Cryptocurrency: The Future of Finance in a New World Order? - page 2.

Ozero

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Quote from: tbterryboy on October 20, 2021, 05:44:23 PM

I am still yet to understand the reason why some of you would think that it is for replacing fiat and physical cash that bitcoin was created for? It’s simply for transaction, yes a lot of people would choose it, but it is not replacing anything. It’s a mindset that bitcoin is replacing our conventional currencies that’s making governments in some countries to be banning it, we should stop giving them that impression.

Everything is going to be balanced, although I do know that there will be some sectors of the banking world that will be destabilized because of bitcoin, such as Western Union, MoneyGram and the rest of them, because will choose to use Bitcoin for international transactions, than going to banks and doing paper works and waiting for days for their transactions to be carried out.

Of course, cryptocurrency cannot replace fiat money. This requires the decision of the relevant government agencies, and they will never agree to this because of their planned economy, which will require a relatively stable centralized currency. At the same time, we see that banks are switching to using blockchain technology and their system is becoming more efficient in their work. The stablecoins of the central banks of states will also increase the efficiency of the current global financial system. That is, over time, cryptocurrency will simply occupy its niche in the current financial system.

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Quote from: ivankoh on October 20, 2021, 06:55:15 AM

The power of fiat will be nothing but the fact that it is printed by money machines and always supports inflation or offsets called shortfalls. It's always like that. Currently, bitcoin and crypto are still not mature enough to serve as real fiat substitutes but the power of crypto probably doesn't need to be verified. The future of traditional finance has stood a new sun step by step.
It will be very soon when all countries that cannot legalize bitcoin will be at a great disadvantage.
The Australian Commission is drawing up recommendations to promote the crypto business.
This is new news for Australia. https://www.bloomberg.com/news/articles/2021-10-20/australia-committee-outlines-measures-to-boost-crypto-industry

Power of fiat will always be something strong as long as nations and governments can back it. The "power" of Zimbabwe dollar (or whatever their money is called) is nothing, it is as worthless as toilet paper, in fact toilet paper is more valuable considering at least it is clean, their money always looks like it is dirty and digged out of ground, it is worst money anyone can even imagine in all aspects.

But the power of USD is something else, it is still VEEEERY powerful all around the world, in my nation 100 bucks is a good amount of money, 60k yearly median salary in USA would be a wealthy person in my nation, and that's like not even someone who can afford to buy a house in that nation, I bought a house here while making less than 12k dollars per year. So, "power" of fiat depends on the fiat we are talking about, as long as a government can back it, it will be valuable.

Wawa2013

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Quote from: tbterryboy on October 20, 2021, 05:44:23 PM

I am still yet to understand the reason why some of you would think that it is for replacing fiat and physical cash that bitcoin was created for? It’s simply for transaction, yes a lot of people would choose it, but it is not replacing anything. It’s a mindset that bitcoin is replacing our conventional currencies that’s making governments in some countries to be banning it, we should stop giving them that impression.

Everything is going to be balanced, although I do know that there will be some sectors of the banking world that will be destabilized because of bitcoin, such as Western Union, MoneyGram and the rest of them, because will choose to use Bitcoin for international transactions, than going to banks and doing paper works and waiting for days for their transactions to be carried out.

I agree Bitcoin was created not to replace fiat, but as a payment alternative. So we can have payment options other than fiat, it would be much
better if Bitcoin and fiat could complement each other. Because Bitcoin also has drawbacks, so after all fiat is still needed. For example, in my country
there are still some areas where there is no internet network, of course in that area can not use Bitcoin for transactions. Therefore I support
if cryptocurrency is included as a subject in school, so that the younger generation can learn crypto properly. So hopefully more and more people
don't misunderstand cryptocurrencies. Because as we know there are still many countries that get misinformation about cryptocurrencies, so they
choose to reject Bitcoin. Though Bitcoin has many benefits, one of which can be a source of income and change economy for the better.

tbterryboy

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I am still yet to understand the reason why some of you would think that it is for replacing fiat and physical cash that bitcoin was created for? It’s simply for transaction, yes a lot of people would choose it, but it is not replacing anything. It’s a mindset that bitcoin is replacing our conventional currencies that’s making governments in some countries to be banning it, we should stop giving them that impression.

