Crypto to trigger a global bank run?

Botnake

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Quote from: AGroose on November 05, 2019, 01:53:29 AM

This has already happened. Tens of millions of people trust cryptocurrencies more than banks.

Can you back this with a valid support, I mean something that is based on studies?

Quote from: AGroose on November 05, 2019, 01:53:29 AM

And over time, this amount will increase to billions. Then we will see that banks will cease to occupy a major position in the world and they will have to coexist with cryptocurrency

I believe this is likely to happen, in the long run there will be massive adoption as crypto will not go away, in fact the government are recognizing it and they are starting to regular it, we can wait for that time and people will be using more on online transaction than using paper money.
Bank might still be here but with limited function only as their main function which is to accept deposits, process withdrawals, and fund transfers can be done with blockchain or crypto in a decentralized way.

AGroose

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This has already happened. Tens of millions of people trust cryptocurrencies more than banks. And over time, this amount will increase to billions. Then we will see that banks will cease to occupy a major position in the world and they will have to coexist with cryptocurrency

Murat

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First of all, People still believe in Bank for their own purpose, I think the invention of cryptocurrency doesn't hamper the conventional banking system at all, but some people say that the banking system is facing threat for the cryptocurrency, I don't believe that at all, in this sense, I agree with you that cryptocurrency could bring a positive and healthy competition in the monetary system so it may enhance the quality and security of the existing system, nothing else, but if some people want to get involved in this cryptocurrency platform they could only for their own purpose.

atjiat

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Quote from: fiulpro on September 22, 2019, 05:23:54 AM

Banks are the building block of the society and nothing can actually replace them , the whole System is dependent on it one way or another.
How do you think you will sell or buy cryptocurrencies online without Banks Huh

They could be a new form of investment but they are not stable nor global..
I think they cannot take over banks

Despite everything, the cryptocurrency does not yet have the status of a legal currency throughout the world. This process is just beginning and some countries are already starting to work with cryptocurrency or even create their own national cryptocurrency. One way or another, the banking system in any form will cooperate with the cryptocurrency market, and also use the blockchain, which is already very often implemented by many banks. Based on this, it is impossible to separate cryptocurrency, fiat currencies and the banking system, because they will still work in tandem, each in their own field of activity.

fiulpro

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Banks are the building block of the society and nothing can actually replace them , the whole System is dependent on it one way or another.
How do you think you will sell or buy cryptocurrencies online without Banks Huh

They could be a new form of investment but they are not stable nor global..
I think they cannot take over banks

bitbunnny

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You don't necessary need banks to cash out the money from cryptocurrencies, there are some other ways.
But with saying that you adnitted in a way that we still can't live without banks or to be more precise without fiat money.
Sox banks will not disappear, they will continue to run their business. And even with or without cryptocurrencies people have in great deal lost trust in banks but they still use their services because they don't have much choice.
Cryptocurrency are not the full alternative for fiat money and banks.

Mila52

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The banking system exists because everything in the world is subject to commodity-money relations. The USA share in world trade dominates, although China is now actively competing with them in global markets, which is why cryptocurrency as a digital currency may well be in demand by the world banking system to remove the dominance and dictates of a single country.

leonair

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Cryptocurrency is not a safe haven for investors or people that are trying to be rich, it's a digital money.

People follow others because they've seen potential growth and I see no reason to hate with that, I'm sure that you are here also because you want to learn more about cryptocurrency because it can affect your financial investment in the future.

Bitcoin wasn't made to destroy banks or other payment platforms though.

radjie

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Quote from: Ranly123 on June 12, 2019, 02:48:06 AM

Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

What do you think about bank run? Does this mean people will lose trust on bank because of crypto? I think this will not happen because cryptocurrency needs Fiat money to have value. So in other words, to materialize crypto we need banks to make cash out of cryptocurrency.

yes, both of them have a very important role and will always be side by side because if cryptocurrency cannot be converted to fiat then it will not have very valuable value to date

Xampeuu

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Quote from: Ranly123 on June 12, 2019, 02:48:06 AM

Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

What do you think about bank run? Does this mean people will lose trust on bank because of crypto? I think this will not happen because cryptocurrency needs Fiat money to have value. So in other words, to materialize crypto we need banks to make cash out of cryptocurrency.

I agree. conventional banks will always be there. with the number of employees in it, it will certainly disrupt the economy of a country if it is eliminated. and especially developing countries will object to that

Ranly123

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Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

What do you think about bank run? Does this mean people will lose trust on bank because of crypto? I think this will not happen because cryptocurrency needs Fiat money to have value. So in other words, to materialize crypto we need banks to make cash out of cryptocurrency.

FanEagle

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We need take it step by step we can't rush it towards no banks world right away. It may take decades before we can go without banks but at least for the first time in history since banks were created we have that option now. It has been decades since humanity turned into full on banking system and we never really had an alternative option but thanks to bitcoin we have that.

Just because, we have an alternative option doesn't mean we will use that right away and stop with the banks and we will be
using banks for a long time but if we can manage to make crypto more adopted and can be used anywhere in the world then there will be people who opt for that (Myself included) but in order turn the world a no bank zone we need to wait A LOT more years.

