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

[jabrix]

In coming future, we will have a situation when you must use internet or have internet or you will not have anything or use anything so internet will be everywhere everywhere where people live so it can be internet based and must be i say.

Indeed, it must be recognized as an advanced technology the internet can be the basis of financial transactions throughout the world. But please note, the internet has not penetrated remote areas or far from the reach of telecommunications signals, so that internet-based currencies cannot be used.
As a reference, of course developed countries and their areas are connected to internet networks that can conduct digital transactions because their facilities and communities are adequate.

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[Leyss]

We have the concept of an international currency, that is, currencies that are used in settlements between states. In principle, any national currency of a highly developed state can be considered as a global currency that can go around the world.
I do not think that in the near or even distant future we will have only one currency for financial settlements. Each state will always have its own currency, because it is a mandatory sign of statehood. However, if only one currency would be accepted for international use, it would not in any case be a cryptocurrency.

[Kakmakr]

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 ?

A common mistake that people make is to think that governments would care about what people want and what would be better for their citizens. If that was the case, Bitcoin would have been a global reserve currency. Remember one thing, government salaries are paid with taxes and tax income are generated from transactions that are done via foreign exchange services and Bank settlements.

They will never allow technologies that would kill their tax cow and governments also know they can manipulate the value of Fiat currencies to balance their economy, so they will never allow a global reserve currency that they cannot manipulate. 

[FanEagle]

I don't understand why people think that humanity will still choose paper money over digital when most of our lives became digital to begin with. Of course we will probably never be 100% digital because I believe we will always need some paper money or something close to it.

However, the reality is that 90% of all money is probably digital already, you may think we are only considering the money in peoples bank accounts but that is not the only money, all those stocks and investments are digital as well, do you go to a bank and buy a paper stock showing you own that stock and give them cash? No, you send money to your bank account and buy stock digitally and that company sells their stocks digitally and receive the money. Hence all in all worlds money is already digital, why insist on cash.

[BitHodler]

I don't understand why people think that humanity will still choose paper money over digital when most of our lives became digital to begin with. Of course we will probably never be 100% digital because I believe we will always need some paper money or something close to it.

I'm pretty sure most people in modern economies are in favor of digital money instead of paper and metal money (at least, in my country they are). The thing however is that it's hard to part with physical money entirely because people are so used to it.

Another thing is that physical money offers people anonymity, where using digital money in form of PayPal or debit/credit cards are traceable and you can be monitored by government agencies and insurance companies.

I remember a case where someone was denied healthcare insurance because that person seemed to have a very unhealthy life style based on the things he eats and drinks. I think that's a very important reason to keep using physical money.

[bitcoindusts]

The diversion in currency is based on different countries and governments. In every country/government there is a certain currency, in order to have a global currency, there should be no differences and barriers between countries thus there should also be one government to avoid conflicts. In my opinion, if these happen, one government and one currency, being internet based of this one currency will still be relevant, since there are transactions made online like sending and receiving money from one location to another, online shopping and other payments made online and other related transactions.

[Tylev]

The simpler the currency for circulation is, the more reliable it is. Therefore, a global international currency is unlikely to be based on the Internet. Although nowadays most of the payment systems work using the Internet. High technology is very vulnerable to various disasters and natural disasters. In order for the financial system to work effectively in different conditions, it must have different channels for transferring the means of payment, and not only with the help of the Internet.

[Febo]

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

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?

We have global currency. It is called USD and is main global currency for 100 years. Such currencies are also called a world reserve currency. Next one will be peer to peer based.

[Sirait]

There will never be one global currency in the world. That involves the elite of each country giving up power. The name of the game is power. Do you think they're going to be, "Oh it's a good idea because then there will be no exchange fees."

Plus wouldn't countries that are doing bad weaken the value for countries that are doing good?

agree with you, despite the actual ego and strength in every country that makes the world unable to have one global currency. EURO is one example of one global European currency, I was very impressed with the cooperation of European countries.

and for global currencies based on 100% internet, I think it is very impossible because the internet is still very vulnerable ... different if the global currency is crypto-based and blockchain, it would be very safe 

[1Referee]

High technology is very vulnerable to various disasters and natural disasters. In order for the financial system to work effectively in different conditions, it must have different channels for transferring the means of payment, and not only with the help of the Internet.

Mesh networks are catching up real fast. Then we also have the Blockstream satellite that will enable people to access Bitcoin without an internet connection. It's definitely not mass ready in terms of adoption, usability and convenience, but at least it gives us a glimpse of what we can expect in the forthcoming years.

The positive thing of there not being mass adoption yet is because it's still going through its initial speculation stage. People aren't yet interested in spending it, not interested in fast and cheap transactions, etc. Great for Bitcoin because it's being given the time to actually scale. What more can you wish for?

[Moshaid]

Technology is one of the thing that brings revolution to the traditional system of doing things. With internet more and more amazing services will be evolved on a daily basis. Internet is one of the thing that brings several people from different regions or environments together. I don't see any reason why the global currency shouldn't run on internet because engineers are working daily to achieve a fast and reliable system..

[zee11225]

The simpler the currency for circulation is, the more reliable it is. Therefore, a global international currency is unlikely to be based on the Internet. Although nowadays most of the payment systems work using the Internet. High technology is very vulnerable to various disasters and natural disasters. In order for the financial system to work effectively in different conditions, it must have different channels for transferring the means of payment, and not only with the help of the Internet.

