Topic: Which country would be the first to eliminate fiat and convert to crypto fully? - page 8. (Read 3725 times)
August 15, 2017, 10:45:41 PM
North Korea because their fiat is already worthless and cryptocurrencies are only used by criminals like Kim Hong Un. Nah but seriously, probably a smaller country. Wasn't there a tiny island that's currency is bitcoins but it means nothing because the island's only inhabited by one family?
August 15, 2017, 10:39:13 PM
Fiat is better than crypto for some things.
Say someone wants to sell their car. How do they structure transactions to avoid fraud? Loans can be difficult with crypto. There are areas where crypto is not well suited.
The time it takes transactions to confirm can complicate buying/selling. Crypto also requires access to electronics and the internet. Fiat has the advantage of not needing anything more than a piece of paper which gives it an advantage over crypto in some areas.
Say someone wants to sell their car. How do they structure transactions to avoid fraud? Loans can be difficult with crypto. There are areas where crypto is not well suited.
The time it takes transactions to confirm can complicate buying/selling. Crypto also requires access to electronics and the internet. Fiat has the advantage of not needing anything more than a piece of paper which gives it an advantage over crypto in some areas.
You are right in that there are some things fiat is just simply better for.
However, I think you are forgetting about paper wallets which is the exact same thing as fiat.
August 15, 2017, 07:51:37 PM
Fiat is better than crypto for some things.
Say someone wants to sell their car. How do they structure transactions to avoid fraud? Loans can be difficult with crypto. There are areas where crypto is not well suited.
The time it takes transactions to confirm can complicate buying/selling. Crypto also requires access to electronics and the internet. Fiat has the advantage of not needing anything more than a piece of paper which gives it an advantage over crypto in some areas.
Say someone wants to sell their car. How do they structure transactions to avoid fraud? Loans can be difficult with crypto. There are areas where crypto is not well suited.
The time it takes transactions to confirm can complicate buying/selling. Crypto also requires access to electronics and the internet. Fiat has the advantage of not needing anything more than a piece of paper which gives it an advantage over crypto in some areas.
August 15, 2017, 06:36:19 PM
Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...
It'll never happen. By forcing debts and taxes to be accepted in national currency, governments have control over a sizeable portion of the national economy. If they converted to cryptocurrency, they might profit in the mid term as cryptocurrencies flourish. But they wouldn't be able to control the currency. So, in the case of economic turmoil, war, natural disasters...... things could get very ugly. Fiat currency can be used to bring stability during such times.
August 15, 2017, 06:24:40 PM
In my opinion, this wont happen. None of the governments will do that.If they eliminate fiat currencies definitely it will affect the economic growth of the country because the economic growth of the country will happen if they collect tax from the people, which is not possible if they use cryptocurrencies.
August 15, 2017, 06:12:49 PM
Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...
I don't think that it will happen soon after all, government doesn't want a decentralized currency. If that were to happen they would create their own cryptocurrency for them to still be able to control it. The first countries that might do this is China and Japan sincd they are the first to implement laws pertaining to use of crypto and they are also the pioneer countries to legalize bitcoin and crypto. August 15, 2017, 04:28:56 PM
Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...
My guess is India because they are the one in IT who are willing IT they are looking toward bitcoin. If bitcoin cross around the world they will come to the power then India will take action against fiat currencies to make a crypto currency in the place of fiat money. So i would like to mention India because India is the one who are willing to have more skills in IT and they are known as IT toppers around the world too. August 15, 2017, 02:31:17 PM
Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...
Everyone can make their own prediction, but China is probably one of last countries in my list, the rulling party rules with an iron fist, they are not going to let their fiat to disappear, it needs to be a small country with high standards of living that suffers an economic crisis, like you see there are not many candidates available, a possibility is Iceland but they hate bitcoin for some strange reason. August 15, 2017, 12:47:16 PM
Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...
I don't see any country doing that not now or in the future at least not adopting bitcoin because it will mean abandoning their identity, culture and heritage and that's what currency of a country represents and not just as a medium of exchange. If China should abandon fiat as you have proposed, then they should also force other countries to accept for their international trade which is most likely impossible to achieve and the moment one country currency is not acceptable for international trade, then it begins to lose value.
August 15, 2017, 12:36:43 PM
I have been thinking of asking this question too! Likely india may be the first country to abandoned fiat and adopt crytocurrency. My view was motivated by how India has accepted crytocurrency idea without reservation or discrimination. Japan may be the second to also abandoned fiat for bitcoin. This is a personal view .
August 15, 2017, 12:18:16 PM
May be some of the micronations such as Liberland or Sealand. And if I am not wring, Liberland has already declared Bitcoin as the national currency. but none of the major nations are going to accept Bitcoin (or any of the altcoins) as the national currency.
August 15, 2017, 12:11:37 PM
i don't think government will let crypto currency take over the fiat system because fiat system is the only way they can make money. those curruption they can take it on cryptocurrency because it will have a history at their transaction each address has their own private key or what we called btc address so that will be enough reason for the government won't take crypto fully and disregard the fiat system.
Where the politicians are not required peoples money to lead their country, in that place maybe this rule can be applicable otherwise w can not see this rule in any country. No governament will allow this rule if they not get any revenue. The politicians are sitting there to make money, so we this could be not possible in real world. 
August 15, 2017, 12:11:25 PM
Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...
Yeah me too. With the number of miners they have there, the government is sure to be taking advantage of this imnovation. I think china has probably the most miners right now and btc is already being used by regular people and some businesses. But i'm.not sure if they can go full crypto there though without having fiat available for its citizens
August 15, 2017, 11:49:14 AM
The problem with bitcoin for governments is that they would not have any control on them. Imagine every country with only one currency that is not controllable, unless you hold a huge share of it, your country would be vulnerable to inflation. Besides, collecting taxes would be a disaster, as bitcoin tries to keep anonymity of its users.
August 15, 2017, 11:42:25 AM
i don't think government will let crypto currency take over the fiat system because fiat system is the only way they can make money. those curruption they can take it on cryptocurrency because it will have a history at their transaction each address has their own private key or what we called btc address so that will be enough reason for the government won't take crypto fully and disregard the fiat system.
August 15, 2017, 11:15:53 AM
It will only make the things more complicated, and removing fiat and jumping to crypto is not a joke. It will take years maybe hundreds before they can fully eliminate fiat. Crypto is only a substiture payment when somebody dont have the main and widely use which is the fiat.
August 15, 2017, 10:52:01 AM
That's not going to happen for quite some time. Think about how hard currency is held on for so long. Companies like PayPal could have shut down the hard currency markets years ago and it never happened the same thing is going to be true for Bitcoin. It is almost impossible to shut down fiat altogether.
August 15, 2017, 09:39:39 AM
I don't think that there will be a country that will convert to crypto fully because how can they sustain the needs of their growing population if they don't have a stable and unlimited supply of one of the most important in a country and that is money. Cryptocurrencies are not enough to supply all the people in their country and that is one of the biggest disadvantage of having crypto and it will become a very risky part for them to just convert and eliminate fiat money.
August 15, 2017, 09:07:53 AM
No country would ever do that lol. What control would they have over the currency?
August 15, 2017, 09:07:23 AM
Which country would be the first to eliminate fiat and convert to crypto fully? My guess is China...
that would be too impossible for now we know that bitcoins is not stable and it is not good to use as a mode of payments in real jobs if fiat will be eliminate .China will be more advance in making new with bitcoins but to make crypto as fully use in a government is impossible now. Jump to: