What will happen if the all countries convert to cryptocurrency? - page 20.

Faeton

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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?

Instead of several bills in your pocket, you’ll carry a laptop or a mobile phone with you, if stealing several bills can really be called petty theft, then theft of a mobile phone in this case will not seem petty theft. First, a lot will be tied to the phone number and even its recovery will present certain problems. Secondly,
In order to make transactions from a mobile phone, people will keep various access codes, secret keys and other confidential information in it. Their loss and possession of it by the attacker can cause very big problems. Even if such information is protected with a password, it will be simple for usability and therefore easily cracked. In general, what is simpler here, you need to look here.

MRY

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in my opinion, if all countries convert to the crypto currency it will be beneficial to us because we can easily use the crypto currency and the government will support the crypto currency but the government will also make rules that will benefit the country and that could be detrimental to us

arnaudel98

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Quote from: max fray on October 15, 2018, 12:48:35 PM

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 main disadvantage of crypto is that it's still highly volatile meaning that its value with respect to goods and services bought is unstable. I know I'm saying unpopular thing but there should be some kind of regulation to make crypto more stable if we want it to be used a a currency in the direct meaning of this word.

If all countries accept the bitcoin and replace the fiat i think the economy will be destroy. Ever know why government are against bitcoin and want to ban it ?. If all country convert to cryptocurrency everything will be destroy.

rickyNmorty

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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.

I also believe with this. The economy will rise. There will be no poor anymore, the poor will be looks like rich people of today. Everyone have work and there will be no child in the sidewalk starving. Bitcoin will bring us a better life if everyone accepted it. Therefore lets hope for it to happen.

jikurpa

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Quote from: Komissarnik on September 11, 2018, 10:06:19 AM

Unfortunately, this development is still very far away. As long as there is a poverty line and developing countries, the widespread implementation of crypto currency will not happen. Bitcoin will remain the lot of units-enlightened.

to do that really requires a long time and process, of course, as an example in my country, the government in my country still prohibits directly conducting cryptocurrency transactions directly, or in other words, the government has not fully inaugurated the use of cryptocurrency as the prevailing currency

edisystem

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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?

Depends, if people start accepting cryptocurrency as a payment and the government on all countries accept cryptocurrency or even make their own cryptocurrency, then it could be happen. It's possible though, all countries accept cryptocurrency but I think it will takes years to happen.

k1ng0fBTC

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Quote from: Layers318 on October 09, 2018, 11:02:17 PM

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.

Barbarian

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Quote from: Irvinn on October 09, 2018, 04:47:48 PM

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 fully switch to using cryptocurrency only. If this happens, especially in many states, chaos will simply begin and the economies of the states will collapse. Therefore, no state will ever fully switch to the use of cryptocurrency. Cryptocurrency can go in the state only in parallel with the national money of this state.

It seems to me that some people have very unrealistic views about what cryptocurrencies can achieve, it is true that the invention of satoshi was incredible but like anything it has limitations and one of the most important is that it's going to be impossible for everyone to use cryptocurrencies because you need to have access to a computer.

EllieBasti05

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If all countries convert to crypto currency they should develop their own currency like fiat money. Digital currency same with bitcoin that can be use all over the world with the price of cresendo and descresendo and be centralize by the government.

They should finance their own blockchain and name the currency like where it came from (ex. US Bitcoin, JAP Bitcoin) It's very convenient for all countries, but it can be very dangerous for greedy elites for controlling and hoarding/keeping the currency.

Caelanpelley

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If all countries switch to electronic money, money transactions between countries will become faster. Only a computer with a network connection or a smartphone can exchange easily from one country to another. We will have a common currency.

malicoin

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well there is no need for such a thing that we still now are paying everything virtually and are not bringing cash so what would be the point of this.

Pab

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All countries of the world.Do you know what are you talking about
It may happen if govs will develop his own cryptocurrencies.
If that will ever happen than money will be fully controlled by govs
There is only one kind of money what are really people money
that money is cash in pocket

marine4u

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Quote from: amphibian on October 15, 2018, 08:34:24 AM

A lot of things will happen ranging from positive to negative stuffs with the negative stuffs doing more harm than good. Well, if all countries convert to cryptocurrency, all trading and transactions will be done with ease and faster. The only problem will be trust among parties on the blockchain. What I am trying to mean is the issue of scammimg others. Once this issue can be sorted and prevented, I think all countries converting to cryptocurrency will go a long way to help the economy of most countries.

This is the dream of many people investing in cryptocurrency because then the value they get will be huge. But I think for cryptocurrency to be used completely in the world it takes a lot of time and that will not be easy to happen. Fiat currency is still the top choice in the world.

kenel

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bitcoin is a universal convenient payment, I believe that this is a very important method of payment, which should be promoted

max fray

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JOIN THE NEXT MEGATREND IN CRYPTO!

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 main disadvantage of crypto is that it's still highly volatile meaning that its value with respect to goods and services bought is unstable. I know I'm saying unpopular thing but there should be some kind of regulation to make crypto more stable if we want it to be used a a currency in the direct meaning of this word.

wxa7115

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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?

There are several disadvantages when it comes to using digital systems of payment, to begin with the amount of infrastructure that you need to have a payment system like bitcoin or to use any fiat currency is huge, and in poor countries this infrastructure is not enough to satisfy the needs of all the population, so you still need a form of money that doesn't need that infrastructure, when it comes to fiat we have cash and if you want something even better than that you could use gold or silver.

So there are some countries that could make that transition but it's something that I personally do not like because that means that banks will know everything that you do with your money and it's possible that they will try to control what you do with it in the future.

amphibian

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A lot of things will happen ranging from positive to negative stuffs with the negative stuffs doing more harm than good. Well, if all countries convert to cryptocurrency, all trading and transactions will be done with ease and faster. The only problem will be trust among parties on the blockchain. What I am trying to mean is the issue of scammimg others. Once this issue can be sorted and prevented, I think all countries converting to cryptocurrency will go a long way to help the economy of most countries.

TwtRedeo

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Quote from: patarfweefwee on October 09, 2018, 10:50:45 PM

One thing is if everyone is using crypto currency then everyone vould have access to the internet anywhere since it will be used for businesses. Next, if everyone is on crypto currency, I'm sure that countries will create their own coin so they can at least maintain a certain control on the market. Lastly, every one will have to have register so people will not use it for laundering.

If the countries convert to cryptocurrency we will enjoy cashless world and there would be no need for money change. One world and one currency and that would be definitely bitcoin. That world is the era of new generation. We would enjoy that time very much. People will feel ease while using their coins. Shopping and payment throughout the world will be easy than that of today.

dmamigo

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This will mean 100% digital financial system been adopted, which is quite tough and impractical at the moment. In some countries, there is a lack of proper infrastructure, utility support to apply this change. This will take loads of time, maybe a few decades or maybe a century after this thought clicks in the mind of the officials of the respective country.

legenduim

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Quote from: Irvinn on October 09, 2018, 04:47:48 PM

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 fully switch to using cryptocurrency only. If this happens, especially in many states, chaos will simply begin and the economies of the states will collapse. Therefore, no state will ever fully switch to the use of cryptocurrency. Cryptocurrency can go in the state only in parallel with the national money of this state.

The governments of all the countries sure understand it. That is why it will never happen. Even the countries where the crypto is legal will not convert to the digital money.

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