Topic: ㅤ - page 5. (Read 828 times)

the main thing is the key holder is the government, I don't think banks can do it alone even though the blockchain system has advantages in terms of transactions. if blockchain alone cannot be accepted by the government, let alone bitcoin which will make it a single currency throughout the world

I don't get the point of asking such rhetorical question.
Of course that the bankers are afraid of the cryptocurrency expansion.
By the way,you have to distinguish the central banks(ruled by the government) from the ordinary banks.
The central banks were created to protect the fiat system.They will do everything possible to smash every alternative to fiat money,even by creating digital fiat (like the CBDCs) also known as "fake crypto".
The ordinary banks simply want more customers.If crypto adoption could bring them new customers,they would adopt crypto right away.The problem is that the central banks won't allow any bank to adopt cryptocurrency payments and investments.

In fact, banks might be better off adopting blockchain in their performance, but the obstacles to regulation from the government have caused some banks to choose to be anti-bitcoin all this time, besides that I think the implementation of blockchain will certainly make bank owners or investors certainly get a little profit from the income earned by the bank, because we know so far the cost of each transaction that occurs on the blockchain is very fast and also at a low cost, and this is very different from what has happened to conventional banks so far.

We cannot say yes on this since Union bank is crypto friendly bank which I know far, Maybe others didn't adopt yet on technology or didn't want to risk something since they are avoiding the money laundering events happening since crypto is somehow used by criminals to transact their dirty money. So I guess once this out look towards crypto will be erased and will replaced by its usage then maybe we can see more bank like what Union bank to became a crypto friendly also.

The banks are not afraid of bitcoin but they are seeking the proper legal framework that can apply to run their business. They are seeking a secure system free from all kinds of complications. Some banks have already done this and some seeking a good working relationship with bitcoin. Master cards and ATMs are also being used to cash cryptocurrency.

From observations, people are not abandoning banks at all. And there is no how majority of people will abandone the banks(government). What I think will happen is that crypto will become formidable and government will have no other option than to allow banks and crypto augment each other.
Below are my reasons I said people are not abandoning banks;
Before now, two group of people are identified with the banks:
Namely;
1. The Rich
2. The Poor.
I have to add another category of people;
3. The crypto people.

I want to explain how and why these sets of people approach the banks and the reason their marriage is not terminating untimely.

1. The Rich:
The Rich visits the bank mainly to take loan. I mean huge and frightening loan. This loan is the money of the poor people deposited in the bank. So, a smart rich man cannot make bank who enriches him the more his enemy.
2. The Poor:
The poor sees his money as his greatest treasure and will do anything to safeguard same. He believes the only person that can give him that security is the bank. Yes, if anything goes wrong, the government will reimburse or recompense him. This set of people doesn't care if there is any value attached to the fiat that is depreciating.
3. The crypto people:
These are the set of people that are privileged to know about crypto. Among them are people who earns in crypto and convert same to fiat.
Also are people who has no money in banks but still holds fiat debit cards. When fiat is needed, they will convert from one coin to fiat.
Among the three categories, no one is able to do without the banks.

I don't see banks bowing for crypto. But I see a coexistence if the government realises that they cannot win the battle against crypto.

Without data, do you doubt that over the past 2-3 years people have begun to invest and store cryptocurrencies more often? Do you think the 2.5 trillion contributed to the cryptocurrency industry are all speculators?


Questionable metric. We cannot judge the entire industry by what a couple of thousand people write on the forum. Even according to official data, more than 2 million people have invested in cryptocurrency in England alone, and something tells me that they do not sit on this forum, as well as the vast majority of my friends involved in cryptocurrency do not appear here either. They prefer other places and in those other places interests are completely different than in this forum.


You misunderstood the message of my post. In the context of abandoning a bank, I do not mean any interactions, since this is almost impossible in the current world. I mean giving up the bank as a custodian of savings (deposit), as well as using the bank as a money transfer, for example.

CBDC introduction will bring comparison between it and real crypto itself, people who have formely not known about crypto will as a result of the comparison get to know about it, in the end, i still see a win for cryptocurrency.


We've always known that the banks make use of customers deposit to trade the foreign exchange market, crypto adoption poses a big risk to that, there is also the issue of tax to consider, individuals can hide their assets in crypto to evade taxation that may come from keeping in the banks, this leads to reduced revenue for the government. Although presently in some countries, new methods are being devised to track financial records in crypto to ensure the inflow of tax to the government, it has not been fully implemented in other countries of the world where crypto is used or not considered illegal.

Since with the adoption of crypto there is no room for a middleman, they don't like that idea so they will not accept it so easily but I don't think they are afraid, crypto gives freedom and anonymous which is the total opposite of banks, don't expect a friendly approach from them, they will always try to paint a negative picture before the public but only those who are determined regardless of what is published can discover the true nature of crypto and its benefits.
Besides, the vast majority still use the banks so I don't see what they should be scared of.

Afraid? Not necessarily. Well, maybe some, but I guess there a handful reasons why certain banks show strong disapproval of crypto. Perhaps many of these banks have yet to really explore the basics of crypto and its potential. Or perhaps the highly unregulated characteristic of crypto truly bothers them. Or since banks, being financial institutions, are rather stringent, they seem to have a distaste of the anarchist, irreversible, pseudo-anonymous nature of crypto. But, make no mistake, many of them are already joining the community.

