Topic: Crypto to trigger a global bank run? (Read 1049 times)

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

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.

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

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.

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.

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

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.

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.

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.

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

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

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.

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.

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

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.

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.

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

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.

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.

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.

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.

right, now I think it is still difficult to implement the global bank. the government does not want to lose control of the economic circulation. on the other hand changing the economic order will have a bad effect on countries that are not ready

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.

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.

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.

Isn't that also returning to the regulators of each government? whereas currently the government runs a centralized bank system. and the bank itself condemned the existence of decentralization or bitcoin. to be able to enter in these points requires time and permission that is not easy.

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.

Well i believe bank are still essential instrument in our economy and many businesses are depends on it. I do agree that crypto seems to be a breakthrough for many case of economy but still i do think its still to early to say that we dont need bank, but who knows in future when so many fintech that developing many things i do think there is a chance that we dont need bank anymore.

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 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

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.

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.

Fiat and can not be replaced by cryptocurrency. It also does not make sense for the development of the economy from the point of view of each state. The state will lose just its statehood if it switches to using cryptocurrency as the main currency of the state. Therefore, this can never be. This is possible only if only one super-state remains on planet Earth. While such a case in the history of mankind we do not know. Therefore, the cryptocurrency will always go at Fiat, and not vice versa.

If everyone loses faith on fiat money, and causes a bank run, no one will be willing to sell their bitcoin for fiat money anymore, right? Why would they? Since you said "trust towards money is rapidly depleting", it means the fiat currency will end up being worthless. No one will exchange those worthless currency anymore. You see, this does not make any sense. Fiat won't be completely replaced by us, at least for now. Though it might in the future but in a planned way.

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.

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.

This is how we should exactly be seeing these coins, crypto was never meant to take the place of fiat, but to compliments it and also serves as alternative to it. People that usually use their mouth to kill fiat should first ask how they will get the cryptocurrency without fiat.

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.

I don't think that people even realize what they are wishing for. They just jump on the anti bank--government bandwagon because they think it's cool to rehash the words of a bunch of crypto maximalists.

Another thing is that they hope the price will go up a lot, but as foolish as people are, they aim at an increase in fiat value, which you only benefit from when you cash out to your bank account. How ironic is that, right?

There is no shortage of fools here. Banks will stay here and can easily adapt to the changed climate by offering crypto related services, where some banks have already started doing so.

The real value if crypto currency will be measured on satoshis and only the people using USD as common reference but even USD is not a stable coin.The chances of replacing is less based on the current scenario but if people uses cryptocurrency for payments then we are not in need of banks.

Nope. I simply do not think that bitcoin is in direct competition with banks per se, nor is it going to replace a lot of the functions that the banking system offers.

Especially when you consider the fact that bitcoin exchange with fiat mostly does not involve cash at all, but rather in essence just exchanging electronic balances at banks - it is extremely unlikely that a spark in demand will all of a sudden lead to a cash crunch in a nation.

Unless of course, you're talking about an economy that is already experiencing hyperinflation or an economic crisis, like Zimbabwe or Venezuela. In that case, the government of these respective nations will most likely try to avoid capital flight through banning the use of BTC, but even then it is not enforceable, and not the cause of their economic issues.

While there are many bitcoin believers who seems to be basing their perception on wishes and speculations, we have to remember that we are still living in a real world where control of the financial system is on the hands of the banking and financial sector and not so much with the people. Granted that this is the same system that bitcoin and the blockchain wanted to change but we are not there yet...and it can surely take many, many years before this can happen. In the next few decades I myself don't see the fiat money to be gone for good as that seems to be impossible -- what can happen is that fiat money and cryptocurrency can co-exist and I see no problem with that.

I fully support your point of view. Bitcoin and cryptocurrency in general is not a magic wand and will not lead to too much change in financial relations in society. In any case, in the near foreseeable future. Recently, the European Central Bank announced that cryptocurrency does not yet have any serious impact on the global financial system. Therefore, I concluded that while cryptocurrency should not be paid special attention.
Of course, the cryptocurrency will be distributed in society, but most likely it will be another type of non-cash means of payment, which will go along with their other types.

Electronic money is an asset that helps banks operate more efficiently. In fact, we cannot cancel the fiat money being circulated to use a new common currency. because that will create a barrier between countries when exchanging goods or fiat money. It is impossible for every country to agree to use a common currency.
I still appreciate cryptocurrency but it will be great and appreciated when fiat money is still there. Because fiat money is inflation and crypto is deflation, both combinations will create balance and it is desirable in many countries.

right, I think the best achievement that can be achieved by cryptocurrency is as an alternative payment that accompanies fiat currencies. of course the government has considered to maintain economic stability in the country

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.