Everything is going to be balanced, although I do know that there will be some sectors of the banking world that will be destabilized because of bitcoin, such as Western Union, MoneyGram and the rest of them, because will choose to use Bitcoin for international transactions, than going to banks and doing paper works and waiting for days for their transactions to be carried out.

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Quote

I do believe that there is a middle ground somewhere in there. I do believe that fiat will always stay in power and nothing else (even crypto) will pass it.

Lol, The power of fiat will be nothing but the fact that it is printed by money machines and always supports inflation or offsets called shortfalls. It's always like that. Currently, bitcoin and crypto are still not mature enough to serve as real fiat substitutes but the power of crypto probably doesn't need to be verified. The future of traditional finance has stood a new sun step by step.
It will be very soon when all countries that cannot legalize bitcoin will be at a great disadvantage.
The Australian Commission is drawing up recommendations to promote the crypto business.
This is new news for Australia. https://www.bloomberg.com/news/articles/2021-10-20/australia-committee-outlines-measures-to-boost-crypto-industry

Abiky

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Quote from: RealMalatesta on October 11, 2021, 11:01:51 AM

I do believe that there is a middle ground somewhere in there. I do believe that fiat will always stay in power and nothing else (even crypto) will pass it. However, I also believe that there is a good chance fiat will not be as powerful as it is right now. So, while devaluing and becoming less important, it will still be seen as the most important one anyway no matter what.

This is why I believe that there is going to be some sort of power struggle between crypto and fiat but not for the top, top will always belong to fiat, the struggle will be for payments. We do not have use payments in fiat to make fiat valuable, we could still calculate everything in dollars, but the payment could be done with crypto, that is what we are doing around here, and it could grow so much bigger to include the rest of the world. That is at least what I believe is possible, but it could be different of course.

Fiat won't be going anywhere. It's still too powerful even with the ever-rising popularity of crypto/Blockchain tech. The future might probably look exactly the same way as it is right now with Fiat and crypto in play. I seriously doubt countries would simply give up Fiat in exchange for crypto for a "New World Order". After all, governments don't want to lose control over people's finances. Crypto may bring certain benefits, but it's terrible as a currency you can use for day-to-day payments. Its biggest downsides are mainly price volatility and limited transaction capacity. It's this reason why Fiat is still (and will always be) "King" when it comes to making payments on a daily basis. I'm fine with that, as long as people have freedom with crypto/Blockchain tech. Just my opinion

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Quote from: 24Kt on October 11, 2021, 07:36:51 PM

Quote from: coupable on October 11, 2021, 07:26:44 PM

Quote from: Aurorra on September 27, 2021, 04:29:07 AM

Under the digital economy trend, cryptocurrency will involve more fields. It is indeed of great importance to change human life, improve people's economic conditions and bring many benefits.

Although cryptocurrency has many benefits and its use is increasing, it will not replace fiat currencies now.

Scriptucal money aready does. We shouldn't forget that it's not just about digitalisation of money because it's already can be virtually managed. The cryptocurrency system can act as a side-chain which can co-exist with any form of value. As time goes by, until bitcoin & other major cryptocurrencies reach certain stability in the market (equivalence between demand and supply) and the price becomes more stable (like the actual currecies) i think it's too early to know about what will be the available options .

Sorry but what do you mean by scriptucal money here?

Scriptural money is all the available money in bank accounts. Also known as Book Money which is the digital form of money. All this money should be backed by a liquidity reserve but we all know how banks create money in a form of a banknote. This form of money can't be transfered without a third party interfer.

Quote from: 24Kt on October 11, 2021, 07:36:51 PM

I have to agree with Aurorra, from the current perspectives, crypto will not replace fiat currencies, maybe even during our lifetime. We are already in digital age, but it doesn't mean, crypto can easily replace fiat because fiat can be digitized, and that would be the reason why a lot of governments are creating their own CBDCs and not choosing crypto over fiat. Remember, government always want their full control when it comes to financial aspect.

