Crypto Pay Could ‘Destroy the Financial System’

Yatsan

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Quote from: traderethereum on August 16, 2020, 07:06:02 AM

I think not just crypto that can be used for illegal things, and money can do so.
We already know that money has been used for illegal things such as money laundering or buying something illegal.
If every government can think that crypto and fiat are like a knife which has two sides, and we have a choice of how we will use for, I think they will understand and will try to prevent that thing.
It will difficult work to know for what reason crypto is used because we can only see the transaction in the blockchain.
Maybe they can still use their fiat, while they can legalize crypto to be used as a commodity at the market and make payments.
Every government needs to dig deeper into this to know the advantages and disadvantages of crypto.

I agree on this. Money laundering and other related illegal activities are always put into blame on cryptocurrencies knowing that more malicious and hideous activities are being done with the use of fiat currency. Both fiat and crypto have their own advantages and disadvantages depending upon the usage of a certain individual. Such activities must not put to a blame in any kind of currency for people are responsible for doing such acts and not crypto or fiat as a whole.

Regulations on using cryptocurrencies must be put into discussion knowing both sides of the pros and cons of it to be able to settle or set up a solution to resolve the hanging problem with regards to its usage. If that would just be the issue why Russia is still not allowing the usage of cryptocurrencies for payments, then they must settle regulations that will inhibit the usage of both crypto and fiat in a free space which will still assure that their national currency will not be taken for granted because of the existence of cryptocurrencies on hand. The government must gain more knowledge about cryptocurrencies and better do understand the importance of its existence as a payment option in their country.

Nellayar

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Quote from: dunfida on August 22, 2020, 05:58:59 PM

Quote from: xiboothrezi on August 22, 2020, 05:55:13 PM

Quote from: tippytoes on August 22, 2020, 05:23:17 PM

snip~

If there will be a lot of shops or merchants having crypto as part of their payment method, I don't think users will think of the volatility issue. If it is already in front of them, they will use it for convenience purposes. And owed to this pandemic, I am guessing a lot of merchants are thinking of adding crypto in their payment system to lessen contact from fiat money owed to this virus. But right now, I don't think crypto pay could destroy the financial system, it is too early to have such effect.

For effectiveness issues, I think payments using e-money are more effective because they are more common than cryptocurrencies. It only converts physical form to electronic, with the same nominal value. While we know cryptocurrency adaptation is not yet widespread and only some people are familiar with it. Of course, volatility is a problem that is quite disturbing for me if I have to use cryptocurrency as a means of payment, it depends on each perspective, because for me cryptocurrency, especially bitcoin, is more effective as an investment tool. except, payment using stablecoins, it looks like this can be a little considered

This is what majority been thinking if they should really be using up their coins on making up transactions if they can possibly do it via fiat without any hassle and problems.
E-payments had already existed for a long time now and been offered by most banks or institutions which i cant deny that most convenient way when it comes on transacting up thing.
Im not against with crypto but we should accept that it cant really replace fiat system anytime soon neither physical or online ones.So i dont really see the threat on where
its being tackled on here.It would rather be good to be an option.

We can order foods in online store already.
We can buy some products in online stores already.
We can pay bills using cryptocurrency wallet.
We can pay our loans through E-payment.

There is a convenient way that E-payment is giving to us already. We should accept the fact that we need it right now. Specially that there is a pandemic and only one thing we can do, that is to stay in our house. Therefore, I think there is still the possibility that crypto will replace the fiat system soon. As we all know that dollars is gradually decreasing its value. Anytime soon, it may cause an inflation.

Zemomtum

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If the adoption is fast and supported by Government it will destroy the current financial system completely but the digital payment is still at the infant stage.

dunfida

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Quote from: xiboothrezi on August 22, 2020, 05:55:13 PM

Quote from: tippytoes on August 22, 2020, 05:23:17 PM

snip~

If there will be a lot of shops or merchants having crypto as part of their payment method, I don't think users will think of the volatility issue. If it is already in front of them, they will use it for convenience purposes. And owed to this pandemic, I am guessing a lot of merchants are thinking of adding crypto in their payment system to lessen contact from fiat money owed to this virus. But right now, I don't think crypto pay could destroy the financial system, it is too early to have such effect.

