Cryptocurrency can replace FIAT in the future, Crypto cannot fake and cannot create more. This restricts frauds using counterfeit money, and inflation will not happen in any country that uses Cryptocurrency as currency. But it still has many disadvantages so it should develop in the future.
I agree, by looking at the future, I think crypto is a proportional currency to use later. but indeed it happened after many governments sincerely used a decentralized system that contradicted the current system
Topic: Crypto to trigger a global bank run? - page 2. (Read 993 times)
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.
The crazy volatility of cryptocurrencies constitute one primary reason why they can never replace fiat currencies,
Volatility is a short term concern. Most people don't use crypto for payments anyway, which is actually a good thing because it will allow Bitcoin to mature and become stable the bigger and more liquid it becomes.In Venezuela people were better off buying Bitcoin at $20,000 and ride it down than hold their own fiat currency. Bitcoin despite its 85% correction from top to bottom still did better than their fiat currency.
but there are more pressing factors such as internet usage. Cryptocurrencies existence is mainly made possible by technology and the internet. With a device and access to the internet, almost anyone can get into the cryptocurrency game.
I'm not sure if you're up to date with the age of digital payments, but in most well developed countries people use their smartphones to pay for goods and services. In this case if your internet doesn't work, you can't spend the money you have in your bank account. Not much different from when you don't have internet and try to pay using crypto. 
Cryptocurrency can replace FIAT in the future, Crypto cannot fake and cannot create more. This restricts frauds using counterfeit money, and inflation will not happen in any country that uses Cryptocurrency as currency. But it still has many disadvantages so it should develop in the future.
I agree, by looking at the future, I think crypto is a proportional currency to use later. but indeed it happened after many governments sincerely used a decentralized system that contradicted the current system
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?
The crazy volatility of cryptocurrencies constitute one primary reason why they can never replace fiat currencies, but there are more pressing factors such as internet usage. Cryptocurrencies existence is mainly made possible by technology and the internet. With a device and access to the internet, almost anyone can get into the cryptocurrency game.
Cryptocurrencies will not trigger a global bank run because cryptocurrencies are not widely used globally. Central banks or federal reserve has adopted some financial measures to avoid bank run in tge future. Banks are essesntial to any nation's economy and one of the growth factors. Both fiat and cryptocurrencies can coexist and help people and the merchants in their financial needs. Fiat can also converted into virtual currency if the government decides to make their own cryptocurency.
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?
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.
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.
Cryptocurrency can replace FIAT in the future, Crypto cannot fake and cannot create more. This restricts frauds using counterfeit money, and inflation will not happen in any country that uses Cryptocurrency as currency. But it still has many disadvantages so it should develop in the future.
I agree, by looking at the future, I think crypto is a proportional currency to use later. but indeed it happened after many governments sincerely used a decentralized system that contradicted the current system
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?
If you consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.
Saying that fiat money is fake is some kind of protest but it shows also ignorance about basics about finances and economy.
Cryptocurrencies will not replace fiat money and to my opinion that is not idea of crypto and not the goal. Also banks will continue to exist but they will modify their business and start implementing cryptocurrencies in their business. Just good regulation is needed for that.
Cryptocurrency can replace FIAT in the future, Crypto cannot fake and cannot create more. This restricts frauds using counterfeit money, and inflation will not happen in any country that uses Cryptocurrency as currency. But it still has many disadvantages so it should develop in the future.
I think that could happen but of course what we are facing now has not reached this level. What I mean is what will require a cooperation agreement that has a vision and mission and of course each country has their own ego. Im not sure about economical global changes even i support it.
No need cooperation or anything like that. It could come from an economic situation with worldwide impact. Like Europe collapsing financially (which is not far to happen btw). I take Europe as examples because it could have a bigger effect than the 2008 crisis and Leman Brothers.
Another example could be the Venezuela case, here it's a matter of politic
I think that could happen but of course what we are facing now has not reached this level. What I mean is what will require a cooperation agreement that has a vision and mission and of course each country has their own ego. Im not sure about economical global changes even i support it.
