What will happen if the all countries convert to cryptocurrency? - page 31.

Barbut

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★Bitvest.io★ Play Plinko or Invest!

Quote from: Oceat on September 12, 2018, 07:00:38 PM

Quote from: Titus Maximus on September 11, 2018, 08:51:05 PM

Quote from: Oceat on September 11, 2018, 03:12:21 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 might happen soon and i'm pretty sure that the value of each bits is more than the value today.
The advantages of it is that, it could be faster than to transact than the banking system today and i know there is new regulations that will going to implement to us in the system before we can use the crypto currency freely in the future.

But this kind of thought is too futuristic to happen soon in our life and maybe it will happen after 20-50 years from now. I don't know what kind of technology could someone has to create during that time but i'm pretty sure it's an amazing technology.

Not all countries want transparency and a finite supply of their currency. Just look at how many countries have corrupt governments just want to fill their own pockets...a decentralised ledger does not make that easier.

Therefore it is unlikely we see all countries evolve, but I also think it's realistic to see at least a majority of countries adopt and replace fiat with crypto in the next decades...a possible next financial crisis might be a catalyst to speed the process up.

Well, at least some major countries will start it, mainly in Japan i guess because they were just the countries that i know that loved so much of the technology. Hence, making a new technology is not that hard for them because they were too far advanced than the rest or it could be the US also.
These two giant countries in the scene of technology will make a great new discovery in the future but it's just too far to happen yet.

Quote

a possible next financial crisis might be a catalyst to speed the process up.

I don't think this could happen in most major countries but i think someone will fill their gap in financial crisis to make it happen.

You don`t think that major countries can suffer from big financial crisis, but some of the big countries will fall first. Did you hear about expression higher you are, bigger drop it is. Japan already began this transition with legalizing bitcoins and some other altcoins, I believe those countries that start sooner with transition to crypto will suffer less from financial crisis that will come, and they will come. History is full with big crisis, we already know that many countries are on the edge and they will pull down others with them, its domino effect.

Oceat

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Quote from: Titus Maximus on September 11, 2018, 08:51:05 PM

Quote from: Oceat on September 11, 2018, 03:12:21 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 might happen soon and i'm pretty sure that the value of each bits is more than the value today.
The advantages of it is that, it could be faster than to transact than the banking system today and i know there is new regulations that will going to implement to us in the system before we can use the crypto currency freely in the future.

But this kind of thought is too futuristic to happen soon in our life and maybe it will happen after 20-50 years from now. I don't know what kind of technology could someone has to create during that time but i'm pretty sure it's an amazing technology.

Not all countries want transparency and a finite supply of their currency. Just look at how many countries have corrupt governments just want to fill their own pockets...a decentralised ledger does not make that easier.

Therefore it is unlikely we see all countries evolve, but I also think it's realistic to see at least a majority of countries adopt and replace fiat with crypto in the next decades...a possible next financial crisis might be a catalyst to speed the process up.

Well, at least some major countries will start it, mainly in Japan i guess because they were just the countries that i know that loved so much of the technology. Hence, making a new technology is not that hard for them because they were too far advanced than the rest or it could be the US also.
These two giant countries in the scene of technology will make a great new discovery in the future but it's just too far to happen yet.

Quote

a possible next financial crisis might be a catalyst to speed the process up.

I don't think this could happen in most major countries but i think someone will fill their gap in financial crisis to make it happen.

TranTrongit

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If it happens it will be very interesting. We will make a quick and convenient payment on a daily basis using crypto. But I think it's impossible. How do governments and banks accept crypto? Most crypto are decentralized. and they can not control them.

Kakawate

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As I see it, it could be of our advantage more than giving us negative effects, transactions are gonna be made easier and more time is gonna be used for something more productive, but the problem is that, even illegal transactions are ginna be made easier as well, but that is their problem, if they wanna use this advantage in doing good or they wanna continue to use it in illegal matters.

