What will happen if we use a one currency only? - page 38.

rickadone

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Quote from: Kevin77 on December 08, 2016, 02:15:22 PM

If printing one single currency and distributing properly is the big concern for the concept of one single currency then bitcoin must be the right solution here. Because we have already into a system that satisfying all the criteria and need of one single currency world.

I am also agreeing and not have any doubts that bitcoin is moving towards position of only one currency.

Bitcoin must be an appropriate medium of exchange to be used worldwide as one single currency. Because with no central power to put unnecessary regulations but facilitating people with all needed thing as per the modern requirement of digitalisation yes everything comes under bitcoin ecosystem.

deadpoolx

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If you refer to the possibility of all countries adopting a single fiat currency, it is a very difficult scenario to predict, but the fact is that for governments it would be a decision that would not make much sense. The reason is that each government wants to have control over a currency, so there would be conflict of interest if all countries adopted the same currency.
On the other hand, in the case of a decentralized cryptocurrency, this would bring a number of positive results for the nations.

GregH37

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Quote from: Red Fish on December 07, 2016, 12:42:47 PM

It will never happen, governments will not agree with that. Each country have own economy, so one currency can ruin whole world economy. It is just simple dream, which never happen. The other question is European Union ( more than 20 countries ), when it is possible and EUR is reality.

Yes governments may not be interested in doing so as they may have some limitation from that, but I think people from all over the world will welcome it, as it will become more convenient for them to use bitcoin directly from all over the world without converting it into any other currency.

xIIImaL

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Quote from: Kevin77 on December 08, 2016, 02:15:22 PM

Quote from: Supercrypt on December 08, 2016, 03:14:30 AM

Why not we assume that we have achieved that kind of consensus already. Yes bitcoin must be that one single currency and it is minted by people and has been recognised by people. Then we can also assume we are already in half way to the world of one single currency. With bitcoin I believe it could be possible.

If printing one single currency and distributing properly is the big concern for the concept of one single currency then bitcoin must be the right solution here. Because we have already into a system that satisfying all the criteria and need of one single currency world.

I am also agreeing and not have any doubts that bitcoin is moving towards position of only one currency.

If only one currency in the world there is no economic differences between the countries. Then you all people again go old barter system and there is no sense of earning money in this world.

Kevin77

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Quote from: Supercrypt on December 08, 2016, 03:14:30 AM

Why not we assume that we have achieved that kind of consensus already. Yes bitcoin must be that one single currency and it is minted by people and has been recognised by people. Then we can also assume we are already in half way to the world of one single currency. With bitcoin I believe it could be possible.

If printing one single currency and distributing properly is the big concern for the concept of one single currency then bitcoin must be the right solution here. Because we have already into a system that satisfying all the criteria and need of one single currency world.

I am also agreeing and not have any doubts that bitcoin is moving towards position of only one currency.

wxa7115

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Quote from: Supercrypt on December 08, 2016, 03:14:30 AM

Quote from: wxa7115 on December 07, 2016, 03:39:25 PM

A single currency for the whole world will be a mistake since who is going to print that currency? Probably a central bank, but that central bank will need to recognition of all the countries of the world in order to print that currency, and I doubt that we can reach that kind of consensus peacefully.

Why not we assume that we have achieved that kind of consensus already. Yes bitcoin must be that one single currency and it is minted by people and has been recognised by people. Then we can also assume we are already in half way to the world of one single currency. With bitcoin I believe it could be possible.

Bitcoin is great but not even a single country back it up, even if we think the backing of the governments is unnecessary and that we only need the backing of the people this is simply not true at the moment, maybe with bitcoin development we could go to countries with smaller governments with less influence but currently that is not the case.

Factmine

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Quote from: Supercrypt on December 08, 2016, 03:14:30 AM

Quote from: wxa7115 on December 07, 2016, 03:39:25 PM

A single currency for the whole world will be a mistake since who is going to print that currency? Probably a central bank, but that central bank will need to recognition of all the countries of the world in order to print that currency, and I doubt that we can reach that kind of consensus peacefully.

Why not we assume that we have achieved that kind of consensus already. Yes bitcoin must be that one single currency and it is minted by people and has been recognised by people. Then we can also assume we are already in half way to the world of one single currency. With bitcoin I believe it could be possible.

The world will not use Bitcoin as the single currency. Because it is not controlled by the government. Without control the government will not be able to control inflation, the market prices, prices of food, how much money is in circulation. How will they get money to run the services of the government? The concept of a global and single currency is really far from the truth as of now.

Supercrypt

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Quote from: wxa7115 on December 07, 2016, 03:39:25 PM

A single currency for the whole world will be a mistake since who is going to print that currency? Probably a central bank, but that central bank will need to recognition of all the countries of the world in order to print that currency, and I doubt that we can reach that kind of consensus peacefully.

