What will happen if the all countries convert to cryptocurrency? - page 16.

Pattart

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Quote from: romero121 on April 01, 2019, 02:21:16 AM

Quote from: maxreish on April 01, 2019, 12:17:15 AM

It is such a great steps if all of the countries will totally adopt cryptocurrency and use cashless payments. But that will eradicate banks and paper money which I think will be the main disadvantage if all of the country will use it. Yes, i agree that it will become an easy way for us to do payment transactions but there are many things that should be considered.

It can be an easy way making transactions, but this can never eliminate the use of paper money around the world. In future countries might adopt the usage of cryptocurrency having its own cryptocurrency. Cashless payments that were available apart from cryptocurrency too isn't much used by common people. This way it takes time for all countries to go full on cashless payments.

Yeah the most reasonable thing is that all countries use cashless or digital payment. even that requires a long process.
there will never be a whole country that converts their currency to cryptocurrency. the problem will be more complicated you know

Adriano2010

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Well, most of us, crypto users wants this, but governments not want, at least not now, but if all countries convert to cryptocurrency then the price will not be so much volatile as of now and maybe will be very good for crypto holders but not for whales.

rika0223

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Quote from: scoin9 on September 10, 2018, 07:34:31 PM

The moment all the countries convert to crytocurrency would be the beginning of many amazing things to happen to the world and the financial sector, the process sending and receiving funds worldwide would become very fast and easy, it would lead to growth of businesses and make life easier for citizens of the world.

Crypto currency was created with the purpose that you convey in your opinion and crypto currency was created using technological advancements and developments but certainly still requires a long process and time for my country

travwill

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If this happens then when all cryptocurrencies are more or less stable, then many states may well save themselves from being dependent on the dollar.

mrdeposit

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Quote from: jrrsparkles on April 01, 2019, 09:22:17 AM

There are lot more advantages to virtual payment system when compared to fiat money like convenient,secured from theft,no need to wait for transaction through globally and no hidden fee but the disadvantage maybe you can lose all your funds at once if you send to the wrong one since it is impossible to reverse the transaction once confirmed.

Addresses can be added to the system with name. So this is not something that could be a problem. Once the regulations will be made the QR code will suffice. Already, will not be needed any exchange.

senin

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Quote from: scoin9 on September 10, 2018, 07:34:31 PM

The moment all the countries convert to crytocurrency would be the beginning of many amazing things to happen to the world and the financial sector, the process sending and receiving funds worldwide would become very fast and easy, it would lead to growth of businesses and make life easier for citizens of the world.

Yes, if all countries switch to the use of cryptocurrencies, surprising events will indeed begin, since the economies of all countries will immediately become out of balance and financial and general chaos will begin in the world. However, I assure you that this nonsense will never happen. But one state in the world will never switch to the use of cryptocurrency and will not give up its national money. Cryptocurrency will continue to go in a society together with national currencies of the states.

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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?

Foreign exchange disappears, wire transfer disappears. Those two are solid enough reasons. No electricity or connectivity might make things difficult. Maybe if they do like a casino, a machine dispensing (physical) tokens that could be used instead and exchanged later, for these few occasions.

Falgorn

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Now in the world, about 3 percent of the world's population use cryptocurrency. this percentage will increase over time. however, there will always be certain groups of people who will not be interested in it and will not be used in their practical activities. cryptocurrency will always go in every state along with the national money of these states. A decentralized cryptocurrency can partially crowd out national cash and non-cash money, but can never completely replace it. therefore, a cryptocurrency may have some positive effect on the economy of the country, but this effect will not be very significant.

playboy654

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If every countries are ready to accept the cryptocurrency it will be a great change in this world because no other country will not ready to take a chance about accepting the cryptocurrencies in their country so I think it will be a good change for the economy and also good thought for the next development in future

jrrsparkles

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There are lot more advantages to virtual payment system when compared to fiat money like convenient,secured from theft,no need to wait for transaction through globally and no hidden fee but the disadvantage maybe you can lose all your funds at once if you send to the wrong one since it is impossible to reverse the transaction once confirmed.

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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?

Disadvantage is that transactions are ireversible. Majority of cryprocurrencies are decentralized so it can also be used in legal and illegal activities such as money laundering, terrorist funding, buying of weapons and illegal drugs. Advantages could be something like convenience in paying goods and services instantly no matter where we are from in the world without any hassle falling in line in an unsafe place just to pay for something.