UchihaRukawa

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One thing is for sure, when we are using cryptocurrency as our currency and paper money isnt needed anymore, then it is sure that the way of life is gonna be a lot easier, I think by that time, the volatility issue is gonna be worked with and there will no more reason for us to use banks.

chocolaty

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One problem that may hinder a cashless world involves identification cards that those people in the lowest social class do not have. To be capable of getting valid wallets (digital form, probably on phones) or card (in physical form), whatsoever, ofcourse, you need to have an ID. KYC is one proof that only those people in the middle class and above can be involved in thos kind of community. What about the poor ones? They won't be able to afford getting cards etc because most of the time they do not have valid ids. Probably maybe because they don't have work or money to produce one.

BertoloyBTC

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If all countries happen to convert into cryptocurrency, then this will be the era of cryptocurrency all over the world, and this is will be the reality of the said cashless society in which there is no need to bring cash or fiat money.

Phan Long

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Convenience when paying is a boon, but it is also a disadvantage. Because to support payment everywhere, the country needs good infrastructure, installation of payment stations and transactions, high intellectual standards, the government accepts virtual money.
You see, there are many who doubt Bitcoin's ability, because of its "virtual" nature. It's like old times, from coin to paper money, it seems they do not support it. There must be persuasion.

West0813

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If all countries convert into cryptocurrency. We can see the beginning of a new era. An era of a cashless society and everything will be paid in cryptocurrency.

basyang

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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?

Well its pretty good to pay virtual but as you said it also has a disadvantage. For me the disadvantage of it are some senior citizens are not capable to used it because they since birth they used physical money or fiat for paying their bills, Many stores also did not yet accepting cryptos in their store, and if its capable to not bring cash then all of your money in your wallet you always bring and its hassle because it can detect how much money left in your account.

sunflower_11438

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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?

advantage:
#it won't be easy for someone who is bad to make counterfeit money
#we can bring almost all our wealth everywhere without worrying as long as we make some back up data

disadvantage:
#because the blockchain can only advance and cannot back down then we must be very careful in making transactions if done manually

cryptocurrencyguru

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If all the countries invest in cryptocurrency then we will see cryptocurrency market as trillion dollar business which will happen sooner or later by this coming year 2019

ZeroBTC1

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This may not actually be possible. There will still be some form of opposition to cryptocurrency. But if this opposition can be coerced into converting to cryptocurrency, then it will be very good for the crypto market prices.

yousbabtle

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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 would be one usable currency in the world nobody would need any exchange in other countries. Life will be easy for the whole world. Purchasing and payments will also be easy and there will be no tension for choosing selective platform for sending money to the required destination. Just one click and your money will be transfer or you will get money.

IdoandWill

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If all the countries would convert to crypto, a new era would begin. By paying in Cash you are actually less likely to be attacked rather then by using crypto. Simply because there is more to take. It definitely would be easier, but not sure if safer..

magneto

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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's possible, if the government are switching to issuing their national currency on a blockchain.

It's actually an interesting point to consider because it is actually extremely likely that this will happen some time in the future. We're already seeing many governments around the world expressing interest in doing so, or actively doing so already (Venezuela, for example).

Even though it would still be considered to be a crypto, it is in fact just fiat currency issued on a different platform. The element of control is still there for the government, and I wouldn't say that anything would change much in terms of how the economy is run. To the average consumer, it wouldn't be any different than electronic transactions that we already have atm.

Core.i7

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If you're saying replacing crypto currencies with fiat then its impossible.Because country's develop can be stop. Converting fiat with cryptocurrencies mean not paying tax to government which is dangerous

Nolimitz84

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I don't see any drawbacks.In fact, there are some advantages.First-convenience,2-impossibility of the theft of Your funds,3-earnings.Yes, a very big advantage is earnings.If you follow the ICO, a very large number of them gives you the opportunity to earn crypto currency.

microwave

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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's a big possibility that all country are use crypto currency because every now and then people didn't stop to create a significant thing that brings us to progressive living. people doesn't handle of many credential or requirement to provide if ever they applied for some other application they want all transaction must be processed in virtual currency no need to bring the hassle thing only in crypto currency should provide all their needs.

liliano

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the financial and trade revolution will be realized where everything will be easier, faster and more transparent, while the one that becomes a matter of hesitation in using crypto for payment instruments is its value is very volatile and this will be confusing in assessing goods against crypto

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