What will happen if the all countries convert to cryptocurrency? - page 12.

sgenuine

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Quote from: abeecrypto on July 01, 2019, 02:09:32 PM

Swerving to cryptocurrency is possible but it won't eliminate Fiat. Advantages of general adoption of cryptocurrencies will be the ease of buying and selling, fast trading, ease of money transfer from one corner of the world to another, portability and so on. Disadvantage will be insecurity of wallets as it is prone to hacking.

Many countries will not even think about the possibility to start dealing with cryptocurrencies, not fiat. The economy is poor there, and governments dictate their rules to their people strictly. Progressive countries can work with crypto.

Seeker#9

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The high volatility of the cryptocurrencies will be the leading problem when countries decides to convert into virtual currency. Uncontrolled volatility or rapid price fluctuations may harm the economy instead of supporting it because the government can't do anything to control the situation. Governments might legalized cryptocurrencies eventually but won't going to convert to cryptocurrencies there are many things to be considered including the stability of economy.

anggi

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maybe an economic crisis will occur, and a lot of negative things will happen. well, right now, not everyone accepts, and can use crypto. changing economic regulation to be heavier in crypto will only create an economic crisis in a country.

arbifahrozy

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in my opinion what will happen is the crisis in the country's economy and reversed with crypto which will go global and its development accelerate, if I think it would be better for fiat and crypto to collaborate for stability.

HELLOFF

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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.

romero121

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With its ten years of existence it has been adopted with the support of government in very few mumber of countries. This is the reality with cryptocurrency and countries. By this time we expecting every country to convert to cryptocurrency doesn't make sense. To reach such a level of adoption at least it needs another 50 years time, we don't know what happens after such time period with bitcoin.

Ozero

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First, no state will ever switch to using only decentralized cryptocurrency. This will mean a loss of control over your financial system and a gradual loss of statehood. States will allow the circulation of decentralized cryptocurrency, but they will never actively support it.
Secondly, states can decide on a partial transition to the use of their own cryptocurrency or generally accepted stable coins.
Cryptocurrency in any state can only go along with cash and non-cash national money.

abeecrypto

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Swerving to cryptocurrency is possible but it won't eliminate Fiat. Advantages of general adoption of cryptocurrencies will be the ease of buying and selling, fast trading, ease of money transfer from one corner of the world to another, portability and so on. Disadvantage will be insecurity of wallets as it is prone to hacking.

ufaiz50

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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?

I don't know what happened, because to make it easy to tax the government must trace the source of money with their fiat, which is in your article that in Sweden they allow cash payments to be refused, because credit cards can be considered more efficient. Whatever depends on how the government in each country sees the benefits, but in my view it is too risky because the government does not necessarily benefit from it, there is also a country that starts banning bitcoin.

jakoylantern

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For me, it won’t happen because some countries already ban cryptocurrency for some reasons, and also some countries or 3rd world states can’t catch up to the technology. But some country is now already using the cryptocurrency as their currency. But still, the capability of all nations will convert to cryptocurrency is still meager.

xSkylarx

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Imo it will be difficult to make all countries become cashless and use cryptocurrencies as form of money. It might be easy to well developed countries like US. But to some third-world countries it will be difficult to do it because not all of them are updated to current trends and willing to use it instead of fiat

travwill

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Perhaps at the beginning of the price of cryptocurrency would soar to incredible heights, all people of all countries would switch to cryptocurrency, insane FOMO reigned in the air, and then a controlled collapse of cryptocurrency would occur, about the same as we saw at the end of 2017.

iv4n

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What will happen WHEN all the countries adopt crypto is not hard to imagine! We will have better arranged system! There are frauds in crypto by the people who are using this technology in the early stages to scam people who are here for the first time, but as the time is passing people will learn whom to trust.
For me it`s not question "if" it`s "when". I believe in better world with crypto in charge, than with this fucking broken system.

fiulpro

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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.

blockchainwriters

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if a country use cryptocurrencies which is definitely a good move we may see in the next 50 years or so we may see less inflation and more security of funds and even government can also track the currency and less taxation many positive developments we can see in every country economy

awik p

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Quote from: A L I E N on June 03, 2019, 02:26:01 PM

Quote from: hahahafr on May 15, 2019, 03:55:31 PM

If all the nations really adopt the use of cryptocurrencies it would improve the speed at which transactions are made among peers, businessmen and in organizations. Also, users would be less burdened with high cost of transaction fee. The only disadvantage that i have about the adoption of cryptocurrencies is to educate the masses to understand the rudiments of making a transaction in cryptocurrencies so that we don't get people making a whole lot of mistakes whiles making transactions.

It will not happen as European countries, the USA, Australia, and Canada cooperate with the countries with the poor economy. They cannot use cryptocurrencies for these operations (the other side can refuse it).

right, maybe this is not a problem for developed countries that have good facilities and human resources. but for countries that have not met these requirements it will be difficult to follow them, so that it takes time to be used throughout the country

A L I E N

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Quote from: hahahafr on May 15, 2019, 03:55:31 PM

If all the nations really adopt the use of cryptocurrencies it would improve the speed at which transactions are made among peers, businessmen and in organizations. Also, users would be less burdened with high cost of transaction fee. The only disadvantage that i have about the adoption of cryptocurrencies is to educate the masses to understand the rudiments of making a transaction in cryptocurrencies so that we don't get people making a whole lot of mistakes whiles making transactions.

It will not happen as European countries, the USA, Australia, and Canada cooperate with the countries with the poor economy. They cannot use cryptocurrencies for these operations (the other side can refuse it).

blockchainwriters

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sooner or later we may see cryptocurrencies as a major transaction mostly online transactions and merchant transactions we can already see japan south Korea and other countries are adopting to cryptocurrencies

Airbuxf

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It is possible in future because printing cash is most costly production of money now. Doing blockchain monay as country's currency get many savings in economy and it can move public money somewhere else or effect in tax reduction.

hahahafr

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If all the nations really adopt the use of cryptocurrencies it would improve the speed at which transactions are made among peers, businessmen and in organizations. Also, users would be less burdened with high cost of transaction fee. The only disadvantage that i have about the adoption of cryptocurrencies is to educate the masses to understand the rudiments of making a transaction in cryptocurrencies so that we don't get people making a whole lot of mistakes whiles making transactions.

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