Why the global currency cannot be 100% internet based and if we will have one

[eaLiTy]

Will we have a global currency?

Hope you have heard about bitcoin.

I personally think that the idea of global currency will benefit citizens, there won't be exchange tax and other things , but at the same time it will kill the competency of the countries that the political leaders think is important , there will be no more best to worst currencies , no exchange rates and nothing.
Will it be beneficial?

Bitcoin is created for the end user to have full control over their asset rather than trusting a third party or any government. Bitcoin does not have exchange rates for sending transactions around the world.
 

I don't think it can be internet based because more or so there will always be a sector which doesn't plan on using the money and worse who doesn't know how to use the internet and how do you plan on giving this advantage to the tribal people ? It will be worse , it will be like , if someone wants to kill the economy of the world entirely they just need to shut down the internet and everything, every transaction will stop.

If you are sympathizing about tribal people for not having the advantage of bitcoin, ask your government to provide better health and education for these so called tribes and make an effort to bring them to the forefront so that things will be easy. Shutting down the entire internet is not possible, there may be some outrages here and there by cable breakages under sea, other than that it is fine. If there is no internet for one day, just imagine how a country will perform and the huge loss they will encounter because of that as everything is connected to the internet, not just transaction, the entire country will be frozen.

[avikz]

Hey guys what do you think ?

Will we have a global currency?

I personally think that the idea of global currency will benefit citizens, there won't be exchange tax and other things , but at the same time it will kill the competency of the countries that the political leaders think is important , there will be no more best to worst currencies , no exchange rates and nothing.
Will it be beneficial?

I think the benefits are more than compensating for the bad effects.

I think this wide variety of currencies  do have some advantages
If we will have a global currency will it be internet based?

I don't think it can be internet based because more or so there will always be a sector which doesn't plan on using the money and worse who doesn't know how to use the internet and how do you plan on giving this advantage to the tribal people ? It will be worse , it will be like , if someone wants to kill the economy of the world entirely they just need to shut down the internet and everything, every transaction will stop.

Please share your views ?

Thank you for asking this question in a very structured way!

You are talking about "one currency one world" movement! If you think it is gonna happen then what can be the best common platform for all countries? The answer is Internet!! There is no other common platform available for the world for such big scale initiatives other than internet.

Even though I don't see it happening in my lifetime, but if this happens, there will be pros and cons like every other great change and the human race will have to exist through that! But I don't see it happening without the internet.

Also the chance of shutting down the internet will be wiped off because then powerful cointries and UN will be more interested in protecting the world wide internet cable the way they protect their borders now!

Actually it is a very good sci-fi movie idea! You may want to register the idea.

[Julunguul]

The system of using currency globally / universally in my opinion it would be impossible to walk because there are more obstacles and also negative impacts compared to the positive impact. We can feel now that with hacking crimes, this will actually make the problem bigger

[okala]

Is there any other thing that make the world a global place if not computer and the internet so if the countries of the world wish to adopt a global currency then there must be base on the internet and that is the only way where the world is brought under one global network of computers. That will cut the exchange and the values of money will be equal.

[jpoker272727]

The only chance that we can have a global currency for this world is the internet based currency as there will be no control from any country based on blockchain.
FIAT can done it as there will be an issue on whose country will be the creator of it.

[St4yInTh3D4rk]

The only chance that we can have a global currency for this world is the internet based currency as there will be no control from any country based on blockchain.
FIAT can done it as there will be an issue on whose country will be the creator of it.

When we have some as authority of the global currency then what is the purpose of making one.

I don't think it is possible to make such currency without internet and blockchain based.Just announce gold as the accepted currency everywhere which is the only option.

[Argoo]

We already have a lot of currencies that are used by most countries and can be considered world currencies.
World currency can hardly be based on the Internet. If it is a generally accepted world currency, it should have guarantees of security, stability, security, and so on. The currency that will exist on the Internet cannot meet such criteria. In any case, a decentralized cryptocurrency can hardly be a world currency. I admit the possibility of a world centralized cryptocurrency of one of the most powerful state or union of states.