Of course internet-based currencies will not be able to be applied simultaneously throughout the world, because each country has problems with the internet network, especially in developing countries.
In developed countries, maybe the internet network is not a problem because the infrastructure is good, so that internet-based currencies can be applied but still as an alternative. The main currency remains fiat because it is physical and is easy to use for all people. Besides that fiat money is easily monitored by the government.

[SquallLeonhart]

I do see this topic of global currency and all that as something stupid. Like what makes you think that there is ever going to be something like that? You do know for sure that having such a thing means that only one government will be in power and that country with the power is going to oppress those who are not in power.

So, I see this as foolishness and it is a question I hate discussing. Such a thing can even give power to racism, that’s if the government power is placed on a country where there is too much of that. Cryptocurrency alone is already enough, saying you need Something else apart from this doesn’t mean anything. What else do you want, when you already got cryptocurrency.

The world can’t be sharing one currency, stop asking annoying questions.

[Apaxy]

The simpler the currency for circulation is, the more reliable it is. Therefore, a global international currency is unlikely to be based on the Internet. Although nowadays most of the payment systems work using the Internet. High technology is very vulnerable to various disasters and natural disasters. In order for the financial system to work effectively in different conditions, it must have different channels for transferring the means of payment, and not only with the help of the Internet.

Of course internet-based currencies will not be able to be applied simultaneously throughout the world, because each country has problems with the internet network, especially in developing countries.
In developed countries, maybe the internet network is not a problem because the infrastructure is good, so that internet-based currencies can be applied but still as an alternative. The main currency remains fiat because it is physical and is easy to use for all people. Besides that fiat money is easily monitored by the government.

In order for people to change their views on digital currencies, including cryptocurrencies, at least one generation must be changed.  I believe that most of the population of our planet is not ready to use cryptocurrencies in everyday life, because not only do they lack certain knowledge and education, but they need a completely different mentality.

[TheCoinGrabber]

I believe we can have a "global" currency but it's still going to get taxed and such because states would hang on to their fiat currency by just migrating them to digital. I don't think they'll let go of it easily.

It's probably going to be our current situation with bitcoin and various alts except with wider adoption and these cryptos integrated into the economy. The only time there can only be one absolute global currency is if every nation ditched their fiat and enter a union a la EU.

[Tylev]

The world currency should not directly depend on the degree of use of complex technical means. Technique will inevitably fail periodically and make the world financial system dependent on the state of operability of this technique will be stupid and shortsighted. In addition, the world currency can hardly be a cryptocurrency. Cryptocurrency can only be an auxiliary financial asset in ordinary currency. The global financial system can also be based only on real economies, and not on virtual values ​​that will not be provided with anything.

[NavI_027]

I think that in the coming time, even thinking about the global currency makes no sense. No one country does not recognize the global currency. Here's a bitcoin example of a global currency that is used around the world and how states respond to it — in a word, a ban and not recognized.

I doesn't make any sense because of its hindrances but once it was all properly addressed then cryptocurrency could be the biggest and greatest change will happen to humanity. However, it so frustrating to think that world adoption have a very big chance that not gonna happen at all. Like what've you said, the concept of global currency wasn't well recognized. We are all living based on the standards within our boundaries, there's no unity.

[Polar91]

The reality is that not everyone has an acess to the internet and not everyone has knowledge about it. We can't always rely on the internet since it's not always available specially if we're not reachable by the internet service provider. No matter what happen, physical currency is still needed specially by small people who can't or doesn't have a time to connect to the internet.

[bitgolden]

The reality is that not everyone has an acess to the internet and not everyone has knowledge about it. We can't always rely on the internet since it's not always available specially if we're not reachable by the internet service provider. No matter what happen, physical currency is still needed specially by small people who can't or doesn't have a time to connect to the internet.

We don't really need to be 100% though? I mean if we can reach even 5% of all currency spent to be crypto that would take bitcoin and all others into literally trillions of dollars easily. Right now we are not even 1% and we are already over 100 billion dollars (close to 200) just on bitcoin. That means we just need to increase it a bit more, just having 5x on adoption would ripple down to trillions of dollars in bitcoin market cap and tens of billions of dollars in transactions.

Of course, we also would need to figure out a way to keep the transaction costs lower and speeds faster while we go up in transaction numbers but that is more on the developers hands than us and with the segwit and lightning network getting attention if we go that big then those will not be alternatives but be the standards.

[darewaller]

The reality is that not everyone has an acess to the internet and not everyone has knowledge about it. We can't always rely on the internet since it's not always available specially if we're not reachable by the internet service provider. No matter what happen, physical currency is still needed specially by small people who can't or doesn't have a time to connect to the internet.

This is why we believe that the issue of global currency might not be achieved right now and I think this is why the government are not also pushing for it because of the technology involved, and the government knowing that money is already a problem, they will not want to create global currency out of it other than the popular usd that we are all using.

In as much as the intention of the creator of cryptocurrency is right, there are some things that are not just achievable easily like that, and I think he never even meant that cryptocurrency should even be a global currency, he just wants a system that will be an alternative to the physical cash in other to make things easier for those that are finding it hard to make use of the popular fiat easily.