Topic: What will happen if we use a one currency only? (Read 4517 times)

I don't think that will happen, in order to do that one person or government must conquer the whole world which is very impossible because it will be the great defeat ta a one person or a nation if he will attempt to make a war against the world.

Implementing a single currency worldwide would be highly impractical. Indeed, the prevailing theory is that a mixed approach is more desirable. In certain areas, such as Europe, gradually adopting a single currency may lead to considerable advantages. But for other areas, trying to force a single currency would likely do more harm than good.

It will be not good in some already rich country and not good also in some developing and poor countries to have one type of currency, i found the idea chaotic.

If we use one currency only, loss of Import-Export businesses are possible to happen. Since they are profit-based, having a single currency for the whole world would not be a great incentive, because these businesses often rely on the value of certain currencies going up in the future.

There will be some problems with the distribution of wealth. For example, are they going to give each country the same amount of that currency. Or are people are going to buy it and it will have a supply and demand going on. The money that we have right now will be such a waste of resource because it will have zero value. The equipment that was made to create those money will just be disposed since it doesn't have any other use as well as the money itself.

The new universal currency is probably going to be a digital one and people have to convert their fiat money into it. But if fiat essentially doesn't have any value, how much would be the equivalent of it to the new currency. There will be people buying that currency earlier than everyone else and be able to buy it at a lower price. The people that have been left out are prolly going to be people that doesn't have a strong internet connection. They are the poor ones. They don't have that much money to convert and by the time that they are about to convert to that certain currency, the price has already risen a lot. So they are even more poorer and the rich people are even richer.

There's this imbalance distribution of wealth that's going to happen for sure. I don't know what it is but it's hard to distribute something to each and every single person in Earth since everyone's going to convert their money into the new currency.

In our case in Philippines, we are not so glad about that system. There are many Overseas Filipino workers in the other countries that are working for their families. They are very glad when the time comes that they will send their money to their family for it will be change into a higher value when it has been converted into peso. In fact, one dollar is equal to 50 pesos here on Philippines and it was a great opportunity for many families here. So I personally about having one currency.

If we use a one currency for whole world is also not a good idea which has been repeatedly avoided by developed world nation it can take steps to deflate it currency making it cheaper and therefore make it export more appealing to other countries with only one global currency having single currency is not enough to raise a question you also have to state of countries have the right to print their own currency if people of one country can go and buy or sell in another country without any cess or taxes people are free to invest in any country.

Of course, the application of a single currency system across the globe will bring no small change; if it can not be said the change is unfair. One of them is developed countries will benefit massively because there will be no more currency risk in the international trade arena. There will also be changes in the global game arena as countries such as China will no longer be able to capitalize on the exchange of currencies to leverage their goods in global markets.

if we use only one currency this will make corrupt people to do more corruption because as you said if we start using dollars then countries which are poor eg pakistan the politicians are corrupt and if dollars will be the currency they will start corruption in dollars which will cause huge loss to the countrys economy

I guess corruption will prevail if we use one currency only. And people will experience poverty in exchange for the idea. The goverment will always be present to interrupt all the transactions of the people. Unlike if we have multiple currency, even though there are still corruption present atleast people will still live.

Well, now almost so it is, the national currency in relation to the two most advanced is the euro and the dollar. And it is on this indicator that one can understand how much local currency is good or vice versa with respect to the dollar. Translate all into dollars and all you can, only then will there be a complete collapse in the economies of many countries.

All other coins became worthless and one as bitcoin is may be 20k each.

I am sorry but I have entirely different opinion and what I believe is that we are already living in global village and we believe that our world is turning into global village. We are now living in digital community or era and here people travel a lot.

It is really big issue for these businessman to convert their country currency into the one where they are travelling to. Using just one currency will help travelers a lot on their business tours.

Well, that would be something very unique. But by the way, if we talk about it I remember the conspiracy theory of the one world government. In many European countries, this is already applied and their currency is only one, that is Euro. Maybe it can happen, but it will take a long time and gradual effort. What will happen if that happens? To be honest, I do not know. But now we are familiar with some popular currencies and used by many people. Among others: Dollar, Euro, Bitcoin, and so on.

Typically, the price of such a currency will be very expensive when compared to currencies in thirld-world countries.

if all the world will start using one currency then it will give a big profit to all the users because no one can change currency in any other country and this will protect him from paying taxes to exchanger and also people will be able to pay anywhere in the world form any country so this will be great facility for all people.

Today, i think it appears that implementing a single  or only one currency worldwide is impractical. It may lead to considerable advantages but also disadvantages. But if we force a single and only one currency, it would lead to harmful effects than good.

That would probably lead to a lot of economic problems - high price of product, weak economy, corruption, etc. One of the things that gives essence to economy is the currency of the different country. Dollar is the father of all currency in the world (as to bitcoin in cryptocurrency). If there is only 1 currency in the world, there will be no trading of money between countries, and countries will not progress in terms of its economic status, especially those under-developed and developing countries. And the worst thing, money (dollar, in this case) will lose its value since there is nothing to compare it (imagine all people eating same food). What is the sense of using a single currency in different countries? Nothing.

How do you see it when everyone discovers that someone in their position is being paid a bigger amount in a different country, do you think that’s really good? Everyone would want to migrate to the country that pays a bigger amount. Well, not really that, I’m just not in support of a one currency.

Of having a single currency used, we can't assured that everyone  would be comfortable for this. This could make trouble to the community as they had already satisfied before. Even though this just a speculation, but still we can't ignored this and possibilities to happen as it will continue grow and consistently on top.

The world will be like a local market and all the people can buy and sell their needs to anybody in the world without exchanging their money. I think that will be a dream world that all the people in the world will use only one currency. I will feel that I am purchasing in another city of my country if it is out of the country. I will feel so much excitement while using one currency all over the world.