What if USD shifted to Blockchain technology.

[PiroSense 2681]

On 1/19/2020 at 4:19 AM, Oxygen said:

Have you ever thought that if US$ shifted to blockchain technology than what would it have effect on crypto market as well as in world's economy. 

Pretty much nothing but slower transaction speeds. It's unlikely for the government to implement a decentralized technology since:

 

1. It slows down the processing speeds of transactions, and

 

2. There's no need for it.

 

Digital fiat is better running on a centralized, secure server. If blockchain is to be implemented, it might be cemtralized or decentralized.

 

A centralized blockchain must be private, and no access could be given to non-government institutions. They could still check their own account/wallet on the blockchain though, and view past transactions, but not all.

 

A decentralized blockchain would run out off multiple nodes, but can still be exploited when there are political agendas set by alliances to gain a control over the network. Also, if every wallet on the blockchain would subject to KYC, then identifying a person's past transactions would be easier (since it is public) and less secure (not in alteration, but in privacy).

[DidaNahrisya 165]

There's will have so many advantages if USD shifted to blockchain. If it happened you dont need brought a lot of paper money in wallet, and just use Mobile phone for transactions

[Win 1015]

It will never ever happen.if it will happen maybe its one good thing.its be more likely accessible to lots of people.but as i said its far from reality now.(if it will happenaybe an acceptance for bitcoin or crypto currency will be next to it.)

[duncun007 3577]

On 1/18/2020 at 11:19 PM, Oxygen said:

Have you ever thought that if US$ shifted to blockchain technology than what would it have effect on crypto market as well as in world's economy. 

i think its not a far possibility and for me i think the united states had already seen china  go with blockchain and they wont be left behind so im sure they will join as well.

[Maaz sultan 265]

On 1/19/2020 at 1:19 AM, Oxygen said:

Have you ever thought that if US$ shifted to blockchain technology than what would it have effect on crypto market as well as in world's economy. 

I think its not happening in 10 years because after shifting to their own country they will suffers many problems and blockchain technology have many weakness .

[CryptoMaxim 3829]

I don't think that will happen. Perhaps if the government releases a parallel digital coin stable. But ordinary money will be in circulation for a long time.

[guatazoo 7150]

5 hours ago, Oxygen said:

That is also a truth that USD have a great value in all the world. Every country almost trading cross border with the help of USD, imports and exports are being done in US dollars and most probably importance of a country's own currency based on USD. 

yes and in some of the African countries, dolar is more respected than local currency.

[Rickso 768]

On 1/18/2020 at 9:19 PM, Oxygen said:

Have you ever thought that if US$ shifted to blockchain technology than what would it have effect on crypto market as well as in world's economy. 

this will not happen, they can make some "official" stable coin but other than this. the main currency will remain the dollar, and blockhain will be just an alternative that can be chosen to use or not

[Imaankhan 208]

On 1/19/2020 at 5:16 AM, Ipal said:

If the USD shifts to the blockchain, it will affect cryptocurrency, which will increase the value of altcoin, but all altcoins have their own markets so that it will allow for competition between crypto,

Yes you are absolutely right if the usd shifts to the blockchain it will definately affect cryptocurrency which might increase the value of altcoin.

[Sid 589]

The possibility of the USD will become a stable coin, the coin can be used for various things and in my opinion it will have a good impact. But in my opinion the possibility of the USD to switch to blockchain technology is not high enough

[rajonmia 181]

On 1/19/2020 at 6:11 AM, Migo said:

This will effect a lot, anyway I don't think that will happen, because every coin has its own place in the market, and no one can replace the other, if the usd shifted to blockchain technology then the whole crypto world will be legal and accepted worldwide 

I don't think so. Because blockchain technology just for a digital security also. If they shifted blockchain technology then dollers transection will be much easier.what do you think?