Your statement actually be taken, as crypto vice versa. You do believe the transaction costs can actually help with the mass adoption? If I were a non crypto person, I would like my money whole given to me. The same goes for the non crypto business people. Plus the value of your precious crypto is pegged on your hated fiat in case you forget.

I believe that we are still at a very early stage of adoption of the cryptos, so it seems to me that for a long time people will continue to be fooled by this archaic financial-banking system that only impoverishes the population and destroys the planet. Even so, I firmly believe that cryptos are also a stage of transition towards a more solid response to come, because unfortunately we have been able to confirm over these years that the banking system and savage capitalism have taken over the control of the crypto market, and seem to be manipulating the price at convenience to turn it into a pump and dump scheme, more sophisticated but just one more option to make money.

Will only trigger a bank run if the banks allow it. I suppose people might start rushing when we see prices reach the 2017 levels again. I don't think it would be easy to withdraw a lot of  money during a bull run though. Of course I'm assuming you meant a literal bank run.

In the long term, I do see banks seeing reduced savings in them as people set aside part of their assets in crypto. Not counting on banks disappearing though, they'll just coopt it.

It will take forever because I believe it will not happen.
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.

I think it still takes a long time for crypto to replace fiat. for the time being recognized as an alternative currency is good. and the government I think will not turn off the bank, of course the government will make policies

1. So we might see a transition from fiat into e-fiat because the government will create a new currency so they can take control of the circulation.
2. Before they are fully adopted cryptocurrency, they will launch their own cryptocurrency to the public (maybe each country will do that), so they can take control of the currency from the manipulation or anything else.
3. That could happen if there is a massive explosion or big crushing in all country and make populations in all countries will reduce so people will unite into one big league and they will have one currency to unite them all.
4. But they cannot control the economy when it gets decentralized, and they will only watch the transaction.
5. To prevent the losing trust from their people, the government will give support to the cryptocurrency, and they will use their currency to prove to their people that they are integrated their system with cryptocurrency.
6. The existing crypto will have a chance to open the bank's mind that the presence of cryptocurrency will not only help people, but it also will help the economy of the country.

But that could be wrong because I am not an expert in this field.
I only think about what I can do as we don't know what will happen in the future.

1. I would rather believe that government would create their own e-currency thats why crypto situation wont really be possible to take place.
2. They would really surely adopt yet they arent blind on whats on the demand or people do prefer.
3. True
4. Banks =Fiat /They do have all the control.
4. Not totally.It might have some diversion but government wont accept defeat into some sort of codes.
6. This is on point.We do love crypto but we are still living mainly with Fiat.

I do think that crypto will be the downfall of fiat, but i don't think that it will lead to banks's downfall, because first by the time crypto starts making a significant impact or comes close to that government will have a back up plan by creating an alternative digital currency that they will backing it up, and that is one of the reason they are not accepting or at least acknowledging currencies like bitcoin, and by that time surely banks will transition from banking fiat to bank whatever digital currency used.

It would be amazing to see people dont want fiat any more and/or funneling it towards crypto. From that moment all price tags will be with 8 numbers behind the digit.

surely the difficulty will be there, the world of cryptocurrency needs to be regulated and realigned to make it more secure from the word theft and other online crimes because this is what often happens and is feared by everyone. I am sure that as technology advances, crypto will surely be glimpsed by the government.

This can't be happen for now, but later perhaps Bitcoin will make it happen when people prefer to use crypto for their daily expense than fiat currency. However, bank could just swap their system from centralize to decentralize, from using fiat in their operation to use crypto for any operations. Crypto basically is not a threat, it's an option to replace an obsolete centralize system.

Banks and governments have control over the economy and people's money since they were created and there is not much you can do to change that because it would take mass action from a high population of this world. It's possible that one day crypto will become so used that banks will have to take some preventing actions but don't imagine it would be something that big that could completely change this world's economy. Crypto is strong but it cannot defeat fiat

What is currently happening with the crypto conditions above I really think it will not change the real economy or dominate the whole in the economy, indeed the OP is a little negative thinking with local banks and what can we do to change everything? Do not disturb the economy as a whole, I believe crypto will be strong because it is very difficult for the government to control it.

I think that crypto cut leads to a new kind of bank run, there will be no lines of angry people outside their banks demanding to empty their bank accounts, but the customers will sit in front of their computers and send a lot of their fiat bank deposit into crypto exchanges to buy crypto.
People will still be needing their banks, but to keep their funds save from inflation, people cut place some of their wealth in crypto.

the market situation by developing little by little but it not been a equipment to Trigger something so that expectation is always been right but cryptocurrency will not made any changes in the normal economic situation.

Banking is the worst main stream economy tool since 1780. This changed the world completely and scamming since the year I mentioned in the legal way. In some places we can see the scammers who can act like they are legit and running the business.
Similar way world banks also have launched some acts in many countries bill and they were trigger the gold long back ago now bitcoin has trigger the banks and wash it out of the world. Then this world will be clean with the communism.