Why not we assume that we have achieved that kind of consensus already. Yes bitcoin must be that one single currency and it is minted by people and has been recognised by people. Then we can also assume we are already in half way to the world of one single currency. With bitcoin I believe it could be possible.

wxa7115

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A single currency for the whole world will be a mistake since who is going to print that currency? Probably a central bank, but that central bank will need to recognition of all the countries of the world in order to print that currency, and I doubt that we can reach that kind of consensus peacefully.

crwth

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If everyone would have the same currency, there would be certain advantages that can be achieved when every currency is the same and disadvantages when also having the same currency.

First, having one currency means easier transaction with people. Of course there are no other currencies to be used and everyone would know that currency, because it's the only one.

Disadvantages of it is you can't earn anymore from spreads or just trade to gain profit. No other currencies try to invest, try to use. The printing of it and regulation of the money would be really hard. Producing it and managing it would be hard.

My thoughts on this one.

raven7886

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Quote from: clickerz on December 07, 2016, 11:02:05 AM

Quote from: OrangeII on December 07, 2016, 09:20:56 AM

I feel that it would be easier for people to conduct transactions wherever he is. Well, it has many advantages, but, it also makes a lot of harm, especially, for those who make money in the field of trading. Well, if everyone uses only one currency, then, there will be no such thing as trading forex.

That is right,since forex trading can be done with other currencies. But on the other side, if we have only one currency I think it is easy to transact across the world since no need for currency conversion.

Actually this is not possible in actual world because you see if each country would use a common currency then how would we determine if a country is rich or poor compared to others ?
I think online we can use a common payment method like bitcoins to make all transactions, but a common fiat wont be approved by any country's government.

Red Fish

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It will never happen, governments will not agree with that. Each country have own economy, so one currency can ruin whole world economy. It is just simple dream, which never happen. The other question is European Union ( more than 20 countries ), when it is possible and EUR is reality.

clickerz

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Quote from: OrangeII on December 07, 2016, 09:20:56 AM

I feel that it would be easier for people to conduct transactions wherever he is. Well, it has many advantages, but, it also makes a lot of harm, especially, for those who make money in the field of trading. Well, if everyone uses only one currency, then, there will be no such thing as trading forex.

That is right,since forex trading can be done with other currencies. But on the other side, if we have only one currency I think it is easy to transact across the world since no need for currency conversion.

Wandering Soul~

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It would bring a lot of problems and disadvantages, Having a currency each country serves a purpose .
You can even check the economic status of a country based on its currency . But the biggest problem is how can we identify the value of the currency if there is no trading .

Many people have proposed this thing but it is least likely to happen unless the world has a only one government .

crairezx20

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Quote from: OrangeII on December 07, 2016, 09:20:56 AM

I feel that it would be easier for people to conduct transactions wherever he is. Well, it has many advantages, but, it also makes a lot of harm, especially, for those who make money in the field of trading. Well, if everyone uses only one currency, then, there will be no such thing as trading forex.

If we use only one currency trading is useless right now with bitcoin unless if they are trading online with products gold or silver.. any thing that has value..
We know many advantage using bitcoin but it is not good idea if we using one currency like bitcoin because some places there is no internet we can not use bitcoin in some places.. bitcoin is good only if you want to transact money in far places and you are just paying for a small fee.

OrangeII

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I feel that it would be easier for people to conduct transactions wherever he is. Well, it has many advantages, but, it also makes a lot of harm, especially, for those who make money in the field of trading. Well, if everyone uses only one currency, then, there will be no such thing as trading forex.

adi33

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Maybe if a country uses only one currency. the country that produces the currency will become a country rich in this pitch. problems may arise from the many wars and other crimes

BitcoinHodler

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Quote from: Babayega31 on December 07, 2016, 08:12:43 AM

Quote from: zhangswujip on December 06, 2016, 11:35:22 PM

Governments will not allow it, because each state sets it apart an economy.Different countries have different currencies as the value of the currency reflects to the economy of a country.
I think it will not happen in the last few decades, unless the world is peaceful, or the world is unified.

As the question states what will happen if one currency will be use we should not reason out about government may resist but we point out whats the possible effect. There will be no currency exchange in every country if the whole world uses one currency and the economic growth still be stable at all no competition of businesses may happen to different countries. Global market will possibly go down due to no exchange ratings of currency.

the problem with this suggestion is that it is assuming every country in the world is going to come to a consensus about using a single unit for currency and we all know that there has never been any case in which all countries agreed upon and when it is about their financial matters the situation is even worse. and it is not just the government, the people also are not going for it.

Babayega31

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Quote from: zhangswujip on December 06, 2016, 11:35:22 PM

Governments will not allow it, because each state sets it apart an economy.Different countries have different currencies as the value of the currency reflects to the economy of a country.
I think it will not happen in the last few decades, unless the world is peaceful, or the world is unified.

As the question states what will happen if one currency will be use we should not reason out about government may resist but we point out whats the possible effect. There will be no currency exchange in every country if the whole world uses one currency and the economic growth still be stable at all no competition of businesses may happen to different countries. Global market will possibly go down due to no exchange ratings of currency.

hisuka

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If were only using one currency, I think it can give a problem
in the government. Anyone will suffer its difficulty, because
each of us here will hard to exchange it in the other country.
This will suffer imbalance, not unified in each country.

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