What will happen if the all countries convert to cryptocurrency? - page 4.

maxdin

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Quote from: bobitza on December 14, 2019, 10:50:26 AM

I think if all countries convert to cryptocurrencies, it will be quick and easy to pay. But it will be very difficult to spend daily. Because the value of cryptocurrencies is not small. Not everyone is able to use it in the buying and selling movement.

Yeah, kinda agreed. Not to mention the economical struggles if every country will not only include crypto currency but turn from fiat to crypto.
We can only imagine how hard it could be to deal with this.

Yatsan

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For me, that will be a disaster because the tax will be less regulated, and the government will not monitor the tax. There will be lack of money on continuing government projects and building establishment for the public will be lessened, and worst will be close to none. Converting into pure cryptocurrency will be a disaster for me. Imagine microtransaction will be hard because we are going to use phones instead of fiat. And besides, not all of the people are literate about technology and not all can afford an internet for their daily lives and the worst part is not all of the people in one country have a mobile phone. It is going to be a pure disaster; having fiat and cryptocurrency is good. But, converting into full cryptocurrency will be a terrible decision.

Shasha80

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If indeed in the future finally prefer cryptocurrency as a global currency, which is ultimately used by all countries in the world.
What will happen is that financial transactions will be more effective and faster, most importantly more transparent than paper
money. Next its advantages are efficient we do not need to carry a wallet containing cash, just carry a smartphone to make any
payment. The next advantage of course is safer from theft if we do not carry cash. Now we discuss the disadvantages are must
depend on the electricity network and the internet, which is not all locations affordable. The second cryptocurrency is very difficult
to learn by people who are already old, because people who are old are very difficult to accept new things.

henrybek3

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For states, control means everything. Without control, the state loses its authority. There is no such situation. However, states may start using cryptocurrency if an emergency occurs. Let's think now. Venezuela is an example of this.

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C O M B O

Quote from: TRONTON on December 15, 2019, 09:49:01 AM

if agreed in the memorandum, then only need to apply it on condition that it is still in a stable coin. The question is how quickly they change economic laws because this is fundamental to fundamentals.

adjustments must also be extended to security guarantees. the government always tests the material in every new implementation. including its relationship to user security. this is also not easy. If these two things don't go well, there will be a lot of protest from conservatives

even though they changed fiat currency to crypto I think centralization will still be there,
because it will also be regulated by the government, and the positive blockchain technology used by the country means that Bitcoin will always be successful I am sure it.

jameshugo17

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Countries do not officially use Cryptocurrency. It becomes the beginning of a stateless society. What happens when companies integrate into this payment system. The power behind the money is not the state. It's math. That changes a lot.

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Quote from: meliodas on December 14, 2019, 11:41:02 PM

Quote from: bobitza on December 14, 2019, 10:50:26 AM

I think if all countries convert to cryptocurrencies, it will be quick and easy to pay. But it will be very difficult to spend daily. Because the value of cryptocurrencies is not small. Not everyone is able to use it in the buying and selling movement.

The value of the cryptocurrencies is not the problem here. The problem in terms of spending is the volatility or the change in value of cryptocurrency anytime. If the countries will convert to cryptocurrencies but with the stablecoins then it will be alright for its citizen to use cryptocurrencies because they don't need to worry about the volatility and it would be an indeed easy to pay or transact.

Well, if countries actually use stablecoins, people in those countries won't need to be afraid of volatility or manipulation plans in the market but without these features, the crypto we use is similar to the way we use bank accounts, I don't understand why we need to convert while we already have such tools. Besides, we should keep in mind that the crypto system always needs a certain time to confirm transactions and when a power supply incident occurs, the damage will be significant when the whole country moves to crypto, so the switch here is probably a very small fraction.

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Quote from: TRONTON on December 15, 2019, 09:49:01 AM

if agreed in the memorandum, then only need to apply it on condition that it is still in a stable coin. The question is how quickly they change economic laws because this is fundamental to fundamentals.

adjustments must also be extended to security guarantees. the government always tests the material in every new implementation. including its relationship to user security. this is also not easy. If these two things don't go well, there will be a lot of protest from conservatives

It was good too that the other country accepts the use of cryptocurrency to spread how does it works and also earn before there are only two country uses the blockchain and today many people now are using it in a different country, but their country is still not notified how does cryptocurrency working. Base from the previous articles and news, one of the biggest country supports the blockchain technology, and that is China and China also has one of the largest population today. If the people there use this kind of currency, it has a massive impact on the market and in the world. Still, if the government tries to use this as a payment for their workers, I think it is not good because the price of the coin is very volatile it has a significant impact to them if they use this as a salary. If that may happen, I think the price of the currency is stable because many people may be affected if they make a lot of changes in the price.