Actually, I think you're giving quite a bit of undue credit to banks. As I've become more and more acquainted with them, I'm realising that the vast majority of first and second line bankers actually understand very little beyond what they're taught. And you know what's the thought leading the line at their levels? That they actually can stop (and should) stop crypto. At least at the higher levels they probably understand that this is all beyond them and so have decided to join the game. But believe me, this isn't them becoming friendly, this is them wanting to beat crypto by changing it into something they understand, something they can manipulate, just the way they do the current system.

Good you recognise that crypto and blockchain aren't the universal panacea to everything. Crypto can't trigger bank runs. Banks trigger bank runs

I don't understand why you only mentioned these points. Fact #3, for example, is true for now, but it's not like it is in principle impossible for cryptocurrencies to replace fiat currencies in the long run. As for #4, one could respond that money is literally a piece of fabric or paper with numbers on it. Code seems more reliable.
Now to possibilities. I don't think it will be just one of them. They can get combined in various ways. And it's not necessary that either banks will make their own "cryptos" that will dominate the world or two economies will merge because the banks won't have any choice.
For one, fiat could indeed become a thing of the past. And banks could find a way to benefit enough from actual cryptocurrencies, and thus change their policy towards them willingly.

As cryptos have gradually been adopted all over the world, banks would have a very tough time in future, but despite that i believe they would continue to function well, as they have got the support of their governments.

Banks are attached to their solutions, because they know them and they know how to make money from them. It's would cost them a lot to adapt to new conditions and new environment which are cryptocurrencies. Cryptos still aren't stable enough to be considered as an element that banks could adapt to their actions.

Banks know that they can't stop crypto from revolutionizing the financial scene though they know that they can control the interest of the people, and that's why using bitcoin (especially the word 'blockchain') on their offerings and words somehow mitigates the negative perception of people to the banks. Also, note that cryptocurrencies aren't great financial tools and cannot function in a complex economic environment where money supply should be regulated, hence bitcoin would be an ineffective currency and banks would still reign supreme no matter how hard the situation gets for them.

Though others may disagree, I doubt cryptocurrencies will trigger a bank run. A bank run will be triggered by self-inflicted instability and uncertainty within the banking industry. In this scenario, money would pour into cryptocurrencies, but I believe cryptocurrencies and fiat currencies will coexist in the long run.

Excellent reply! Here I would not contradict with you because no one really knows what is going to happen! So lets keep the revolution alive within our heart and soul. But when it comes change, I want to quote a great philosopher and freedom fighter of my country, Mahatma Gandhi.

First they ignore you,
Then they laugh at you,
Then they fight you,
Then you win.

I have quoted his statement previously as well because this is what is going to happen in crypto space as well! No other quote can describe the future of crypto in any better way!

I agree with you. Sometimes, people interprets and define Crypto in a wrong way that they expect too much out of it and sometimes, it exceeds more than it's normal and natural function. Government couldn't stop cryptocurrency but cryptocurrency couldn't control the economy alone.

I think there will be any legal clarity for the use of cryptocurrency, and I think right now, the government still discuss the legality of the cryptocurrency, and once they can get one vote about the legality, they will share it to the public, so the public will know that cryptocurrency has legality in the law.
But when it happens?
Only time will tell.
Besides that, I think crypto can trigger a global bank to run or integrate the bank system, so it will make them better than before.

Banks controls governments. So it will be expected that if anything close to this happen, governments will use their power to stop this.

What I think it could happen, is that we will see in some small countries people start to use more crypto than Fiat. Especially in turism destination. But in big and stable countries something like this would be not possible.

In the near future, I don't think it will be a trigger because now there is no definite legal clarity in some countries and there are even countries that prohibit the use of crypto currencies because they are considered to be detrimental to users because they consider crypto currencies do not have a clear legal basis while in the laws of some countries mean that money or means of payment are legal objects of a legal state. Whereas crypto currency?

There's no sign of this actually happening, the whole world uses banks and only a tiny minority distrusts them and discusses it on the Internet, while the mainstream platforms almost never cover this topic - you won't read much FUD about banks in mainstream media or big social sites like reddit, and this is not because of censorship or some conspiracy, people simply don't care.
To me the idea of some crypto revolution sounds as utopian as communism, anarchism and other revolutionary ideas - they are popular among small groups of people while the majority, that is supposed to carry out those revolutions, is absolutely not interested.

Now think about it once again: during most part of its existance cryptocurrencies were used for different kinds of scams, fake ICOs and ponzi schemes. People lost millions due to exchange hacks or wallet hacks and most of them probably would never get their funds back. So you compare it with fiat money that are only inflate slightly every year in order to provide some advantages for its manufacturers on the world arena.
So how can you say that cryptocurrencies are safe?

