What will happen if the all countries convert to cryptocurrency? - page 18.

Muzika

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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...

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.

slocker

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This is good idea but with low probability of success in globalization. We have some countries that adopt it which is good but we have many countries that dont know even what this is and on top of that with no internet access and that is main problem. We might see this in some life time but for the moment this is just not possible at the moment to be globally adopted and accepted.

Koenraad Lange

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Quote from: celot on November 06, 2018, 02:28:21 PM

Maybe when have country want to convert with crypto currency will make directly of crypto price on higher, many altcoin kinds will be on the top price and all of country will allow what have the first country doing for legal bitcoin transaction.

If that happens, I am sure the cryptocurrency price will rise, and trade transactions will increase. Maybe competition will occur from cryptocurrency, and I expect bitcoin to become the most widely used crypto money in the entire world. However, before that happens infrastructure that supports the use of cryptocurrency must be available, especially fast and stable internet.

efxtrader

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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 government decide creating their own cryptocurrency but still control the supply, i think thats can not call cryptocurrency. Cryptocurrency should be decentalized and no authorities can control the supply.
Its hard for government to convert their currency to cryptocurrency because its decentralized and government or central banks always want to control the supply to boost economic growth

Febriana98

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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...

ellehcar

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The value of bitcoin will skyrocket once the demand for it increase. That would truly be glorious days in the financial history of mankind since we reach the completely digital age. Life would be more easier and convenient by that time. Anyway, I have no doubt that this will come the sooner or later. Whether we like it or not, the veer of time is moving to that point, and no one's can stop it. And those who stick around crypto, believing its true wort would be te most fruitful beneficiaries.

basyang

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Quote from: Tellek Garing on September 11, 2018, 07:14:25 PM

it is very difficult to make it happen because not all countries agree with what you think, every country has a certain authority and also different capabilities in every country so to realize a cryptocurrency I think not all countries can do that

Yes it is true. Not all country will accept and adopt Bitcoin as you think. Its a long process to make bitcoin as a legal converter of Cryptocurrency to their national currency. Let we say, today some countries you can exchange or convert Bitcoin to their currency. Its a long discussion in the country to make it possible many countries still have a doubt when it comes to cryptocurrency.

rose9696

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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 do not think that's a good solution. cryptocurrency is just a money transfer tool, it does not have the same properties as fiat money. The disadvantage is that the forex market will lose and many investors will lose all their money. In addition, countries will no longer be rich and poor.

project_delta

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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?

Hacking of course. Though there are ways to make sure that doesn't happen but nothing is 100 percent perfect.
Also I guess there are restrictions that come with it, having an electronic device at all times, I guess.

jobukegoya

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Quote from: Leyss on November 06, 2018, 03:02:50 PM

In addition to their usual national money and non-cash forms of payment, as well as cryptocurrency, the state can and probably will use it in the near future.
However, it is never possible for the state to fully switch to the use of cryptocurrency, it is simply impossible. Cryptocurrency is not intended for this. It can exist only in parallel with the national money of the states and cannot replace them.

It is impossible for all countries to switch to the use of cryptocurrency, because not all countries have internet access as in developed countries. While the internet is a means to conduct transactions with cryptocurrency. The most likely is cryptocurrency as a companion currency for fiat currencies, so users have a choice.

icecube45

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If all countries convert crypto of course this will change the habits of people who make payments using real currency to digital currency. If all countries use crypto which is of course the economy of all countries will be the same, there will be no rich countries and poor countries because the exchange rates of all countries will be the same. But if all countries use different crypto, of course there will be economic differences between countries. The advantage will certainly be easy to use and more efficient if used as a transaction, but the disadvantages of its security are definitely not guaranteed and are very vulnerable to theft. I don't know whether in the future all countries will convert to crypto, but for now it certainly won't happen anytime soon.

lionheart78

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If ever all country convert to cryptocurrency, the first thing that would be affected will be the financial privacy of individual. We all know that blockchain is transparent and all the transaction and the amount holding by that address can be seen on the blockchain. Government will have all its way of seeing how much each individual holds and a simple leak of database would compromise each individual. Though it is convenient to use cryptocurrency because it does not need a third party in transferring, there is always risk involved when things went out of hand.

