What will happen if the all countries convert to cryptocurrency?

[travwill]

Perhaps at the beginning of the price of cryptocurrency would soar to incredible heights, all people of all countries would switch to cryptocurrency, insane FOMO reigned in the air, and then a controlled collapse of cryptocurrency would occur, about the same as we saw at the end of 2017.

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[xSkylarx]

Imo it will be difficult to make all countries become cashless and use cryptocurrencies as form of money. It might be easy to well developed countries like US. But to some third-world countries it will be difficult to do it because not all of them are updated to current trends and willing to use it instead of fiat

[jakoylantern]

For me, it won’t happen because some countries already ban cryptocurrency for some reasons, and also some countries or 3rd world states can’t catch up to the technology. But some country is now already using the cryptocurrency as their currency. But still, the capability of all nations will convert to cryptocurrency is still meager. 

[ufaiz50]

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 don't know what happened, because to make it easy to tax the government must trace the source of money with their fiat, which is in your article that in Sweden they allow cash payments to be refused, because credit cards can be considered more efficient. Whatever depends on how the government in each country sees the benefits, but in my view it is too risky because the government does not necessarily benefit from it, there is also a country that starts banning bitcoin.

[abeecrypto]

Swerving to cryptocurrency is possible but it won't eliminate Fiat. Advantages of general adoption of cryptocurrencies will be the ease of buying and selling, fast trading, ease of money transfer from one corner of the world to another, portability and so on. Disadvantage will be insecurity of wallets as it is prone to hacking.

[Ozero]

First, no state will ever switch to using only decentralized cryptocurrency. This will mean a loss of control over your financial system and a gradual loss of statehood. States will allow the circulation of decentralized cryptocurrency, but they will never actively support it.
  Secondly, states can decide on a partial transition to the use of their own cryptocurrency or generally accepted stable coins.
Cryptocurrency in any state can only go along with cash and non-cash national money.

[romero121]

With its ten years of existence it has been adopted with the support of government in very few mumber of countries. This is the reality with cryptocurrency and countries. By this time we expecting every country to convert to cryptocurrency doesn't make sense. To reach such a level of adoption at least it needs another 50 years time, we don't know what happens after such time period with bitcoin.

[HELLOFF]

The fact is that most of humanity does not accept any global changes in financial terms.  A large part of humanity consists of Old people who cannot accept cryptocurrency as a means of payment and will always support fiat.  We need to wait for a change of generations.

[arbifahrozy]

in my opinion what will happen is the crisis in the country's economy and reversed with crypto which will go global and its development accelerate, if I think it would be better for fiat and crypto to collaborate for stability.

[anggi]

maybe an economic crisis will occur, and a lot of negative things will happen. well, right now, not everyone accepts, and can use crypto. changing economic regulation to be heavier in crypto will only create an economic crisis in a country.

[Seeker#9]

The high volatility of the cryptocurrencies will be the leading problem when countries decides to convert into virtual currency. Uncontrolled volatility or rapid price fluctuations may harm the economy instead of supporting it because the government can't do anything to control the situation. Governments might legalized cryptocurrencies eventually but won't going to convert to cryptocurrencies there are many things to be considered including the stability of economy.

[sgenuine]

Swerving to cryptocurrency is possible but it won't eliminate Fiat. Advantages of general adoption of cryptocurrencies will be the ease of buying and selling, fast trading, ease of money transfer from one corner of the world to another, portability and so on. Disadvantage will be insecurity of wallets as it is prone to hacking.

Many countries will not even think about the possibility to start dealing with cryptocurrencies, not fiat. The economy is poor there, and governments dictate their rules to their people strictly. Progressive countries can work with crypto.

[bettercrypto]

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 no more left in fiat, there will become a big problem since there is no yet established rules and regulations in cryptocurrency. For example, fiat used to pay taxes, which cryptocurrency does not yet has.
Maybe, it will become favorable for the pioneers of cryptocurrency specially those who holds bitcoin when it was 3K dollars or less. But it may disrupt the whole economy.

