Which country would be the first to eliminate fiat and convert to crypto fully?

tee-rex

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Quote from: ganlianshifu1 on January 19, 2018, 07:49:47 PM

As it turns out, China is totally banning crypto-currency! China does not want bitcoin to exist in their country, and bTC is banned in China. They are afraid of local capital flight! I think Japan was the first country to completely switch to cryptocurrency.

Well, honestly, I'm not very familiar with the events unfolding right now in China with respect to cryptocurrencies, apart from what I read in the headlines, but isn't NEO thought to be a sort of Chinese government cryptocurrency? If so, it very well explains all the negativity and hostility toward other cryptocurrencies in China including bitcoin itself. The authorities are basically using to the full their administrative leverage and removing all competition from the field.

If I miss something in the bigger picture, please correct me.

JL421

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Quote from: TexasHuck on August 14, 2017, 10:09:13 PM

Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...

If it does happen it will most likely be an Asian country as they have implemented technology in almost every field. Fiat cannot be eliminated completely as it's a basic requirement and it will be difficult to conduct transactions if the network is down.

traderethereum

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actually, I don't have any idea about which country that would eliminate fiat and convert into crypto because every country still use fiat to make the transaction and most people still believe with fiat and they still use fiat too. but if there is a big problem in economic in every country and people don't trust with the government and their fiat, then we can see that people will change their payment to crypto because crypto gives an easy way to make a transaction.

ganlianshifu1

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As it turns out, China is totally banning crypto-currency! China does not want bitcoin to exist in their country, and bTC is banned in China. They are afraid of local capital flight! I think Japan was the first country to completely switch to cryptocurrency.

luxcoin

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I changed my idea: Japan will be the first one.
And it's gonna happen soon than what you think

MoneyMotivatesMe

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I think its Japan, Hong Kong or to summarize, it's going to be an Asian country first.

Nellayar

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Quote from: TexasHuck on August 14, 2017, 10:09:13 PM

Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...

I have read an article that says China does not want bitcoin to exist in their country. So I think China will not use bitcoin as their currency. I guess fiat currency will not eliminate totally, if it will happens maybe it is too long to implement.

masson12

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Quote from: ajmapalo22 on August 14, 2017, 10:32:44 PM

I think no country will fully adopt crypto currency and eliminate fiat in their market...That's very difficult to implement since bitcoin requires technology not everyone can adopt unless the country is really that rich to be able to provide the technology needed for bitcoin.

Maybe Luxembourg? But those dinosaurs don't like btc to begin with.... Hmm, Dubai?

Smarty14392

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Quote from: hacker1001101001 on October 29, 2017, 06:51:51 AM

I dont think any of the country including china could make bitcoins as their local currency and stop using their fiat currency. This could really creat a lot of misunderstanding and also a lot of peoples could not make a good use of it.

Yes there will be problems generating for them because if they somehow manage bitcoin as national currency in their own country but they will be facing numerous problems and hurdles coming along the way when they will trade with other countries. Because no other country would be making it as national currency, then conflict of implementation occurs for both countries.

yoseph

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Quote from: TexasHuck on August 14, 2017, 10:09:13 PM

Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...

I think your position might have been revised since the news went around that they almost banned bitcoins and later settled on regulating it. I don't think China will be the first to do this because their government want to be in total control but with cryptos they don't and therefore wont.

tee-rex

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Quote from: Akash1243 on October 29, 2017, 07:59:40 AM

Well it is hard to say but in my opinion i think it would be Japan who would eliminate fiat and convert to crypto fully as they are really supportive about bitcoins and other crypto currencies and also has legalised them.But eliminating fiat would be very hard as it has became as irreplaceable part of mostly everyone's life and it is better and convenient to use for daily needs so which ever country tries to do this they would face huge difficulties at first.

It is hard to say whether any major country like Japan will be the first to switch fully to using cryptocurrencies, if ever. In my view, it is the population of the countries with weak and failing fiat currencies which will be the primary driver for such conversion, let's call it the hard way. Personally, I don't see how any government would willingly choose to eliminate fiat and switch to using crypto on their own, let's call it the soft way.

cryptoalfs76

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Quote from: TexasHuck on August 14, 2017, 10:09:13 PM

Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...

Its hard to guess of which country would be the first eliminate the fiat currency and change it to crypto fully,because as of now most of all 90% of the country not regulated bitcoin as alternate of fiat money.but if soon many country legalize bitcoin as the alternator of money,i think japan is the first who deminished fiat and turn to crypto currency.

rev2

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I would say Japan. Regarding technology they have the most balls to have this done.. European countries maybe Sweden, but I really don't see that happening very soon here..

Slark

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There is a difference between introducing cryptocurrency and digital fiat money.
We need to be aware of that. Some countries have the plan to remove cash from the picture - we might see that in Sweden for example.
The government of Sweden want to grasp total control over money/financial transactions and economy but I am sure that they would fight Bitcoin or other forms of decentralized cryptocurrency for sure.

Lipe490

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Maybe a country will never totally eliminate fiat currency because if they do that, possibly will stay out from the investments from another countries which uses USD or EUR to do it. But if I bet, I believe Philiphines are the country with the closest condition to convert to crypto because I've seen a lot of people selling cars, eletronics and even properties for BTC. They are massively adopting Bitcoin as payment and I wouldn't be surprised if their President announces Bitcoin as official payment method together with fiat money.

Akash1243

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Well it is hard to say but in my opinion i think it would be Japan who would eliminate fiat and convert to crypto fully as they are really supportive about bitcoins and other crypto currencies and also has legalised them.But eliminating fiat would be very hard as it has became as irreplaceable part of mostly everyone's life and it is better and convenient to use for daily needs so which ever country tries to do this they would face huge difficulties at first.

hacker1001101001

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I dont think any of the country including china could make bitcoins as their local currency and stop using their fiat currency. This could really creat a lot of misunderstanding and also a lot of peoples could not make a good use of it.

jatin729

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According to me it is very risky because crypto is decentralized currency, none of country will eliminate fiat because if they do than how the trade can be done with other countries. It maybe possible That other country not legalize crypto.
It would be very difficult for country to survive with crypto.

BartS

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Quote from: fudster on October 18, 2017, 02:04:35 PM

My guess would be japan too as they already have plans to create their own cryptocurrency for their country to use. I just read this somewhere too and I can't remember the link but that was the plan. If they already have such plan then they are ahead among any country.

I read that as well, but that is not going to be an easy task even if japan is such an advanced country is one of the places with the bigger use of cash among developed nations so the government is going to have an uphill battle trying to convince their citizens to abandon their cash, however there is the possibility the Japanese people abandon cash in exchange of bitcoin.

Paecga129

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It doesn't matter which one is going to be the first, but believe me it's going to be someone because whatever reserves and capital they have is extremely centralized compared to Bitcoin.

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