Topic: A change for our financial systems - page 2. (Read 437 times)
Fractional lending isn't necessarily a bad thing, in my opinion it is a very very good thing as long as it is done under proper regulation and control. New regulation around the world, Basel III for example is ensuring that banks are a lot more accountable and have to follow far stricter regulation regarding reserves and lending. The fact is simple that fractional lending can stimulate an economy much more than a situation in which fractional lending does not occur. I also foresee it happening with bitcoin at some point, it may not be with bitcoin directly but with something that is pegged to bitcoin, much like gold was pegged to the dollar.
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 financial system does need change and it applies to anyone not just the millennium generation, the cryptocurrency system has been dominated by many people regardless of age 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.
In the last fifty years we have seen the following changes in our financial systems:
The removal of the Gold Standard
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.
This is why cryptocurrency is so popular, your money is truly your money.
If you give your money to the bank - sure, you don't really know what they do specifically with the fiat you brought. However, you can always pay with your debit card or withdraw your money in the matter of days. So it's not like it is completely gone. However, the risks are pretty high, because if a lot of people decide to withdraw money at once, it will probably turn out that the bank does not have enough of it, claim that it's bankrupt and people will lose. Cryptocurrencies are indeed in the wallet and nobody can do anything about it. It's more like when you have cash at home. And yet I don't think that's the main reason people like cryptos. People choose them because one can send money without needing to tell anyone the purpose and it will be cheap and fast. Apart from that, the majority sees a great investment opportunity here. The removal of the Gold Standard
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.
This is why cryptocurrency is so popular, your money is truly your money.
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.
By then now , in the near future people will all adopt of using crytocurrencies that could change financial system. Payments modes will become digital , automatic transfer just in a few seconds though your mobile apparatus. Easier and cheaper transactions , nothing to worry about your cash , no need for change. Just the exact amount you can send to that person receiving your payments.
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.
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.
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