What will happen if the all countries convert to cryptocurrency? - page 3.

Visbay

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Quote from: HarmonyA on December 21, 2019, 05:35:29 PM

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?

It is possible to convert to cryptocurrency, but it is not possible to embrace it wholly and discard virtual currency. Because in the places where the people are not literate, they can't run their daily businesses without virtual currency.
We shouldn't limit cryptocurrency usage within the literate class in our society, the illiterate population outnumber the later. So how can we cover the gap

I don’t think that it’s really hard to learn the use of crypto if they will try to learn people can learn but as much we are living in the digital era so one day it is going to happen that crypto will be using same as virtual currency. Infect at some places it’s being used as currency. There is no problem purchasing or selling with it because of the easy transaction with safe deposits.

kotik085

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The country will be attacked by crypto. If bitcoin stands on a par with fiat, then this threatens a financial disaster.

jameshugo17

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Everyone becomes a member of an independent community. I think it would be very dangerous for states to adopt such a system. Because it means that the state shares its power. It doesn't make sense for states to rival other altcoins.

supercanada1

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Quote from: iamsheikhadil on December 22, 2019, 12:29:05 PM

Well when the government says to go cashless, it's not to make everything digital, it's to actually regulate every transaction and place taxes on every penny of transaction and monitor them, and if people start to use crypto then they will contradict the motto of transaction regulation by the government xD so that will bring back privacy in a more secure way Cheesy

Government never wants people to simply adopt some system that is giving them complete control over their money and transactions. Crypto is giving people this freedom. Government needs money from your earnings in the form of taxes whereas crypto is sampling is going against this aim of government. Government would only adopt crypto when they have figured out a method of regulating transactions.

Negotiation

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If all countries are converted to cryptocurrency it will take the economy of the country to its peak. Because cryptocurrency is one of the easiest ways to earn. Everyone wants to work independently and also all countries will be transformed into cryptocurrency New things will emerge Technology will improve trade and business will evolve and things will become easier and faster.

iamsheikhadil

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Well when the government says to go cashless, it's not to make everything digital, it's to actually regulate every transaction and place taxes on every penny of transaction and monitor them, and if people start to use crypto then they will contradict the motto of transaction regulation by the government xD so that will bring back privacy in a more secure way Cheesy

GideonGono

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Quote from: HarmonyA on December 21, 2019, 05:35:29 PM

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?

It is possible to convert to cryptocurrency, but it is not possible to embrace it wholly and discard virtual currency. Because in the places where the people are not literate, they can't run their daily businesses without virtual currency.

I also see that because there are some benefits by crypto and other kind of currency. By the volatility of the price, it should difficult to use from the exchange of product. It was good that there has a currency divide happen to the exchange like we do have now.

HarmonyA

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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?

It is possible to convert to cryptocurrency, but it is not possible to embrace it wholly and discard virtual currency. Because in the places where the people are not literate, they can't run their daily businesses without virtual currency.
We shouldn't limit cryptocurrency usage within the literate class in our society, the illiterate population outnumber the later. So how can we cover the gap

TRONTON

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Quote from: bobitza on December 20, 2019, 07:44:10 AM

If all countries converted to cryptocurrencies, all translation would be easy and fast. But I think all this will be very unlikely in the future. Because every country has its own currency, the value of each currency is different. If everyone uses cryptocurrencies, there will be no carrying cash, no fear of loss or theft. But it is inconvenient in small daily expenses.

translation?
well, fiat is also always on the verge of inflation, the use of cryptocurrency is not impossible, but it takes time. the generation process will touch the transfer of the algorithm to crypto and will still adapt the same fiat value based on official reserves.

your last few sentences may seem complicated, but the government can erase the cash payment mode starting from the area of their strategic economic zone which is expanded every year, all will still hold on to the process.

bobitza

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If all countries converted to cryptocurrencies, all translation would be easy and fast. But I think all this will be very unlikely in the future. Because every country has its own currency, the value of each currency is different. If everyone uses cryptocurrencies, there will be no carrying cash, no fear of loss or theft. But it is inconvenient in small daily expenses.

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Quote from: Cacingkemi on December 19, 2019, 11:59:12 AM

the government will not be fully able to replace the existing currency into crypto, but rather be able to accept crypto as an alternative transaction tool that must be developed. if the government is able to replace the existing currency into crypto, then it is likely that the currency used will become worthless as a medium of exchange or international business

nope that is totally wrong mate,the existing currency will never be worthless even if crypto will take over the main stream.

there are still many transactions that cannot be done online so i believe that Fiat will remain functional though limited only yet will still exist right?so disregard the idea of crypto will bring fiat as worthless.

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Quote from: Pinkris128 on December 17, 2019, 10:06:57 AM

In my own opinion, since cryptocurrency is decentralized there would be a problem when everyone in the world have converted to cryptocurrency because taxes would be no more, so there would be lack of funds on making projects or establishments such as bridges, schools, hospitals, roads, highways, and etc.

