What will happen if the all countries convert to cryptocurrency?

[Mespirst]

If that's going to happen for the first time that all countries will embrace cryptocurrencies then probably it will be the day where we can see an increase of crypto prices as more people are demanding for cryptocurrencies. So many great things is going to happen and different countries have their own strategies too no how they would handle and utilize cryptos to its full capabilities. Surely, it will be an extraordinary day for cryptoworld as a whole.

The demand would increase the supply decrease which cased bitcoin price will be on moon a lots of good thing will be happen it can be effect on economy too poverty can be decrease.

[SirLancelot]

If that's going to happen for the first time that all countries will embrace cryptocurrencies then probably it will be the day where we can see an increase of crypto prices as more people are demanding for cryptocurrencies. So many great things is going to happen and different countries have their own strategies too no how they would handle and utilize cryptos to its full capabilities. Surely, it will be an extraordinary day for cryptoworld as a whole.

If we look at the statement a bit critically, i do not think this will ever happen. All the countries will never be on the same pages due to their political interests. Politics has been in the policies formulation since the beginning.

However let’s assume if it ever happen, it will be an ear that will give birth to new concepts and new policies. The demand for USD might fall critically and hence its price as well. One currency will be enough to deal around the world.  Besides, the price of Bitcoin will also surge up but as Bitcoin i snot the national currency of US, it will mind seeing Bitcoin replacing USD.

[arin_muah]

if in all countries start exchanging all of them to cryptocurrency then cryptocurrency will definitely be widely used and will make cryptocurrency very expensive because it is certain and I am very confident that demand will become higher and make total supply thinner.

there will much multiple effect from this condition.first thing is cryptocurrency price will rise extremely.and also blockchain technology could improved well by much nations.

[ordato]

everything will be tracked and a crypto tax will appear

[Masongrae]

Advantage:
~ We will be able to transact everything digitally.
~ We are able to help our countries economy as Pay taxes.
~ Investments in other cryptos for gaining profit will not be difficult as everybody accepts crypto.
~ improvement of capabilities of a country through technology.


Disadvantage:
- low price of cryptocurrency of a country will affect the economy of a country.
- exchanger might take advantage of asking high price in exchange.
- at the start of its use, there will be a great struggle to those who are poor and unaware of crypto.

These are only some of the advantage and the disadvantage from my vantage point of view though due to technologies improvement and awareness of people the advantages will be more and lesser disadvantage in the future.

[munify]

If all countries accept cryptocurrency, cryptocurrency can become legitimate currency, and the use of cryptocurrency transactions will become easier.

[ethereumhunter]

the one thing that we will see is people don't carry too many cards in their wallet and they only need one wallet which supports for making payment of the transaction. although fiat still uses, with the cryptocurrency, it makes people easy to buy something and they can easily to transfer the amount from their wallet to the other wallet. maybe this will happen in the future when all countries convert to cryptocurrency.

I dont understand how that will make the government to think about the application of crypto currency in the real world and thus change everything from the fiat to the crypto currency. Thats utterly ridiculous. The crypto world and the real world are different things. They both run on trust factor and fiat runs more onto the traditional way of trading which is running since thousands of years now. The banking sector is very much strong in handling all the current financial situations with its tried and tested system which keeps improving itself all the time. I dont think crypto fit in somewhere here, its gonna take the lifetime.

I think it's not ridiculous. Maybe this will happen in the future as we don't know yet and many of the government still don't use it as the new payment solution, but I think in Japan and Korea, we can use cryptocurrency to buy something in the real world, maybe if I visit those countries, I will tell you

We are in the technology era, so I think it possible to happen, and I know that the government needs to set up everything especially for connecting between the digital life and the real life. Besides that, I am sure that cryptocurrency is not just for trading only or the investment, but it's more than that because, with cryptocurrency, our life will be simple and easy. We don't have to exchange our fiat into local fiat because we can use cryptocurrency to buy something in other places.

[arnaudel98]

If that's going to happen for the first time that all countries will embrace cryptocurrencies then probably it will be the day where we can see an increase of crypto prices as more people are demanding for cryptocurrencies. So many great things is going to happen and different countries have their own strategies too no how they would handle and utilize cryptos to its full capabilities. Surely, it will be an extraordinary day for cryptoworld as a whole.

