Towards a unified currency - page 2.

Argoo

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Quote from: Nickbryan10 on May 03, 2021, 11:03:17 AM

Have always wonder which currency would the world accept if only one currency was to be used. Maybe the dollar?, don't think so, The British won't tolerate that.
Cryptocurrency?. Maybe. Until the advent of cryptocurrency, I never thought that would be possible but it seems possible.
The world is not too far from a unified currency.

No, in order for a single currency to exist in the world, there should not be many states, all the more so with different political systems and other factors that separate them. A single currency is possible when all states are united into a single superstate, or when they are closely united with a generally recognized single government.
However, decentralized cryptocurrency is not suitable for this role for many reasons. It could be one of the future regional stablecoins of states or the stablecoins of a major state.

lionheart78

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Quote from: Nickbryan10 on May 03, 2021, 11:03:17 AM

The world is not too far from a unified currency.

It is still too far. Remember there are 7 continent and each continent have several countries with their own government and currency. Even with the internet and digital currency or cryptocurrency, there are still lots of variations that people use and believe in. If you are thinking that the cryptocurrency will be the one to unified all the currency, I think you are mistaken since it is decentralized, the government won't acknowledge it as their official currency. Unless there is only one government, the unified currency is next to impossible to exist.

Quote from: mindrust on May 03, 2021, 02:10:43 PM

Quote from: Nickbryan10 on May 03, 2021, 11:03:17 AM

Have always wonder which currency would the world accept if only one currency was to be used. Maybe the dollar?, don't think so, The British won't tolerate that.
Cryptocurrency?. Maybe. Until the advent of cryptocurrency, I never thought that would be possible but it seems possible.
The world is not too far from a unified currency.

It is already the Dollar and yes the British do tolerate it. Everybody price their assets in dollars. Everybody. It doesn't matter what you buy. Bitcoin, stocks, food, land, gold, beer... all of them have a dollar price tag. So the answer is pretty clear. Crypto won't be the thing because it is way too volatile. You don't want to pay a different rate every day for a can of beer.

The dollar isn't the unified currency, even the dollar itself have different kinds of Dollar being used by different countries.

mindrust

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Quote from: Nickbryan10 on May 03, 2021, 11:03:17 AM

Have always wonder which currency would the world accept if only one currency was to be used. Maybe the dollar?, don't think so, The British won't tolerate that.
Cryptocurrency?. Maybe. Until the advent of cryptocurrency, I never thought that would be possible but it seems possible.
The world is not too far from a unified currency.

It is already the Dollar and yes the British do tolerate it. Everybody price their assets in dollars. Everybody. It doesn't matter what you buy. Bitcoin, stocks, food, land, gold, beer... all of them have a dollar price tag. So the answer is pretty clear. Crypto won't be the thing because it is way too volatile. You don't want to pay a different rate every day for a can of beer.

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Quote from: Nickbryan10 on May 03, 2021, 11:03:17 AM

Have always wonder which currency would the world accept if only one currency was to be used. Maybe the dollar?, don't think so, The British won't tolerate that.
Cryptocurrency?. Maybe. Until the advent of cryptocurrency, I never thought that would be possible but it seems possible.
The world is not too far from a unified currency.

Nope. I doubt we will ever be able to use a "unified currency". It is not just possible. Different countries have different problems. Problems of their own. Think about how big of an issue it will be because of inflation. How much of a mess it will be to print money. It is just not going to happen.
Those that are saying bitcoin is a good option, how? Bitcoin has its own problem and flaws too. And no way any government would allow a decentralized currency to be the main currency of their country.

wxa7115

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Quote from: Nickbryan10 on May 03, 2021, 11:03:17 AM

Have always wonder which currency would the world accept if only one currency was to be used. Maybe the dollar?, don't think so, The British won't tolerate that.
Cryptocurrency?. Maybe. Until the advent of cryptocurrency, I never thought that would be possible but it seems possible.
The world is not too far from a unified currency.

Not going to happen, it is just a dream because as know governments get a great deal of power from their own fiat currencies, this is why the Euro was such a bad idea, to think that a single currency can be the national currency of several countries when each one of them has different needs was complete madness and they are paying the price of that mistake.

