The global currency cannot be completely dependent on the Internet. That would be very risky. In any environmental disaster that affects the normal operation of the Internet, our world will suffer financial chaos. Such an opportunity should not be allowed, even if it is minimal in probability.
The global global currency must be very reliable and provide for various types of its circulation in order to prevent various possible risks.
Topic: Why the global currency cannot be 100% internet based and if we will have one (Read 13541 times)
October 17, 2019, 03:04:13 PM
September 18, 2019, 04:25:10 PM
Because there are so many locations in the world without the internet and you can't make an exchange without it. And we have a lot of underdeveloped countries, where the number of people who know the Internet is minimal because they do not have access and learn about it. There are many reasons why they cannot implement in practice.
September 18, 2019, 04:15:24 PM
So you are saying there might be people in the future that doesn't use the internet? Lol, you are wrong here. People slowly starts to adopt with everything around them. Look at people decades before. Only few of them used the internet. And now look at most of the people. They all use the internet. Same thing goes for the smartphones. Just few years back most people preferred to use the old mobile phones but now we can see everyone using smart phone. Similarly, everyone in the future will become internet dependent. They will know how to use the internet from the very beginning of their years. Similarly, they will start adopting the usage of crypto currencies.
September 18, 2019, 03:11:22 PM
If that currency tends to be global then it should be equaly accessible to everyone, no one shouldn't be excluded.
it can . local currencies like for example usd can be used globally on almost any countries because everyone recognize this currency . it can be accebsible to everyone because there are money changers for every parts of the world or on any places ( thats for sure ) you can exchange your currency to usd or usd to local currency . and currencies like usd can also be internet based because there are payment method online like for example paypal are suporting usd or any other local currencies . September 18, 2019, 02:21:13 PM
Before making plans for making cryptocurrency the most global currency in the world, you first need to make sure that the Internet is available in every corner of the world. This is the first. And the second is the education of people, thanks to which they will understand not only the capabilities of the Internet and cryptocurrency, but also other high technologies that work for the benefit of mankind. In any case, today I’m sure that more than half of the world's population do not even understand what cryptocurrency is. And if you take into account the number of old people and children who do not use the Internet or mobile applications at all, it is still too early to talk about whether to globally switch to cryptocurrency as a means of payment or for its massive use in everyday life.
September 18, 2019, 10:00:54 AM
If that currency tends to be global then it should be equaly accessible to everyone, no one shouldn't be excluded.
it can . local currencies like for example usd can be used globally on almost any countries because everyone recognize this currency . it can be accebsible to everyone because there are money changers for every parts of the world or on any places ( thats for sure ) you can exchange your currency to usd or usd to local currency . and currencies like usd can also be internet based because there are payment method online like for example paypal are suporting usd or any other local currencies . September 18, 2019, 06:52:07 AM
The reality is that not everyone has an acess to the internet and not everyone has knowledge about it. We can't always rely on the internet since it's not always available specially if we're not reachable by the internet service provider. No matter what happen, physical currency is still needed specially by small people who can't or doesn't have a time to connect to the internet.
The worst problem here is that they don't even know how to use or even access the internet. In our country, there are still a lot of people that can't use a mobile phone correctly. We are still in the phase where phones are still new, there are still a lot of poor people here. If they can't even use these technologies, having an ISP does not matter. That is why fiat or physical currencies are still needed, it will be a long time before these people keep up with the technology.
September 18, 2019, 06:23:03 AM
If that currency tends to be global then it should be equaly accessible to everyone, no one shouldn't be excluded.
But you forget that not everyone has internet access and those who have don't have equal speed and quality. So, it's not that simple and if you ask me it's actually impossibe, at least at current stage of new technologies accessibility in the world.
But you forget that not everyone has internet access and those who have don't have equal speed and quality. So, it's not that simple and if you ask me it's actually impossibe, at least at current stage of new technologies accessibility in the world.
