How would the elements be effected if H2 were to be a compound? Wouldn't then all the elements be affected ?

Answer 1

Not really. If H₂ were to be considered a compound (as opposed to being a molecule), only the nomenclature of things would be different. So, O₂, N₂ Cl₂, etc. would be called compounds too, and not molecules. But the chemistry wouldn't be different. So, if I understand your question, and maybe I don't, the chemical nature of things and their chemical reactions would not be affected, only the terms we use would be different. It's only a matter of definition that H₂ isn't called a compound.