What will happen if the all countries convert to cryptocurrency?

[Burogh]

Government must be creating cryptocurrency that they can control on the supply. Cryptocurrency should be keep decentralized and if government issuing their own cryptocurrency, i am believe crypto like bitcoin will be like gold or safe haven asset

[evergreendog]

This would never happen, United States demands that all oil trades are done with the petro dollar.  When Gadaffi demanded gold for Libya's oil he was murdered.

[strunberg]

Government must be creating cryptocurrency that they can control on the supply. Cryptocurrency should be keep decentralized and if government issuing their own cryptocurrency, i am believe crypto like bitcoin will be like gold or safe haven asset

there are many problems before government decided to make their own cryptocurrency.althoug from this project they could get much money from investor, but maybe this action violate their own regulations.

[BennyK]

A global adoption of cryptocurrency will only bring a major boost to the crypto market. The market will rise in value and coins that will survive till that time will have good prices and value on the market as there will be an increase demand.

[iMark]

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

Bank as a supplier of fiat currency (the product of a country's pride). The bank will forever remain and it cannot be demolished by anyone, as long as the country that protects it still exists, and the bank will still get a number of benefits from the transaction fees, which we spend, especially when we exchange cryptocurrency into fiat/conventional currencies, or when we buy cryptocurrency.

Agree the government will not be able to do that, they will still maintain their local currency because that means a lot of things for their economy, how the local currency describes the economy and the situation of their current country. crypto will not replace banks or fiat, crypto will only become an option only

[wasaisi]

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?

Good news for users of the crypto currency if it has been used in the world. Because what will be affected if the crypto currency is accepted by the world is the coin holders who are still patient in holding their coins. Surely the price of coins will be much different. Therefore if all use the crypto currency we will be grateful.

[robotrobert]

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?

For me it’s not a good idea cause we will start facing a lot of cyber criminals who has nothing to do except stealing Bitcoin and cryptos from people wallet. Using cryptocurrency will be another stress cause you will be looking for ways to protect your money after working hard for it. In fact I don’t even need to make too much of an explanation, only a fool would think that using cryptocurrency is a good idea. As for me, I don’t believe that.

[Menawi12]

If Country start using cryptocurrency, i think they should have a regulation about it. It will good for cryptocurrency market because crypto industry will growing more bigger with support from government

[arnaudel98]

If Country start using cryptocurrency, i think they should have a regulation about it. It will good for cryptocurrency market because crypto industry will growing more bigger with support from government

Maybe a lots of new thing would appeared. The price of bitcoin increase and the people use bitcoin more than now. People will sell there gold, silver everything just to increase their money.

[Ekimzjames20]

If Country start using cryptocurrency, i think they should have a regulation about it. It will good for cryptocurrency market because crypto industry will growing more bigger with support from government

Maybe a lots of new thing would appeared. The price of bitcoin increase and the people use bitcoin more than now. People will sell there gold, silver everything just to increase their money.

If that would happen that is a big blessings for all bitcoiners. A convinient and easy to transact, a modern technology make our life better.

[esetop01tryba]

People are used to traditional currencies and it will be very difficult to switch completely to crypto, but the crypto currency allows States to get off their knees because of the economic disaster, for example, as Vinisuela.

[ausbit]

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

Bank as a supplier of fiat currency (the product of a country's pride). The bank will forever remain and it cannot be demolished by anyone, as long as the country that protects it still exists, and the bank will still get a number of benefits from the transaction fees, which we spend, especially when we exchange cryptocurrency into fiat/conventional currencies, or when we buy cryptocurrency.

I think countries are using digital money as it is, consider the fiat you use, there are some banknotes that changes hands but mostly almost all of the currency a country uses is on digital bank accounts, just changes the account name and becomes someone elses in the end but the transaction never has any currency changing hands.

It is just one number ommited from someones account and goes back to someone elses account. I wouldn't be shocked if countries decide to create their own currency and create a crypto currency that will be basically doing the same thing as the fiat currency they are using right now.

[conected]

If Country start using cryptocurrency, i think they should have a regulation about it. It will good for cryptocurrency market because crypto industry will growing more bigger with support from government

Maybe a lots of new thing would appeared. The price of bitcoin increase and the people use bitcoin more than now. People will sell there gold, silver everything just to increase their money.

If that would happen that is a big blessings for all bitcoiners. A convinient and easy to transact, a modern technology make our life better.

