Topic: What will happen if the all countries convert to cryptocurrency? - page 5. (Read 12679 times)

In any case, states will not switch to the use of a decentralized cryptocurrency. After many of them announced the creation of their national stable coins, they will not switch to the use of decentralized cryptocurrency. Decentralized cryptocurrency in the future will be very difficult. In addition to the previous problem of large price volatility, they now have a very strong competitor to use as a means of payment.

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.

It's true though. USDT despite having fluctuation it's so little that it can't actually be called fluctuation meanwhile cryptocurrency that are truly decentralized in general have really high volatility. But, if the market capitalization of Cryptocurrencies like Bitcoin is more spread out and bigger the fluctuation will definitely reduce to the point where those fiats are. our market capitalization is not big enough to create a more stable market right now.

disadvantage of that thing is when cryptocurrency having dropped price, we are loss. as we know that bitcoin has fluctuation its make not stable price so if you convert your fund to cryptocurrency not always value your fund same anytime.
i know it also happen in USDT but in cryptocurrency change is so drastic than USDT, maybe it one of reason country not use cryptocurrency

Countries won't shift toward public ledger as then all the transactions will be available for everyone to see. But what the central banks can do is to adapt to private blockchain that only the banks can have access to as it will be more secure for them and also for national security. But adapting to cashless systems throughout the country isn't possible as there are many societies living without internet and that will be a big problem to them to send any money in case of digital economy.

impossible?, you have read the news that by 2020 banks in France will have their own crypto currency,
and banks can also store Bitcoin, this shows that the adoption of bitcoin and technology is in process

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 pastors and the preachers from different churches will say its the end of the world and the coming of Anti-Christ 

if all countries convert to cryptocurrency, we will all go cashless and lot's of amazing benefits, i am overjoyed thinking about it, but then that will be the beginning of people over banks, govt and more.

I think we need establish and equate cryptocurrency as a word for decentralised crypto secured money.   This word should not be muddied with the idea of digital cash, Venezuela has digital cash controlled by Maduro and the military and similarly Zimbabwe which has killed many of its citizens and pensioners with inflationary currency is now using digital cash as a way to avoid printing costs and any hindrance to producing more money for their elite.
   US dollar is a digital currency and EURO and many national currencies are already almost entirely contained on electronically recorded databases and never printed.   They have a point in common which is central control by a political or military force, not trade or capitalism so none of those are crypto not even if they came up with a new one.

To answer OP if we consider digital cash then its likely all countries will convert to digital currency but none so far as I know have been able to agree with the idea of crypto currency that isnt owned and operated by political control.   Most countries now gain part of their budget by printing new money to pay debt, the idea they might repay the debt some day but that's not happening so we just have the new currency and digital process makes that easier if anything.
  Ben Bernanke I remember stressing this point, he doesn't want to be associated with the idea to print cash and he was keen that if it wasn't printed it didn't relate to common inflation despite the monetary base increasing.

They will save more money on currency exchange. The user's way of trading will be controlled to the maximum. Banks will have to change their ways of working or go bankrupt. But I am sure that they will not be able to erase the existence of paper money due to the fact that using cryptocurrencies requires smart devices and an internet connection. The poor will not have enough money to own such equipment. The security of their currency will have to be reviewed because the risk of hackers attack will be greater. If they reduce the amount of money printed, they will have to spend money to control their network.

All the governments of the world will be releasing their very own national crypto coin because the idea of digital currencies is a fascinating and non resistible one. Advanced countries will do this soon and definitely they wont be decentralized in nature at all. The number of such coins will be in control of authorities too. The major reason behind delay in legalization of bitcoin is its decentralized nature. Governments fear that.

Well you will always have the feeling that this new national cryptocurrency launched by the state and backed by the central bank would be backed by gold or/and silver for example as what any fiat who had started had been done but eventually they would cut the national reserve with the fiat making them able to print as much fiat as they want and I am afraid that it would be the case when they run these new cryptocurrencies. What cryptocurrency would they run? Is it decentralized which I hardly think they would do it? Is the supply of cryptocurrency finite?

Yes, more controversy were taking place relative to the creation of their own cryptocurrency. Canada is already a technology supportive country, and the initiative taken by them isn't a big surprise. India was opposing the usage of cryptocurrency within the country, and now it has come up with some positive news, but that doesn't seem to be the way for their won cryptocurrency development.

Without possibilities for bitcoin adopting in many country I have optimist with bitcoin become profitable at the future for countries want to adopt bitcoin as legal transaction currency payment. When bitcoin convert as legal currency many people will use bitcoin because can increase profit with bitcoin have good price later, but many country not disagree with bitcoin become legal currency payment.

Everyone is shifting towards stable coins as if there lies any importance in it. But this makes a whole lot of sense. Governments indeed want those digital currencies to be used by common people that can be controlled. Centralized stablecoins will get high support from authorities. However, people will still choose bitcoin, ethereum and its kind over them. The move will benefit digital market.

China is planning to launch a stablecoin based on CNY. It has hardly anything similar to the other cryptocurrencies such as Bitcoin, Ethereum and Litecoin. Other countries such as Canada and India are also planning to launch similar stablecoins. I would not classify these coins as cryptocurrencies, but rather as digital version of the fiat currency.

China is planning to launch its own crypto currency and many other countries are going to do the same. Digital currencies are the new ways of doing money business. No country of the world can resist this phenomenon for long. Everyone has to accept them. The earlier someone does, the more  he will benefit out of crypto coins. Once this happens, life will become easy and time will be saved.

but there is no possibilities like that they may at the cryptocurrency as the one mode of payment but none of the country can crash the complete Fiat market and implement the cryptocurrency mode of payment throughout the country.
Because you should understand everyone is not a piggy and if you start using crypto mode of payment for all the time you need to have internet facility and you are device electricity backup all the time so practically it is not possible.

In my own point of view, if all countires all over the country wjll start to convert their fiat into cryptocurrency, it will be now convenient for every crypto users to used their crypto to buy the things that they need without cashing out or converting it into fiat. Cryptocurrencies such as bitcoin will have better chances to increased it's price.

Surely countries can save millions in remittance which can be further used in boosting the economy. Fund transfer from one country to another will become seamless and instant which can further help in boosting the inter country trades. The amount might be minimal, but countries can save by not needing to print currencies anymore.

These are the few benefits that I could see right now. There might be many more but cost cutting tops the all.