I also agree with avikz that banks still control the economy even if we have a lot of crypto and even if a lot of people will use governments and banks will still control the economy.

Of course we have seen people throwing cash from the high rise into the busy town street while everybody else pick it up and the next thing is the cops go and arrest the guy and send him into the prison, it is not legal to litter everywhere, but throwing at the crypto seem safe to do so, it may not sound like throwing to you, but it is perfectly worrying, and banks/government/economists certainly aware of crypto, they’re trying hard to ban it, shut it down, stop people from throwing their money into crypto, whatever they may tell you something deceiving, it is our job to tell who is telling lies/fake news.  

Most of the people not aware of what is inflation in money which is the only things keep us poor no matter of how much we are earning but if everyone knows that then we will see the depletion of fiat money but it will take time and no one is going to teach about this publically so for common people it may take to time reach it.

If you really think that fiat money is really garbage and fake,why don't you just throw some fiat money in the thrash. I believe you wouldn't do that,right.
Some people don't realize how small the crypto industry is.The global market is 200 bln USD which under 1% of the global GDP.The banks simply don't care about crypto,because it's too small.

Store of value, I don’t know how you think about store of value, my store of value refer to anything that many people would want it badly, long ago, people love some art, and some people like bill gates love the art, he would buy it at any price, because it is what many people want it, and there is even more retard store of value, rare retro game cartridges which worth hundreds of thousands, why people want it badly, but it certainly has a lot of value thus it has good store of value, does the money itself has great store of value? Or it is just a piece of IOU certificate that nobody want it, and thus throwing at each other.

Sometimes we can get carried by our cryptocurrency-induced dreams that we tend to forget that we are still living in reality. We are dreaming that one day the whole world (and that of course includes China, Russia, India and the vast territories of the North and South Pole) will be coming magically under the influence of Bitcoin with maybe Satoshi Nakamoto coming out of retirement and lead the world towards the nirvana we all wanted with all of our heart and soul. This forum is for the dreamers but also for people who prefer to also live in reality. Cryptocurrency and the blockchain can be a good tool towards innovations and changes but relying on them to magically transform the world can be a bit too much.

Facts:
1.agree, crypto is nothing without people using it.
2.economics, well the terms economics I believe didn’t change overtime, it should still refer to interaction among human beings, when two person trades with each other we called that economics, but crypto? I think it is visible enough the trading is very tremendous, although I could hardly get a clue what’s going on.
3.If money itself is an IOU, crypto itself could work just as great as IOU too.
4.true, crypto is just a knowledge if I would like it to be more precise.

Possibilities:
1.I think digital money itself is virtual at best, it had replaced the paper money itself. And central bank create the money? I don’t think so. People believe money are created by M0, M1, and M2, which m0 is money base, M1 and M2 is digital money and stock market, what could crypto fitted in this definition?
2.I doubt bank could catch up with the change, they don’t need to change, I certainly agree with most of the point Vitalik Butterin the creator of the ETH stressing.
3.how about one world one crypto, but it would seem more hostile, because of how easily crypto move from one to another, a currency will only be strong when it is highly controlled.
4.without human being interaction, bank economics wouldn’t work, and I believe bank will survive, but may be getting smaller market.
5.And 6. I think joniboini has addressed it pretty well.


Well, it is just my opinion, economics is certainly not my cup of coffee, I actually had very limited understanding itself, but I can feel something itself is changing, it could be the crypto is the source of that change. However I may be as dumb as the government who is always hostile toward the change.

That's even more than what has already written by satoshi on its WP. It looks like there was a lot of unpredictable condition when people are seeing bitcoin as a revolutionary system right now and it's not only limited to change the digital payment system only like what has already stated by satoshi.

It will disrupt the centralized economy system but it will not so far as your prediction to make the bank gone. Store of value? maybe not maybe yes.

The term fake money itself shows the misunderstanding about the bitcoin. When it comes to fake money, it is the one that we give with kids to play business. Bitcoin is completely different and has given a new dimension to the financial technology. People were more attached to currencies that have a backing, here the technology backs bitcoin. With fiat each currency is provided with a value, here the value is generated.

These two points are spot on!

At this moment I don't know what the future holds, but Bitcoin become the only currency for this world is damn near impossible. There are too many powerful government bodies and of course politicians which won't let that happen. Unless somehow they force the consensus to change and allows Bitcoin to be inflated just like fiat.

On the other hand, it's almost too late to stop crypto from becoming mainstream. Which is why the compromise would be to allow crypto and fiat to coexist together. I think Bitcoin was never meant to be a fully usable daily currency anyway, at least you don't need to use Bitcoin if you only need to buy a snack from your neighborhood.

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!

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?