Towards a unified currency | Bitcointalksearch.org

BintangBuleun

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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.

Without us knowing it, the world has accepted crypto as their currency. Many use it to buy goods. However, today there is no official determination of which crypto will become the world's currency. Bitcoin has been on various sites to accept payments. It is possible that Bitcoin is a strong candidate.

thesmallgod

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There are alot of misconception about crypto replacing fiat. This is something that is not possible. Coming out to think there will be unified currency, I do not think that will be possible also. This is because each country has its on monetary regulations governed by the central bank. Some regional union such as ECOWAS could not even have a unified currency. Crypto is not develop to replace fiat

jinxing

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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.

Cryptocurrency is only an alternative means and cannot be used as one world currency, because no single country regulates it. One world currency will still be held by the Dollar because this currency is the most stable currency and is used as an international currency

jrrsparkles

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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.

Ask why we need to use one currency instead of asking what currency can be used as universal only currency?

There is no reason why we need to stick with only one currency even though it is bitcoin because its literally not possible to make every transactions in this world with only bitcoin because we know how much we need to pay for a transaction when the network clogs at 200K transaction so imagine how much the fee will be when we stuck with 1 million transactions.

Pamadar

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Quote from: Ozero on May 04, 2021, 03:00:10 PM

Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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.

States have their own currencies because it is tied to their economies. As a general rule, states issue currencies for the amount of material assets in circulation on the territory of this state. The currency of another state cannot replace the state's own currency. In international relations, you can use a single currency by agreement of several states, however, only their own currency can circulate within the state.
Therefore, the idea of a single currency for all states cannot be implemented in practice.

Well explained, generally speaking all states have their own currency it's symbolizing the capabilities of such place.

Whatever currency the government established around its jurisdictions needs being supported and followed by the citizens residing
around the place, The idea of single currency may happened digitally but with traditional fiat it's still far to reality.
Government wants to control the jurisdicted vicinities.

FanEagle

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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.

When it comes to having a one official currency for the world, I don’t think that’s going to happen. And as for those who think that cryptocurrency is that one currency, lol they are all totally wrong because cryptocurrency is not a one currency for the world, there are so many cryptocurrencies and people make use of them, although bitcoin is the one that has more usage than other cryptocurrencies, but others are still competing in the ways that they can and that’s it.

Lastly I don’t see the need for having a one currency, I don’t see what kind of problem that’s going to solve. If there is, then I’d be happy if you’re going to tell me about it. There are more important things we have to focus on doing, we need to fix our system of government first.

Ozero

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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.

States have their own currencies because it is tied to their economies. As a general rule, states issue currencies for the amount of material assets in circulation on the territory of this state. The currency of another state cannot replace the state's own currency. In international relations, you can use a single currency by agreement of several states, however, only their own currency can circulate within the state.
Therefore, the idea of a single currency for all states cannot be implemented in practice.

sapnu

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There are actually rumors about a single currency being used as the New World Order gets introduced and many are proposing that it could be bitcoin. As for my opinion, the possibility might get close as time passes by since this kind of rumors existed before bitcoin was created so it could either be a coincidence or not. On the other hand, seeing the monetary system of the world, everything is already settled and balanced. Some things may change in the future but it would make a huge impact on nation's relation. Surely cryptocurrency are wonderful but it would have a hard time replacing fiat currencies cause based on what I can see, I think they are made to coexist with one another.

noorman0

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There will be no currency like that.
You can see how countries that perceive bitcoin as a financial threat are starting to be trusted by many people despite its decentralized nature. Thus, making a unified currency printed by an institution is worse than bitcoin.

maxreish

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Since a particular country has a designated their one and only fiat currency which was legalized by their government, it is hard to accept another unified currency like you are thinking. Especially that cryptocurrency is decentralized and the government wanted to regulate and control the currency. It will just conflict the interest of both centralize and decentralize people.

I know cryptocurrency can be used as an alternative monetary payment system and can be used conveniency without any third party involved but then the anonymous and the volatility is a hot issue that can be discussed carefully by the government sectors.