[Kopyleft]

The internet is a fast growing industry but does not yet cover a 100% of the total world population so basing a global currency completely on it would deny a certain number of people access to it.
Fiat currency as it is, is quickly adopting cashless policies and easier transactions through the Internet

[creeps]

The only chance that we can have a global currency for this world is the internet based currency as there will be no control from any country based on blockchain.
FIAT can done it as there will be an issue on whose country will be the creator of it.

And its called bitcoin. We are soon to be recognize around the world and for sure motr countries will agree on this. Its hard to have a one global currency because every country have their own belief and the power to create their own. This market can’t be control by any government, so i also believe that in order for us to have a global currency is must be base on internet.

[shield132]

Of course there is no need of having usd, euro, gbp and so on, all of them are backed with gold at some point, yeah? So let's make major what's in common and once was a major currency in past. I don't mean to make gold major but one global currency which will be backed by it.
But this won't happen, why? Because a lot of money is made in trading, inflation and so on, for this reason governments have huge benefit and don't care what are pros and cons for people.

[1Referee]

Fiat currency as it is, is quickly adopting cashless policies and easier transactions through the Internet

Governments can adopt every piece of technology they want to provide a better overall experience, but what they don't do is stop the endless money printing, and this is where Bitcoin will always be an amazing alternative. If it isn't an alternative as currency, then it is as store of value as digital Gold.

In the end, I do not see value in one global currency. I like the fact that I can choose to use different currencies depending on the situation. Locally, fiat is super convenient and enjoys 100% adoption. Bitcoin is more a value transfer tool and an internet currency, which is very important too, but we have to admit that Bitcoin very likely won't ever have a globally accepted fixed unit value.

I can walk into any store and spend €1000 and get €1000 worth of goods. If Bitcoin tanks with 5% on the way to the store, you either have to add more Bitcoin to get your €1000 worth of goods, or you have to use fiat. If you think about it, for most people it makes more sense to skip Bitcoin and use fiat directly.

[jcarlo]

Of course there is no need of having usd, euro, gbp and so on, all of them are backed with gold at some point, yeah? So let's make major what's in common and once was a major currency in past. I don't mean to make gold major but one global currency which will be backed by it.
But this won't happen, why? Because a lot of money is made in trading, inflation and so on, for this reason governments have huge benefit and don't care what are pros and cons for people.

All our current currency is not backed by gold, its backed by trust on our government. Thats why central banks always print money and they call it as QE. Our currency is not internet based because it still controlled by central banks and the different between crypto is cryptocurrency is decentralized cryptocurrency and backed by secure network

[qwertyup23]

We cannot integrate a universal medium which stems from the internet itself due to economic barriers surrounding the world. This would mostly affect the underdeveloped countries and their capacity as others do not have access to such.
Assuming that we have a global currency which is based on the internet, transaction fees would replace the conventional tax and other related fees. We cannot escape taxation as it is an integral part of a country's revenue to fund almost everything.

[omonuyak]

Hey guys what do you think ?

Will we have a global currency?

I personally think that the idea of global currency will benefit citizens, there won't be exchange tax and other things , but at the same time it will kill the competency of the countries that the political leaders think is important , there will be no more best to worst currencies , no exchange rates and nothing.
Will it be beneficial?

I think the benefits are more than compensating for the bad effects.

I think this wide variety of currencies  do have some advantages
If we will have a global currency will it be internet based?

I don't think it can be internet based because more or so there will always be a sector which doesn't plan on using the money and worse who doesn't know how to use the internet and how do you plan on giving this advantage to the tribal people ? It will be worse , it will be like , if someone wants to kill the economy of the world entirely they just need to shut down the internet and everything, every transaction will stop.

Please share your views ?

Many developing countries has no access to internet and that means there will not be able to used the global currency.  I think the way we are now is still better and since the political system and politicians will like to have their control over the financial situation in their country I strongly believe that they are not going to allow that to happen.

[dothebeats]

Exchange rates will still be present and we won't have a single unified currency, but I'm pretty sure USD would be dethroned in the coming years. It may not be bitcoin or any other crypto, but it will act like what the USD is doing today that's for sure. Knowing how many countries are there and how many wanted to claim the prime spot, there won't be unity in the near future, or perhaps even in the history of mankind. It's a utopian dream that won't happen as long as people are hungry for power.

