pay. But it will be very difficult to spend daily. Because the value of cryptocurrencies is not small. Not everyone is able to use it in the buying and selling movement.

The value of the cryptocurrencies is not the problem here. The problem in terms of spending is the volatility or the change in value of cryptocurrency anytime. If the countries will convert to cryptocurrencies but with the stablecoins then it will be alright for its citizen to use cryptocurrencies because they don't need to worry about the volatility and it would be an indeed easy to pay or transact.

Well, if countries actually use stablecoins, people in those countries won't need to be afraid of volatility or manipulation plans in the market but without these features, the crypto we use is similar to the way we use bank accounts, I don't understand why we need to convert while we already have such tools. Besides, we should keep in mind that the crypto system always needs a certain time to confirm transactions and when a power supply incident occurs, the damage will be significant when the whole country moves to crypto, so the switch here is probably a very small fraction.

[jameshugo17]

Countries do not officially use Cryptocurrency. It becomes the beginning of a stateless society. What happens when companies integrate into this payment system. The power behind the money is not the state. It's math. That changes a lot.

[judaspriest]

if agreed in the memorandum, then only need to apply it on condition that it is still in a stable coin. The question is how quickly they change economic laws because this is fundamental to fundamentals.

adjustments must also be extended to security guarantees. the government always tests the material in every new implementation. including its relationship to user security. this is also not easy. If these two things don't go well, there will be a lot of protest from conservatives

even though they changed fiat currency to crypto I think centralization will still be there,
because it will also be regulated by the government, and the positive blockchain technology used by the country means that Bitcoin will always be successful I am sure it.

[henrybek3]

For states, control means everything. Without control, the state loses its authority. There is no such situation. However, states may start using cryptocurrency if an emergency occurs. Let's think now. Venezuela is an example of this.

[Shasha80]

If indeed in the future finally prefer cryptocurrency as a global currency, which is ultimately used by all countries in the world.
What will happen is that financial transactions will be more effective and faster, most importantly more transparent than paper
money. Next its advantages are efficient we do not need to carry a wallet containing cash, just carry a smartphone to make any
payment. The next advantage of course is safer from theft if we do not carry cash. Now we discuss the disadvantages are must
depend on the electricity network and the internet, which is not all locations affordable. The second  cryptocurrency is very difficult
to learn by people who are already old, because people who are old are very difficult to accept new things.

[Yatsan]

For me, that will be a disaster because the tax will be less regulated, and the government will not monitor the tax. There will be lack of money on continuing government projects and building establishment for the public will be lessened, and worst will be close to none. Converting into pure cryptocurrency will be a disaster for me. Imagine microtransaction will be hard because we are going to use phones instead of fiat. And besides, not all of the people are literate about technology and not all can afford an internet for their daily lives and the worst part is not all of the people in one country have a mobile phone. It is going to be a pure disaster; having fiat and cryptocurrency is good. But, converting into full cryptocurrency will be a terrible decision.

[maxdin]

I think if all countries convert to cryptocurrencies, it will be quick and easy to pay. But it will be very difficult to spend daily. Because the value of cryptocurrencies is not small. Not everyone is able to use it in the buying and selling movement.

Yeah, kinda agreed. Not to mention the economical struggles if every country will not only include crypto currency but turn from fiat to crypto.
We can only imagine how hard it could be to deal with this.

[EdvinZ]

If all states switch to cryptocurrency, it will mean a complete loss of control over the financial flows of citizens. This is utopia. States cannot afford to completely switch to settlements in decentralized cryptocurrencies. Only centralized digital money-it will become the basis for the financial system of the state.

[AniviaBtc]

Well if that happen converted to cryptocurrency, Maybe it was new for the other people that have no experience from crypto but it was better way to use it for payment. It happen now some other county for being crypto as a payment, Even do in my country they adopt crypto for payment in stores even in the hospital I just found out accepting bitcoin.

Yes, for people who haven't used to it feels different while the people who have known about it gets the opportunity to use bitcoin and other cryptocurrencies without much difficulty. Probably most of the countries will have their own cryptocurrency which gets used for the transactions within the country while bitcoin serves to be the common asset for cross border transaction. Somehow there will be continued usage of bitcoin making it grow higher.

I don’t think so there is any state where internet is available is unaware of bitcoin or crypto currencies on the whole. Governments will try to launch their own cryptos in order to have control over blockchain technology and collect taxes easily from people. No matter how many cryptos get launched bitcoin is not going to lose its importance at all. It will keep acting as king of cryptos because of its decentralized nature.

Once it regulates a country no matter what knowledge they have, they will still adopt and know bitcoin because of the advertisements and promotion. By that, those people now have access about the digital currency related website and they can seek information about cryptocurrency.

[Pinkris128]

In my own opinion, since cryptocurrency is decentralized there would be a problem when everyone in the world have converted to cryptocurrency because taxes would be no more, so there would be lack of funds on making projects or establishments such as bridges, schools, hospitals, roads, highways, and etc.

[breathlessz]

In my own opinion, since cryptocurrency is decentralized there would be a problem when everyone in the world have converted to cryptocurrency because taxes would be no more, so there would be lack of funds on making projects or establishments such as bridges, schools, hospitals, roads, highways, and etc.

legalized does not mean to be the main payment instrument, of course as an alternative payment instrument, I think there is no problem for paying taxes, because the government will certainly find ways to increase their tax revenues, and I think that is the government's main consideration before legalizing it

[bitzizzix]

What I expect if all countries convert cryptocurrency does not mean that fiat currencies are completely replaced with Cryptocurrency and only serve as an alternative payment for fiat replacement and both will go hand in hand.
and I think the country's government is smarter and better understands if the fiat currency is replaced by cryptocurrency in total it will have a negative impact on the country, and includes concerns from those who give opinions on this topic.

[supercanada1]

In my own opinion, since cryptocurrency is decentralized there would be a problem when everyone in the world have converted to cryptocurrency because taxes would be no more, so there would be lack of funds on making projects or establishments such as bridges, schools, hospitals, roads, highways, and etc.

Government will simply find ways to put taxes on it or they will surly come up with a plan to get details of your crypto savings. Government could come up with their own site for wallets ultimately having your all information. So no projects will stop even if everyone is dealing in crypto currencies. If all buying and selling will be in crypto currencies, how people will be able to avoid taxes.

[huige007]

In my own opinion, since cryptocurrency is decentralized there would be a problem when everyone in the world have converted to cryptocurrency because taxes would be no more, so there would be lack of funds on making projects or establishments such as bridges, schools, hospitals, roads, highways, and etc.

Government will simply find ways to put taxes on it or they will surly come up with a plan to get details of your crypto savings. Government could come up with their own site for wallets ultimately having your all information. So no projects will stop even if everyone is dealing in crypto currencies. If all buying and selling will be in crypto currencies, how people will be able to avoid taxes.

This is really not a big deal for government to get information of your wallets until and unless you are using their crypto wallets. Government even if does not launch their own wallets, they are simply going to make deals with the exchange owners etc. in order to have information about the people who are having high crypto investments. They are going to put taxes on them. In short, government will try their best to put taxes.

[Cacingkemi]

the government will not be fully able to replace the existing currency into crypto, but rather be able to accept crypto as an alternative transaction tool that must be developed. if the government is able to replace the existing currency into crypto, then it is likely that the currency used will become worthless as a medium of exchange or international business