What will happen if the all countries convert to cryptocurrency? - page 11.

Wonder_woman

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Quote from: Sherwood_Archer on September 10, 2018, 08:06:40 PM

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

If all countries convert to cryptocurrency we will live in early cashless society. All transactions will become quick and easy because we will transact in a digital way in all we do. The world will become cashless world. That soon it will be a digital world.

FlightyPouch

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I think not possible.but Is it likely.does not depend on the banks or the governments.If all countries accept cryptocurrency, cryptocurrency can become legitimate currency, and the use of cryptocurrency transactions will become easier.

There are a lot of countries that accepts bitcoin, some already legalized it some don't really care about it. I don't know what you are saying but it is like that you are saying that it is illegitimate, a fake currency. Well, it is not called currency most of them time but for me it is a crypto currency, it is not fake, it is legitimate crypto currency.

raidarksword

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It takes more years to become a cashless society because not all people are aware of cryptocurrency and it also varies on countries that are not yet adopting crypto currency and mostly people still uses cash for immediate usage of purchasing goods. That dream maybe big but nothing is impossible as long as we continue to spread awareness and educate people about the good side of it.

befriendmywater

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I think the world needs more time. technology era 4.0 has arrived and many people are dependent on technology, but the use of electronic money has not been well implemented.
Many countries are still poor and they don't even know what the internet is. This process will take a lot of time.

nightxglow

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cashless society doesn't mean we have to use cryptocurrency right? as long as we don't use cash and use credit card and e-money, and others, i think it's considered cashless society as well. I mean cyrptocurrency is well known now, but it's still not to the level where people start using it. Only certain people that has interest in crypto have bitcoin, and even they have problem using bitcoin because it's not really used widely now. Many countries haven't approved bitcoin as payment method yet. Even if we go cashless, it will be like making people use card more often rather than really use paper money or real money. Just money in digital form. I think we're still really far away from the future where everyone use cryptocurrency in their daily life.

Schirer

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Noting , because it wont happen.

Crypto currencies which exists now, eliminates the monetary policies of central banks. This is the essence of FIAT, it is controlled and otherwise we would have dropped back to middle ages in several occasions.

There can be Libra type currencies which can be adopted by governments but then the crypto currency loses its essence - decentralization.

whyrqa-1

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In any case, the transition of states to cryptocurrency will not happen quickly, because this issue needs to be very seriously studied and all difficulties and dangers taken into account. But for some reason it seems to me that before talking about the transition of countries to cryptocurrency, I need to work on security even better, because hackers steal cryptocurrency now much more often, in my opinion, than steal money from banks.

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All countries are capable of being digital right now, so thats not a big change. Just forcing away physical cash isnt that big, India did it overnight with one note not celebrating that but it worked just about, mostly just logistics.
The bigger change is to either be FIAT or fixed monetary base. When people say Libra or XRP is crypto I disagree, its a digital token but value is centralised and aligned to politics in its value. Many western currencies are digital, even while we see coins and paper notes the vast majority of the western currencies are virtual digital value only registered between computers; but its nowhere near crypto.
Crypto is aligned to capitalism in that the value is with the people, not that you will see anything perfect but value should not be centralised under the control of 'those who know best' and still be categorized as capitalist. Thats important because when QE programs fail, they will blame the idea of capitalism for it and the world will turn to socialism and find the horrors also again centralised to a few in control of value.

Spaffin

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If the cryptocurrency does not become more stable, then no state will switch to cryptocurrency instead of fiat currencies. Otherwise, the economies of the countries will face many problems that will be very difficult to solve, and as an example we can cite the situation in 2018, when prices in the cryptocurrency market began to plummet. What can a country that has completely switched to cryptocurrency do in such a situation?

qwertyup23

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Quote from: Sherwood_Archer on September 10, 2018, 08:06:40 PM

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

In hindsight, it will be a disaster. Considering the political, technological, and financial statuses of other countries among the developed, developing and underdeveloped, there would be a discrepancy and potential manipulation of prices to the one who owns most of the bitcoins. Not to mention, cryptocurrencies have limited supply in their nature, which makes everything complicated.

Also do note that there are countries who cannot afford to adopt to an electronic cash system due to their insufficiency of technology (i.e. some countries in Africa, etc.).

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Quote from: Sherwood_Archer on September 10, 2018, 08:06:40 PM

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

If all countries convert to cryptocurrency we will live in a cashless society because we are all in a high technology government and so that all countries will be alarmed about whats going on.

I don't know if you accept or feel comfortable with such a society, but not just me, many people here probably won't like that society because we have used cash for many years, from a young age to marriage and stability, every day in every process of life, suddenly everything changes, we force to move to a new technology, unfamiliar and not easy to use, anger and a sense of protest are what will appear. Switching to crypto across the country is not advisable, let people get the choice, instead of deciding to help them, no one likes to follow what others have set up

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The fiat system might get broken but am just imagining what would happen and thank god it hasn't happened because we don't know what this could mean for cryptocurrencies and fiat as they are in a way connected.

precisely. Fiat money will certainly be damaged, and become unstable. of course this is because each country has its own cryptocurrency. it will cause ecosystem instability. Yeah, but that will happen if all countries change it today. however, if this development is slow, I think everything will be normal and fine. of course this is a good thing for the development of crypto.