Have you got any hard data on that claim?  I'm pretty sure interest in crypto has grown and continues to grow, but I just don't think people are choosing crypto over fiat if you know what I mean.  They're using crypto to speculate or invest in rather than using it as a substitute for their bank cards/cash/fiat/etc.  And if you look at all the threads on this forum, there are very few that talk about places where you can spend bitcoin or altcoins--everything is about prices and speculation.

I'm also not sure that people are abandoning banks at all.  Most people are still tied to the banking system in one way or another, and it's very hard for most people to see that there's even a problem with the system, much less look for an alternative to it.

Not many, but that doesn't mean crypto is the only alternative.  Many people invest in stocks, metals, real estate, and other things instead of holding cash.

Banks have just realised lately that they cannot stop cryptocurrencies.  What they are doing is just mitigating its adoption in order to buy more time to propagate thier CBDC.
One good thing about crypto is even the individuals that are championing the fight against crypto as Bank reps or government may have funds in crypto.
The undying technology of crypto is just superb.
Let's sit and watch as the battle unfolds.
Crypto does not fight back but keeps propagating.

Since when did central banks care about their consumer base? If they were that virtuous, I would expect them to exercise a slight bit of financial responsibility ever now and then, but they seem immune from that. Traditional currencies are the biggest scam there is -- built in inflation rate and uncontrolled printing ensures that the value of one's funds decreases year over year.

Theoretically, you could switch to a crypto based system and anyone concerned that they wouldn't be able to handle their own private keys safely could always revert to an exchange to hold funds for them (which is essentially the modern day banking system anyways, you entrust the bank to hold all of your funds).

I just listened to what they had to say about the crypto industry and the risks it could pose a major threat to the financial system. Isn't it the other way around? Based on the risk, all investment sectors have the same risk. The excuses uttered were simply fear, and it has become the habit of those who for years have spoken of the grave dangers of adopting Bitcoin and other cryptocurrencies.

So far, the one who is in big trouble is the dollar. Are banks missing out on the problems that result from not having a profitable store of value? If only Bitcoin during the pandemic was noticed, maybe after that they wouldn't be too busy with inflation. I will not stand idly by and assume CBDC is the choice. It cannot be held freely like the cryptocurrencies we have today.

Classic. Banks have been saying the same thing for the last 5 years, ever since the last bullrun in 2017 banks are aware of cryptocurrencies and has always been saying classic stuff like this


Its about time that they are acknowledging this


Its more like they sense that there will be potential threat to the current finance system but not to the point that they are openly admitting that the future lies with cryptocurrency so unless there are more countries adopt bitcoin as their legal tender then I dont think most banks are going to acknowledge this as a major problem

Yes, in general, you still need to admit that both banks and states in general are not happy with the rapid spread of cryptocurrency around the world. The fact that people are increasingly investing their capital in cryptocurrency means that banks, banks, do not receive this capital. Therefore, it is unambiguous that cryptocurrency is a competitor to fiat money of states and states, over time, will try to restrict its circulation by their regulation.

Would say up the same thing even banks on my countries never stopped on making out warnings and cautions about crypto investment which I could say

that they aren't really that mindful about cryptos existence even though they are highly regulated but they wouldn't care if crypto does exist.

If whats the government stance about crypto on that particular country then they would definitely be just simply following that.

I think central banks are mostly concerned with people being scammed rather than with the crypto being a competition or substitute system. It is very clear that bitcoin does not really work as a substitute of local currencies, but rather like gold or other assets, so there is no fear on that. however, everyone that has been around for a while understands that possible the greatest risk in crypto is falling into a scam and the governments cannot allow people to loose their saving to scams and then having to subsidize their retirements.

A modern system with futuristic technological sophistication will certainly beat the old system which is traditional.
Reflecting on the initial system when it was still in primitive times, which still used the barter system for trading, technological sophistication and an increasingly advanced human mindset had changed this by creating currency as a legal tender.
it doesn't stop there when the currency is too complicated for large amounts, they again make new progress, namely creating fiat which can indeed make shopping easier because we don't need to carry large amounts of money in a suitcase or bag to shop, just with one card, everything can be done. resolved.
and now of course there is something more up-to-date than that, namely cryptocurrency.
With the existence of cryptocurrency, of course, when we want to transact, we don't need an intermediary to do this. So, why use an intermediary again when it has been created that is easy without intermediaries.
For the government, this may be a threat, but for society it is evidence of technological sophistication that is increasingly developing, and of course we must keep pace with and follow the developments of this era.
the more they reject crypto, the more adoption happens

On many occasions I think we have seen that banks publicly stating that they will not support crypto adoption will only make them worry about the emerging economic problems. Obviously they look scared, but going forward we really don't know how this rule can be softened.

Banks have personal reasons why adoption is impossible and one of them may be because of their desire to own a fully centralized cryptocurrency. The adoption of crypto, especially bitcoin, will only make them lose their income in the form of investing in customer funds that they have been using, people prefer bitcoin which is very easy to make transaction and many other things.