I hope that is all really happening by now.
But as I see it, these millennials are still being eaten by the banking industry.
Credit cards. They are still the most used by now since companies are using ATM cards as a means of their payroll payments.
I guess that is where it should start first. There is too much trust in using banks by now and they think it is still the secured type. Problem is you wont get any by just keeping your money at it. But the banks are making a lot of profits.
Topic: A change for our financial systems (Read 437 times)
In the last fifty years we have seen the following changes in our financial systems:
The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.
The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.
Everything in this world are not stock in any, everything had to change, we are aware of that, we cannot see or felt that for an instant because its a matter of time to complete the changes, we are in modern world, meaning all things can be visible online, people wants to complete their task faster everyday, so some people adopt crypto currencies. At the sametime they are have a full control to their money unlike the banks.
The switch from the "gold protocol" from the US dollar (which started to disappear after 1930) is something that was more than important.
Every dollar was backed by gold.
Nowadays, the united states do not even care about this, they just print as many dollars as they want and the inflation and debt is always going up.
This is normal after all, but in the long term, is not sustainable.
Every dollar was backed by gold.
Nowadays, the united states do not even care about this, they just print as many dollars as they want and the inflation and debt is always going up.
This is normal after all, but in the long term, is not sustainable.
The cryptocurrencies will become our new financial system but it will take time because people will not easily adopt cryptocurrencies. It takes time for them to understand what it is and its function in our economy.
It is the system that could adopt the new generation as we are engaging into computer era. We mostly love doing online including payment and with the new system, we could easily and freely do payment using crypto coins. 
The cryptocurrencies will become our new financial system but it will take time because people will not easily adopt cryptocurrencies. It takes time for them to understand what it is and its function in our economy.
In the last fifty years we have seen the following changes in our financial systems:
The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.
The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.
Changing it in an instant way isn't that possible, there will be some kind of practices before they could start implementing a new technology for our financial system.
What I like most about bitcoin is that there is no central entity that regulates or controls Bitcoin. It does not have a central entity which means there is no entity that can expand the price of bitcoin or devalue by manipulating supply. With bitcoin, there is no risk in printing money by the government. The creation of bitcoin takes place at a stable level, its supply is limited to only 21 million units of Bitcoin. In addition, there is no single point of failure. If the US Government fails, it can have a detrimental effect on its currency. Bitcoin starts, and develops, without a central entity. This is a distributed network. If one part of the network fails or is offline, Bitcoin will still work.
This is why people like Warren Buffet hates Bitcoin. They are part of the old financial system and they are just to stubborn to admit that the system that they are supporting is a failure. It is really sad to see that people of their stature are willing to sacrifice their legacy and reputation, by supporting the fiat system. 
As these people "expire".. a new generation of financial experts will rise and they will be supporting a financial system that would be based on Crypto currencies.
As these people "expire".. a new generation of financial experts will rise and they will be supporting a financial system that would be based on Crypto currencies.
i actually believe a lot of these "experts" are already involved with bitcoin and have a large stake in it. people like Warren Buffet don't get rich by being a fool and blind to potential huge profits and bitcoin has already proven to have a huge potential.
not to mention that many millionaires have been considering bitcoin as a safe haven where they can park their money safely and away from government's dirty hands.
This is why cryptocurrency is so popular, your money is truly your money.
Or it could be the other way around. Your money could go down the drain overnight due to its volatility. Crypto is made to correct the errors of a centralized system but people deemed crypto as investment
vehicle due to its volatility.
There are still roles of the banks that crypto can't offer. So they'll both coexist no matter what.
Crypto is intangible and a lot of skeptics won't adopt to this kind of financial structure.
Crypto currency are indeed that our money is truly our money but it ties with high risks that we don't know in the coming days if still has a value or none unlike in fiat which is deposited in the banks, It will remain intact and stable with monthly interest to earn so the value will be still the true value forever. Nothing to worry about bankruptcy as per law and policy our money is insured in the banks.