For effectiveness issues, I think payments using e-money are more effective because they are more common than cryptocurrencies. It only converts physical form to electronic, with the same nominal value. While we know cryptocurrency adaptation is not yet widespread and only some people are familiar with it. Of course, volatility is a problem that is quite disturbing for me if I have to use cryptocurrency as a means of payment, it depends on each perspective, because for me cryptocurrency, especially bitcoin, is more effective as an investment tool. except, payment using stablecoins, it looks like this can be a little considered

This is what majority been thinking if they should really be using up their coins on making up transactions if they can possibly do it via fiat without any hassle and problems.
E-payments had already existed for a long time now and been offered by most banks or institutions which i cant deny that most convenient way when it comes on transacting up thing.
Im not against with crypto but we should accept that it cant really replace fiat system anytime soon neither physical or online ones.So i dont really see the threat on where
its being tackled on here.It would rather be good to be an option.

xiboothrezi

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Quote from: tippytoes on August 22, 2020, 05:23:17 PM

snip~

If there will be a lot of shops or merchants having crypto as part of their payment method, I don't think users will think of the volatility issue. If it is already in front of them, they will use it for convenience purposes. And owed to this pandemic, I am guessing a lot of merchants are thinking of adding crypto in their payment system to lessen contact from fiat money owed to this virus. But right now, I don't think crypto pay could destroy the financial system, it is too early to have such effect.

For effectiveness issues, I think payments using e-money are more effective because they are more common than cryptocurrencies. It only converts physical form to electronic, with the same nominal value. While we know cryptocurrency adaptation is not yet widespread and only some people are familiar with it. Of course, volatility is a problem that is quite disturbing for me if I have to use cryptocurrency as a means of payment, it depends on each perspective, because for me cryptocurrency, especially bitcoin, is more effective as an investment tool. except, payment using stablecoins, it looks like this can be a little considered

tippytoes

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Quote from: ?? on ??

Well, so far most people only think about price volatility that makes it difficult for cryptocurrency to be used as a means of payment in the world, while the main problem of many countries is about worry about the collapse of the country's financial system. So in this case at least this cryptocurrency will indeed continue to get opposition from every existing institution, but when they can still accept crypto and legalize it as an investment asset, I think that's good enough because it will at least grow the market bigger.

If there will be a lot of shops or merchants having crypto as part of their payment method, I don't think users will think of the volatility issue. If it is already in front of them, they will use it for convenience purposes. And owed to this pandemic, I am guessing a lot of merchants are thinking of adding crypto in their payment system to lessen contact from fiat money owed to this virus. But right now, I don't think crypto pay could destroy the financial system, it is too early to have such effect.

bitgolden

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Quote from: bearexin on August 22, 2020, 01:29:49 PM

When I see some countries acting like Bitcoin poses a threat, I just don’t get it because I don’t really see what’s bad about Bitcoin, although I do know that there area few disadvantages, but with events that has taken place we all know that those disadvantages can be tackled. I don’t wish for Bitcoin to replace our current monetary system like some go crazy about it, all I want is that the government allows it as an alternative.

I know that they don’t like the fact that they can’t influence the supply of cryptocurrency or control anything about it, so they are fighting against it. And another disadvantage can be that cryptocurrency can be used ‘pseudonymously’ for illegal activities. But we have seen things happen, like hackers who used Bitcoin, and they were all caught, which means that all those people can be caught.

There is even uncertainty inside nations let alone difference between nations. I mean think about it, there is nations who have crypto companies in it who are working properly and then somehow ban it at the same time, so it is getting really weird so that is why I do understand there is difference between nations as well who ban it and who allow it. Look at Korea for example because they are allowing it and right now we all know that they tax it and so forth which means they are doing very well with it, whereas some other nations made it illegal at the same time.

Crypto will survive itself, at the very worst companies will move to places that is allowed and that is how you could make it work if the crypto is banned in some companies nations and that is how it could work.

bearexin

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When I see some countries acting like Bitcoin poses a threat, I just don’t get it because I don’t really see what’s bad about Bitcoin, although I do know that there area few disadvantages, but with events that has taken place we all know that those disadvantages can be tackled. I don’t wish for Bitcoin to replace our current monetary system like some go crazy about it, all I want is that the government allows it as an alternative.

I know that they don’t like the fact that they can’t influence the supply of cryptocurrency or control anything about it, so they are fighting against it. And another disadvantage can be that cryptocurrency can be used ‘pseudonymously’ for illegal activities. But we have seen things happen, like hackers who used Bitcoin, and they were all caught, which means that all those people can be caught.

beerlover

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How though? Like I get that he is a person who doesn't want crypto to succeed because he would be destroyed, however I do wonder what the mindset is?

After all even if he lies and he knows he lies, there must be some sort of situation where he tells his own roadmap to how the crypto would destroy the financial system right? Who would get hurt? How would it affect everyday regular people?

Would it be really that bad for the general population? What would cause it? How would it go down? Will it ever recover? Like there should be sooooo many things asked about this to the guy.

I just think that even if it somehow manages to get destroyed or not, I feel like with crypto we will be ahead of people who use fiat no matter what the situation is, destroyed or not.

molsewid

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Quote from: naikturun on August 22, 2020, 09:25:13 AM

Quote from: crwth on August 22, 2020, 06:46:31 AM

In terms of cryptocurrencies' power and decentralization in a country, they are not giving any control towards the financial aspect. They do not want to give up power on having Bitcoin or any other coin that they have no control over to be legalized.