TRONTON

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if agreed in the memorandum, then only need to apply it on condition that it is still in a stable coin. The question is how quickly they change economic laws because this is fundamental to fundamentals.

adjustments must also be extended to security guarantees. the government always tests the material in every new implementation. including its relationship to user security. this is also not easy. If these two things don't go well, there will be a lot of protest from conservatives

meliodas

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Quote from: bobitza on December 14, 2019, 10:50:26 AM

I think if all countries convert to cryptocurrencies, it will be quick and easy to pay. But it will be very difficult to spend daily. Because the value of cryptocurrencies is not small. Not everyone is able to use it in the buying and selling movement.

The value of the cryptocurrencies is not the problem here. The problem in terms of spending is the volatility or the change in value of cryptocurrency anytime. If the countries will convert to cryptocurrencies but with the stablecoins then it will be alright for its citizen to use cryptocurrencies because they don't need to worry about the volatility and it would be an indeed easy to pay or transact.

SummerBliss

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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 can be two cases. One is that all countries decide to go on a same cryptocurrency while the other case is that all countries bring up their own currencies for this matter. If we have the second option then the world would more or less be same but with much less black money and corruption because all transactions would be available to common people. Moreover if countries would themselves control the currency then more or less it would become centralized and not like bitcoin. But in the first case it would be pretty interesting. Because one currency would mean a much more connected economy world would become a global village without the bar of currency. Moreover the gaps between purchasing power parity of countries would also improve pretty much.

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Quote from: bobitza on December 14, 2019, 10:50:26 AM

I think if all countries convert to cryptocurrencies, it will be quick and easy to pay. But it will be very difficult to spend daily. Because the value of cryptocurrencies is not small. Not everyone is able to use it in the buying and selling movement.

Sounds promising, isn't it? But in reality it is not as simple as that Grin

. Anyway let's assume that at this very moment all of the nations (including rural areas without electricity or at least low tech) are now ready to dump centralization and switch to blockchain technology, how we assigned a store value for every commodity? I mean how can we decide how much btc is equivalent to buy a single apple? That's what I'm thinking about. Maybe some of you may rebutt "That's easy! $1 = .00014 btc = 1 apple" but if that so then what's the essence of shifting if we still use fiat as a basis for our movement — how ironic Roll Eyes

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bobitza

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I think if all countries convert to cryptocurrencies, it will be quick and easy to pay. But it will be very difficult to spend daily. Because the value of cryptocurrencies is not small. Not everyone is able to use it in the buying and selling movement.

msarro

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Quote from: FlightyPouch on December 14, 2019, 07:07:34 AM

Quote from: ?? on ??

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.

They will obviously run their own crypto currencies but I don't think that is to control the blockchain technology. They want to adopt the technology and the use of crypto currency so they can make the transactions easier or more efficient. We can't stop them from, well wanting to tax people out of their profits since that is how we know government.

That's the only way government will ever embrace cryptocurrency i.e. by controlling it just like they control fiat. There is no point for governments to go out and embrace decentralized crypto, which will take all the control away from them. Currently, not many governments are taking any serious interest in crypto.

FlightyPouch

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Quote from: ?? on ??

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.

They will obviously run their own crypto currencies but I don't think that is to control the blockchain technology. They want to adopt the technology and the use of crypto currency so they can make the transactions easier or more efficient. We can't stop them from, well wanting to tax people out of their profits since that is how we know government.

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all things will become unbalanced if they do not ensure the stability of the prolonged inflation rate.

in a macro perspective, if suddenly using crypto money in the joints of the regional economy, the government will be ostracized by international monetary institutions related to the country's debt and so on. Likewise, the creation of stable money through local authorities. at least the state must guarantee its position through sound economic resilience for at least the next 15 years.

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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.

Innocant

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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.

btcmurat

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An official announcement is not required for Cryptocurrency transition. I think the citizens of the countries can go into this system without official announcement. This process has already begun. Perhaps there will be a World Citizenship system in the future. And we will shop with bitcoin all over the world.

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Quote from: huige007 on December 09, 2019, 10:08:59 AM

Quote from: bitbunnny on December 08, 2019, 07:06:49 AM

Nothing would happen because that is utopia. Situation where all countries adopt Bitcoin or other cryptocurrencies and abandon fiat money is impossible.
We are very far away from mass adoption that has too many obstacles like lack of knowledge and education about cryptocurrencies, lack of internet connectivity, lack of regulation. There are still people in the world that live without electricity and internet for them is just a dream.
Also, countries and economies can't function based on cryptocurrencies, they are not adequate for that role.

The world is moving towards an era of pure digital currencies. We have already entered into that by the invention of bitcoin and the experiment was not a failure even in the least. Bitcoin has been a blockbuster, a superstar since its beginning. By looking at its present market cap and support, it would become easier to judge the future. All the countries will be releasing their own digital coins too.

Will have digital era when all countries want convert their transaction become digital currency payment by using bitcoin and altcoin, bitcoin will grow to higher price and keep profitable for investor if bitcoin become most global currency payment in the world, but when bitcoin still use by few country and not become global currency payment hard to get bitcoin back to higher price.

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