[South Park]

Hey guys what do you think ?

Will we have a global currency?

I personally think that the idea of global currency will benefit citizens, there won't be exchange tax and other things , but at the same time it will kill the competency of the countries that the political leaders think is important , there will be no more best to worst currencies , no exchange rates and nothing.
Will it be beneficial?

I think the benefits are more than compensating for the bad effects.

snip

A form of money that dominates the others has always existed in some way or form but there is a big difference between a dominant form money and having a single global currency, just think about the level of corruption that is so widespread in many governments around the world and now give to one single government the ability to print that currency, the amount of problems that such a system will bring are incredible and it is something we cannot allow to happen.

[The Sceptical Chymist]

I don't think any currency that doesn't have some sort of physical representation would work in the long-term.  What happens when the internet goes down?  How about if the electric grid collapses?  People are going to have to have a way to spend their money, and there has got to be something that doesn't depend on electricity.  How do you think people are getting by in Venezuela during the blackouts?  They're using US dollars from what I've heard, and my guess is that citizens have those dollar coins that the US mint makes that never get used in their country of origin.

Bitcoin is great for what it is, which is a bank-less, government-less way to transact with low fees.  What it isn't is the go-to currency during times of crisis. 

I definitely like the 'global currency' aspect of bitcoin and always have.  Everyone who's in a signature campaign or a bounty here is earning the same currency, and it holds value all around the globe.  That isn't true of a lot of currencies (see: Venezuela).  True, someone could make a physical bitcoin but there are problems with it, and I highly doubt anyone is going to resort to that to pay for things.  More likely, it's going to be precious metals and the like.

[Bijikopi]

Nobody can shut down the internet,because internet is a network of servers.Can you shut down all of them?
That's why nobody can shut down the blockchain.As long as there are miners,the blockchain will continue to exist.By the way,bitcoin can be printed on paper.Nobody is saying that bitcoin will be 100% digital.
We already have a global currency.It's called US dollar and it's a pretty shitty global currency.

Global currencies are currencies that are used throughout the world and everywhere. so it's impossible for all to be internet-based. because not all countries are able to support the internet network, and not all regions on planet earth have internet networks. so international paper money is still needed, namely dollars in paper form, bitcoin is not able to provide all the needs of people around the world because bitcoin can only be used if there is an internet connection.

[pinoyden]

Nobody can shut down the internet,because internet is a network of servers.Can you shut down all of them?
That's why nobody can shut down the blockchain.As long as there are miners,the blockchain will continue to exist.By the way,bitcoin can be printed on paper.Nobody is saying that bitcoin will be 100% digital.
We already have a global currency.It's called US dollar and it's a pretty shitty global currency.

Global currencies are currencies that are used throughout the world and everywhere. so it's impossible for all to be internet-based. because not all countries are able to support the internet network, and not all regions on planet earth have internet networks. so international paper money is still needed, namely dollars in paper form, bitcoin is not able to provide all the needs of people around the world because bitcoin can only be used if there is an internet connection.

i understand your point  but from what i observed bitcoin is already supported and being used by majority of the countries  ,  that's why it is already considered as a global currency  .  also  ,  internet is not new and im sure that almost all countries in the world  do already have an internet because internet is also useful for everyday need   .  also  ,  i dont think that usd alone is a global currency because i think every currency can also be consider a global currency because there are money changer/exchangers on every country where you can convert any currency according to your choice  .

[futile-resistance]

Many developing countries has no access to internet and that means there will not be able to used the global currency.  I think the way we are now is still better and since the political system and politicians will like to have their control over the financial situation in their country I strongly believe that they are not going to allow that to happen.

I don’t think there are still countries without access to internet, almost all countries, even to the underdeveloped. Niue is the smallest republic in the world and it has Wi-Fi coverage in most of its island.

I have been opportune to visit some poor countries around the world and I realized there are places they get Wi-Fi and they even sell 3G dongles for their citizens that are capable of buying, so if there eventually become an online based global currency, I don’t see much difficulties in its usage. Also like you have mentioned, politicians and political system might want to continuously have control over the financial situations in their countries and so they might go against this.