There has always been a currency that is the most dominant even way before globalization became a thing in the modern world, but there is never going to be only one world currency and if it happened then we will have a lot of things to worry about as most likely there will be only one government at that point.

rahmathidayat93

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Quote from: Nickbryan10 on May 03, 2021, 11:03:17 AM

Have always wonder which currency would the world accept if only one currency was to be used. Maybe the dollar?, don't think so, The British won't tolerate that.
Cryptocurrency?. Maybe. Until the advent of cryptocurrency, I never thought that would be possible but it seems possible.
The world is not too far from a unified currency.

If we talk about the world, it means that all countries must participate in it because the name of the world is not only one country, although it is also very natural that Britain does not tolerate this because they highly respect their own country's currency, and if all countries have agreed united currency, the UK will be compelled to follow suit.

20kevin20

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Could you imagine a world in which China, Russia and USA somehow get to agree to the exact same terms and rules of a currency? I can't. Each massive power will want to have their own terms in their own country's advantage. Could you imagine the Petrodollar becoming a Petro? I can't, for the same reason. Some things are not going to work simply by the nature of power and greed. We're close to some unified currency maybe in the EU, but certainly not a currency for the entire world.

laredo7mm

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Quote from: Yaunfitda on May 03, 2021, 11:51:27 AM

Well bitcoin was touted to be the next unified currency, but nah, I don't think that government around the world are going to used it for trade or financial purposes. I think the dollar still takes its, although I have read that Russia and China are trying to offset this balance.

So for now, I don't see any cryptocurrency that will be act as unified currency in the future. There are a lot of issues, like confirmation speed and others.

As long as we don't have a unified border we won't see a unified currency. But there is a possibility that BTC will be the assets as a reserved currency like we are using petrodollars. Though I also think it may not be BTC because of its limited supply but some other crypto assets will be accepted worldwide as a reserve currency. Govt won't allow something where they won't have the ultimate power over the economy.

Yaunfitda

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Well bitcoin was touted to be the next unified currency, but nah, I don't think that government around the world are going to used it for trade or financial purposes. I think the dollar still takes its, although I have read that Russia and China are trying to offset this balance.

So for now, I don't see any cryptocurrency that will be act as unified currency in the future. There are a lot of issues, like confirmation speed and others.

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Quote from: Nickbryan10 on May 03, 2021, 11:03:17 AM

Have always wonder which currency would the world accept if only one currency was to be used. Maybe the dollar?, don't think so, The British won't tolerate that.
Cryptocurrency?. Maybe. Until the advent of cryptocurrency, I never thought that would be possible but it seems possible.
The world is not too far from a unified currency.

Honestly bitcoin got the capability but unfortunately it is slowly turning as a pure asset rather than being a payment processor/an alternate to fiats. Yes, I'm sorry to say that bitcoin may not remain as a payment system but it will be treated like digital gold hence we cannot afford it to spend for our day-to-day life.

Unified currency across borders must be the demand of modern/internet era and I believe the entire world is slowly moving toward to that point but unfortunately bitcoin is not supporting itself for being an unified currency for entire world.

Bitcoin's limited block size and 10 minute gap in confirmation times are primary reasons why it is more suitable as an asset rather than being a currency of daily life.

concept2

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Any currency that represent for a country cant become an unified currency because other governments will not allow it to happen. Dollar is the most popular but it is still far from being the world currency. Cryptocurrency, on the other hand, is decentralized. Thus, it is suitable to be widely used across the planet

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Quote from: Oshosondy on May 03, 2021, 11:25:16 AM

Cryptocurrencies are not created to replace fiat currencies, they are to be together, it is just a way of having more alternatives in a way you be able to safe or use one or the other. There can not be a single world currency, as there is bitcoin, there are other coins which anyone can be able to hold, use and trade with.

I agree with you, until whenever cryptocurrency will never replace fiat currency, but I believe cryptocurrency will be used as a legitimate digital currency in the future, because transaction using cryptocurrency are very fast and have a low fees, therefore I believe cryptocurrency will definitely become a legal, because cryptocurrency has a great function in the future (make it easier for us to transaction).

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Cryptocurrencies are not created to replace fiat currencies, they are to be together, it is just a way of having more alternatives in a way you be able to safe or use one or the other. There can not be a single world currency, as there is bitcoin, there are other coins which anyone can be able to hold, use and trade with.

Nickbryan10

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Have always wonder which currency would the world accept if only one currency was to be used. Maybe the dollar?, don't think so, The British won't tolerate that.
Cryptocurrency?. Maybe. Until the advent of cryptocurrency, I never thought that would be possible but it seems possible.
The world is not too far from a unified currency.

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