Topic: Can it be possible for the whole wide world use a single currency? - page 6. (Read 1283 times)

There is nothing in this world which is not possible to achieve and that this thing can happen but for that, a lot of efforts are needed to be made and that the governments of all the countries should be willing on doing so. At this very moment, almost all the countries are having their own currency and that it will be a tough job to make them convince to leave that currency and use one standard currency.

No, bitcoin can not become the only currency that be using by the whole world. I know that bitcoin is so popular for almost all country but it cant replace fiat or anything. Bitcoin is limited it cant contributed in all people in the world.

 

Right on. Bitcoin as a world currency, considering the way it works now, is a pipe dream. One that would be neither feasible, nor useful, at least imo. A single currency implies association with a governing body. And only a global regulatory organization would allow this to happen and it probably wouldn't happen anyway since they wouldn't have much power over it, Bitcoin evolving in the same way it has so far. What we need to do in order to regain our freedom is create a multitude of currencies with various value conferring attributes (tied to a real-life usecase preferably) that would practically act as a safe net against censorship. This is a decent amount of years away, though.

I think no, because no one country want currency created by other country. Bitcoin maybe can be as our world currency, but maybe it's not possible, because the price is not stable.

I believe bitcoin is the first choice to be the first global currency if this will be the future but it is only possible if bitcoin will submit to the government since it is created to be not under the power of the government system.

really don't think that bitcoin can become main global currency, replacement for other currencies.
You see, if you pay for some service with fiat money, and somebody deceive you, you can complain to the authorities and you will receive your refund eventually.
With bitcoin, you can't find out real owner of btc wallet and can't complain to the authorities and request refund.
Because of it,

No decentralized crypto currency can be used as the main currency of a particular state or group of states, let alone the whole world because of its high volatility. Only a stable in the price of crypto currency can be used in this capacity. Therefore, bitcoin for the role of global crypto currency is clearly not suitable.

Yes it is possible via crypto this will be one of the reasons why it succeeds.  I believe in this project that pre-Ico this month because they are aiming to bring in the masses with the first ever arbitrage exchange that will allow more profits for the people. What do you think of the project?  https://bitcointalksearch.org/topic/ann-meet-the-people-making-crypto-mainstream-3085831

I also don't think this is the achievable. That idea is to ideal. To live in a monopolistic world is so impossible.  There will be  some other people that will always think to build a competition.  Besides life it self is a competition so I don't think living in the world that has only a single currency is impossible

Currencies come in two basic forms: commodity money and fiat money.

Commodity money is as valuable as the material it's made of. A pound of iron is worth whatever it costs to buy one pound of iron. Pearls, precious stones, gold, salt... It's basically a somewhat valuable material in a form that makes it easy to trade. It's basically bartering, but the payment is in something easier to work with than the goods and services themselves.

The problem with this is that is that people will have different ideas of the value of something. Iron might be a great commodity for payment in one place, but so rare, or so common elsewhere that it just doesn't work. Sometimes, the value isn't so much in its utility as in its desirability, as with gold. Some peoples treated gold as less valuable than e.g. flint or slate, which had more utility to them. Today, most money isn't commodity money.

TL;DR: Commodity money is money made of something valuable, or valuable things used as money.

Fiat money is money that has value because someone, a bank or government, said it has. Sometimes, it's used to represent a specific amount (a gold or silver standard) or a specific percentage of a total. These are both susceptible to changes in the price of that commodity internationally, and to gains or losses of the bank or government's total amount of that commodity.

Then there's the additional printing of money, which cuts into the value of all money of that currency. If the idea is to keep the money representative of the gold/silver/whatever standard, you have to print more money when the price goes up or when you get more of whatever your currency is based on; and destroy money when the price goes down or when you lose some of that stuff. But you can also print more money to pay the bills, without actually having actual backing for that extra money. Because the economy today is based on business and trade far more than actual commodities, it's hard to figure out how much money you can print and keep the value of the currency right.

TL;DR: Fiat money is money that isn't valuable in itself, but everyone treats it that way because it represents something valuable.

The problem is that banks and governments want to have control of their money themselves rather than rely on some other government to handle it. There are places in the world where the government is so unstable that they prefer to use other nations' currencies instead, and there are places where many states or nations have joined together into an economic union and share a single currency. So we might soon have a single currency.

The reason we have so many is that the economic theory behind currency has developed over thousands of years, but humans have been so spread out over the planet that everyone kind of developed their own version. We never needed just a single one. As convenient as it would be today, nations would argue about who'd be in charge of it, what the printing policies would be, what it would be backed by, and things like that. A single currency would put the whole world under the control of whomever controls that currency, which is a bad thing.

it certainly will never be because I think if using only one digital currency that is used for all countries seems very improbable, bitcoin also will not be able to not even be able to become the main digital currency because the total supply of bitcoin is very limited and the cost of sending bitcoin very expensive not only that I believe bitcoin can not be the solution.

bitcoin can be used globally all the people of the world can invest their money into bitcoin. But there should be a regulation of bitcoin made by the government associated with investments in bitcoin. Either the government taxes the bitcoin.

It is possible and achievable in the likes of cryptocurrency,as we can see that bitcoin is getting global acceptance and if well regulated it can be used

You are not wrong with your predictions, but any cryptocurrency backed by fiat is not backed by anything, governments may try to make it seem as if the cryptocurrency they have created is better than decentralized currencies and I'm very sure that a significant portion of the population is going to be deceived, but the cryptocurrency they create will have the same weakness as fiat and that is that they will be able to print as much of their own crypto as they want, eventually this will create inflation and will reduce the value of their tokens.

If you mean using one currency, sorry that won’t be possible. But we can all use one payment method just like we are doing with Bitcoin and PayPal. You can use Bitcoin to send money to people no matter what country they are in the world unless their government stops them from making use of Bitcoin.

Apart from that, you can also make use of PayPal, but not all countries are making use of Bitcoin, just some countries. But I prefer making use of Bitcoin than PayPal, not because of fastness or whatever, cause if you talk about fastness I believe that PayPal is faster than Bitcoin… but Bitcoin has a less transaction fees.

No its impossible for the whole world wide use single currency. There has big fact, first, tell me what single currency will be the worldwide currency? Every currency has its uniqueness. If I take the Bitcoin will be worldwide currency, at that time also impossible. We know some of the countries don’t believe, bitcoin they just ban the coin. The other fact is that it’s so volatile, volatilely will not accept for the economy. If the bitcoin will be worldwide currency than the world economy will crash any time. So need stability. Still, the majority of the person doesn’t know about this currency so how will t possible to be worldwide currency.
We still can’t remove the bad thinking about crypto, If we able to get the trust or positive sign about the bitcoin in the worldwide, hope then it will possible to make. So thing a single currency will be worldwide currency is just imagination.

If I think it's not possible if all countries in this world use the same currency because each country has its own currency and the currency is an identity itself and again there must be a country in the world that does not get along and now there is still war between countries, so maybe they use the same currency.

Cryptocurrencies are most appropriate for global currencies because they are not tied to a particular country and not rely on anyone because everyone can contribute. But now there are many countries still refuse to use cryptocurrency as a valid exchange tool, it cannot be separated from its volatility is also a scourge at the same time that brought investors. But someday when the transaction of Bitcoin is as fast as lightning and the stability level is very safe then the country that uses volatility as a prohibition may be softened.

Not, not officially, perhaps it will be more like USD that we use massively to transact even though there is a country that prohibits the use of foreign currency as a medium of exchange. I think it can be very possible if supported by Lightning Network and good price stability. But to reach that stage, we are still very far away.