Rune

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Confidence in banks is nowhere near low enough to cause a panic bank run and I dont think crypto is doing that much to educate people to cause it to drop more.
People learn these things themselves about how the banking system is doomed and they assume once any other person sees crypto will have the same experience.
The world will change overnight lol

coin-investor

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Quote from: avikz on May 14, 2019, 10:38:05 PM

Firstly, come down to the ground because you are currently sitting on an imaginary issue which doesn't exist!

Understand the below facts,

1. crypto is not a magic wand.
2. Crypto is not created to bring economic overhaul
3. Crypto doesn't have the power to become global currency
4. Cryptos are literally a piece of code

Now, lets look at the possibilities,

1. Virtual currencies will take over the world economy which will be created and circulated by the central banks
2. Banks will have to bring in major technological changes in their operating structure to cope up with the changes
3. World will never move to "one world one currency" regime
4. Banks will still control the economy
5. The parallel economy created by cryptos, will get merged with mainstream economy after banks and governments realize that it's impossible to stop them
6. Crypto enthusiasts will keep the revolutionary ideas in heart but continue to live in reality

Constructive criticisms are welcome!

Good point and I don't see them working against each other because they don't have the same nature, they can co-exist for the betterment of society, honestly, we need banks it's been an integral part of our system for hundreds of years and without it there will be disruption of services from government and private companies.

oseikuf44

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Crypto usage will have no strange impact on the banks. As crypto is in its own league and the bank is also in another dimension. Though both perform similar functions but in fact crypto deposit and withdrawals even have to realize on banks to make it successful.

HELLOFF

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I think that at the world level there will be a discussion of the value of cryptocurrency and the solution of all the problems of users of cryptocurrency. This has already been stated in the news, as there are certain plans for the next G20 Summit, where not only the economist, the head of state will be present, but also the World Bank, the IMF and other global financial structures, where they will discuss cryptocurrency and real implementation in everyday life person

smyslov

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Quote from: Broly46 on May 14, 2019, 10:10:21 PM

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

I don't think that's going to happen, cryptocurrency is not meant to disrupt the banking system remember Cryptocurrency is internet based and the banking system has been here with us for hundreds of years, they are two worlds apart they can co-exist but not beating each other that will render each one void.

Betwrong

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Quote from: Botnake on June 06, 2019, 03:21:00 AM

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My only concern which is the government in general, they want control and their control will be eliminated or will reduce as fiat will be replace with crypto.

Actually, it's we, people who are supposed to be in control of the government, and not the vice versa. I know it is still not the case in most countries, but, as I said, the world is changing rapidly nowadays.

It is obvious that Bitcoin can be a good currency. Maybe not for small purchases yet, we can use other currencies for that, but for transferring amounts over $1,000 abroad BTC is a very good tool. If governments don't accept Bitcoin only because it would be disadvantageous for them personally, then I guess they are wrong governments, and they will be replaced sooner than they think.

guoyu78

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Quote from: wuvdoll on June 03, 2019, 03:16:10 AM

Banks have their purposes. I know we here all hate banks and want to talk about how it is horrible that banks make money without producing anything and so forth but in the end banks do have their purposes as well. For example interests for people who have money is alright, because in the end not everyone would want to invest their money into a business or a real estate so they just collect interest.

Also, the loans for people who need it, it shouldn't be given to people who look like they can't pay but nowadays they are giving it to everyone and if they pay then it is okay if they can't bank just seizes their stuff, bank gets their moneys worth no matter what. So there are few other stuff as well like making the cash turn into debit card and so forth but they are abused, normally a bank could be something very decent.

I guess you really came from a country that their government has the interest of their people at heart. In my own country, bank will not willingly give any interest on your savings, in fact no bank does that, the only time you receive an alert from your bank is when they are debiting your account from a charge you know nothing about.

For loan aspect, banks gives loan, but in the end, they are still the one that will collect the interest on the loan back from you after stressing you before releasing it. The cheapest interest you pay back on any loan you take from my bank is 21%, is it all business you do that will give you more than that interest at the end of the year? So my dear, you must appreciate your government banks for making things easier for you guys.

Botnake

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Quote from: Betwrong on June 05, 2019, 06:40:37 AM

Quote from: Botnake on May 16, 2019, 05:19:33 AM

Crypto is a good alternative but will only remain as an alternative since the main money in this world will always be fiat.
There are people who believe on the possibility that crypto will replace fiat, but are we big enough to replace them or do we have the support from the government to make it happen, whether we like it or not, we are all under the control of the government.

Please notice that the acceleration of changes our world is undergoing currently is higher than ever today. I would agree with you if the world was going forward with the same pace as before, but this is not the case. Through the whole history of humankind there were no such period of time as the last 30 years when so many unpredictable things have happened. I mean the appearance of the Internet that is currently used by 3.2 billion people and the appearance of smartphones (currently used by 2.7 billion people). I bet in 10 years most of the governments will be so unlike the current ones, we can't even imagine. And there is a chance that those new governments will be preferring crypto over fiat.

That was really ambitious though but I don't really think it's possible.
Maybe I need to educate myself more to see its possibility, we the government changes their laws and policy but one hindrance is their interest.
If ever maybe we will have a clean government which is close to impossible, we might enjoy a transparent currency like bitcoin.
Bitcoin is not scalable according to some, but we have a good solution to that which is the lightning network and that makes it good for adoption.

My only concern which is the government in general, they want control and their control will be eliminated or will reduce as fiat will be replace with crypto.

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