What will happen if the all countries convert to cryptocurrency? - page 8.

ReiMomo

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Quote from: doomistake on October 09, 2019, 01:25:12 PM

Quote from: ice098 on October 06, 2019, 02:17:22 PM

I think it never gonna happen. But if does, banks will be close, government will put a very high taxes in every transaction that will be made ,they can regulate the flow of cryptocurrency because they finally legalized it , it could be many illegal transaction will be made for things that cannot be bought so easily, im sorry but this one is true.

They could put taxes on it if they could go through the blockchain, but they can't, so doing such thing is impossible for them. Legalizing it will just increase the chances of bitcoin adaptation but it won't change its nature which is being decentralized, and regulating the flow is just a dream for them, bitcoin is not fiat, it is a digital currency that could run on its own without anyone behind its back, think of it as a super AI network.

Well, speaking of adoption but this is regulated because of governments wants I think that is not reasonable for bitcoin to become profitable.
Bitcoin will remain a digital currency and not the same as fiat. So, it's not gonna happen they will convert into cryptocurrency and leave their own local currency. Each country has its own revenue or era and that what base on local currency value. There is a chance that it will alternate currency to fiat through the internet payment system.

doomistake

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Quote from: ice098 on October 06, 2019, 02:17:22 PM

I think it never gonna happen. But if does, banks will be close, government will put a very high taxes in every transaction that will be made ,they can regulate the flow of cryptocurrency because they finally legalized it , it could be many illegal transaction will be made for things that cannot be bought so easily, im sorry but this one is true.

They could put taxes on it if they could go through the blockchain, but they can't, so doing such thing is impossible for them. Legalizing it will just increase the chances of bitcoin adaptation but it won't change its nature which is being decentralized, and regulating the flow is just a dream for them, bitcoin is not fiat, it is a digital currency that could run on its own without anyone behind its back, think of it as a super AI network.

Irvinn

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Quote from: Genemind on October 09, 2019, 07:05:41 AM

That is possible but couldn't happen so soon since there are still lots of people who aren't aware of crypto. However, if there will be a cashless society, there will be a complete convenience yet there will still be lots of conflicts. It might be the answer to the financial freedom that we're all waiting for but it could also be an easier way for hackers to steal money.

I believe that people can be trained and they will learn about cryptocurrency and learn how to use it, but this only applies to younger generations. I believe that old people today are not able to use cryptocurrency in everyday life. So cryptocurrency will come into the world with full daily use only after a while. As for what happens if all countries use cryptocurrency, then in this case the quality of human services will definitely improve. At least it will be a bit like payment systems, where we use cashless payments.

Genemind

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That is possible but couldn't happen so soon since there are still lots of people who aren't aware of crypto. However, if there will be a cashless society, there will be a complete convenience yet there will still be lots of conflicts. It might be the answer to the financial freedom that we're all waiting for but it could also be an easier way for hackers to steal money.

btcdie

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not that easy, converting local currency to cryptocurrency, it requires a process and must discuss between the government and its people. Many countries of society do not agree with the system of bitcoin and others.

for the advantages, we are easier to transact, discounted fees are cheaper than using other payments, certainly safer.

the drawback, more hackers will roam around in our country to find ways to steal our assets, such as phishing activities, malware and others. there are countries that still lack internet access. make it easier for a person to commit a crime. tax payments will be greater.

ice098

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Quote from: Colt81 on October 08, 2019, 11:40:49 AM

Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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?

In my own personal opinion, if every countries starts to convert to cryptocurrencies it will be a good news for us because it will be convenient for us to make transactions that we are no longer need to convert our cryptocurrency into fiat and we don't need to bring any paper money. But i think the only disadvantage that we will encounter is that the government might put taxes on every of our transactions.

Yes it will be a good news to everyone , however that cons to it is government would handle it, they will put a huge amount of tax on it ,why? Because they know that bitcoin has a great value than any other currency also to altcoins. If all of the country will convert to bitcoin I think some of the citizen of a one country will try to hoard, not all the countries have the same economic capacity.

Colt81

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Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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?

In my own personal opinion, if every countries starts to convert to cryptocurrencies it will be a good news for us because it will be convenient for us to make transactions that we are no longer need to convert our cryptocurrency into fiat and we don't need to bring any paper money. But i think the only disadvantage that we will encounter is that the government might put taxes on every of our transactions.

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Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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 happening by small steps. Like, couple hours ago I found out that in Japan they let people make donations via cryptocurrency. And that's indeed more convenient when you have an opportunity to pay virtually.
Who needs paper pieces anyway?

bitzizzix

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All of this requires a long process and I hope that the progress of bitcoin is evenly distributed throughout the world and many countries convert it.
The internet network is very influential for bitcoin to be developed because not all regions can access the internet network that supports it, and that is one that must be developed so that bitcoin can be used evenly.

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Quote from: Sherwood_Archer on September 10, 2018, 07:06:40 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?

