Would it be realistic for the world to run on cryptocurrencies?

[asus09]

The situation in the cryptocurrency market can change dramatically only after the policies of sec and the governments of the leading states in relation to cryptocurrency change.  I believe that every official, as well as the Securities Commission and other regulatory authorities, understand the inevitability of legalizing cryptocurrencies in the world, but they drag out this process in every possible way.  But most importantly, the Process has already been launched and they will not go anywhere from reality.

Have been realistic with world running cryptocurrencies as their payment because with digital era bitcoin become most profitable as payment transaction and keep profit if adopt bitcoin as legal currency, almost all transaction use by digital and now we need digital currency can increase profit with higher price like bitcoin to get double profit if accepted bitcoin as legal currency payment.

[karanggatak]

I don't think the world will run crypoturrency and leave fiat money behind. Even though there are already several companies and countries that have adopted the blockchain, it doesn't mean that they will also adopt cryptocurrency. because we know cryptocurrency has high fluctuations that are not suitable for use in payment instruments. and also most of the government does not allow crypto as a means of payment they only allow crypto as an investment tool. and some cryptocurrency users still prefer to use fiat money for payment tools because it is more practical. they use crypto only for trade and investment.

[TRONTON]

I don't think the world will run crypoturrency and leave fiat money behind. Even though there are already several companies and countries that have adopted the blockchain, it doesn't mean that they will also adopt cryptocurrency. because we know cryptocurrency has high fluctuations that are not suitable for use in payment instruments. and also most of the government does not allow crypto as a means of payment they only allow crypto as an investment tool. and some cryptocurrency users still prefer to use fiat money for payment tools because it is more practical. they use crypto only for trade and investment.

Some EU countries have pushed for obligations for cashless payments, and encouraged citizens not to use physical fiat. We can monitor the extent to which effectiveness will work, can be monitored if around 5% of users are seen using it for fiat-crypto activities and the percentage continues to increase, the government can detail the possibilities for payment instruments via crypto as projected in Ukraine.

adoption can also be measured by how much influence it has on mass use, and the methodology can be carried out through the transition from the use of fiat on the initial subject.

[hatshepsut93]

Some EU countries have pushed for obligations for cashless payments, and encouraged citizens not to use physical fiat. We can monitor the extent to which effectiveness will work, can be monitored if around 5% of users are seen using it for fiat-crypto activities and the percentage continues to increase, the government can detail the possibilities for payment instruments via crypto as projected in Ukraine.

adoption can also be measured by how much influence it has on mass use, and the methodology can be carried out through the transition from the use of fiat on the initial subject.

If countries are waging war on cash, it's a bad sign for crypto adoption there, because crypto and cash have very similar properties like privacy and decentralization, and they are the reason why governments are against cash. So, it's likely that they will restrict use of crypto in the same way they restrict cash, they just don't do it now because crypto is so small at the moment.

[Meowth05]

I am just wondering would it be possible in the future for the world to run solely on cryptocurrency? Considering that right now there are many people from different walks of life who are using cryptocurrencies in their day to day life. I think right now one of the main limiting factors for world-wide cryptocurrency usage is the world’s governments who make restrictions on cryptocurrency usage. Moreover, I also think another factor in limiting cryptocurrency usage is a lot of people’s lack of understanding of cryptocurrencies as it is a rather new technology to most people.

I think that we can solve most of these problems by educating people about cryptocurrencies and debunking what the mainstream media have done to slander cryptocurrencies.
I honestly think that if these issues a solved then we will probably have more people to use cryptocurrencies worldwide.

What would do you guys think, I’m just speaking (posting) my thoughts over here. Feel free to correct me if I am wrong. I’ just rather optimistic about the future of cryptocurrency usage in the future.

There's no doubt that sooner or later we will have a technological form of currency but having I don't think it will be crypto. As I knew cryptocurrencies are decentralized which only mean this cannot be controlled by anyone especially by the government and I think that is something that they won't let happen. Just, for example, China had released its own digital currency and it is not crypto and as far as I know, other countries will release their own digital currency this coming year. Therefore, it is impossible for cryptocurrencies to be such currency that will be used across the world.