Psynthax

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Most of government gonna oppose crypto if it's planned to be a currency that was meant to be the only one used worldwide. There's reason why today we have so many currencies either from cryptos or fiat released by countries, it's to give them control over their own economy and I honestly doubt we gonna have only one currency for all in the future.
But if it's an alternate currency for dealings like digitally I think it's certainly possible, we use crypto when buying things online and fiat when it's offline. though even crypto itself has so many currencies released each day.

southerngentuk

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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.

I thought about this problem for a long time when I researched about this market, actually it is very difficult to accept, and I have not seen a concrete solution for it. Although we are seeing many positive and practical applications of this field, however to see it towards a unified currency will happen if all countries are unanimous and unanimous. This earth divide, we are all one country on earth, to be more precise, if that happens then you have the answer, I got inspiration from this movie Independence Day.

DapanasFruit

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There can be a currency that can be accepted in international commerce, but I don't believe that there will be a unified global currency to be accepted by all countries and people. There is no way that countries like North Korea, Iran and even China will ever be subjected to one currency and since different countries are in different economic condition there can be a big problem in assimilation just like what happened to Euro when it was imposed to lesser influential economies of the Eurozone. Plus currency of a country is an expression of sovereignty and that is why we each have our own national currencies. What cryptocurrency is trying to achieve is make them currencies alongside the fiat money. Hell, even in the cryptocurrency market itself there are so many altcoins...proving the fact that unification is impossible. Why have just ONE when many can be more enjoyable? Choices, my friend is the hallmark of democracy.

int03h

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The idea of a unified currency didn't happen because all countries wanted to print money. They will not be able to accept the use of a currency printed by another country.
For cryptocurrency, too, everyone wants to print their own money.
Monetary unity is the worst idea I have ever known.

Kehindem

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You are right mate, the world is moving closer to that because virtually they're a lot of project that is supporting that, by making ready made platform that one can easily create his coin they help such to foster his growth, example STC, Toz BRO and many others.

posi

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Bitcoin was not created to be the unified currency and Satoshi never mention it or have the impression when he creates Bitcoin but it the ridiculous impression of some naive altcoin owners that believe cryptocurrency was created as a unified currency and every altcoin owner that respect the legacy of Satoshi shouldn't have the dream of creating any unified crypto.

Fortify

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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.

I'm very confused, why out of the 195 countries in the world, you think that "The British" have some sort of special influence over what would be a universal currency? Do you know why countries like to have control of their own currencies in the first place? It is in part because if they are trusted and productive, they can expand/contract the money supply to suit their economic needs. Just look at China, it likes to heavily control the exchange rate of the Yuan because they can export goods cheaply, which allows them to undercut other countries manufacturing bases and drive out competition, which has been critical to their success over a few decades. The Euro crisis back around 2010 was exasperated for Greece because the ECB had control of their monetary supply and would not allow them to devalue the currency in order to pay debts off. Governments around the world have little interest in losing control of their currencies although they might start allowing digitized versions because cash and coins (especially during Covid) have become more obselete. Besides that, the dollar is effectively a "reserve currency" which is the closest you'll probably find towards a single global monetary unit for many years to come.

bitgov

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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.

Unfortunately, but most likely, there will never be only one currency in the world, and certainly not one that will be accepted by governments all over the world. There can only be a currency accepted by people who exchange it, i.e. Bitcoin or any other cryptocurrency can be such a currency. The one that will be the most convenient, fastest and cheapest will become universal all over the world. I think in the next ten to fifteen years we should find out which cryptocurrency will win this race.

livingfree

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Existing both currencies and cryptocurrencies will happen.

And if there will be a unified currency, this would depend on who's the most powerful country that has an economical value in the world. They can declare and dictate which must be used.

But us, being a community we can declare bitcoin as the unified currency to transact online or any other altcoins that the majority of the community refers.

isaac_clarke22

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Nah. Highly doubt it, OP.
Cryptos, mainly Bitcoin, are here to be an alternative payment method.
It would be near impossible for it to be the world currency, because for sure it is gonna be centralized which isn't supposed to be in the first place.

Argoo

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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, 10:03:17 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, 01:10:43 PM

Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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, 10:03:17 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.

adzino

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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, 10:03:17 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, 10:03:17 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, 10:51:27 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.

RealMalatesta

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Quote from: Nickbryan10 on May 03, 2021, 10:03:17 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

Handsome Boy

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Quote from: Oshosondy on May 03, 2021, 10:25:16 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).

Oshosondy

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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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