[TastyChillySauce00]

The fact is that most of humanity does not accept any global changes in financial terms.  A large part of humanity consists of Old people who cannot accept cryptocurrency as a means of payment and will always support fiat.  We need to wait for a change of generations.

That's just a temporary problem, as time goes the older generation will be replaced by the youngsters, however doesn't guarantee that crypto will dominate, maybe there will be a better system than a blockchain, an even better and more efficient technology will replace our current crypto, who knows? but if all the countries convert to crypto nothing will change, it is just digitalized, the money will remains the same and being controlled by each government.

[MTL4]

The bigger problem for all countries currently is that almost every one without exception has been running chronic deficits year after year. When you create your own currency then it’s not a problem, when you default you just cancel the currency and start again. With decentralized cryptos the money supply would be outside their control and could have serious consequences if the same historical behaviour was employed.  You could also have entire governments running hacking battalions, damaging internet backbones, etc during hot wars just to maximize damage on their opponents. I suspect at some point during a future crisis we will see the emergence of a one world type currency (not that I would advocate for this at all).

[STT]

is it possible that we also start converting to cryptocurrency?

I dont think this ever happens but its possible all cash is turned into digital currency.   The difference from digital to crypto is the decentralised part which bars a central authority from continually producing more with no schedule or containment.    Crypto should not be used as FIAT, at present the discussion I hear is to use blockchain technology to favour a few people who own that technology and will favour themselves but allow others special offers or tokens.    Thats not a proper currency but sadly that is the more likely immediate future.

The concept of a nation giving up control of money to allow free trade, democracy and capitalism is not the meta in place right now.   If we see the failure of FIAT and debt financed fiscal budgets then its possible 1 or 2 countries might embrace capitalism for the people, the many not the few.   Its quite radical to think so for now

[koura_cc]

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's not likely to replace the actual cash or currency, but it would coexist within the economic frame. It's still convenient, for some, to use just cash and others prefer online payments.

Difficult for a government to adopt cryptocurrency due to its decentralization, besides, some cryptos fluctuates a lot. Although we would argue that by promoting adoption this fluctuation can be greatly countered.

Having said this, cryptocurrencies and blockchain can be applied as an alternative option for payments, exchanges, remittance, etc., this would eventually lead to mass adoption but without completely replacing it.

[DmitFomin]

Judging by the fact that Christine Lagarde talked about cryptocurrencies and what orders gave the central banks of European countries it can be assumed that each country will issue its own cryptocurrency backed up by its national currency and these currencies will be centralized, such as Ripple. It is unlikely that bitcoin or other cryptocurrency will be accepted as a currency at the state level, most likely they will occupy their niche and continue to exist in the same form in which they exist now.

[Rustamm]

Most likely, all countries will really switch to cryptocurrencies, but not the cryptocurrencies we all want, because many countries are working on creating their own cryptocurrencies. I doubt that, for example, all countries will legalize Bitcoin in the near future, but I believe that this will happen in the longer term. Perhaps in addition to BTC, other cryptocurrencies will be legalized, for example, such as ETH, XRP, XLM, TRX and others.

[Argoo]

Hackers will be at major advantage and there will be problems regarding online security , people would have to employ more engineers to strengthen it.

The old people and the very young one's won't be able to understand what is happening and will feel left out .

This major change will make it difficult for the economics of a society to be evaluated since there won't be any one central currency for everyone but rather it will be a global currency and there won't be anything such as a countries economy it will be the world's economy then .

We would loose all boundaries and will become a one big nation eventually is what I think.

Yes, you are right in your reasoning about what will happen to humanity if all states switch exclusively to the use of cryptocurrency. That is why such a scenario will never happen. No state will ever give up its national money and then will simply watch how it slowly collapses from within. Each state will defend itself quickly and firmly.
Cryptocurrency has a positive impact on the economy of the state when it goes along with national currencies, however, a decentralized cryptocurrency will never replace national money in any state.