- I do not think our lives will be better, convert only makes things worse because the government will be able to easily control and manage our finances through their networks, we will need to pay full tax and the amount to pay taxes is probably not small. You will not like this, and another problem is that many people have used traditional currency for a long time, asking them to use cryptocurrency will give them a lot of trouble and hassle, life is in a state of quiet and suddenly becomes chaotic with this decision of the government, unhappy and not good at all

[Inikoo]

Actually just forgot to bring cash to the market today, and only realised, when I was about to pay. Felt quite stupid Wouldnt miss cash.

[trako]

global crisis begins. and sanctions over the economy become more effective.
some countries are making the necessary arrangements to work with domestic currencies because of the economic embargo imposed by the United States. this is a precaution. if the entire world begins to work with crypto, it causes a global crisis. sources of the whole country are not enough.

[liseff3]

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

Bank as a supplier of fiat currency (the product of a country's pride). The bank will forever remain and it cannot be demolished by anyone, as long as the country that protects it still exists, and the bank will still get a number of benefits from the transaction fees, which we spend, especially when we exchange cryptocurrency into fiat/conventional currencies, or when we buy cryptocurrency.

Agree the government will not be able to do that, they will still maintain their local currency because that means a lot of things for their economy, how the local currency describes the economy and the situation of their current country. crypto will not replace banks or fiat, crypto will only become an option only

Good connection iMark. I can only imagine that banks and money are the only choice for a country, to use it as a tool / asset / indicator to advance its economy, even though the country is suffering, for example, hyperinflation, as is the case in Zimbabwe or Venezuela. That's when crytocurrency will enter the joints of the economy of its citizens. However, crytocurrency in attendance will only be an option (as said iMark).

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

Bank as a supplier of fiat currency (the product of a country's pride). The bank will forever remain and it cannot be demolished by anyone, as long as the country that protects it still exists, and the bank will still get a number of benefits from the transaction fees, which we spend, especially when we exchange cryptocurrency into fiat/conventional currencies, or when we buy cryptocurrency.

I think countries are using digital money as it is, consider the fiat you use, there are some banknotes that changes hands but mostly almost all of the currency a country uses is on digital bank accounts, just changes the account name and becomes someone elses in the end but the transaction never has any currency changing hands.

It is just one number ommited from someones account and goes back to someone elses account. I wouldn't be shocked if countries decide to create their own currency and create a crypto currency that will be basically doing the same thing as the fiat currency they are using right now.

Along with the development of technology, various innovations also continue to be developed, including the financial sector. The presence of new technology has been able to modernize one's life and fiat currency performance, especially in the area of transactions. The fiat currency of this century, is not always presented in physical form, the government / banking has formed into two types of money namely physical and digital (as said ausbit). That means where there has been a shift in objects / types of currencies, from physical to digital forms, even there are already several countries, which implement blockchain technology into their transaction systems. If they have understood blockchain performance, it's not impossible 'cryptocurrency, government version too' maybe will be created.

[geberger]

If Country start using cryptocurrency, i think they should have a regulation about it. It will good for cryptocurrency market because crypto industry will growing more bigger with support from government

I might possible that the price of bitcoin will never decrease its become non volatile and people use it as world wide currency.On the other side it can be used in crimes too. Criminals can sell there drugs more plus it can be effect on economy

[yitzjoe]

At the moment, such changes can greatly affect the economy of the countries, as the cryptocurrency market has great risks. To begin with, it is necessary to organize market control in order to avoid fraud.

what you have said now is that the central bank has started investing in crypto even though it is not clear. in front of them they prohibit crypto from developing but behind them they continue to try to catch up with investment from many people. which I fear when they dominate certain crypto, they will be free to create prices and regulations as they wish. this is far from the blockchain philosophy

[Barbarian]

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.

Governments need taxes, I agree with that, but the amount of taxes that they are charging you and the general population is simply too much, the current taxation level is unsustainable and at some point in the future governments will need to accept the fact that they cannot be as big as they want to be and they will need to reduce their taxes.

[Irvinn]

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?

No state can fully switch to using cryptocurrency only. If this happens, especially in many states, chaos will simply begin and the economies of the states will collapse. Therefore, no state will ever fully switch to the use of cryptocurrency. Cryptocurrency can go in the state only in parallel with the national money of this state.