You're correct in that cryptocurrencies, and Bitcoin, have and can change our financial system. In my opinion for the better. Though you are a bit sporadic in your thoughts in your post OP. What point were you trying to make? Where were you going with your post? Millennials are tech savvy as users, most of them, but for those of us that are on the cusp we understand both the "old way" of thinking and the tech.
actually when it comes to profit and money, some people will indeed prefer a safe way where despite how advanced technology will continue to develop, people will choose to sell something they think is useless "for now" so that we can think they don't think long for things like this
In the last fifty years we have seen the following changes in our financial systems:
The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.
The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.
All right. People who believe that the future has not yet come very much wrong. Yes, of course my mother and grandmother do not even close to imagine what bitcoin or blockchain is, although they live in the next room and watch the same news. I think the degree of openness to the perception of new information is very important here.
Although I share your optimism and positivism in this ecosystem so lowly, I want to clarify a couple of things, the money never comes from "thin air"
just wait a couple years
many people who deposited fiat to buy BTC in MTGox still believe that they are owed BTC. even when there was not enough BTC in mtgox reserves to honour those trades
just wait a couple years
when people lock funds into LN factories and have factory hubs hand them unaudited tx's(not on blockchain) to open channels
and then just circulate unconfirmed balance back through a factory because a factory prefers to only hand out channel open payments instead of fund onlock broadcastable onchain tx's
just you wait for boiler room fake ETF pretending to be fully backed BTC ETF when they are really just CFD gambling sites
Revolutioning the financial transactions in our modern world is the track cryptocurrency has to take. This is the future of cryptocurrency. Though, the development is slow nowadays, for sure when important technical issues such as adoption and security have been resolved, expect the accelaration in terms of usage.
Changes in the financial system by using Bitcoin are possible methods of use that cannot be done by other payment systems such as general designs and no one is the owner and control of Bitcoin but everyone can take part.
This is why people like Warren Buffet hates Bitcoin. They are part of the old financial system and they are just to stubborn to admit that the system that they are supporting is a failure. It is really sad to see that people of their stature are willing to sacrifice their legacy and reputation, by supporting the fiat system.
As these people "expire".. a new generation of financial experts will rise and they will be supporting a financial system that would be based on Crypto currencies.
As these people "expire".. a new generation of financial experts will rise and they will be supporting a financial system that would be based on Crypto currencies.
Although I share your optimism and positivism in this ecosystem so lowly, I want to clarify a couple of things, the money never comes from "thin air" because that would create immense inflation and end with the value of the price of that currency (see Venezuela) so everything has a cause and nothing is done because if it is not the best system and has its defects and that is another issue.
In the last fifty years we have seen the following changes in our financial systems:
The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.
The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.
This has many aspects
Fiat has many advantages including stability as a criterion of value
And universal acceptance
crypto are safe, fast and cheap conversion costs
It takes time to adopt
BTC need value stabilizes to be a good value criterion.
well cryptocurrency economics is becoming just the same as fiat economics.
telling people holding their own funds and spending them p2p just doesnt work. that crypto assets are just too heavy to operate like that.
this is why so many wall-streeters/bankers are loving alternative networks like LN, etf's and sidechains.
so that crypto assets get locked up in vaults and contracts requiring the wall-streeter/banks sign off.
people then trade un blockchained, unaudited payment methods. and then after a time they simply drop the connection between the locked asset and the unaudited payment method
telling people holding their own funds and spending them p2p just doesnt work. that crypto assets are just too heavy to operate like that.
this is why so many wall-streeters/bankers are loving alternative networks like LN, etf's and sidechains.
so that crypto assets get locked up in vaults and contracts requiring the wall-streeter/banks sign off.
people then trade un blockchained, unaudited payment methods. and then after a time they simply drop the connection between the locked asset and the unaudited payment method
Truth be told, people are not too worried about what happens to their money after it's deposited, as long as it's always available for withdrawal when they need it, and it is.
With bitcoin, you are your own bank and you have the only access to you assets, except you're careless with your private details.
With bitcoin, you are your own bank and you have the only access to you assets, except you're careless with your private details.
Jump to: