Will the world ever adopt cryptocurrency as a legal tender?

Profwriter

Active member
Do you envisage nations discarding their currencies and adopting one of the cryptocurrencies as the legal tender for any and every business transactions? How possible can that be?

Cryptocurrencies have begun to gain wider audience and acceptance and many companies have adopted it as one of their many options of making or receiving payment. Cryptocurrency has more universal reach as a payment gateway when compared to other payments gateways which are selective or offer limited services to certain nations
 

Josemendez

Verified member
The world may not easily adopt cryptocurrency fully ,but to an extent , the use of cryptocurrency will surely have great support in the world .
People are scared of cryptocurrency basically because of the security challenges observed sometimes ,and also because of cryptocurrency high volatility.
The world .ay have issue with adoptit cryptocurrency, because of it's decentralized nature .
The world and countries will want something they can control , and Bitcoin has no room for centralization. This is what is keeping Bitcoin from being globally adopted a dog accepted
 

Ahmedo24

Verified member
Discarding the traditional Crypto currencies is not an option nor an agenda that will come to reality in my opinion. The government of developing countries may not be pleased to accept but if they look deeply into the opportunities in it especially for the youths they may be silent about it which means they will allow citizens engage in the activities of Crypto currencies at their own risk just to earn a living, if they see it this way I think it is far better option than banning what they can't control. Highly level of unemployment should be their concern and Crypto Currency activities is making it reduced.
 

Ralphjoe

Active member
The world will never discard their own fiat currencies to adopt one of the cryptocurrencies because that will amount to the country loosing their identity. The only possible scenerio will be countries using cryptocurrencies and their normal fiat currency simultaneously. This is the most likely thing that will happen.
Most government of the world do not like the idea of cryptocurrencies because they can't control it as it's decentralized and not a centralized form of currency that can be controlled from a central control building.
 

Lekhraj19

Verified member
The world may not adopt this as a legal leader in the tender. The reason I feel behind is that the challenges and the uncertain nature of the platform. In the news, I have also heard that a person can't withdraw money that is very huge due to the reason that he has forgotten his ID or password. So, these things matter when you have to be a leader as it needs to be compatible with the less experienced ones too who have not used these for a long. The beginner-friendly is the thing that needs to be improved more on it.
I have also seen some countries opposing this currency straight away.
 
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Deleted member 27583

Guest
Seriously something not physical is wrong with our president,because how a sane leader would say that the means of payment which the whole world accepted globally that its not good for Nigerian to also accept that as well..
It is really sadden to hear this kind of a news this morning. We all pray for our country to move on and grow well as order countries all over the world were improving in technology and any other good innovation as well..
I think it is high time we the youth of nigeria to take over from all this old fools that call their self our leader,its really annoying when you see your country is moving backward instead to be going forward..
I hope and pray we could take over from them in the next coming election...
 

Makah

Active member

Lessons​

  • Cryptocurrencies have emerged as a major source of investor enthusiasm over the past decade, with some investors predicting that one or more tokens will eventually supersede fiat currency.
  • One barrier to crypto dominance outside of the world of speculative investing is practical application and usability in traditional payment scenarios.
  • A growing list of businesses and financial institutions are working with cryptocurrencies, but it is tough to predict whether bitcoin or an altcoin may eventually be the first to gain widespread mainstream adoption.
Of course, if one or more digital currencies does end up "making it" in the real world in this way, it's likely that investors in the cryptocurrency will see great rewards for their early adoption. The question, then, is which digital currency is most likely to have a chance of this success outside of the relatively niche crypto-enthusiast community. Below, we'll explore some of the possibilities.
 

Sammyesx

Active member
Adopt a cryptocurrency as a legal tender will kind of be difficult probably because of the fact that it has not gain general acceptance, though people all over the world are beginning to accept cryptocurrency but using it as a legal tender will not be advisable now because of the instability of the coins, imagine a trader buying a product with a particular coin and after some time the value of the coin drops then such trader will definitely run into loss. If there is a possibility of making a coin a legal tender then it will be a stable coin.
 
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