What will happen if the all countries convert to cryptocurrency? - page 14.

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Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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 really fancy all these stuffs. No matter how much you all try to hype all these tech stuffs, yes I believe they are good but still there is need to what we are making use of now. Don’t think that because we have technology and everything seem advanced now, that there is no need for paper…. 😔Nah, paper will always be important no matter. Everything has areas where they are very important. And cryptocurrency and Blockchain are not the way, fiat is still good and banks are getting more advanced in the use of technologies.

Quote from: Xalata on April 30, 2019, 12:51:00 AM

This would be great news to hear about the global adoption of cryptocurrency as a legal tender for the payment of goods and services. This would reallly improve the rate at which transactions are conducted in the world.

The government at this time does not really recognize cryptocurrency, so you can’t really say if it’s legal or illegal in lost countries (but there have been a few countries where it has been recognized and declared illegal. So if in your country it hasn’t been said to be illegal yet then you’re free to be making use of it, since there is no law on whether you’re to be making use of it or not. There are lots of places online today that you can buy whatever you need with Bitcoin and other coins like Ethereum, Litecoin and bitcoin cash.

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Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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?

No state can switch to the use of cryptocurrency. If the state switches to the use of cryptocurrency, its economy is very quickly deregulated and will not be able to work. In fact, in such circumstances, the state switches to using other people's money, which will in no way be connected with the country's economy. Such an economy will not be able to exist for a long time. If we also take into account the high price volatility of cryptocurrency, then only its use looks very funny at all, the prices for everything will change every minute, nothing will be permanent. How many months or even days will such a state exist?

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Quote from: Xalata on April 30, 2019, 12:51:00 AM

This would be great news to hear about the global adoption of cryptocurrency as a legal tender for the payment of goods and services. This would reallly improve the rate at which transactions are conducted in the world.

To do this, in terms of payments and services, this is indeed a good option, especially since the economy is now developing where there are many payments that use digital. what is clear is that the legality or recognition is something that is mandatory for every country to do

CandyIzDelicious

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Indeed, if all countries install crypto is very good, because facilitating us in transactions and trade between the world will be easier, except in my opinion for everyday life around us is very difficult to implement, because the crypto value is unstable and it is certain become an obstacle.

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If all countries convert to cryptocurrency it will lead to the increase of value of crypto currency. It also increase the demands of crypto which make it become more valuable. I also think more amazing things to be happen in crypto world if mass adoption continue to increase all over the world.

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Adoption of crypto currency all over the world will lead to an increase in the crypto currency market value which I believe is everyone prayer particularly those who have saved a lot of Bitcoin and other crypto currency. One of the negative impact could be increase in money laundry.

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Quote from: Xalata on April 30, 2019, 12:51:00 AM

This would be great news to hear about the global adoption of cryptocurrency as a legal tender for the payment of goods and services. This would reallly improve the rate at which transactions are conducted in the world.

Yeah I think so, it will bring new revolution in price and value of crypto currency. it will bring economical equality in countries, people will not get jealous or effected by the progress of other country, because crypto currency gives equal chances of making money to everyone who is interested in it, I am sure with time it will happen.

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Capitalism will recede, but it will have a more negative impact because it does not reach all humans, especially governments that are not ready for this. Cryptocurrencies are also susceptible to price stability so that it will greatly affect the commodity goods traded later, this will cause confusing social impacts.

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Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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?

A cashless society is pure convinience knowing you dont need to bring cash just to purchase something but there is always threat since it can easily stole unnoticeable by hacking. When the time comes that we are already in this kind of society, i know that the government or organizations who manages it will imement security for the users.

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Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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?

The disadvantage of fiat cashless payment is theft,recently I found that there are some devices which can take out money from wallet by scanning the card numbers but in crypto there is no point of stealing either you need to decide when to pay or not to pay. Cool

usorin

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Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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 this situation the impossible becomes reality and unlimited financial solutions will be available for everybody.