Even if they say they are open to blockchain technology and it's application towards financial and other branches, they only do not like giving up control with their economic system. They are not taking that risk.

not only in one country but all of them, they all make regulations that are burdensome for crypto whatever it is, at least they have to give a little space if they really want to implement the rules they want, but no they reject it outright and I think crypto will survive.

Of course, crypto-currency will survive no matter what. They can't control/tax if the transaction will go in crypto-currency. Even if they banned it many people will still use it in any other way. What will be there gains to accept crypto-currency right? Or if there's an advantage in accepting, is this worth it to take that risk?

naikturun

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Quote from: crwth on August 22, 2020, 06:46:31 AM

In terms of cryptocurrencies' power and decentralization in a country, they are not giving any control towards the financial aspect. They do not want to give up power on having Bitcoin or any other coin that they have no control over to be legalized.

Even if they say they are open to blockchain technology and it's application towards financial and other branches, they only do not like giving up control with their economic system. They are not taking that risk.

not only in one country but all of them, they all make regulations that are burdensome for crypto whatever it is, at least they have to give a little space if they really want to implement the rules they want, but no they reject it outright and I think crypto will survive.

crwth

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In terms of cryptocurrencies' power and decentralization in a country, they are not giving any control towards the financial aspect. They do not want to give up power on having Bitcoin or any other coin that they have no control over to be legalized.

Even if they say they are open to blockchain technology and it's application towards financial and other branches, they only do not like giving up control with their economic system. They are not taking that risk.

sujon5

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"Crypto pay could destroy the financial system". That's why instead of fixing the financial system we will ban crypto payments => Russian logic

FlightyPouch

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Quote from: kolbalish on August 16, 2020, 09:29:29 AM

It can be a good point that many countries already legalized the BTC officially and there are some big economy based country also. There economy is running successfully and BTC doesn't hamper their existing economy. So, many countries whom has confused about their economy can follow those countries.

I don't know why Russia are stopping the usage of crypto currencies mainly bitcoin in their country. They might think that these can bypass their taxations and might evade as they can but they didn't know most of those people will just hold those and pay just in small amount. Atleast let some local exchanges to run for them to convert their btcs.

cryptoperkele

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Quote from: kolbalish on August 15, 2020, 08:47:15 AM

...

Well it's a big country with lots of governement officials, there are bound to be different views on this. They will probably go back and forth with this few generations until they give up. Meanwhile bank in Russia backed a loan with an altcoin.

wiss19

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Some countries are really confused when it comes to cryptocurrency. The next thing they will say that cryptocurrency is good and that they are not against it, before you know what’s happening again they have changed their mind and started saying something else. I just don’t get them , really.

Although right from time I have always had this thought that the government in some countries might be against cryptocurrency, since people will be using it to bypass a lot of things, and even banks in some ways will not be happy about it if they should notice a decrease in what they are getting in some areas, although we have not gotten to that yet. But I do hope that we fix things up.

audaciousbeing

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I actually see it as simply as expression of opinion and his reasons are valid except we all wanted to shy away from the truth. However, with the challenges around, it brings up the room for improvement and innovations which I believe its something that the country should be harnessing. Its even an insulting things that a country like Russia should be bother about this when they can mandate their world class engineers to find away to protect them and also harness the underlying advantage of the technology.

Kong Hey Pakboy

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Quote from: erikoy on August 20, 2020, 01:32:12 AM

Quote from: startselect on August 20, 2020, 01:21:14 AM

I don't think so. The financial system has people behind them, and such people have a lot of power on dictating, manipulating things. Manipulating the average person. Crypto could be 1000x better, but that won't do it any good.

No, crypto may be useful in payments but I am pretty sure it could not destroy the financial system or the banking payment system. Banks had establish already and are way too secure but the disadvantage are those high transaction fees being deducted to every transactions especially if huge money were involve.

However, it is still best to make choices, either to use crypto pay or the financial.system that are establish and secured too.

Cryptocurrency is the best solution as an alternative financial system, so I don't know how crypto could destroy the financial system because it is more secure, fast, and low-cost fee. It also already proves that cryptocurrency doesn't get affected in any economic crisis, especially the Coronavirus crisis, that only stocks and banks have only suffered from it.

erikoy

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Quote from: startselect on August 20, 2020, 01:21:14 AM

I don't think so. The financial system has people behind them, and such people have a lot of power on dictating, manipulating things. Manipulating the average person. Crypto could be 1000x better, but that won't do it any good.

No, crypto may be useful in payments but I am pretty sure it could not destroy the financial system or the banking payment system. Banks had establish already and are way too secure but the disadvantage are those high transaction fees being deducted to every transactions especially if huge money were involve.

However, it is still best to make choices, either to use crypto pay or the financial.system that are establish and secured too.

startselect

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I don't think so. The financial system has people behind them, and such people have a lot of power on dictating, manipulating things. Manipulating the average person. Crypto could be 1000x better, but that won't do it any good.

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