Why the global currency cannot be 100% internet based and if we will have one - page 2.

Febo

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Quote from: fiulpro on March 24, 2019, 04:57:19 PM

Why the global currency cannot be 100% internet based and if we will have one

Will we have a global currency?

I personally think that the idea of global currency will benefit citizens, there won't be exchange tax and other things , but at the same time it will kill the competency of the countries that the political leaders think is important , there will be no more best to worst currencies , no exchange rates and nothing.
Will it be beneficial?

We have global currency. It is called USD and is main global currency for 100 years. Such currencies are also called a world reserve currency. Next one will be peer to peer based.

Tylev

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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.

bitcoindusts

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The diversion in currency is based on different countries and governments. In every country/government there is a certain currency, in order to have a global currency, there should be no differences and barriers between countries thus there should also be one government to avoid conflicts. In my opinion, if these happen, one government and one currency, being internet based of this one currency will still be relevant, since there are transactions made online like sending and receiving money from one location to another, online shopping and other payments made online and other related transactions.

BitHodler

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Quote from: FanEagle on July 19, 2019, 07:59:32 AM

I don't understand why people think that humanity will still choose paper money over digital when most of our lives became digital to begin with. Of course we will probably never be 100% digital because I believe we will always need some paper money or something close to it.

I'm pretty sure most people in modern economies are in favor of digital money instead of paper and metal money (at least, in my country they are). The thing however is that it's hard to part with physical money entirely because people are so used to it.

Another thing is that physical money offers people anonymity, where using digital money in form of PayPal or debit/credit cards are traceable and you can be monitored by government agencies and insurance companies.

I remember a case where someone was denied healthcare insurance because that person seemed to have a very unhealthy life style based on the things he eats and drinks. I think that's a very important reason to keep using physical money.

FanEagle

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I don't understand why people think that humanity will still choose paper money over digital when most of our lives became digital to begin with. Of course we will probably never be 100% digital because I believe we will always need some paper money or something close to it.

However, the reality is that 90% of all money is probably digital already, you may think we are only considering the money in peoples bank accounts but that is not the only money, all those stocks and investments are digital as well, do you go to a bank and buy a paper stock showing you own that stock and give them cash? No, you send money to your bank account and buy stock digitally and that company sells their stocks digitally and receive the money. Hence all in all worlds money is already digital, why insist on cash.

Kakmakr

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Quote from: fiulpro on March 24, 2019, 04:57:19 PM

Hey guys what do you think ?

Will we have a global currency?

I personally think that the idea of global currency will benefit citizens, there won't be exchange tax and other things , but at the same time it will kill the competency of the countries that the political leaders think is important , there will be no more best to worst currencies , no exchange rates and nothing.
Will it be beneficial?

I think the benefits are more than compensating for the bad effects.

I think this wide variety of currencies do have some advantages
If we will have a global currency will it be internet based?

I don't think it can be internet based because more or so there will always be a sector which doesn't plan on using the money and worse who doesn't know how to use the internet and how do you plan on giving this advantage to the tribal people ? It will be worse , it will be like , if someone wants to kill the economy of the world entirely they just need to shut down the internet and everything, every transaction will stop.

Please share your views ?

A common mistake that people make is to think that governments would care about what people want and what would be better for their citizens. If that was the case, Bitcoin would have been a global reserve currency. Remember one thing, government salaries are paid with taxes and tax income are generated from transactions that are done via foreign exchange services and Bank settlements.

They will never allow technologies that would kill their tax cow and governments also know they can manipulate the value of Fiat currencies to balance their economy, so they will never allow a global reserve currency that they cannot manipulate. Roll Eyes

Leyss

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We have the concept of an international currency, that is, currencies that are used in settlements between states. In principle, any national currency of a highly developed state can be considered as a global currency that can go around the world.
I do not think that in the near or even distant future we will have only one currency for financial settlements. Each state will always have its own currency, because it is a mandatory sign of statehood. However, if only one currency would be accepted for international use, it would not in any case be a cryptocurrency.

jabrix

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Quote from: Gabteb on June 15, 2019, 04:54:35 PM

In coming future, we will have a situation when you must use internet or have internet or you will not have anything or use anything so internet will be everywhere everywhere where people live so it can be internet based and must be i say.

Indeed, it must be recognized as an advanced technology the internet can be the basis of financial transactions throughout the world. But please note, the internet has not penetrated remote areas or far from the reach of telecommunications signals, so that internet-based currencies cannot be used.
As a reference, of course developed countries and their areas are connected to internet networks that can conduct digital transactions because their facilities and communities are adequate.

TurboRyzen

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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?

sana54210

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Quote from: SvonioneFromMangoCoinz on June 24, 2019, 01:41:56 AM

I agree with you. I acknowledge that the development and benefits of the Internet are great in the present era. It is very helpful in handling tasks that become faster and many other services become better.
But to have a common currency and need internet for payment would be a big problem.
not to mention people in the mountains and old people who don't know about technology and the internet.
It's not really the best solution, I think our world should still have fiat money and electronic money.

Generally, those old people and the ones on the mountain will someday face out completely as the world continue to grow deep in technology, let’s take a look at the gsm, prior to when gsm was invented, if anyone had told people in existence then that GSM will go this far to the extent of being used by those old people you talked about, they will absolutely doubt it, but as people gets exposed to it day after day, it became widely spread till it became a part of the world fully, so as Bitcoin may be too in the long run even if it is not our generation, but global coin era can really be achieved. It may not just be in our time, or even in the time of our children.