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Quote from: Sithara007 on April 28, 2019, 10:08:52 PM

Within a few years time, most of the countries will move towards digital cash after abandoning physical cash. Some countries such as Sweden are already trying to reduce the supply of physical cash. But that doesn't mean that decentralized crypto-currencies will be used. If the decentralized currencies become popular, then the government will lose control over the population and it will become very difficult to manage the federal debt. So this scenario is not going to happen in the foreseeable future.

I don't think the world will tend to give up cash to choose cryptocurrency in the future because you should consider the role of cash, contributing a lot in the processes of daily life, although some countries are planning to completely eliminate cash but until now, the development of these plans is too slow and not welcomed by the people. In addition, cryptocurrency is not a tool that can easily be managed by the government, which makes me believe that we will have an upgrade of cash in the future, rather than accepting cryptocurrency

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Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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 think, in the ideal world where that would happen, it would really chance the currency market, the business industry and the world economy as a whole. That would mean that the world and all countries, despite having their own currencies, would have an alternative currency that is carried by all other countries, which would surely affect their currencies, too. However, I think many would not support that idea because many business that are hinged on their local currencies will fall apart in time. Because, if using one single currency would be easier for most people, people would gravitate to using that, which in turn, would affect the other ones negatively.

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This would be great news to hear about the global adoption of cryptocurrency as a legal tender for the payment of goods and services. This would reallly improve the rate at which transactions are conducted in the world.

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Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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?

Being cashless doesn't mean they are adopting to cryptocurrency. They are using debit cards yet if they adopt cryptocurrency then that would mean they will be adopting a much more risky type of monetary system.

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There were a lot of opinions posted but still I want to include my own one, don't know if something similar was posted:
1. Nothing good - in overall, what's the ratio of stores accept visa/master card compared to stores that only accept cash? (nothing to talk about bitcoin). Believe me, there are far more people who can't use visa/master card (online banking) and if we turn into cryptocurrencies, there will be chaos.
2. Unpredictable Economy - one day your money can buy galaxy s9, another day - it can't (bad example I know). But on another hand can be a little helpful for very small countries if they put some percent of their budget in bitcoin because possible rise can boost their economy but also price fall can affect them.

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Another idea that sounds like utopia. Cryptocurrencies will not replace fiat currencies. Even if in some moment countries adopt and regulate cryptocurrencies and I'm sure this will happen eventualy fiat money and traditional economy system will not disappear. To my opinion the purpose of cryptocurrencies is not to replace fiat but they can exist together.

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Quote from: bitcoin31 on April 28, 2019, 09:53:11 AM

I don't have any problems to use cryptocurrency as payment like in different stores who accepting cryptocurrency and other payment at the online world but we know that we still need because they have other uses of thiis and other use of crypto. I believe both will need but better to adapt cryptocurrenncy also as long as the money will not abolish.

This is really beneficial to use crypto as payment, because it saves our time, it is safe to carry with you. You will be able to obtain profit, we can buy online being at your home, it Is best invention I have ever seen, so those countries who are totally using crypto payment are lucky people because those who are not still adopting will regret.

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Quote from: Sithara007 on April 28, 2019, 10:08:52 PM

Within a few years time, most of the countries will move towards digital cash after abandoning physical cash. Some countries such as Sweden are already trying to reduce the supply of physical cash. But that doesn't mean that decentralized crypto-currencies will be used. If the decentralized currencies become popular, then the government will lose control over the population and it will become very difficult to manage the federal debt. So this scenario is not going to happen in the foreseeable future.

it is indeed difficult to realize, especially for the government that cannot control it, of course with the loss of control the government must have policies that can stabilize their economy

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Within a few years time, most of the countries will move towards digital cash after abandoning physical cash. Some countries such as Sweden are already trying to reduce the supply of physical cash. But that doesn't mean that decentralized crypto-currencies will be used. If the decentralized currencies become popular, then the government will lose control over the population and it will become very difficult to manage the federal debt. So this scenario is not going to happen in the foreseeable future.

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