Ninjastic
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Board Economics
Re: What will happen if the all countries convert to cryptocurrency?
by
Barbarian
on 06/11/2018, 17:34:01 UTC
Quote from: SirLancelot on November 05, 2018, 06:01:12 AM
Quote from: Barbarian on October 25, 2018, 01:45:08 AM
Quote from: Evetemot on October 24, 2018, 11:03:22 AM
Quote from: k1ng0fBTC on October 17, 2018, 11:18:59 AM
Quote from: Layers318 on October 10, 2018, 04:02:17 AM
All countries converting to cryptcurrency means a good news to the entire crypto market. The market will see full green for a long period because there will be an increase demand as users trade with the various coins on the market.
When countries accept cryptocurrency people will put their money in it without any fear. Converting of governments means converting the whole nation into cryptocurrency. The use of crypto will increase by this way and people get more chances to enhance life standards of their families. People will be happy while using cryptocurrency instead of paper or fiat currencies.
Why not, every country can switch to cryptocurrency fully because if we can travel from barter system to digital cards, we can also go one step ahead towards digital currency. It will take time but in this time we cannot imagine the atmosphere in the future. There are many things in the world which were impossible 100 years ago but now we are using them.
The fact that something was impossible long time ago does not mean that is easy to achieve now, water is something that we all need and more than half of the human population do not have direct access to water so I find it unlikely bitcoin is going to be within the reach of everyone.
I know it is not that easy to have such an aggregate medium of exchange that is accepted wide world but let’s suppose that it happened. Having a single medium of exchange throughout the world will bring all the economies on the same page and the transaction cost will be greatly reduced for every transaction. But it will not be easy to tackle the challenges that arise as a result of having such a system as well. On the average, the benefits will be more than the disadvantages but it is not going to happen on the first place.
But that is precisely the problem, people are imagining something that has never happened in the history of the world, different societies have chosen different mediums of exchange to history and they had never agreed to have a single one so it is very unlikely that is going to happen.