[Bonenx14]

Some EU countries have pushed for obligations for cashless payments, and encouraged citizens not to use physical fiat. We can monitor the extent to which effectiveness will work, can be monitored if around 5% of users are seen using it for fiat-crypto activities and the percentage continues to increase, the government can detail the possibilities for payment instruments via crypto as projected in Ukraine.

adoption can also be measured by how much influence it has on mass use, and the methodology can be carried out through the transition from the use of fiat on the initial subject.

If countries are waging war on cash, it's a bad sign for crypto adoption there, because crypto and cash have very similar properties like privacy and decentralization, and they are the reason why governments are against cash. So, it's likely that they will restrict use of crypto in the same way they restrict cash, they just don't do it now because crypto is so small at the moment.

maybe at this time the knowledge of crypto not many people know, because so far crypto users are only a small part in this world. so we have to wait for the adoption of crypto for mass use, even if the regulation can be comprehensive throughout the country. so I think the initial spear is the regulation of crypto use in a country that can attract its citizens to find out more about crypto

[makolz26]

Some EU countries have pushed for obligations for cashless payments, and encouraged citizens not to use physical fiat. We can monitor the extent to which effectiveness will work, can be monitored if around 5% of users are seen using it for fiat-crypto activities and the percentage continues to increase, the government can detail the possibilities for payment instruments via crypto as projected in Ukraine.

adoption can also be measured by how much influence it has on mass use, and the methodology can be carried out through the transition from the use of fiat on the initial subject.

If countries are waging war on cash, it's a bad sign for crypto adoption there, because crypto and cash have very similar properties like privacy and decentralization, and they are the reason why governments are against cash. So, it's likely that they will restrict use of crypto in the same way they restrict cash, they just don't do it now because crypto is so small at the moment.

maybe at this time the knowledge of crypto not many people know, because so far crypto users are only a small part in this world. so we have to wait for the adoption of crypto for mass use, even if the regulation can be comprehensive throughout the country. so I think the initial spear is the regulation of crypto use in a country that can attract its citizens to find out more about crypto

Yeah and it will take few decades before it will finally adopt by most countries in the world, and let us also be reminded that there are poor people in a certain country who doesn't have any idea with the technology at all, as they are only working for a living and no time to explore, some doesn't have any electricity so it will be hard for them if there is crypto.

[Eclipse26]

With right now's status, it would a little difficult to sudden achieve this one since we're still way too far to achieve mass adoption. The population of crypto users are increasing yet it's still not enough.
A lot of governments are against cryptocurrencies so it's really hard to say that it's possible for the world to run on cryptocurrency. Just like what you've said there are factors that's stopping it to happen and we still need to work on those factor to finally achieve what we want.

[coolcoinz]

With right now's status, it would a little difficult to sudden achieve this one since we're still way too far to achieve mass adoption. The population of crypto users are increasing yet it's still not enough.

This was not the question. World running on crypto would mean everybody using it. The question is if it would be possible. If people would be able to do it, if it would be convenient and if the currencies itself would survive hundreds millions of users transacting at the same time.

A lot of governments are against cryptocurrencies so it's really hard to say that it's possible for the world to run on cryptocurrency. Just like what you've said there are factors that's stopping it to happen and we still need to work on those factor to finally achieve what we want.

But what if they were not against it? What if they all made you use it within a year. Would you be comfortable with it? No more fiat, no more credit cards, all payments in crypto?

[HarmonyA]

I am just wondering would it be possible in the future for the world to run solely on cryptocurrency? Considering that right now there are many people from different walks of life who are using cryptocurrencies in their day to day life. I think right now one of the main limiting factors for world-wide cryptocurrency usage is the world’s governments who make restrictions on cryptocurrency usage. Moreover, I also think another factor in limiting cryptocurrency usage is a lot of people’s lack of understanding of cryptocurrencies as it is a rather new technology to most people.

I think that we can solve most of these problems by educating people about cryptocurrencies and debunking what the mainstream media have done to slander cryptocurrencies.
I honestly think that if these issues a solved then we will probably have more people to use cryptocurrencies worldwide.

