What will happen if the all countries convert to cryptocurrency?

[justspare]

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.

Yeah, no government likes the idea of decentralization, but you also have to understand that you can decide to create a centralized coin on the blockchain anyway. We have so many of them starting with ripple, yes, it is centralized. Then we have the stable coins like USDT, TUSD and so on. Now, my point is that it is definite that most governments at a point will want to tap from the blockchain technology and discard the printing of money, since everything is simply going digital these days anyway and with that, we could just see other decentralized digital currencies going hand in hand.

[Neraj Evad]

That will be the time the bitcoin will really be recognized and the holders of this bitcoin will have the comfortable way of using their bitcoin anytime , anywhere in the world and the bitcoin is legit and accepted anywhere.

[sempak bulong]

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?

actually that's the thing I'm waiting for that crypto can be used as a transaction tool, but the problem is that the government hasn't legalized it. I don't think there is a loss, it's just that crypto is difficult to control.

[burakdat]

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 could be impossible because as we all know that bitcoin and other cryptocurrency are decentralized in form and where ever economics book you will read there is no good thing to have an absolute decentralized system. This is why decentralized and centralized system should be balance and should not be taken absolutely because it could not do good with a certain organization.

[juki35man]

the biggest risk is in terms of security
because digital assets are badly hacked by others
but in terms of its many benefits we will get from efficiency etc.

[Bionicgalaxy]

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 countries are converted to cryptocurrency for sure every transaction will be on blockchain technology or simply it will be digitalized. The advantage of it every transaction will be fast that you don't need to fall in line in shopping malls, but the disadvantage of it is it will be easier for hackers to steal all of your money.

[Norihiro]

If that will happen probably market cap will increase to unreal positions like 5 trillion or even higher, just imagine worth of all money in the world, it is around 200 trillion, if I'm not wrong.

[newbie-hero]

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?

The advantage is everything will become accessible and accurate in regards to virtual payments since it was cashless,but the disadvantage is wht about in instances that internet is not available and we need to be electronic free transacting,better not to expect a cashless society because this will never happen for sure

Globally, the cashless society is not possible at all. Never forget about the counties where people do not even know how to use the phones. They might never have the Internet.

[Girlsbit]

It will be great.  Finally, our economy will move to a new stage of development.

[tsinelas]

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.

Cryptocurrency have the advantages in the part of trading industry, which have a less fee, anonymous and can be used worldwide. Do we really need to transact worldwide when there's a good economy in our country? If all the countries convert to crypto, i think the crypto can control everything and we would not like that. We are people created by God, we are the most intelligent creations , so think before you agree.

[orarider]

All will be upset. The world monetary system will face many difficulties. Banks will disappear. The first investors will earn huge profits.

[creeps]

the biggest risk is in terms of security
because digital assets are badly hacked by others
but in terms of its many benefits we will get from efficiency etc.

Security will be no longer an issue if anyone accepts cryprocurrency, even government will ensure that for sure. This will not be easy, government will not make that easy crypro enthusiast should be more patient for this one and if everyone used cryptocurrency then the price will go higher.

[laravuemaster]

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?

Most of the people are going to be happy since there are a lot of people today who wants a digital transactions in order to have efficient and fast transferring of money on different market and online stores.

[turagsoy123456]

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 that's the time that all people living around the world are learned about digital money currency and know how to use in different kind of transaction. And crypto currencies is entitled as a new generation of currency as replacement of fiat money.

[CASTIEL05]

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 countries will turn their fiat currency into digital currency then it is a great opportunity for the holders today. BTC will hike and we will expect a large amount that bitcoin and altcoin will increase. Aside from that, ICO are meant to be regulated specially that the government upholds the system. I think it is advantage in the part of current people who knew already this industry and those who have already coins to be hold.

[spongegar]

True pating digital is indeed easier. But the fact remains that we need a heck of alot of infrastructure to make it possible that every man, woman and child coukd have access to their crypto currency account. S big hump also is the fact that crypto currency is internet based. I doubt that everyone has internet access in their pockets.

[dongyi17]

  If all the countries all over the world accept bitcoin and convert to currency.. then there are many things happen.. changes in the system and changes in their economy and among others, off course there will be advantages such as fast transaction and everything turn out to be digital, but then again there are also some disadvantage such bank would be less and less client and so their worker is, as a result addition to unemployed people. 

[Indai24]

If all the countries all over the world accept bitcoin and convert to currency.. then there are many things happen.. changes in the system and changes in their economy and among others, off course there will be advantages such as fast transaction and everything turn out to be digital, but then again there are also some disadvantage such bank would be less and less client and so their worker is, as a result addition to unemployed people. 

For me that's not possible, countries convert to cryptocurrency? No. We used to follow the traditional way and mostly people prefer to stick with what's usual.

[Sherwood_Archer]

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?

Its very possible. Once the banks start to take over the cryptocurrency market and have 100% control over it, that when its ready for mass adoption.

The advantage would make it very easy for banks to track your payments for you.

Theres no disadvantage because it will be the banks job to process your payments directly without the need for physical cash.

Are those the answers you were looking for?

I was not really expecting any type of answer. It's like a shower thought... thinking about the future and the possibilities and I was spending a lot of time lurking in this forum. Now I am thinking if there is even a possibility that banks would have 100% control on cryptocurrency. I guess they are very powerful and can do that but would it be beneficial to them? Perhaps since crypto is powered by blockchain or something then it would be more transparent on their dealings and better for us people.

[Sherwood_Archer]

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?

actually that's the thing I'm waiting for that crypto can be used as a transaction tool, but the problem is that the government hasn't legalized it. I don't think there is a loss, it's just that crypto is difficult to control.

I found a list about legalities of bitcoin in different countries https://www.cryptoground.com/a/list-of-countries-where-bitcoin-is-legal
I guess that is a start. A lot of them do not totally consider bitcoin as a legal currency but most on the list are already accepting of it. This looks like a good sign. I am thinking that once banks find a way to control crypto, more countries will legalize it.