[Oxygen 1004]

Tethe (USDT) is one of the example that it is backed by US dollars or it works like US dollars and how much have it effects crypto markets  from when it came into being in crypto world. I think it have very much positive for crypto currencies. And US Dollar will also can do good for crypto currencies as well as other markets too

[Opinder 1310]

On 1/19/2020 at 1:49 AM, Oxygen said:

Have you ever thought that if US$ shifted to blockchain technology than what would it have effect on crypto market as well as in world's economy. 

If the usd shifted to blockchain technology then usd would be volatile and it would be more interesting coin for public. Due to reputation it would be highly prefered by people and may other crypto coins would be effected negatively. But one important thing thus crypto would be accepted worldwide.

Edited January 28, 2020 by Opinder

[Sumayya 493]

That will be difficult but if it happens it is good for the crypto world users for much movement in price

[Imaankhan 208]

On 1/19/2020 at 10:06 AM, Ahmed jabri said:

I don't think USD will be shifting to blockchain technology, to create problems for itself. Right now it is the accepted currency worldwide. And if in future, USD adapts Blockchain technology, it would be really good ad cryptocurrencies will now be accepted worldwide.

 

Yes you are right usd is currently worldwide accepted currency and if it will shift to bitcoin then may be bitcoin will also be accepted world wide.

[Hanan951 841]

If that happened will make everything is possible but every chain has its own cycle also need from countries more time. 

[Cryptominded 704]

On 1/18/2020 at 9:19 PM, Oxygen said:

Have you ever thought that if US$ shifted to blockchain technology than what would it have effect on crypto market as well as in world's economy. 

Yes things are in top gears for U.S. to digitize the dollar and that is partly the reason the authorities are sitting on the launching of Libra coin, because it could grab a huge chunk of the market, leaving little for anyone coming behind it.

As for the effect on crypto market, it would only jolt the market a little while, but people would soon take their stand with decentralized money over the centralized ones, because that is what people truly want.

 

[bliznec 22267]

Many traders trade in many cryptocurrency exchanges in dollars. This means that the dollar and fiat support trading with crypto. If the dollar goes over to the blockchain, it will become much easier, I mean trading it. 

[BitMart 326]

I don't think this is going to happen because authorities never involve in this as they already trying to hijack this crypto world so if they will try on this then surely they need to legalize all crypto which is bigger change for many countries because they are not able to handle this all with many challenges around for them so its not going to happen in next many years.

[Lunaa 238]

Well, it that happen to shifted to blockchain technology I don't really understand how it becomes later, but I think it will give a lot of great effect for the crypto market. Can I say that if it does happen, we're going a mass adoption or something like that?

[Sumayya 493]

1 hour ago, Invalid said:

Well it can be but it may destroy the platform and entity itself because of some risks available on cryptocurrency and blockchain market technology. 

USD will be dead, but the government wouldn't allow that to happen actually. They will want it to develop

[Lubruselu 2803]

The USD cannot be shifted to the blockchain technology because the transactions of blockchain are done by mining, so the USD cannot be mined

[AmazingLicense 46]

Well they can adopt some blockchain technology but USD is a fiat currency and will be.

On then paper or on the web, it will be considered a fiat currency.

Because you can be sure that the US government don't want to lose it's ability to control the USD and other things that money can buy.

[Cryptominded 704]

On 2/8/2020 at 3:40 AM, Rita_Italy said:

If USD can shifted to Blockchain network then all the transection will complete with online. But that is not possible to shift USD in Blockchain because there has difference between USD and Crypto

It is very possible to shift U.S. dollar to blockchain, that would be digitized dollar and the U.S. government is earnestly looking in that direction especially after China indicated interest to come up with a digitized Yuan and the possible threat from Libra (Facebook coin) gaining grounds before they do.

[Rizwanch99 22]

In this case, every country needs to create its own block chain and at the end we will have many different private block chains. If this happens, we can't trace all transactions worldwide. This morning, the most recent labor survey published by the British Statistical Office greatly exceeded market expectations, creating a more positive sentiment among investors.