Anticipate competition | Bitcointalksearch.org

Cappex

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Quote from: Khumaidi on June 10, 2021, 08:18:07 PM

Ethereum, litecoin, ripple, stellar, dogecoin, cardano, eos, tron and bitcoin are types of currencies - cryptocurrencies that function as a medium of exchange using cryptography, will one day be used to compete with banking electronic money. Maybe if there is competition between cryptocurrencies and banking electronic money, of course, the government will take policies such as blocking or trespassing, so for example it is an anticipatory step, what steps should we take?

I think that considering those projects as trivial means of exchange or payment is extremely reductive, I am not talking about everyone but surely ethereum and cardano will be protocols protagonists of a decentralized internet and honestly I would never think of using their coins to make daily purchases, for that we are the FIAT currencies and possibly stablecoin.

shinratensei_

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I personally will try to take defi as a sensible thing to take over the traditional banking system but the native coin will be providing a better infrastructure for the defi to take over the traditional service that already owned by the banking system. Remember that all of the services that already offered by the banking system can be running automatically through defi which was making it becomes the future of financial system. Those coins will be playing as crypto assets.

Ararbermas

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If you're talking about adoption well its possible since those types of crypto currency that you have mentioned above is really good when it comes technology, but accept the fact that it cannot replace what we have now in our country such banks and etc, wherein for me perhaps it will be feature as a good decentralised currency but there's no way it can take over those traditional system that what we have ever since before.. Because if that happened there will be a big war between governments and all those people who had different insights about cyrpto currency in my opinion..

Sendi blackspade team

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Quote from: aprilnot on June 10, 2021, 11:46:03 PM

no need to worry because crypto is fully decentralized. so even though the government prefers to ban it in the end, the crypto market has not completely disappeared. in the end the competition will be won by crypto, because if the competition continues it will only hurt the country itself. so the safest step for the government is to link FIAT with crypto.

therefore I believe in the future there will be digital fiat assets that are indeed connected to crypto. even banks in the country will create their own crypto.
it will look very convincing if all countries are connected with crypto. Until now, crypto and fiat are still limited by several countries. not prohibited but they limit crypto as a futures investment asset and not as an asset for transaction payments.

TheUltraElite

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Quote from: Khumaidi on June 10, 2021, 08:18:07 PM

..will one day be used to compete with banking electronic money.

That is the first wrong statement. "Electronic money" is a vague term here. We have both fiat and crypto in this section. Both have their own uses and cater to a specific niche group when talking about crypto. Hence these two never will compete because the target population is different. Overlapping population is there but their needs for using fiat and for using crypto are different.

A person might need fiat to buy daily groceries but do investments in crypto, are they mutually exclusive? Nope.

Quote

Maybe if there is competition between cryptocurrencies and banking electronic money, of course, the government will take policies such as blocking or trespassing, so for example it is an anticipatory step, what steps should we take?

Governments are currently watching how this sector moves and changes shapes. Dont think that they dont know if you have already been laundering money - otherwise crypto related scammers and rings would not have been caught.

Stopping the use of crypto means shutting down internet access or electricity. Now use your common sense, which democratic country would do such a thing and be able to live with such a thing?

TastyChillySauce00

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crypto in general are considered as an asset in many countries although it was intended to be a currency initially. also, most of the country are usually not fond of the idea having multiple official currency that can be used for making payment within that country so cryptos are already losing the fight to be a currency before even fighting in some of countries but if you see despite just being an asset crypto still strive forward and making a big progression. I don't believe that in the future crypto and bank's digital money will have to go against each other.

so98nn

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Competition is too wide thinking I guess. The Fiat exists because it is what people understand from this earth. Cryptography is just too advance for us to use smoothly. Why an old man with billions of dollars laying in his account would ever care about the crypto anyways?

Think about the big picture here, those 1% will never let go their money in the form of crypto currency. They have support government campaigns, build infra for their industries and have salaries paid to millions of people working for them. The later does not get paid in crypto and they won’t accept it. Because that’s what normal economy is all about.

aprilnot

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no need to worry because crypto is fully decentralized. so even though the government prefers to ban it in the end, the crypto market has not completely disappeared. in the end the competition will be won by crypto, because if the competition continues it will only hurt the country itself. so the safest step for the government is to link FIAT with crypto.

enhu

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There is nothing to fear if your country starts regulating cryptocurrency, it's actually good. The fact that they are doing it means adoption is coming. You only have to fear if you are doing something wrong. The banks will not compete with cryptocurrency but they will make a business still when it comes to crypto just like Paypal allowing users to buy coins through them. This could what the banks will do.

It's the Defi projects that will compete with these banks since the Defi projects act like banks.

sedahan13

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In my country cryptocurrencies is not allowed to use for payment goods and services, and all crypto here is belong to commodities asset, that only allowed to trade or hold it. I think our government worry about the possibility crypto will takeover fiat currency. But the fact here , there are some people use cryptocurrencies for individual transaction. I think in the future, cryptocurrencies is more popular than fiat because fiat currencies have big problem of inflation, although some country still ban crypto. Crypto is not make competition with fiat, but both need each others.

FairUser

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Are you talking about CBDCs?

This is a complex issue, but perhaps it should still be more relaxed in this regard.
I think this will be another boost to this market, don't know how it will turn out, but faith tells me it will be good and there will be more issues to discuss if this happens out.

Dave1

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Nah, first of all these crypto you mentioned are not going to replace a old and traditional system like banks. So forget about this competition, not going to happen. On the contrary, you should look at it as somewhat an option for the banking system to have crypto on the side.

At least for unbank there is a choice, and for majority of us, we can enjoy both worlds. And I think banking or financial system will continue to dominate for centuries to come.

Khumaidi

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Ethereum, litecoin, ripple, stellar, dogecoin, cardano, eos, tron and bitcoin are types of currencies - cryptocurrencies that function as a medium of exchange using cryptography, will one day be used to compete with banking electronic money. Maybe if there is competition between cryptocurrencies and banking electronic money, of course, the government will take policies such as blocking or trespassing, so for example it is an anticipatory step, what steps should we take?

Topic: Anticipate competition (Read 119 times)