If cryptocurrency willbe declared as a legal and strong currency all over the world then the game with banks will be completely different. Banks store money which they use to invest or to fund loan. If crypto would be interacting with it, banks would have a hard time dealing with super volatile currency.
Okay, now you could go back to the real world.
Better, go to provinces or those places which cannot be reached by technology up until now.
We are here creating threads and using internet and that means we can access it easily anytime.
But when you go out of your town go to other far places you could see a different version of living.
You are going to be mad you cannot even get a good frequency for your smartphone.
Those things are the reason into why fiat will stay. Banks will stay. Maybe 20 to 50 years more.
If there will be changes with how we will pay or transact then it will just be a little upgrade.
You are looking for an overhaul which I doubt will happen at this age.
Better, go to provinces or those places which cannot be reached by technology up until now.
We are here creating threads and using internet and that means we can access it easily anytime.
But when you go out of your town go to other far places you could see a different version of living.
You are going to be mad you cannot even get a good frequency for your smartphone.
Those things are the reason into why fiat will stay. Banks will stay. Maybe 20 to 50 years more.
If there will be changes with how we will pay or transact then it will just be a little upgrade.
You are looking for an overhaul which I doubt will happen at this age.
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 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?
Blockchain right now is helping rich more than it helps the poor. If you calculate the prices, when you want to send 1 dollar to someone it is highly impossible via bitcoin, maybe some altcoins could help you better but in the end how would that person go about spending it or cashing it out, so basically its impossible to send 1 dollar from one person to another using crypto and having cash in the end.
That's what Lightning is for. You don't have to use an altcoin for fast and cheap transactions. It requires you just a simple third party wallet to receive payments right away, which is a perfectly viable option since you don't require the uttermost security and self control of funds with such low amounts. As far as spending goes, you can't do much with $1 to begin with, unless it concerns a third world country, but even then you can convince the store or other person to accept your satoshis. It might require some effort, but it's not super difficult either.
However, when you want to send 20 million dollars, blockchain is the best method there is, and that would help the rich people a lot, the amount is very little and cashing out is quite easy at that amount. So, as you see if rich people realize bitcoin is the real deal and they would be even richer if they used crypto instead of banks then wealthy money will go towards crypto instead of banks which will rapidly make crypto the standard instead of niche.
Cashing out $20 million easy? Can you give me an example of how cashing out that much in value is easy?
Blockchain right now is helping rich more than it helps the poor. If you calculate the prices, when you want to send 1 dollar to someone it is highly impossible via bitcoin, maybe some altcoins could help you better but in the end how would that person go about spending it or cashing it out, so basically its impossible to send 1 dollar from one person to another using crypto and having cash in the end.
However, when you want to send 20 million dollars, blockchain is the best method there is, and that would help the rich people a lot, the amount is very little and cashing out is quite easy at that amount. So, as you see if rich people realize bitcoin is the real deal and they would be even richer if they used crypto instead of banks then wealthy money will go towards crypto instead of banks which will rapidly make crypto the standard instead of niche.
However, when you want to send 20 million dollars, blockchain is the best method there is, and that would help the rich people a lot, the amount is very little and cashing out is quite easy at that amount. So, as you see if rich people realize bitcoin is the real deal and they would be even richer if they used crypto instead of banks then wealthy money will go towards crypto instead of banks which will rapidly make crypto the standard instead of niche.
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?
If you consider US dollar as one of the fake money you're talking about, why do bitcoin and other altcoins being analyze based on US dollar. Cryptocurrency won't elimnate the current currency. They'll exist together at the same time because they have different purpose in our system.
It is when you pay fiat that you get the equivalent practice before furthering to use the crypto on any site we wish to use it on.It’s because we usually pay attention more to crypto that is making government also to be stricter about using it, if we can just use crypto without having to condemn cash till the whole blockchain gets dip, then we will not be having all these FUD on news created by government.
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