wahyu wida

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Quote from: celot on November 06, 2018, 02:28:21 PM

Maybe when have country want to convert with crypto currency will make directly of crypto price on higher, many altcoin kinds will be on the top price and all of country will allow what have the first country doing for legal bitcoin transaction.

we can imagine that currently BTC users are only 1% of the world's population, what would happen if all countries were neglected. maybe i will have a hard time predicting the price. and of course for investors today will be rich

Leyss

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In addition to their usual national money and non-cash forms of payment, as well as cryptocurrency, the state can and probably will use it in the near future.
However, it is never possible for the state to fully switch to the use of cryptocurrency, it is simply impossible. Cryptocurrency is not intended for this. It can exist only in parallel with the national money of the states and cannot replace them.

celot

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Maybe when have country want to convert with crypto currency will make directly of crypto price on higher, many altcoin kinds will be on the top price and all of country will allow what have the first country doing for legal bitcoin transaction.

Barbarian

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Quote from: ?? on ??

Quote from: Barbarian on October 24, 2018, 09:45:08 PM

Quote from: Evetemot on October 24, 2018, 07:03:22 AM

Quote from: k1ng0fBTC on October 17, 2018, 07:18:59 AM

Quote from: Layers318 on October 10, 2018, 12:02:17 AM

All countries converting to cryptcurrency means a good news to the entire crypto market. The market will see full green for a long period because there will be an increase demand as users trade with the various coins on the market.

When countries accept cryptocurrency people will put their money in it without any fear. Converting of governments means converting the whole nation into cryptocurrency. The use of crypto will increase by this way and people get more chances to enhance life standards of their families. People will be happy while using cryptocurrency instead of paper or fiat currencies.

Why not, every country can switch to cryptocurrency fully because if we can travel from barter system to digital cards, we can also go one step ahead towards digital currency. It will take time but in this time we cannot imagine the atmosphere in the future. There are many things in the world which were impossible 100 years ago but now we are using them.

The fact that something was impossible long time ago does not mean that is easy to achieve now, water is something that we all need and more than half of the human population do not have direct access to water so I find it unlikely bitcoin is going to be within the reach of everyone.

I know it is not that easy to have such an aggregate medium of exchange that is accepted wide world but let’s suppose that it happened. Having a single medium of exchange throughout the world will bring all the economies on the same page and the transaction cost will be greatly reduced for every transaction. But it will not be easy to tackle the challenges that arise as a result of having such a system as well. On the average, the benefits will be more than the disadvantages but it is not going to happen on the first place.

But that is precisely the problem, people are imagining something that has never happened in the history of the world, different societies have chosen different mediums of exchange to history and they had never agreed to have a single one so it is very unlikely that is going to happen.

ramahero01

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it seems that crypto money is made into the world currency, probably very small because we all know that there are still many countries that have not accepted Crypto's presence and that is the obstacle. moreover, the Crypto value is very unstable whether it will not be troublesome when used for goods sale and purchase transactions every day.

hashshashin

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Quote from: JohnBitCo on November 05, 2018, 01:26:22 PM

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.

Well, it is not very simple to convert all the world currencies in crypto currencies. There are many people in the world who do not know how to operate this digital currency and you will not find internet everywhere to make Bitcoin transactions. A lot of things has to be taken into considerations if we want to see bitcoin rule the world.

You are right, many are not yet ready to use crypto-currencies as a means of payment, and before global recognition, digital currencies have a long way to go.

JohnBitCo

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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.

Well, it is not very simple to convert all the world currencies in crypto currencies. There are many people in the world who do not know how to operate this digital currency and you will not find internet everywhere to make Bitcoin transactions. A lot of things has to be taken into considerations if we want to see bitcoin rule the world.

xlmlover

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transactions will be more efficient compared to fiat money, but there are some things that become obstacles, one of which is the security system, there are still some cryptos that can be stolen by irresponsible people.

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