September 18, 2019, 03:36:48 AM
The reality is that not everyone has an acess to the internet and not everyone has knowledge about it. We can't always rely on the internet since it's not always available specially if we're not reachable by the internet service provider. No matter what happen, physical currency is still needed specially by small people who can't or doesn't have a time to connect to the internet.
This is why we believe that the issue of global currency might not be achieved right now and I think this is why the government are not also pushing for it because of the technology involved, and the government knowing that money is already a problem, they will not want to create global currency out of it other than the popular usd that we are all using. In as much as the intention of the creator of cryptocurrency is right, there are some things that are not just achievable easily like that, and I think he never even meant that cryptocurrency should even be a global currency, he just wants a system that will be an alternative to the physical cash in other to make things easier for those that are finding it hard to make use of the popular fiat easily.
September 17, 2019, 12:36:07 PM
The reality is that not everyone has an acess to the internet and not everyone has knowledge about it. We can't always rely on the internet since it's not always available specially if we're not reachable by the internet service provider. No matter what happen, physical currency is still needed specially by small people who can't or doesn't have a time to connect to the internet.
We don't really need to be 100% though? I mean if we can reach even 5% of all currency spent to be crypto that would take bitcoin and all others into literally trillions of dollars easily. Right now we are not even 1% and we are already over 100 billion dollars (close to 200) just on bitcoin. That means we just need to increase it a bit more, just having 5x on adoption would ripple down to trillions of dollars in bitcoin market cap and tens of billions of dollars in transactions.Of course, we also would need to figure out a way to keep the transaction costs lower and speeds faster while we go up in transaction numbers but that is more on the developers hands than us and with the segwit and lightning network getting attention if we go that big then those will not be alternatives but be the standards.
September 17, 2019, 04:21:09 AM
The reality is that not everyone has an acess to the internet and not everyone has knowledge about it. We can't always rely on the internet since it's not always available specially if we're not reachable by the internet service provider. No matter what happen, physical currency is still needed specially by small people who can't or doesn't have a time to connect to the internet.
September 17, 2019, 02:02:21 AM
I think that in the coming time, even thinking about the global currency makes no sense. No one country does not recognize the global currency. Here's a bitcoin example of a global currency that is used around the world and how states respond to it — in a word, a ban and not recognized.
I doesn't make any sense because of its hindrances but once it was all properly addressed then cryptocurrency could be the biggest and greatest change will happen to humanity. However, it so frustrating to think that world adoption have a very big chance that not gonna happen at all. Like what've you said, the concept of global currency wasn't well recognized. We are all living based on the standards within our boundaries, there's no unity. 
September 17, 2019, 01:05:56 AM
The world currency should not directly depend on the degree of use of complex technical means. Technique will inevitably fail periodically and make the world financial system dependent on the state of operability of this technique will be stupid and shortsighted. In addition, the world currency can hardly be a cryptocurrency. Cryptocurrency can only be an auxiliary financial asset in ordinary currency. The global financial system can also be based only on real economies, and not on virtual values that will not be provided with anything.
July 27, 2019, 12:15:12 PM
I believe we can have a "global" currency but it's still going to get taxed and such because states would hang on to their fiat currency by just migrating them to digital. I don't think they'll let go of it easily.
It's probably going to be our current situation with bitcoin and various alts except with wider adoption and these cryptos integrated into the economy. The only time there can only be one absolute global currency is if every nation ditched their fiat and enter a union a la EU.
It's probably going to be our current situation with bitcoin and various alts except with wider adoption and these cryptos integrated into the economy. The only time there can only be one absolute global currency is if every nation ditched their fiat and enter a union a la EU.
July 27, 2019, 10:16:54 AM
The simpler the currency for circulation is, the more reliable it is. Therefore, a global international currency is unlikely to be based on the Internet. Although nowadays most of the payment systems work using the Internet. High technology is very vulnerable to various disasters and natural disasters. In order for the financial system to work effectively in different conditions, it must have different channels for transferring the means of payment, and not only with the help of the Internet.
