What will happen if the all countries convert to cryptocurrency? - page 22.

ausbit

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Quote from: liseff3 on October 03, 2018, 04:37:47 PM

Quote from: Muheng on September 27, 2018, 04:30:10 PM

i think if all countries using crypto, there are so much banks that are collapse, because with crypto we never need a bank because we have our own bank

Bank as a supplier of fiat currency (the product of a country's pride). The bank will forever remain and it cannot be demolished by anyone, as long as the country that protects it still exists, and the bank will still get a number of benefits from the transaction fees, which we spend, especially when we exchange cryptocurrency into fiat/conventional currencies, or when we buy cryptocurrency.

I think countries are using digital money as it is, consider the fiat you use, there are some banknotes that changes hands but mostly almost all of the currency a country uses is on digital bank accounts, just changes the account name and becomes someone elses in the end but the transaction never has any currency changing hands.

It is just one number ommited from someones account and goes back to someone elses account. I wouldn't be shocked if countries decide to create their own currency and create a crypto currency that will be basically doing the same thing as the fiat currency they are using right now.

esetop01tryba

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People are used to traditional currencies and it will be very difficult to switch completely to crypto, but the crypto currency allows States to get off their knees because of the economic disaster, for example, as Vinisuela.

Ekimzjames20

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Quote from: arnaudel98 on October 08, 2018, 04:44:03 AM

Quote from: Menawi12 on October 06, 2018, 03:26:54 AM

If Country start using cryptocurrency, i think they should have a regulation about it. It will good for cryptocurrency market because crypto industry will growing more bigger with support from government

Maybe a lots of new thing would appeared. The price of bitcoin increase and the people use bitcoin more than now. People will sell there gold, silver everything just to increase their money.

If that would happen that is a big blessings for all bitcoiners. A convinient and easy to transact, a modern technology make our life better.

arnaudel98

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Quote from: Menawi12 on October 06, 2018, 03:26:54 AM

If Country start using cryptocurrency, i think they should have a regulation about it. It will good for cryptocurrency market because crypto industry will growing more bigger with support from government

Maybe a lots of new thing would appeared. The price of bitcoin increase and the people use bitcoin more than now. People will sell there gold, silver everything just to increase their money.

Menawi12

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If Country start using cryptocurrency, i think they should have a regulation about it. It will good for cryptocurrency market because crypto industry will growing more bigger with support from government

robotrobert

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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?

For me it’s not a good idea cause we will start facing a lot of cyber criminals who has nothing to do except stealing Bitcoin and cryptos from people wallet. Using cryptocurrency will be another stress cause you will be looking for ways to protect your money after working hard for it. In fact I don’t even need to make too much of an explanation, only a fool would think that using cryptocurrency is a good idea. As for me, I don’t believe that.

wasaisi

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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?

Good news for users of the crypto currency if it has been used in the world. Because what will be affected if the crypto currency is accepted by the world is the coin holders who are still patient in holding their coins. Surely the price of coins will be much different. Therefore if all use the crypto currency we will be grateful.

iMark

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Quote from: liseff3 on October 03, 2018, 04:37:47 PM

Quote from: Muheng on September 27, 2018, 04:30:10 PM

i think if all countries using crypto, there are so much banks that are collapse, because with crypto we never need a bank because we have our own bank

Bank as a supplier of fiat currency (the product of a country's pride). The bank will forever remain and it cannot be demolished by anyone, as long as the country that protects it still exists, and the bank will still get a number of benefits from the transaction fees, which we spend, especially when we exchange cryptocurrency into fiat/conventional currencies, or when we buy cryptocurrency.