ElevenX

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I don't think an internet based coin is something that will completely take over. The majority of the world only knows cash, and with that cash they have credit cards. And in knowing cash, they're not going to want to give up having some in their pockets, and buying little things here and there. Give a neighborhood kid a dollar. And hundreds of little things that they can do with cash.

BennyK

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Definitely, there will be a time when the world will spend one common currency although there individual country currencies. Having a total or 100% internet based currency will be a problem for now because there are still some areas or countries in the world which do not have internet connections or other computers to access the internet especially in some remote areas in Africa. The people in some of these areas cannot read and write hence cannot access the computer neither the internet even if they were to be available.

Rooster101

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Dollar can be considered as a global currency used many countries in their global trades but if you talking about global currency that is used by all nations as their de facto currency, I think it won't happen. Countries had their own national currencies that often symbolizes their national identity as a nation. Rather than digital fiat as global currency, I preferred bitcoin as an internet-based global currency because it is a decentralized one and can't be controlled by governments and central banks.

guoyu78

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Quote from: barbara44 on June 20, 2019, 03:58:20 AM

We do not need a global currency we just need a digital currency, right now we have a global currency that is %100 internet based, its bitcoin (well others too). I mean what do you mean by a global currency, the fact that governments should accept it? Well governments don't have to accept it, can I go work in Europe and earn some euro? Yeah sure I can, can I then buy bitcoins with it? Yes I can, then can I go to ANY country in the world and cash out my bitcoins? Yes I can.

This is the real proof that I can spend my euro that I earned from working in Europe in anywhere in the world, hell I don't have to go there personally, most things are sold with bitcoin now so I can just order something from anywhere in the world as well. As you can see we already have a global currency and its totally 100000% internet based.

In nature and in function, Bitcoin appears to really be worthy to be called global currency but cannot carry that title until it is uniformly agreed upon by majority of world government for it to be used as global currency and there are some things that will be put into consideration before it can be legalized as global currency, we will get to that point but I doubt if they are willing to do that now because of its decentralized system, and the digital currency you talked about is already in Bitcoin too, and I think what we just need right now is to push for awareness for Bitcoin to take it’s full position as digital payment.

SvonioneFromMangoCoinz

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I agree with you. I acknowledge that the development and benefits of the Internet are great in the present era. It is very helpful in handling tasks that become faster and many other services become better.
But to have a common currency and need internet for payment would be a big problem.
not to mention people in the mountains and old people who don't know about technology and the internet.
It's not really the best solution, I think our world should still have fiat money and electronic money.

FlightyPouch

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Quote from: Gabteb on June 15, 2019, 04:54:35 PM

In coming future, we will have a situation when you must use internet or have internet or you will not have anything or use anything so internet will be everywhere everywhere where people live so it can be internet based and must be i say.

Not all of the country can support that way of living. We all know that the future is leading there but not all can do that. I mean there are a lot of third world countries that will be left out. It is true that they can just do things to catch up like making a lot of wifi hotspots or making cheap devices but I don't think they will prioritize that since they can still do things the usual way.

Oceat

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Quote from: Wellyan on June 20, 2019, 05:50:23 PM

Quote from: Gabteb on June 15, 2019, 04:54:35 PM

In coming future, we will have a situation when you must use internet or have internet or you will not have anything or use anything so internet will be everywhere everywhere where people live so it can be internet based and must be i say.

As time and technology develops, everything will be based on the internet and to fulfill it all, maybe that's the reason why crypto currencies are created to keep up with the times and technology with the economy

As for now, we can consider Bitcoin as our only global currency so far because there are lots of factors that a global currency will not going to happen. If the world wants a global currency i think it's Bitcoin since no one is controlling on it but the problem is that it is not stable and is subject to high price volatility. I don't think any country would accept that if there are whales lurking everywhere.

Wellyan

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Quote from: Gabteb on June 15, 2019, 04:54:35 PM

In coming future, we will have a situation when you must use internet or have internet or you will not have anything or use anything so internet will be everywhere everywhere where people live so it can be internet based and must be i say.

As time and technology develops, everything will be based on the internet and to fulfill it all, maybe that's the reason why crypto currencies are created to keep up with the times and technology with the economy

bitgolden

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Quote from: automaticmoney on June 15, 2019, 08:50:03 AM

As per Twitter Ceo statement he states Bitcoin should be global internet currency for future . looking at present adoption we can see bitcoin may see future adoption to masses

That sounds good to the ear to know that twitter is also a believer of cryptocurrency, I see that virtually all social media is beginning to see how beneficial the adoption of cryptocurrency will be too them too, and I think the only one that is left among them yet to fully accept cryptocurrency is Google cooperation and I believe that we need them so much in spreading the awareness if Bitcoin is to become a global currency.

The technology of crypto is pure going to be an internet based one, if we consider those who are still yet to be in the loop for technology, they might continue with fiat, while for digital payment using crypto is best over the internet.

barbara44

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We do not need a global currency we just need a digital currency, right now we have a global currency that is %100 internet based, its bitcoin (well others too). I mean what do you mean by a global currency, the fact that governments should accept it? Well governments don't have to accept it, can I go work in Europe and earn some euro? Yeah sure I can, can I then buy bitcoins with it? Yes I can, then can I go to ANY country in the world and cash out my bitcoins? Yes I can.

This is the real proof that I can spend my euro that I earned from working in Europe in anywhere in the world, hell I don't have to go there personally, most things are sold with bitcoin now so I can just order something from anywhere in the world as well. As you can see we already have a global currency and its totally 100000% internet based.

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