Argoo

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Quote from: fiulpro on June 04, 2019, 09:27:15 AM

Hackers will be at major advantage and there will be problems regarding online security , people would have to employ more engineers to strengthen it.

The old people and the very young one's won't be able to understand what is happening and will feel left out .

This major change will make it difficult for the economics of a society to be evaluated since there won't be any one central currency for everyone but rather it will be a global currency and there won't be anything such as a countries economy it will be the world's economy then .

We would loose all boundaries and will become a one big nation eventually is what I think.

Yes, you are right in your reasoning about what will happen to humanity if all states switch exclusively to the use of cryptocurrency. That is why such a scenario will never happen. No state will ever give up its national money and then will simply watch how it slowly collapses from within. Each state will defend itself quickly and firmly.
Cryptocurrency has a positive impact on the economy of the state when it goes along with national currencies, however, a decentralized cryptocurrency will never replace national money in any state.

Rustamm

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Most likely, all countries will really switch to cryptocurrencies, but not the cryptocurrencies we all want, because many countries are working on creating their own cryptocurrencies. I doubt that, for example, all countries will legalize Bitcoin in the near future, but I believe that this will happen in the longer term. Perhaps in addition to BTC, other cryptocurrencies will be legalized, for example, such as ETH, XRP, XLM, TRX and others.

DmitFomin

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Judging by the fact that Christine Lagarde talked about cryptocurrencies and what orders gave the central banks of European countries it can be assumed that each country will issue its own cryptocurrency backed up by its national currency and these currencies will be centralized, such as Ripple. It is unlikely that bitcoin or other cryptocurrency will be accepted as a currency at the state level, most likely they will occupy their niche and continue to exist in the same form in which they exist now.

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Quote from: Sherwood_Archer on September 10, 2018, 08:06:40 PM

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

It's not likely to replace the actual cash or currency, but it would coexist within the economic frame. It's still convenient, for some, to use just cash and others prefer online payments.

Difficult for a government to adopt cryptocurrency due to its decentralization, besides, some cryptos fluctuates a lot. Although we would argue that by promoting adoption this fluctuation can be greatly countered.

Having said this, cryptocurrencies and blockchain can be applied as an alternative option for payments, exchanges, remittance, etc., this would eventually lead to mass adoption but without completely replacing it.

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is it possible that we also start converting to cryptocurrency?

I dont think this ever happens but its possible all cash is turned into digital currency. The difference from digital to crypto is the decentralised part which bars a central authority from continually producing more with no schedule or containment. Crypto should not be used as FIAT, at present the discussion I hear is to use blockchain technology to favour a few people who own that technology and will favour themselves but allow others special offers or tokens. Thats not a proper currency but sadly that is the more likely immediate future.

The concept of a nation giving up control of money to allow free trade, democracy and capitalism is not the meta in place right now. If we see the failure of FIAT and debt financed fiscal budgets then its possible 1 or 2 countries might embrace capitalism for the people, the many not the few. Its quite radical to think so for now

MTL4

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The bigger problem for all countries currently is that almost every one without exception has been running chronic deficits year after year. When you create your own currency then it’s not a problem, when you default you just cancel the currency and start again. With decentralized cryptos the money supply would be outside their control and could have serious consequences if the same historical behaviour was employed. You could also have entire governments running hacking battalions, damaging internet backbones, etc during hot wars just to maximize damage on their opponents. I suspect at some point during a future crisis we will see the emergence of a one world type currency (not that I would advocate for this at all).

TastyChillySauce00

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Quote from: HELLOFF on July 01, 2019, 03:46:52 PM

The fact is that most of humanity does not accept any global changes in financial terms. A large part of humanity consists of Old people who cannot accept cryptocurrency as a means of payment and will always support fiat. We need to wait for a change of generations.

That's just a temporary problem, as time goes the older generation will be replaced by the youngsters, however doesn't guarantee that crypto will dominate, maybe there will be a better system than a blockchain, an even better and more efficient technology will replace our current crypto, who knows? but if all the countries convert to crypto nothing will change, it is just digitalized, the money will remains the same and being controlled by each government.

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Quote from: Sherwood_Archer on September 10, 2018, 08:06:40 PM

Now that more and more countries are starting to go cashless (http://www.bbc.com/capital/story/20180427-does-a-cashless-society-benefit-everyone), is it possible that we also start converting to cryptocurrency? If that happens, what do you think are the advantages and disadvantages? Paying virtually is very convenient for me as I do not have to bring cash and it prevents petty theft but what is the disadvantage?

If no more left in fiat, there will become a big problem since there is no yet established rules and regulations in cryptocurrency. For example, fiat used to pay taxes, which cryptocurrency does not yet has.
Maybe, it will become favorable for the pioneers of cryptocurrency specially those who holds bitcoin when it was 3K dollars or less. But it may disrupt the whole economy.

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