Topic: The benefit of using one currency all over the world. (Read 186 times)

I guess he's talking about this as this is the cryptocurrency that's more likely that can be used as one world currency. Most countries won't agree to use another country's fiat money but we can see those that are dealing with hyperinflation, they're using more of US dollars but for how long they're going to do that? But for the rest that don't experience that, they won't be submitting themselves to the usage of USD but they're okay with that for importing products as that's much needed to do so.

One world currency all over the world? It seems disturbing and scary when that happens, because I, as an individual, believe in what is written in the Bible: that when there is one world currency, the end of the world is near.

The kind that will have a tribulation day of 3 1/2 years of prosperity and 3 1/2 years of poverty after that judgment day. It's a little scary because this time money is useless after this happens. Since we are talking about one world currency, this is why I said these things.

I guess that won't really change anything. Like gold is already a valuable metal in almost everywhere, still that doesn't mean if we make gold as the only currency throughout the world, it will end poverty and bring equality since rich countries will have more of it. As well as even when we have different currencies in different parts of the world, we can exchange them so each has a relative value so kind of they are same with only changes in their names I guess

Indeed, introduction of a single global currency can really work lots of wonders in reformation of the currently existing global financial system as well as addressing a lot more economic problems that storms the international markets. This involves the removal of the need for foreign exchange. This would be the first step towards the reduction of transaction costs and also to simplify international trades and finance.

Although, while the gold standard you aforementioned may have had its own issues and limitations, it sure did play a very vital role in stabilizing the global trading system and also made it a lot more reliable for people to use.
Even when the gold standard was drastically abandoned due to a variety of problems such as restrictions on monetary policy and the complexity of maintaining the link between the gold and the traditional fiat system, we still can't discredit the fact that the gold standard had been tremendously helpful in the trading system.

You're also right about National sovereignty and competition being one of the major obstacles and problems that is strongly fighting against the adoption of a global currency. A country's currency is mostly seen as their symbol of their identity and sovereignty and giving that up and adopting a global currency would mean for them, giving up their sovereignty and control over their monetary policy to a global entity, which is almost impossible for Manny countries to come to terms with.

And again, it's possible that one country's financial interest may completely differ from others, which makes it almost impossible to merge the both countries into accepting to make use of one currency.
Let's just take the US dollar for instance, we know that the US dollar has been enjoying the privilege of being the world's reserve currency, so it'll be typically impossible for them to agree to give that up for anything. Because that'll be giving up their major advantage over every other country's economy and financial systems.

You couldn't be more correct about this. Bitcoin's decentralized nature and it's global accessibility makes it a considerable option and a possible substitute for the traditional fiat system, because Bitcoin has contributed in solving most  global economic problems so we can confidently say that Bitcoin has the potential to become a global currency.

Concerning poverty, you're right too, since the main poverty cannot be entirely blamed on the traditional fiat system, it'll be completely wrong to say that Bitcoin or a global currency would completely eradicate poverty. But Blockchain technology possesses the power to completely transform the the current financial system in a way that it could address the main issues that contributes to powerty such as the exclusion from making certain financial decisions that concerns you as an individual and also individual's inability to access certain banking services, amongst several other problems.

Using one currency for the whole world is currently irrelevant because it will only disrupt the economy. Just imagine if there is a country with high economic performance, but there is another country whose performance is bad, meaning there is economic inequality here and how is it possible for countries with bad economies to regulate their own economic policies when they are linked to the same currency? We have only discussed 1 country, in fact there are currently many countries with poor economic performance, and this will only make problems worse throughout the world.

Unless everyone is in one government system, the dream of having one currency for the whole world will never be realized.

There pretty much is one currency and its the US dollar. No matter what country you go, you can spend US dollars and they will be accepted. I never understood the fact why each country needs its own currency, it makes its very difficult if you are travelling. Needing to exchange money back and forth. And having to pay huge fees on top of that.

Also depending on the country, there is the risk of having your currency devalued due to some governments. Would be better for everybody just to use one currency. There would be no hyper inflation. Would make trade much easier between countries. So I agree that there would be huge benefits if there was just one currency.