But sad to say it will never happen bitcoin is volatile it can not be control government would afraid to launch it world wide.

[ice18]

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 is not impossible in the future and since cryptocurrency brings transparency to all users it will be the best tools to fight theft and corruptions but even in the digital world we cannot escape on criminals hackers etc this thing cryptocurrencies will also be a target of many hackers even most secured networks can be penetrated now by this criminals they can collect huge amount of money without being traced at all there are many ways.

[Jamjamz30]

If that happens the prophecy will be grant that digital currency will become world currency and Fiat will no longer be useful at all. But lets face the real truth about those prediction, in the application of the reality it won't be happen anyway for now, maybe in the near future that's possible  but still not sure of it, only my assessment to that things anyway digital currency mostly volatile.

[Barbarian]

Much depends on banks and government. If they see the positive side when using crypto currency, then they will start using it at the national level.

They are never going to see cryptocurrencies in a positive light, cryptocurrencies are an enemy for banks and government because they are allow people to transact money all over the world without the need of any of them, do you think they're going to like a system like that? Of course not and they're going to do everything to stop it.

[biskitop]

loss for myself, I think almost nothing. but for the country, that is clearly a big loss. because transactions using crypto are not taxed at all. and also when fiat is not used, it means that the economy in the country cannot be said to be advanced because there is no longer a benchmark for the value of their currency.

for example, import and export, is a country's economic activities to improve their economy and their currency exchange rate. if all use crypto, it will be difficult because crypto is racing against global exchange rates, not individual countries,

but for personal use, I think crypto is pretty good, but still not on a large scale or to make large transactions overseas. because the country really needs tax.

[BagzMM]

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 if that would happen then transactions would be more easier. Its a hassle free for everyone but it would be impossible to become true for it needs a process to implement.

[Sherwood_Archer]

i think first of all we have to make sure that technology and internet is widely spread around the globe, there are some place that have civilization and population don't get electricity, if the technology is already spread evenly we can go to cashless society than after that maybe the crypto can replace the money system
[/quote]
This is a great point. As someone who has internet connection 24/7 and everyone I know is the same, I totally forgot that we all have to have the technology on all corners of the world to be able to implement totally cryptocurrency use. So stupid to let my privilege not make me think about something as simple as that.

[Sebas.tian]

A terrible idea. Once all the countries convert to cryptocurrency, the less advanced countries will be taken advantage of more advanced countries. Many skilled hackers can infiltrate exchanges with cutting-edge securities, what more if the wallet (of some sort) of a country got hacked? It could potentially ruin a nation.

[fairyvibes]

I don't think this will even be possible because the current system runs on debt.  With cryptocurrency you can't loan money that you don't actually have.  With fractional lending banks create money out of thin air.

[Argoo]

the one thing that we will see is people don't carry too many cards in their wallet and they only need one wallet which supports for making payment of the transaction. although fiat still uses, with the cryptocurrency, it makes people easy to buy something and they can easily to transfer the amount from their wallet to the other wallet. maybe this will happen in the future when all countries convert to cryptocurrency.

I dont understand how that will make the government to think about the application of crypto currency in the real world and thus change everything from the fiat to the crypto currency. Thats utterly ridiculous. The crypto world and the real world are different things. They both run on trust factor and fiat runs more onto the traditional way of trading which is running since thousands of years now. The banking sector is very much strong in handling all the current financial situations with its tried and tested system which keeps improving itself all the time. I dont think crypto fit in somewhere here, its gonna take the lifetime.

Quite right. States will never switch to using only crypto currency. The existing  monetary system was formed throughout the entire preceding history of mankind. This system of cash and non-cash forms of cash settlement is very well established. Crypto currency even now causes significant contradictions. Crypto currency in each state will go along with other types of money and nikoda will not be the main form of payment.

[DRVX]

everything will be tracked and a crypto tax will appear

The tax might appear but I do not think that it will happen ever. The counties prefer to use their own money, fiat, and the cryptocurrency still seems to them something very unprofitable and flexible.

[Altf4]

That will become the togetherness of cryptocurrency around the world , this means that ,cryptos are accepted abd this will lead to the users ,the customers and investors to be more comfortable if the countries are really to accept the cryptocurrency technology around the globe.

[Muheng]

i think if all countries using crypto, there are so much banks that are collapse, because with crypto we never need a bank because we have our own bank