Of course internet-based currencies will not be able to be applied simultaneously throughout the world, because each country has problems with the internet network, especially in developing countries.In developed countries, maybe the internet network is not a problem because the infrastructure is good, so that internet-based currencies can be applied but still as an alternative. The main currency remains fiat because it is physical and is easy to use for all people. Besides that fiat money is easily monitored by the government.
July 26, 2019, 03:56:29 PM
I do see this topic of global currency and all that as something stupid. Like what makes you think that there is ever going to be something like that? You do know for sure that having such a thing means that only one government will be in power and that country with the power is going to oppress those who are not in power.
So, I see this as foolishness and it is a question I hate discussing. Such a thing can even give power to racism, that’s if the government power is placed on a country where there is too much of that. Cryptocurrency alone is already enough, saying you need Something else apart from this doesn’t mean anything. What else do you want, when you already got cryptocurrency.
The world can’t be sharing one currency, stop asking annoying questions.
So, I see this as foolishness and it is a question I hate discussing. Such a thing can even give power to racism, that’s if the government power is placed on a country where there is too much of that. Cryptocurrency alone is already enough, saying you need Something else apart from this doesn’t mean anything. What else do you want, when you already got cryptocurrency.
The world can’t be sharing one currency, stop asking annoying questions.
July 26, 2019, 08:26:54 AM
The simpler the currency for circulation is, the more reliable it is. Therefore, a global international currency is unlikely to be based on the Internet. Although nowadays most of the payment systems work using the Internet. High technology is very vulnerable to various disasters and natural disasters. In order for the financial system to work effectively in different conditions, it must have different channels for transferring the means of payment, and not only with the help of the Internet.
Of course internet-based currencies will not be able to be applied simultaneously throughout the world, because each country has problems with the internet network, especially in developing countries.In developed countries, maybe the internet network is not a problem because the infrastructure is good, so that internet-based currencies can be applied but still as an alternative. The main currency remains fiat because it is physical and is easy to use for all people. Besides that fiat money is easily monitored by the government.
July 20, 2019, 05:49:37 PM
Technology is one of the thing that brings revolution to the traditional system of doing things. With internet more and more amazing services will be evolved on a daily basis. Internet is one of the thing that brings several people from different regions or environments together. I don't see any reason why the global currency shouldn't run on internet because engineers are working daily to achieve a fast and reliable system..
July 20, 2019, 05:26:29 PM
High technology is very vulnerable to various disasters and natural disasters. In order for the financial system to work effectively in different conditions, it must have different channels for transferring the means of payment, and not only with the help of the Internet.
Mesh networks are catching up real fast. Then we also have the Blockstream satellite that will enable people to access Bitcoin without an internet connection. It's definitely not mass ready in terms of adoption, usability and convenience, but at least it gives us a glimpse of what we can expect in the forthcoming years.
The positive thing of there not being mass adoption yet is because it's still going through its initial speculation stage. People aren't yet interested in spending it, not interested in fast and cheap transactions, etc. Great for Bitcoin because it's being given the time to actually scale. What more can you wish for?
July 20, 2019, 05:06:50 PM
There will never be one global currency in the world. That involves the elite of each country giving up power. The name of the game is power. Do you think they're going to be, "Oh it's a good idea because then there will be no exchange fees."
Plus wouldn't countries that are doing bad weaken the value for countries that are doing good?
agree with you, despite the actual ego and strength in every country that makes the world unable to have one global currency. EURO is one example of one global European currency, I was very impressed with the cooperation of European countries.Plus wouldn't countries that are doing bad weaken the value for countries that are doing good?
and for global currencies based on 100% internet, I think it is very impossible because the internet is still very vulnerable ... different if the global currency is crypto-based and blockchain, it would be very safe
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