Even now for the taxes paid by common people if we ask whether the people are getting all the basic support from the governments, the answer will be no. When things go decentralized, it doesn't mean people won't be taxed. As the network gives the pseudonyms access it is difficult to tax the people who are getting benefited. There are countries that are into development even without collecting taxes from the public.

Cacingkemi

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the government will not be fully able to replace the existing currency into crypto, but rather be able to accept crypto as an alternative transaction tool that must be developed. if the government is able to replace the existing currency into crypto, then it is likely that the currency used will become worthless as a medium of exchange or international business

huige007

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Quote from: supercanada1 on December 18, 2019, 12:36:20 PM

Quote from: Pinkris128 on December 17, 2019, 10:06:57 AM

In my own opinion, since cryptocurrency is decentralized there would be a problem when everyone in the world have converted to cryptocurrency because taxes would be no more, so there would be lack of funds on making projects or establishments such as bridges, schools, hospitals, roads, highways, and etc.

Government will simply find ways to put taxes on it or they will surly come up with a plan to get details of your crypto savings. Government could come up with their own site for wallets ultimately having your all information. So no projects will stop even if everyone is dealing in crypto currencies. If all buying and selling will be in crypto currencies, how people will be able to avoid taxes.

This is really not a big deal for government to get information of your wallets until and unless you are using their crypto wallets. Government even if does not launch their own wallets, they are simply going to make deals with the exchange owners etc. in order to have information about the people who are having high crypto investments. They are going to put taxes on them. In short, government will try their best to put taxes.

supercanada1

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Quote from: Pinkris128 on December 17, 2019, 10:06:57 AM

In my own opinion, since cryptocurrency is decentralized there would be a problem when everyone in the world have converted to cryptocurrency because taxes would be no more, so there would be lack of funds on making projects or establishments such as bridges, schools, hospitals, roads, highways, and etc.

Government will simply find ways to put taxes on it or they will surly come up with a plan to get details of your crypto savings. Government could come up with their own site for wallets ultimately having your all information. So no projects will stop even if everyone is dealing in crypto currencies. If all buying and selling will be in crypto currencies, how people will be able to avoid taxes.

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What I expect if all countries convert cryptocurrency does not mean that fiat currencies are completely replaced with Cryptocurrency and only serve as an alternative payment for fiat replacement and both will go hand in hand.
and I think the country's government is smarter and better understands if the fiat currency is replaced by cryptocurrency in total it will have a negative impact on the country, and includes concerns from those who give opinions on this topic.

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Quote from: Pinkris128 on December 17, 2019, 10:06:57 AM

In my own opinion, since cryptocurrency is decentralized there would be a problem when everyone in the world have converted to cryptocurrency because taxes would be no more, so there would be lack of funds on making projects or establishments such as bridges, schools, hospitals, roads, highways, and etc.

legalized does not mean to be the main payment instrument, of course as an alternative payment instrument, I think there is no problem for paying taxes, because the government will certainly find ways to increase their tax revenues, and I think that is the government's main consideration before legalizing it

Pinkris128

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In my own opinion, since cryptocurrency is decentralized there would be a problem when everyone in the world have converted to cryptocurrency because taxes would be no more, so there would be lack of funds on making projects or establishments such as bridges, schools, hospitals, roads, highways, and etc.

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Quote from: Ayiranorea on December 12, 2019, 07:09:25 PM

Quote from: Innocant on December 10, 2019, 04:30:15 PM

Well if that happen converted to cryptocurrency, Maybe it was new for the other people that have no experience from crypto but it was better way to use it for payment. It happen now some other county for being crypto as a payment, Even do in my country they adopt crypto for payment in stores even in the hospital I just found out accepting bitcoin.

Yes, for people who haven't used to it feels different while the people who have known about it gets the opportunity to use bitcoin and other cryptocurrencies without much difficulty. Probably most of the countries will have their own cryptocurrency which gets used for the transactions within the country while bitcoin serves to be the common asset for cross border transaction. Somehow there will be continued usage of bitcoin making it grow higher.

I don’t think so there is any state where internet is available is unaware of bitcoin or crypto currencies on the whole. Governments will try to launch their own cryptos in order to have control over blockchain technology and collect taxes easily from people. No matter how many cryptos get launched bitcoin is not going to lose its importance at all. It will keep acting as king of cryptos because of its decentralized nature.

Once it regulates a country no matter what knowledge they have, they will still adopt and know bitcoin because of the advertisements and promotion. By that, those people now have access about the digital currency related website and they can seek information about cryptocurrency.

EdvinZ

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If all states switch to cryptocurrency, it will mean a complete loss of control over the financial flows of citizens. This is utopia. States cannot afford to completely switch to settlements in decentralized cryptocurrencies. Only centralized digital money-it will become the basis for the financial system of the state.

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