Topic: What will happen if the all countries convert to cryptocurrency? - page 32. (Read 12670 times)
September 12, 2018, 03:19:31 AM
If all the countries in the world will adopt cryptocurrency, the level of market capitalization will increase tremendously and it will mean a new dawn of freedom for all cryptocurrencies users as banks and all other intermediaries will be completely eliminated and people will be able to conduct their transactions with ease.
September 12, 2018, 02:38:30 AM
That wont be possible, few countries that are advanced will only adapt and make this work, we still have so many under developing countries that its citizens still dont have access to internet anf no way for them to go digital.
September 12, 2018, 02:16:08 AM
Simple, it will be a cashless world. Everyone will turn digital because crypto is manupulated by blockchain technology where oniine are badly needed.
September 12, 2018, 02:01:16 AM
I can think of it in theory, but I do not think you can be in real life. In the future, cryptos can become very common. But I think it can never be like national currency. At least in the short term.
September 12, 2018, 01:59:41 AM
If one day all countries would convert to cryptocurrency, all banks would probably die. Maybe some will transform to keep loan business, but they it will not be needed for everyday use anymore.
September 12, 2018, 12:48:04 AM
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?
Simple. We will be doomed. It's not that convenient to have all transactions made digitally, In fact, not all people has the access through the internet and has the knowledge to use machineries in the current time. Fiat will still be needed even if the digital money will come to its time to maneuver the society as well as the economy...
They don't even understand what is this crypto thing.
Yes, Indeed. Not all people nor countries do understand how crypto works, even if you think a little step forward the possibility to accept crypto and replace Fiat will still be impossible.
September 12, 2018, 12:38:46 AM
Converting our fiat money into cryptocurrency isn't good for us. Not all are highly developing countries with advanced technologies. Though most are in favor with cryptocurrency for a better and faster transaction others aren't able to enjoy this thing because they are not familiar with crypto and mostly their quality of life is different from those who are in highly urbanized place. They don't even understand what is this crypto thing.
September 12, 2018, 12:09:10 AM
The first thing we can see is that we can easily send and receive money around the world. Not only the problems such as counterfeiting, theft will no longer occur. However, the level of development between countries is different, if the sharing of electronic money destroys the balance between nations. So for bitcoin to be widely used, we need some time to narrow the development gap between countries.
September 11, 2018, 11:56:25 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 think it is very difficult for all countries to accept cryprocurrency at this time because it will make their economy very chaotic and take a long time to be able to control the crypto. You can see the disadvantages ahead as hackers robbed money from your electronic wallet or bitcoin users to make bad transactions. September 11, 2018, 09:03:19 PM
Maybe crypto currencies will revolutionize the world. And making its crypto currency recognized as a global currency in the future.
September 11, 2018, 08:51:05 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.
September 11, 2018, 08:50:32 PM
If all countries convert to cryptocurrency maybe the fiat currency will be gone and our purchasing power will not control by the government or banks. Our financial system will be change. But I dont think that fiat currency will be gone and it will co-exist with cryptocurrency. Bitcoin will be our digital gold and if all the people believe and accept it .. The price of bitcoin will skyrocket and will bring big fortune to us early adopters.
September 11, 2018, 08:13:13 PM
I think the loss that you will get is that the money you convert to cryptocurrency will decrease or increase because the cryptocurrency price can change at any time because of fluctuations.
September 11, 2018, 08:07:11 PM
I think, if all countries convert to use cryptocurrency, then the world economy and the national economy will no longer boundaries. All payments, exchanges and dealers... are through the cryptocurrency exchanges. This idea is very good but very difficult to implement in the current condition because of the difficult control of cryptocurrency. As this is now a lot of governments have yet to accept cryptocurrency.
September 11, 2018, 07:25:56 PM
The time when countries convert into cryptocurrencies is the time when governments were able to regulate crypto's.
Most of the countries concern is about their government able to monitor transactions so they could provide security for their people.
Most of the countries concern is about their government able to monitor transactions so they could provide security for their people.
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
September 11, 2018, 06:52:23 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 sounds good but it will be a big problem around the world. There will be a global economic crisis and even global economic war. It has many impacts to the world economic stability, all countries must lose their income from the trading commodity, taxation from import and export things, and etc. It happens because people no need to pay taxes of their purchasing and other transactions due to the free system of crypto. It will be a flaming everywhere.
September 11, 2018, 06:42:06 PM
Let's assume this come into reality. Then we early adopters of the system will become the new world billionaire playing the role of Bill Gates and others. But seriously, fiat will always be needed for transaction because the whole world is not digital yet and government will never want to lose its control over monetary and fiscal policy.
I think if all countries will adopt cryptocurrency,all transactions will be cashless making them more easy and convenient to use.But i believe leaving fiat currencies won't be that easy knowing lot of people still prefer to use them for their daily transactions. September 11, 2018, 06:23:53 PM
Let's assume this come into reality. Then we early adopters of the system will become the new world billionaire playing the role of Bill Gates and others. But seriously, fiat will always be needed for transaction because the whole world is not digital yet and government will never want to lose its control over monetary and fiscal policy.
September 11, 2018, 05:16:28 PM
I can't guess anything if it really happens. The scenario will be really weird, almost everything could happen. Btw I don't think it could really happen, not all country together.. that's sure.
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