What would do you guys think, I’m just speaking (posting) my thoughts over here. Feel free to correct me if I am wrong. I’ just rather optimistic about the future of cryptocurrency usage in the future.

Your thoughts are wide, though requires deep imagination to ascertain.
The possibility for the world to be solely run on cryptocurrency seems unrealistic and realistic too.
Talking about the unrealistic aspect is with respect to government regulations. Some countries even bar their citizens within their territory from using cryptocurrency, and we can't impose acceptance on them due to their sovereignty.
Then talking about the realistic aspect is by putting into account the current state of cryptocurrency globally. From the conception of the idea to the implementation. At first, it looks unlikely to gain public acceptance,  but look at it today.

[fiulpro]

Partially - Yes
Wholly - No
Actually the thing is, the world cannot actually run on cryptocurrencies all together until and unless you are able to provide free internet and mobile phones to each and everyone  with good education that would be a compulsion.
I don't think before the poverty goes it would be any good .
It could happen but we just cannot leave anyone out when we talk about the world.

[Pearls Before Swine]

This question has been asked many times before in many different forms, and it all comes down to a basic question of adoption.  In the past 10 years since bitcoin has been around, adoption has increased of course, but it's nowhere near the level needed for the entire world to run on it.

Take a look at countries where there's hyperinflation situations going on right now, like venezuela.  There *is* increased adoption of crypto, including altcoins like dash, but the people there have turned mostly to other currencies that work better than their own does, like the U.S. dollar for example.  I bet venezuelans know about bitcoin and other cryptos, but they're not choosing to use them for the most part.

Anyway there would have to be a worldwide economic collapse in order for crypto to take over the financial system.  And honestly, I would *not* want to see a situation like that.

[ajeef]

This question has been asked many times before in many different forms, and it all comes down to a basic question of adoption.  In the past 10 years since bitcoin has been around, adoption has increased of course, but it's nowhere near the level needed for the entire world to run on it.

Take a look at countries where there's hyperinflation situations going on right now, like venezuela.  There *is* increased adoption of crypto, including altcoins like dash, but the people there have turned mostly to other currencies that work better than their own does, like the U.S. dollar for example.  I bet venezuelans know about bitcoin and other cryptos, but they're not choosing to use them for the most part.

Anyway there would have to be a worldwide economic collapse in order for crypto to take over the financial system.  And honestly, I would *not* want to see a situation like that.

Yeah the worst situation could be happen in the future because many people are hating bitcoin and cryptocurrency. Many countries right now are developing  blockchain adaption to beat bitcoin and cryptocurrency, if that's happen and they created something that better than cryptocurrency i'm sure people will leave it and move to their new blockchain

[Bim abk]

Partially - Yes
Wholly - No
Actually the thing is, the world cannot actually run on cryptocurrencies all together until and unless you are able to provide free internet and mobile phones to each and everyone  with good education that would be a compulsion.
I don't think before the poverty goes it would be any good .
It could happen but we just cannot leave anyone out when we talk about the world.

even though Bitcoin is already quite a lot of users but if it deals with a country it will be difficult to get access because there are always pros and cons. so I do not expect full about adoption in all countries because I think it will be difficult but if it is adopted by some big countries then there is a possibility

[BlackFor3st]

I am just wondering would it be possible in the future for the world to run solely on cryptocurrency? Considering that right now there are many people from different walks of life who are using cryptocurrencies in their day to day life. I think right now one of the main limiting factors for world-wide cryptocurrency usage is the world’s governments who make restrictions on cryptocurrency usage. Moreover, I also think another factor in limiting cryptocurrency usage is a lot of people’s lack of understanding of cryptocurrencies as it is a rather new technology to most people.

I think that we can solve most of these problems by educating people about cryptocurrencies and debunking what the mainstream media have done to slander cryptocurrencies.
I honestly think that if these issues a solved then we will probably have more people to use cryptocurrencies worldwide.

What would do you guys think, I’m just speaking (posting) my thoughts over here. Feel free to correct me if I am wrong. I’ just rather optimistic about the future of cryptocurrency usage in the future.