Advantages :
It would make things easy because people will not have to carry a lot of cash if people are going to use cryptocurrency everything can be accountable and recorded

Disadvantages
Like what is written in the articles some areas in a country cannot go cashless and the elderly people are more convenient using notes and coins
and there are areas in the country that do not have internet access, so it's impossible to transact with cashless transactions

Zanzibet

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This will not be easy to happen in the short term due to governments' regulation. However, if it is to happen it will be a far easier way to transact globally . Of course this need to be aided by strict universal rules.

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Quote from: Apes on October 07, 2019, 09:41:19 PM

if a country wants to change its currency from fiat to cryptocurrency, to connect app to the blockchain network.
they should pay attention to improve their internet network coverage and security
because cryptocurrencies payment cannot be separated from smartphones that need internet access anywhere when making payments.

You are right! But the problem is several countries still can't have internet services due to poor economic status. Well, the others got internet connection however they're not as fast as what like the first world countries or Singapore have.

Therefore, attaining for worldwide adoption is nearly impossible. It's very hard to swallow but it's true. The problem doesn't only revolve in the intrtnet connection , if you will analyze there are greater factors which hinders and one of it is the disapproval of governments.

dmamigo

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This would be great, but unfortunately few countries are planning to ban all the other cryptos and introduce an implement only their own crypto. Anyway, this would also be great but banning other cryptos will be the same and the main benefits of this technology will not be used.

Moreover, they will never stop using their fiat and not all people will be using these as all won't be able to.

But if this happens, then I personally believe this is going to change the transaction scenario. The benefits will not be less than more. Also, this is a very far vision in the future, so technology will innovate new things with more benefits.

Apes

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if a country wants to change its currency from fiat to cryptocurrency, to connect app to the blockchain network.
they should pay attention to improve their internet network coverage and security
because cryptocurrencies payment cannot be separated from smartphones that need internet access anywhere when making payments.

Omega Weapon

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If all the countries convert to cryptocurrency then it will be more convenient for them to do their daily activities. The flow of their task will be much smoother because they will not use paper anymore and they will go full digital through cryptocurrency. All their records will be on the cloud and for sure it is more secure because they will build a lot of nodes.

They can already do that with fiat so it is unlikely they will want to use cryptocurrencies just for that reason alone, besides they are not going to want to abandon their fiat and will only do it under extreme circumstances like some countries that had such problems with their currency that they have decided to adopt the US dollar as their official currency, but even those countries after a period of stability have tried to once again release its own currency and that is because it gives them too much power over the economy, a power they do not want to give up.

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Quote from: Vinalians on October 06, 2019, 09:22:27 AM

I don't think all the countries in the world will survive on this especially those who are not that technology updated. There are still many people around the world who doesn't know what bitcoin or any cryptocurrency is right. So they will be the ones who will suffer if this will happen. Cryptocurrency needs time to be known around the world and once that happen for sure the society will easily adopt the when all countries convert into cryptocurrency.

The world can rely on crypto currencies as an additional or mainstream currency piled up with local currency. If we stay realistic, not everyone country in the world is using advanced forms of gadgets or technology. For their convenience and reliability, we need provide them both options i.e. digital or paper currency. Educated people can use crypto.

ice098

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I think it never gonna happen. But if does, banks will be close, government will put a very high taxes in every transaction that will be made ,they can regulate the flow of cryptocurrency because they finally legalized it , it could be many illegal transaction will be made for things that cannot be bought so easily, im sorry but this one is true.

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if many countries exchange their assets for cryptocurrency it will have a good impact on the price of cryptocurrency but will provide a very high risk for countries participating in the exchange of assets with cryptocurrency, for the market side the price of coins will soar high because demand is increasing but for a the country can provide a threat of bankruptcy because it is certain that there will be a trade war.

Vinalians

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I don't think all the countries in the world will survive on this especially those who are not that technology updated. There are still many people around the world who doesn't know what bitcoin or any cryptocurrency is right. So they will be the ones who will suffer if this will happen. Cryptocurrency needs time to be known around the world and once that happen for sure the society will easily adopt the when all countries convert into cryptocurrency.

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Quote from: Shinpako09 on October 05, 2019, 09:12:47 PM

That's a real massive adaptation and demands will increase resulted into skyrocket price. But of course I don't bother to think about it because it's impossible to happen. Maybe number of countries accepting crypto will increase in the near future but going to convert in crypto, for me it's impossible. Even technology is gettng better every year, I don't think one country will abandoned and won't used a fiat currency. Still, it's more convenient and faster to used fiat physically.

Well, that's good to hear. If that will happen it will be a good help to millions of people all over the world because it is less hassle for them rather than bringing fiat which is not safe to the theif. But the disadvantage is that if it is the value is still volatile then, We can have a hard time to buy if the price drops down so much better to make the value more stable. So, I think the local currency will not replace digital currency but the good thing is if they are working together.

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