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 disavantages is that, this is a decentralized market and government has no control over this one so technically we will not convert to cryptocurrency. Most of the countries will just regulate cryptocurrency, but it will still depend on you whether you will still buy coins or you will stick with your cash. 
Topic: What will happen if the all countries convert to cryptocurrency? - page 33. (Read 12679 times)
September 11, 2018, 04:13:30 PM
September 11, 2018, 04:02:05 PM
Crypto offers security, just like you said you don't need to bring cash, just your mobile phone to buy stuff in groceries. And we might see bitcoin fees much lower if LN + Segwit will be fully implemented by merchants.
One disadvantage is that you always need to be connected to the Internet at some point to processed your transactions.
One disadvantage is that you always need to be connected to the Internet at some point to processed your transactions.
The Internet connection won't be an issue in the future since all mobile plans are becoming more and more cheaper. The Internet is widely available in Europe for everyone and this is very unlikely to change. Small stores will have to use the Lightning Network or any other off-chain solution in order to benefit from low fees and encourage people to do their shopping there. We might see some kind of NFC card which will be able to sign a transaction and send it to the terminal.
September 11, 2018, 02:12:21 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.
September 11, 2018, 01:50:57 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?
Every creation had advantage and disadvantage .So cryptocurrency is similar to this. Cryptocurrency had huge advantage and some disadvantage. Advantage is your are free from lockers and money storage .You can store your entire earning in terms of cryptocurrency in your single wallet.Disadvantage of cryptocurrency is hacking issues.Some of the people are claiming, their wallet is hacked.You should secure your wallet with two factor authentication.
Well more countries adopt cashless options probably but i don't think a lot would go entirely cashless. If they do, they have to be pretty established that majority of thelir population can use digital money. Of course going pure cashless has it's benefits but there's also some downsides to consider.
September 11, 2018, 12:59:22 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?
Every creation had advantage and disadvantage .So cryptocurrency is similar to this. Cryptocurrency had huge advantage and some disadvantage. Advantage is your are free from lockers and money storage .You can store your entire earning in terms of cryptocurrency in your single wallet.Disadvantage of cryptocurrency is hacking issues.Some of the people are claiming, their wallet is hacked.You should secure your wallet with two factor authentication.
September 11, 2018, 12:35:42 PM
It is possible that we convert to cryptocurrency since we are now going cashless. However, I am not sure that every single country will use cryptocurrency in the near future because some of them have not heard cryptocurrency or bitcoin before, let alone have access to the internet. But for countries that are already going cashless, it is only a matter of time before they start accepting bitcoins more.
September 11, 2018, 12:34:20 PM
There will be a battle for the right to be the main one in cryptography.
September 11, 2018, 12:17:44 PM
If ever that will happen, I guess in my opinion Bitcoin and other decentralized crypto currencies will drastically fall or even will lose its value. Crypto currencies will battle with the version of the government-a centralized version therefore will regain its control over the popularity of decentralize such as Bitcoin and ether. Governments are making their own for one of these reasons, and another is the non stopping competency which each others economy, no one's wanting to be left behind.
September 11, 2018, 12:06:45 PM
In fact, more and more people use cash because it is convenience without having to get a loss, so far if cryptocurrency is to be what you want, there are some risks that we face are price fluctuations that can change quickly without thinking, yes it is the panic that many people experience now, cryptocurrency will be very suitable if it becomes a long-term investment for me because for trading it is very risky, the advantages and disadvantages are very clear in the current journey, opportunities are still wide open if the government wants to control to avoid things that harming a lot of people.
September 11, 2018, 11:46:57 AM
All the governments will go poor but most of their citizen will be rich if they allow cryptos in all the places but I don't think any government will allow crypto currency in the place of their local fiat since they are running their governments only with the tax money.
September 11, 2018, 11:40:49 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?
It is necessary to clearly understand that states can allow the circulation of decentralized crypto currency, but they will never actively support it and make mutual settlements in it. International trade at the state level is unlikely to be widely used in crypto-alaite. Decentralized crypto currency will mainly be used by citizens. At the country level, decentralized crypto currency can only go in parallel with national money. Only in this way will the negative impact of large volatility of the crypto currency on the economy of the country not be manifested. 
September 11, 2018, 11:27:49 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?
Yes, there's that possibility that countries might go full crypto, but it doesn't mean that fiat will be obsolete. Crypto and fiat can go stand side-by-side, IMHO. Just look at Japan right now, they have both the Yen and crypto as payment methods. But you also need to look at how many countries are hostile to crypto, perhaps we might see some countries adopt while majority will remain fiat based.
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?
Crypto offers security, just like you said you don't need to bring cash, just your mobile phone to buy stuff in groceries. And we might see bitcoin fees much lower if LN + Segwit will be fully implemented by merchants.
One disadvantage is that you always need to be connected to the Internet at some point to processed your transactions.
September 11, 2018, 10:48:14 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?
It seems very enthusiastic if crypto has legalized and converted in all countries, those who use cryptos will be very easy to transact with other countries without having to exchange fiat money, but I think whether the poor will be able to use digital crypto, while they do not have electronics to use it, and are sure the government will think about it before converting cryptocurrency to the country, while they are still difficult to find finance in fiat currency September 11, 2018, 10:46:52 AM
All the counties are accepting the Bitcoin but only disadvantages is decentralized platform. Most of the governments are discussing the Bitcoin legalisation but it is decentralized and transparent platform so government should not control the activities. Once legalised in Bitcoin many regulation is possible in all the countries. Bitcoin will be globalised cryptocurrency in future.
Just so you know, not all countries accept bitcoin as there's some that banned the usage of bitcoin.If a country adopts crypto currency then it should be backed by something such as gold, oil or fiat itself. Hence, if it doesn't have any backed up then it will be just useless and it won't be acknowledge by central bank. And the essence of being decentralized will loss and it will be replace by becoming centralized, and that's saddening tho.
September 11, 2018, 10:39:35 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?
Then those remaining countries that don't use cryptocurrencies will be at a lot of trouble since FIAT will never be accepted anymore. But I know that there will be a solution to that.
September 11, 2018, 10:34:42 AM
Logically, nothing else will happen than us hitting a high level of mass adoption and the market hitting quadrillion of dollars or more in market capitalization.
However, we both know this cannot happen. In such state, that means fiat has been totally eliminated globally and I really do not need to start giving you huge explanation on why fiat cannot be eliminated.
However, we both know this cannot happen. In such state, that means fiat has been totally eliminated globally and I really do not need to start giving you huge explanation on why fiat cannot be eliminated.
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.
September 11, 2018, 07:37:25 AM
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.
that would be really amazing if could happen.but i think it just our imagination and could not happen in near future.moreover many government still confuse with bitcon regulation. September 11, 2018, 07:34:27 AM
Maybe this is not possible to happen because if it does where will these new cryptpcurrencies based their value on? Let us remember cryptocurrencies' value are based on fiat currency and not one another. A shift from fiat currency to cryptocurrency really is not a necessary change we need to aim because we always have digital alternatives even before Bitcoin was created. Also the adaption for all its citizens will take forever as the learning curve will be higher to people who are not into technogy which are people who are in an old age.
September 11, 2018, 07:25:02 AM
I think Op's question is basically on the disadvantages if fiat gets converted to cryptocurrency. That to me means the government will come in totally and we know that governments enjoys controlling of society's funds. So it will breed centralization because of the regulations and the people we keep suffering and continue being caged by the few, meaning we are still going to run into oligarchy, plutocracy etc. but not democracy.
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