Topic: Can it be possible for the whole wide world use a single currency? - page 5. (Read 1239 times)

The governments might not agree on a single currency if it is decentralized one because they effectjvely control it and it may harm them financially and economically because of its uncontrollable volatility. These governments might instead create a unified world currency that can be adopted by all parties and this one might be centralized like ripple...

The world currently works on having lots of seperate 'floating' currencies. Because they 'float', their value changes relative to each other; for example one US Dollar buys 1.03 Canadian dollars buys 0.62 British Pound buys 0.73.

Now each country or each currency has a central bank, who can do certain things to make their currency worth more or less, depending on the needs of the day. For example, it might be really good for China to keep the value of the Yuan quite low so that Americans can buy Chinese exports for cheap and Chinese companies can make a lot of money. Countries that have to import a lot might prefer a higher valued currency and so on.

The problem is that each country has different things happening in it's economy. The Germans are very focused on exporting things like cars, which is fine, because they get money for their cars. But Greece isn't exporting much stuff at all, and in the mean time, each Euro isn't worth as much and the cost of things in the country tends to rise as a result. This is fine if you're getting more money because you work in Germany making cars and you're selling more and this year you got a bonus, but it's not so good if you're in Greece.

This is an economy that's doing two or more different things in different places and you end up with a weird situation where people in one area arent earning very much, but still have to pay the same prices as the people in the rich area.

This is a pretty simplified way of explaining it but tl;dr: Poor People would have to pay rich people prices for shit.

Its hard to make bitcoin as single currency in the world because every government have their own rules and regulation. Beside that, every country have different economic growth. Every government have their own interest on their financial system and its hard using a single currency

maybe if there is a big chaos that is happening in all countries and human reduces in all countries, we can unite and we can have one currency that will be used in every where. now, we still have different things for every country and every country want to be the number one and they want all of their product to be used in all countries so I think it will not possible to happen for now. still hard to see this is happening in the short time and we don't know what will happen in the future.

Yes I think for as of now bitcoin has already place in some countries that didn't declare bitcoin as illegal.

I think every country already has its own currency. But for now bitcoin remains the only digital currency used globally, if for a single currency I think it is not yet time.

        I don't believe that it will be possible for the whole world use a single currency . First of all there is a limitation for Bitcoin there are only 21 million of Bitcoin and there will not be more Bitcoins available after it exceeded 21 million so I think there will not be any possibilities for the whole world use a single digital currency. Even though the whole world are willing it cannot be accepted because the government of different countries have their own decisions and destinations may differ.

Well, If nations united, possibly a single currency will be implemented, and I'm pretty sure every think works convenient and efficient especially in terms of ID system, trading, economic issues, travelling, all things goes well. But i think as of now, its hard to happen due to some Ego's and economical status of each nation,

Right. Having the same currency is the very most impossible to happen because every country has its own economic realities. This will matter beacuse if we are having the same currency will imply problems related to global government

I think not, because every country has its own rules about their currency, each country has a currency that has different values. what happens if in this world, every country has a single currency? I think it's impossible to happen!

Using a single currency globally absolutely won't work at all. I'm not on the negative side but as we can see that we have in different local currency in used and changing it for a new one it will be hard. We only just consider crypto currency especially bitcoin will be our other option but not to set it as a single currency to be used globally.

How do you imagine that? States will all switch to international settlements in bitcoin, instead of their currencies? It's just, what's the point of them doing this? Use bitcoin, which changes its value every half hour? In my opinion, this will not happen. Of course, states can try it. I read that in December of last year Russia supplied Turkey with a barge some goods and calculations were in bitcoin. That is, agreed in advance on the payment of a certain amount in bitcoin. At the time of delivery of goods, its price has increased by about half. That is, one of the parties here has lost twice as much from the value of the contract. Then the price of bitcoin in two months fell from $ 20,000 to $ 6,500. Now the damage has been incurred by the opposite side. Do you think that the states can play such games for a long time?

I think it is a good system but so recent it is not possible because a large person of peoples don't  know how to handle Internet.

I think that is really possible to hapoen. I'd take that from the angle that the digital world keeps on expanding and hence such things are bound to happen. When digital world expands, we need digital currencies to keep (digital currencies we are building now are the cryptocurrencies) up with the expanding digital world. And that is where a possible Global currency, Bitcoin comes in

Look at Bitcoins beginning. It was the one and only. But then others thought that they could benefit if they created their own coin. So in a similar sense, different countries will feel that they do not benefit having said currency and will look for ways to make things better for their people. Though I did not follow Betrix, wasn't it something similar?

No for each country they must have their own crypto currency and besides bitcoin is a bubble you didn't know when bitcoin would last and it has a limited supply and it cannot support all the country to have single crypto currency.

You have a point mate, but most of the reason why several countries not yet convinced to used bitcoin as their 2nd currency because they're Afraid and not totally believe the potential of bitcoin that seems make their country Improve the economy.

This is correct , leaving their currency is just like they are surrendering themselves not to be called a country , I suggest that instead of leaving their own currency why not accept a second currency that can be accepted by the whole world ?

Anything can happen in this world and right now bitcoin is already used globally they can send and pay bills easily but i think that some countries don't want to use a single currency because they have their own currency and when we use only one currency maybe economy will collapse.

It can because every possibility has a certain chance or percentage to actually happen. However, I also don't see how countries would be that willing to just dump their local currency to adapt cryptocurrency. I mean, for them and for other entities transacting with them, the currency that has more experience and stability under its belt would most likely be the reigning one, and unfortunately, cryptocurrency is not just in that state yet. It's volatility and quick changes strikes fear to many that they can't embrace the concept because they fear that they would lose their money if they do, and I can't blame them.