I certainly agree that there should only be one currency in the world. This would address a lot of problems, unnecessary problems. Foreign exchange itself causes a lot of problems. During the gold standard, one could easily do business across nations without worrying about the fluctuations in exchange rates. Valuation of goods and services has a single standard. There's ease and convenience in doing business.

However, in a selfish world where one country competes with another, tries to dominate or subjugate the other, struggles to be more powerful than other, greatly benefits from the weaknesses of the other, it's hard to be implemented. And then there's the sovereignty of every country. One country whose local fiat is a big failure would rather create another one than embrace a different country's fiat.

Bitcoin somehow addresses this problem. If Bitcoin would one day become the native currency of the internet, which is more or less the global community itself, then there's at least that single denominator shared by everybody across the world. However, let's forget about it being a solution to poverty. It isn't.

If it was gradually eased into place and the proper nurturing took place, a global currency would actually save a whole bunch of waste from happening each year - but the manufacturing costs are rather small in comparison to the sovereignty over currency that many countries prefer. You might in fact compare it to the gold standard, which turned out to be a failure in the end because supply was too limited in comparison to demand. Finally you might run into the final predicament, which you could see in places like the Eurozone which merged together into one currency. For a while afterwards Germany got very rich from other countries weighing the currency down and Greece was able to borrow like crazy on credit backed by Germany, but this created a dangerous cocktail that would have to be addressed.

It is true that having only one accepted currency for everyone in the world has its perks we have to look at it realistically.

First of all which countries would be willing to give up their own currency? The poorer countries will of course benefit even though they would still need to do lots of work. If the world sets up a union with all the countries, who would be its leaders and founders?

Nations all around the world value their own identity which is represented by their currency. You might think it is just for economic reasons but a lot of countries would not be so willing to give up their currency for a lot of other reasons.

It might just be impossible in my opinion or at least for now.

Currency is not the problem of the world and if the whole country in the world starts making use of the same currency it won't change anything because inflation, poverty will still exist. In countries where pounds and dollars are currency you can still see some people that are poor and homeless. The high currency you see day people worked for it to be better and the countries with high currency the reason why the currency is valuable compare to other currency is because of good leadership and good financial management.

Countries that are struggling with hardship and high inflation rate even if they adopt dollar or pound as currency if they lack good leadership on how to improve economy and inability to manage resources the dollar or pound as currency won't have any effect.

Therefore, it is not about currency that will change the condition of people or bring good benefits. The only thing that can bring good financial benefit is good leadership.  A leadership that can improve the economy of country,  a leadership that can manage the resources that a country has irrespective of the currency.  Currency is not the reason why some countries have better economy,  the reason for good economy and good benefits is good leadership.  Having men that are ready to work to make the currency valuable.

No currency on it just develop good value, people worked for it by doing the right things that is why we have good currency you see today. Countries that are having financial problems,  difficult economy, if they adopt bitcoin as currency and they lack the knowledge of how to make economy better their won't be any improvement having bitcoin as currency.

One major concern is the loss of monetary policy autonomy, limiting a country's ability to respond to its own economic needs, such as controlling inflation or boosting exports. Adopting a single currency could amplify global economic shocks and potentially enforce economic policies that benefit dominant economies at the expense of less developed ones.

One currency can not eliminate poverty or bring global economic equality among all the nations of the world, inasmuch as every nation still maintains their sovereignty and are in charge of their economy. As Zlattan, noted, even though different European countries uses a common currency being the euro, it doesn't make all the economies to be the same, countries like Greece, can not be compered economically to a country like Germany, that uses the same euro. The difference between a progressive, dormant or backward economies is their level of self reliance, economical advancements and the leadership of their countries.

Bitcoin is one digital currency I know that can do the job best prescribed by OP. However these concepts cannot happen. the reason is that, there is conflict of interest within Nations,  there is religion intolerance within Nations and there are Nations that still want to dominate other nations.
So the concept of wanting to use one currency for everybody will have serious setback, and the currency formulation will it be controlled by world Bank or IMF, because if it is so a lot of people will see it as a political power play, because for some countries IMF and the world Bank are their enemy.