You are right but right now, it is not easy to unite most of the governments to adapt and educate people about crypto currencies. This kind of scenario will happen slowly, it will start from one government to fully adapt and start to educate people about crypto currencies then they will start to clear the hurdles on how the uneducated persons together with the very poor people can start to use it in their daily lives.

And once the other government will start to follow the footsteps of the first government to fully adapt crypto currencies then it is the start that crypto currencies future will come into realistic.

[crossabdd]

the government also doesn't want to be left behind from the blockchain technology. if what you mean is decentralized crypto currency, I think it will only be a commodity. because the government will not relinquish control without responsibility. the duty of the government is to protect its people. included in the financial system. crypto is freedom, so it's the opposite. but in order to keep up with technological growth, the government makes options that I think are good. they move their money. and insert in the blockchain system. so the government has a currency based on the blockchain and can be controlled (centralized) and of course this will be accepted in all
world country.

[cotton ball]

Some EU countries have pushed for obligations for cashless payments, and encouraged citizens not to use physical fiat. We can monitor the extent to which effectiveness will work, can be monitored if around 5% of users are seen using it for fiat-crypto activities and the percentage continues to increase, the government can detail the possibilities for payment instruments via crypto as projected in Ukraine.

adoption can also be measured by how much influence it has on mass use, and the methodology can be carried out through the transition from the use of fiat on the initial subject.

If countries are waging war on cash, it's a bad sign for crypto adoption there, because crypto and cash have very similar properties like privacy and decentralization, and they are the reason why governments are against cash. So, it's likely that they will restrict use of crypto in the same way they restrict cash, they just don't do it now because crypto is so small at the moment.

maybe at this time the knowledge of crypto not many people know, because so far crypto users are only a small part in this world. so we have to wait for the adoption of crypto for mass use, even if the regulation can be comprehensive throughout the country. so I think the initial spear is the regulation of crypto use in a country that can attract its citizens to find out more about crypto

Population in country know with bitcoin only 1% because now have big announcement with bitcoin and still not advertise or promote bitcoin in television where become effective way how to know bitcoin to public, with online advertising I think is not enough because many people still not use internet as their needed and take many chance if bitcoin become legal currency.

[Polar91]

Anyway there would have to be a worldwide economic collapse in order for crypto to take over the financial system.  And honestly, I would *not* want to see a situation like that.

I just thought of an idea about the what you stated regarding worldwide collapse, could it be possible that the reason for this is bitcoin itself? Then the main correction in the market will happen with bitcoin itself, because as of the moment, many government do not want the adoption of bitcoin, and people are also stating that they don't want to be held by the banks so they want to have and be their own banks. In that sense, if people will not utilize the fiats that they have, it can induce a huge collapse of their financial stability and the reason is because of bitcoin. Though, I highly believe that bitcoin will also be the reason for them to get back their financial stability as well.

[gabmen]

Anyway there would have to be a worldwide economic collapse in order for crypto to take over the financial system.  And honestly, I would *not* want to see a situation like that.

I just thought of an idea about the what you stated regarding worldwide collapse, could it be possible that the reason for this is bitcoin itself? Then the main correction in the market will happen with bitcoin itself, because as of the moment, many government do not want the adoption of bitcoin, and people are also stating that they don't want to be held by the banks so they want to have and be their own banks. In that sense, if people will not utilize the fiats that they have, it can induce a huge collapse of their financial stability and the reason is because of bitcoin. Though, I highly believe that bitcoin will also be the reason for them to get back their financial stability as well.

And another thing, how sure are we that in case of a collapse like that, crypto would be the only option? It's possible that another type of currency of form of transaction would take place instead of crypto. There are a lot of possibilities if that happens, and crypto is just another option. I personally think that a collapse like that, that would put everything to run on crypto, is unlikely to happen.

[minersday]

Sure, the world can choose to run on only cryptocurrencies but the question is which one is going to be the globally accepted one? My bet is on Tron or Ethereum and not bitcoin as it is very slow. If the entire world should jump into using bitcoin to make transactions the bitcoin meme pool will be clogged and this would cause an increase in transaction fee.
Governments can make rules and laws but when the people want it they would think twice, we surely need to educate people about cryptocurrencies as you say in order to make them see its good uses.