What will happen if the all countries convert to cryptocurrency? - page 17.

Riddikulo

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Quote from: dangerousdanjon on December 11, 2018, 09:16:41 AM

Quote from: Febriana98 on December 09, 2018, 07:23:12 PM

I think it's safer, faster, and the country can save on the cost of printing their own country's fiat currency. we all know that the costs a country has to spend on printing their currency are very expensive, and cryptocurrency is the solution...

Exactly. This is a hypothetical scenario that if all the countries converge to the crypto, it will bring much economic prosperity but that would indirectly mean letting go their existing wealth which no country would.

Realistically thinking, you will understand that we will never see it. The governments will never refuse from their national currencies to convert to the cryptocurrencies. Meanwhile, they can stop to ban crypto.

criza

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Indeed, cashless society are gradually becoming the trend due to its convenience and ease of use. Truly, cashless society has a lot of advantages, and one of those is that, it lessen the risk of theft and security of money that lies within your hands, unlike you having a cash. However, all things do also have disadvantages as much as the advantages are. One disadvantage is that, eventhough it is very convinient, still, its range of people with access to this is quite limited. Thus, not all will benefit from it. The conversion to crypotocurrency will somehow become useless. Lastly, safety and security of our money in the cryptocurrency system is still a question to raise. With the dangers and threats that the system have, we should think first a million times.

Lorence.xD

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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?

There are many advantages that a cashless society can do provide once it will be widely implemented because fast and easy transactions will be made across the globe in anytime at a single moment which also makes it convenient for overseas workers to remit money to their love ones that fast. Aside from the advantages, there will be also an associated disadvantage which we will just know in the future once we are put into that situation if and only if all the countries will participate into converting from traditional into a cashless society brought by the crypto community.

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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 cryptocurrencies the world will become cashless for a convenient transaction to all people.That will make easier to produce all what we want to.

LieTOme

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Quote from: scoin9 on September 10, 2018, 08:34:31 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.

I strongly agree with your opinion that you convey crypto currency created by using technological developments which will certainly be needed in the development of the era

HB Wallet

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I think it would take total globalization to do so. If not, the situation will be extremely awry if each country decide to use their own blockchain. Everyone must agree to use the same cryptocurrency to use like the Euros we have here now. But there's no way that it's gonna happen though.

Otsu

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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 guess the only issue in using vitual money is how secured it is for a long term? I meaned, there is a lot of hackers in the internet and we don't know if the system in crypto world are safe. But if they can assured the users that it is, then it will be great to used this kind of currency as it will give convenience to the people.

East2011

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I think not all countries are ready to go cashless. Remember that there are still some countries that start the war against cryptocurrency. It will take a long time before the world will use cryptocurrencies.

Umuoji

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It will really make a positive impact in the crypto space if all countries convert to cryptocurrency but I don't see that happening,not now and not forever.

acholagi

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Which cryptocurrency do you mean? if the cryptocurrency is still decentralized, of course the price will soar, but if the cryptocurrency is crypto which has been backed up by real assets such as Gold or USD, then the price of the cryptocurrency will be strong and stable at normal prices
and if it turns out the government has never adopted cryptocurrency in their lives, then the price of the cryptocurrency itself will decrease every year

daisynonwak

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Quote from: Indrawan77 on September 11, 2018, 12:29:48 AM

We are toward the cashless society, unfortunately the one in the government's mind is the digital money not crypto currencies, crypto do give a big benefit for the users, it's very easy and convenient to use, I think a country need to regulate the crypto before trying to adopt it, the reason is because crypto is decentralised, without any balance in using fiat and crypto it can cause serious inflation to the country, if crypto being implemented correctly, it will create a better economic situation for the country

I agree, in crypoto we have the control of our own asset.

South Park

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Quote from: dangerousdanjon on December 11, 2018, 09:16:41 AM

Quote from: Febriana98 on December 09, 2018, 07:23:12 PM

I think it's safer, faster, and the country can save on the cost of printing their own country's fiat currency. we all know that the costs a country has to spend on printing their currency are very expensive, and cryptocurrency is the solution...

Exactly. This is a hypothetical scenario that if all the countries converge to the crypto, it will bring much economic prosperity but that would indirectly mean letting go their existing wealth which no country would.