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Quote from: romero121 on April 01, 2019, 02:21:16 AM

Quote from: maxreish on April 01, 2019, 12:17:15 AM

It is such a great steps if all of the countries will totally adopt cryptocurrency and use cashless payments. But that will eradicate banks and paper money which I think will be the main disadvantage if all of the country will use it. Yes, i agree that it will become an easy way for us to do payment transactions but there are many things that should be considered.

It can be an easy way making transactions, but this can never eliminate the use of paper money around the world. In future countries might adopt the usage of cryptocurrency having its own cryptocurrency. Cashless payments that were available apart from cryptocurrency too isn't much used by common people. This way it takes time for all countries to go full on cashless payments.

Even rich countries can't eliminate the usage of fiat. It's because no matter how rich the country is, not all people are capable of using cryptocurrency as global payment. Also, there are some situations wherein the usage of fiat is must. Therefore in my opinion it's better to use cryptocurrency as an alternative means of payment and shouldn't fully replace fiat..

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Quote from: maxreish on April 01, 2019, 12:17:15 AM

It is such a great steps if all of the countries will totally adopt cryptocurrency and use cashless payments. But that will eradicate banks and paper money which I think will be the main disadvantage if all of the country will use it. Yes, i agree that it will become an easy way for us to do payment transactions but there are many things that should be considered.

It can be an easy way making transactions, but this can never eliminate the use of paper money around the world. In future countries might adopt the usage of cryptocurrency having its own cryptocurrency. Cashless payments that were available apart from cryptocurrency too isn't much used by common people. This way it takes time for all countries to go full on cashless payments.

maxreish

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It is such a great steps if all of the countries will totally adopt cryptocurrency and use cashless payments. But that will eradicate banks and paper money which I think will be the main disadvantage if all of the country will use it. Yes, i agree that it will become an easy way for us to do payment transactions but there are many things that should be considered.

munareal

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If all countries of the world convert to cryptocurrencies transactions will be more transparent efficient and cheap. My worry is the scamming and hacking that goes on in the crypto space this is what will discourage massive usage

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Quote from: mitchr4 on December 14, 2018, 05:46:51 AM

We live in the modern world everything is possibly happen, you can say that saving money on virtual wallet is safe but no there are many opportunities hackers to get all of it. More using crypto compared to cash is certainly more disadvantages like the value is volatile and all must be connected to an internet connection. Using cash certainly makes it easier for us to transact.

The value of cryptocurrencies will not be as volatile if more people had some and most of the transactions of the world were settled with cryptocurrencies and the opposite will happen to fiat as well, if less people decided to use fiat and governments found that people did not wanted to use their fiat anymore you will see a greater volatility in fiat.

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We live in the modern world everything is possibly happen, you can say that saving money on virtual wallet is safe but no there are many opportunities hackers to get all of it. More using crypto compared to cash is certainly more disadvantages like the value is volatile and all must be connected to an internet connection. Using cash certainly makes it easier for us to transact.

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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?

When it does happen, the first major thing that is advantages for us is simplicity. When Crypto is used by world, every transaction will be easy and simple, you don't have to bring any wallet, or have to take your cash from ATM, etc. Besides, crypto is also protect your money from losing or stolen since you don't bring any wallet. So far, I don't see and disadvantages from digital money if it really used in our daily lives.

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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 see any need for the world converting to cryptocurrency. Why exactly would they be doing that when there are lots of things that needs to be done with cash? We don’t need cryptocurrency, although I do know a lot of crypto enthusiasts here would make noise and rant and say all sort of rubbish without thinking about what might be the consequences, but I still stick to what I said, the world don’t need crypto. Everything is good as it is.

baobao2000

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One day all the countries will use cashless system. It will be take over with digital system. This isn’t a dream and I think it will happen in the future. There are many advantages cashless system, it make easy for daily life and you don’t need to bring cons with you all the time, shopping will have more fun and not worry about short of money. Paper cash can be damaged by fire and water. If cryptocurrency become the future cashless digital currency, it is handy to use, transaction is fast and it is decentralised. I am also agree the comments above about disadvantage with crypto at moment, there are too many scammer try to steal coins and it would become a big problem if it isn’t solved with correct way.

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