The world accepting cryptocurrency as the only mode of payment

[Syldan]

I dont think, the general acceptance of bitcoin as the means of exchange for goods and services globally can not be effective this is because there are alot of people who have little or no knowledge about it operation.

 

[eLdavis]

I dont think, the general acceptance of bitcoin as the means of exchange for goods and services globally can not be effective this is because there are alot of people who have little or no knowledge about it operation.

That's true, but if that should be the only reason, I believe with time this can be rectified, alot of countries have started adopting crypto currency but I do not think it would be the only means of payment, if this should happen it means the government no longer have power over their currency, this is not a power they would be willing to let go of.

 

[ganibade]

If world accept cryptocurrency, it would have been better but it will take some years to accept it generally in the world. This is very good idea for spending the same currency in the world.

 

[Skysaint]

There has never been an age when there's only ONE method for making payments and so, I don't see the possibility of that happening. Right now we got different currencies as methods of making payments, we have trade by Bater, we also have rendering services to payback maybe a money we took when we can't afford to pay back. So there will always be alternatives.

 

[HayKay]

Technology would no doubt play a huge part in the way by which payments are being made in the future but I doubt that cryptocurrency would be the only means. There'll be no way for the financial institutions to monitor or regulate it and that would create huge chaos like what's happening now when some individuals decide to take action.

 

[Sotherefore]

To me this is almost impossible because a volatile coin should never be accepted as a mode of payment for goods and services, I don't know what the government of El Salvador is trying to do because they have accepted cryptocurrency and makes it a legal tender.

 

[joy101]

The purpose is that the world has not accepted the cryptocurrency as their only payment, but I believe in future there mind accept it as their one time payment.

 

[Kunkun]

Well it's possible but I doubt fiat would go away units entirety as there are some developing nations where the knowledge of crypto wont easily work especially the older generation so it remains to be seen

 

[kayode10]

It is not possible for cryptocurrency to be used as the only legal tender across the world. It is going to bring about shifting the balance of trade across the world especially at the international market. Majority of the advanced countries will kick against it because it is not in their favour.

 

[Sotherefore]

This is what so many people are looking forward to see. But the reality is that we shouldn't expect this because cryptocurrency can never be accepted as a normal mode for payment for goods and services. There is a rules that governs all financial system.