The funny thing is that governments could bring that prosperity to their people if they wanted to do it, while bitcoin is a huge step forward when it comes to the technology the truth is that most of its value comes from the simple fact that there is a very small amount of bitcoin in circulation, so if countries just adopted that attitude of not printing as much fiat as they wanted they could make their countries very prosperous.

horrifiedx1

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Quote from: Buttermellow on December 11, 2018, 03:11:08 AM

I saw a lot of conflicts on using it as a payment terms if all other kinds of payment will be eliminated or replace by cryptocurrency. However, if cryptocurrency will be only added as another option for payment options then it would be better.

I think it would be different if all legitimized bitcoin as a payment tool, because bitcoin would certainly not fluctuate as high as it is today. I think it will be like the current market movement of the fiat currency. with the role of the government in this regard, there will be more or less regulations applied. but in my opinion it still takes a long time for that

dangerousdanjon

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Quote from: Febriana98 on December 09, 2018, 07:23:12 PM

I think it's safer, faster, and the country can save on the cost of printing their own country's fiat currency. we all know that the costs a country has to spend on printing their currency are very expensive, and cryptocurrency is the solution...

Exactly. This is a hypothetical scenario that if all the countries converge to the crypto, it will bring much economic prosperity but that would indirectly mean letting go their existing wealth which no country would.

Buttermellow

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I saw a lot of conflicts on using it as a payment terms if all other kinds of payment will be eliminated or replace by cryptocurrency. However, if cryptocurrency will be only added as another option for payment options then it would be better.

Stac

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All countries are converting to crypto currency means it will be more convenient to boost up their economy by the eassy transactions and which will lead to the economical development of the country by avoiding the fiat currency .Mean time each countries are making their own currency means it will be a centralized one and which will be inconvenient for the international transactions and such digital transformation will not be a healthy one so a decentralized crypto currency will be much suitable for all countries to transact for their daily requirements.The crypto currency is leading us to a digital world and which will be convenient for the day to day requirements,easy and timely transactions with low service charge with out a third party interference. The crypto currency will change the entire face of the world.which will boost the global economy in various dimensions to make human life very easy and comfortable.

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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 a total of all countries use crypto currency, I think people from all walks of life don't mind, especially for those who are connected and understand the internet performance.
There are so many advantages and conveniences that we will get later, for example:

Each of us can control our own money (with a note: save it in digital format).
Transactions can be done anywhere, whenever we want.
Basically crypto currencies can adhere to the aspects that apply in banking and state / private finance, but all this goes back to the way of thinking of the government, especially in managing and utilizing it (the social benefits of positive externalities).

IMO cryptocurrency is a more appropriate medium for banking and finance than fiat currencies supported by central banks especially for people who do not have bank accounts. But the three things above, maybe will leave a loss for people who are still isolated internet connection problems and for those who are not ready for the revolution that occurred in the financial world, such as parents / lay people and those who have little information about crypto.

South Park

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Quote from: Dontme on October 24, 2018, 07:10:20 AM

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?

The advantages are that we gonna enjoy the life since the price of what we holding has 99% assurance that the price will go up like x10 and above. The disadvantage is that we will surely their will be many hacks.

You do not have to worry that much about it because countries are not really ready to adopt cryptocurrencies as their main way of exchanging value between people, we still need to solve the issue of the speed of confirmation in the bitcoin network, when the price is going up the bitcoin network gets very busy and the fees skyrocket and it is very difficult to get a single confirmation in a fast way during those times even with the limited amount of users that we have.

ginobitcoiner

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what will happen is crypto currencies will become global money and I think that will be a problem when not everyone can make transactions with digital-based crypto currencies.

S4VV4S

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Quote from: Muzika on December 10, 2018, 05:39:45 AM

Quote from: Febriana98 on December 09, 2018, 07:23:12 PM

I think it's safer, faster, and the country can save on the cost of printing their own country's fiat currency. we all know that the costs a country has to spend on printing their currency are very expensive, and cryptocurrency is the solution...

It is not that shallow reasoning, when the states convert to cryptocurrency then everything will change, everything in the financial transaction will change, and therefore the price will raise because of the demand in the market there are also lots of alts to be released.

Yeah I agree with you if the all countries convert to cryptocurrency then it will be more Altcoin will born,
and certainly the demand will increase that could cause the price will raise. I really want that will happen later.

Topic: What will happen if the all countries convert to cryptocurrency? - page 17. (Read 12670 times)