As for Zimbabwe and the hyper inflation they are facing, it's basically due to corruption and lack of productivity on the side of the government,  even when Mugabe was alive as their president, the corruption level they faced was on a higher scale.

Are you talking about Bitcoin as the one currency all over the world? I think it can be as long as it's accepted by everyone and going to be the best asset in the world. It has definitely the capability towards the one true currency for all.

It has that capability to prevent inflation because of the limit in production.

You can't mix capitalists and communists, lazy people who live in communist country will get benefit because they don't have to try harder to earn decent. While hardworking people who live in capitalist country will be uncomfortable because they spend their effort and time, but didn't get a same reward like they spent.

And they're allow every countries in the world, Tether currently restrict 10 countries https://tether.to/ru/in-what-countries-and-states-does-tether-have-limited-functionality/

That is just it. A country that is not rich now will remain poor even if we have one world currency. Also people that are suffering now will still continue to suffer. If there is no fiat anymore, each less rich and poor country reserves will be significantly affected and this can cause more suffering. People just do not know that inflation has its own advantage and fiat has its own advantage. If it seems as scam as I also see fiat as scam, you will know that there are assets that you can invest your money if you do not have business you want to use it for.

There is no guarantee that implementing one currency in all countries is a solution to eliminating suffering in the world because each country has different economic problems. For example, country A has very high inflation, while country B has very low inflation, there are also countries that are still developing and there are also countries whose economies are very advanced. As a result, different economic problems in each country require different economic solutions and policies, for example, two cars that have different damage, of course require different handling too.

Each currency has the same function and use as a means of carrying out transactions or as a legal medium of exchange in its respective country. What differentiates each currency is the Monetary Authority or the party that has the power to make economic policies as the authority when an economic problem arises, such as raising interest rates.

I think it will be difficult to realize the desire to become one world currency. There are many positive impacts if we have 1 world currency, buying and selling or export-import transactions will be much more practical. However, the negative impact if there is one world currency, on the other hand, each country certainly has different problems of poverty probability and financial stabilization. It will be very difficult for each country to determine their monetary policy to determine the direction of the economy in that country and it will be very difficult to unify one financial system. For example, if we really had 1 currency, this problem would still exist in all countries, whether it is poverty, which is often experienced by many countries.

I don't believe that it's going to eliminate world suffering. While it can be a start of unity of every country but differences will remain to each country and races that are living on this world. So, it has some benefits but also the disadvantages are still there and doesn't guarantee elimination of world suffering.

It doesn't guarantee with how you look at the situation but trade wise, every country will still rely on law of supply and demand. Currency one but the value differs because of the demand of good, etc.

While I agree that developing nations will benefit from having one-stable currency of all because of ease of trade and transactions. However, geographically there will be a lot of matters concerning the geopolitics and how economically well is a country.

Sounds good but I'm not optimistic at all. While beneficial but, it doesn't guarantee everything.

It's not only Zimbabwe that has gone through hyperinflation but Venezuela, Cuba and other South American countries. With what I know with these countries dealing with hyperinflation, it's certainly a good alternative when they use USD for the purchases of their needs and necessities.

One currency will work on these countries but it's not going to work for other countries that have stable economies and larger geopolitical territories. Because as we know, not every country is willing to submit to another country that they know they're stronger and more stable.

If the whole world decide to make use of one currency, which country will go to control the currency, because there must be a particular country that will be controlling the currency to allow the people in the world to use it effectively globally to eliminate inflation and poverty globally but it will be difficult for such unity to come to stay in the world. I don't think, the world need One currency before they can eliminate those things from the world, because there are some countries that are doing well today because they created a good relationship between the government and their industries to make such productivity are going well the way the government want it to continue fighting inflation and poverty in their countries. I know, there is a benefit for the world to be using one country but based on the disunity among the countries of the world they will not let it stand, because some countries that are doing well will be proud of their currency to be the one to be accepted to be the only currency for the world to be using which it will make the plan of the whole world to fail.