Agree the government will not be able to do that, they will still maintain their local currency because that means a lot of things for their economy, how the local currency describes the economy and the situation of their current country. crypto will not replace banks or fiat, crypto will only become an option only

BennyK

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A global adoption of cryptocurrency will only bring a major boost to the crypto market. The market will rise in value and coins that will survive till that time will have good prices and value on the market as there will be an increase demand.

strunberg

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Quote from: Burogh on October 03, 2018, 07:07:05 PM

Government must be creating cryptocurrency that they can control on the supply. Cryptocurrency should be keep decentralized and if government issuing their own cryptocurrency, i am believe crypto like bitcoin will be like gold or safe haven asset

there are many problems before government decided to make their own cryptocurrency.althoug from this project they could get much money from investor, but maybe this action violate their own regulations.

evergreendog

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This would never happen, United States demands that all oil trades are done with the petro dollar. When Gadaffi demanded gold for Libya's oil he was murdered.

Burogh

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Government must be creating cryptocurrency that they can control on the supply. Cryptocurrency should be keep decentralized and if government issuing their own cryptocurrency, i am believe crypto like bitcoin will be like gold or safe haven asset

East2011

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Most countries are not yet ready to convert into cryptocurrency. But if that happens. I think it will be an advantage for crypto lovers but what about those poor people who don't have any knowledge about crypto. And don't have any gadgets to use. How can they cope up with that big change? That will be a big advantage to them.

Ucy

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I doubt most governments will allow their currencies to become real Cryptocurrency. The immutablity and transparency of Blockchain will scare them off.
They'd probably create their own version of Cryptocurrency like Venezuelan petro or Cryptocurrencies that would enable them print money of thin air in total secrecy..

liseff3

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Quote from: Muheng on September 27, 2018, 04:30:10 PM

i think if all countries using crypto, there are so much banks that are collapse, because with crypto we never need a bank because we have our own bank

Bank as a supplier of fiat currency (the product of a country's pride). The bank will forever remain and it cannot be demolished by anyone, as long as the country that protects it still exists, and the bank will still get a number of benefits from the transaction fees, which we spend, especially when we exchange cryptocurrency into fiat/conventional currencies, or when we buy cryptocurrency.

33bitcoin

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I'm sure cash will be almost phased out in 20 years. I dont think the governments will officially accept any decentralized cryptocurrency either. They will most likely create their own that they have complete control so. Then they will be able to print as much as they want each year according to their needs. It will also be private so citizens can't see how much total monetary supply there actually is.

julzcoinbit

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Quote from: cybernetik7 on October 03, 2018, 03:46:55 PM

In near future, digital money will overwhelm traditional money and governments are in progress to adopt regulations in order to comply with recent developments. By doing this, sending and receiving funds will become very fast and easy. It is going to lead to a growth in businesses and make life easier. We’ll see a cashless society.

Will this digital money be a cryptocurrency or not? It is too early to see which one will suppress the market. I think, crypto's will be in use and there will be a digital fiat money.

You're right because the world technology is evolving and this changes is part of the evolutionary. On these days some countries already adopt cashless society together with using cryptocurrency and time will come it all countries will have it.

cybernetik7

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In near future, digital money will overwhelm traditional money and governments are in progress to adopt regulations in order to comply with recent developments. By doing this, sending and receiving funds will become very fast and easy. It is going to lead to a growth in businesses and make life easier. We’ll see a cashless society.

Will this digital money be a cryptocurrency or not? It is too early to see which one will suppress the market. I think, crypto's will be in use and there will be a digital fiat money.

SnowAugustine

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Quote from: Muheng on September 27, 2018, 04:30:10 PM

i think if all countries using crypto, there are so much banks that are collapse, because with crypto we never need a bank because we have our own bank

and would that be a bad thing?

ethereumhunter

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I don't think that we can easily to converting from cryptocurrency to local fiat because there are still not too many countries accepting crypto and use it as the second money. But there will be any advantages and disadvantages to that, and we could still guess without know what will happen. Although paying virtually will give us simplicity but still, we can only pay a few things by virtual, and I think we need to be careful because the thief can be on everywhere and they can do whatever they want and only securing our account that will help us from the thief.

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