Like all the stable coins [1$ value], the Central Bank Digital Currency CBDC should be backed by real money in reserve to give it a value, just ike how banks do with scriptural money. Stable coins are not cryptocurrencies, it's designed to be another form of Fiat money and governments try to rely on this type of currencies as it decrease the impact of cryptocurrencies as an alternative for money/payments .

24Kt

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Quote from: coupable on October 11, 2021, 07:26:44 PM

Quote from: Aurorra on September 27, 2021, 04:29:07 AM

Under the digital economy trend, cryptocurrency will involve more fields. It is indeed of great importance to change human life, improve people's economic conditions and bring many benefits.

Although cryptocurrency has many benefits and its use is increasing, it will not replace fiat currencies now.

Scriptucal money aready does. We shouldn't forget that it's not just about digitalisation of money because it's already can be virtually managed. The cryptocurrency system can act as a side-chain which can co-exist with any form of value. As time goes by, until bitcoin & other major cryptocurrencies reach certain stability in the market (equivalence between demand and supply) and the price becomes more stable (like the actual currecies) i think it's too early to know about what will be the available options .

Sorry but what do you mean by scriptucal money here?

I have to agree with Aurorra, from the current perspectives, crypto will not replace fiat currencies, maybe even during our lifetime. We are already in digital age, but it doesn't mean, crypto can easily replace fiat because fiat can be digitized, and that would be the reason why a lot of governments are creating their own CBDCs and not choosing crypto over fiat. Remember, government always want their full control when it comes to financial aspect.

coupable

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Quote from: Aurorra on September 27, 2021, 04:29:07 AM

Under the digital economy trend, cryptocurrency will involve more fields. It is indeed of great importance to change human life, improve people's economic conditions and bring many benefits.

Although cryptocurrency has many benefits and its use is increasing, it will not replace fiat currencies now.

Scriptucal money aready does. We shouldn't forget that it's not just about digitalisation of money because it's already can be virtually managed. The cryptocurrency system can act as a side-chain which can co-exist with any form of value. As time goes by, until bitcoin & other major cryptocurrencies reach certain stability in the market (equivalence between demand and supply) and the price becomes more stable (like the actual currecies) i think it's too early to know about what will be the available options .

dbc23

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Quote from: Rahman11 on August 26, 2021, 12:36:21 PM

Definitely it’s not short time process for replacing traditional money to cryptocurrency, here below is a great article about this topics.
https://www.worldfinance.com/markets/cryptocurrencies-a-new-financial-world-order

No matter what happens it would still be difficult for crypto currency to replace the traditional fiat currency although it has no intrinsic value the government in various nations would rather stick to it just to ensure the constantly know who owns which asset even if there would go digital the would rather go for a more centralized crypto currency or rather develop a digital currency that would tackle the issues of cashless policy

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Quote from: RealMalatesta on October 11, 2021, 11:01:51 AM

I believe that there is going to be some sort of power struggle between crypto and fiat but not for the top, top will always belong to fiat, the struggle will be for payments. We do not have use payments in fiat to make fiat valuable, we could still calculate everything in dollars, but the payment could be done with crypto, that is what we are doing around here, and it could grow so much bigger to include the rest of the world. That is at least what I believe is possible, but it could be different of course.

Unlike fiats, cryptos are having the inherent characteristics of being investment opportunity which must be the reason if there will be a power struggle between crypto and fiats, in the end crypto will get more chances to be winning that kind of struggle.

I do believe that the future of new world might be definitely having some changes than what we are having right now. So, getting ready to adopt any kind of changes might be helping anyone to grow along with new changes otherwise we must need to struggle for adopting in the beginning days.

RealMalatesta

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Quote from: Abiky on October 07, 2021, 09:50:06 PM

As they always say: "if it ain't broke, don't fix it". For years, Fiat (in its current form) has been the predominant type of currency. Even after the inception of crypto/Blockchain tech, Fiat is still relevant. Some banks are beginning to experiment with digital currencies of their own. But it'll take a long time before paper money is phased out for good.

Believe me, I wouldn't want to see a future where every country relies on a global currency in a "New World Order". This would mean the end of an era for privacy as we speak. Surveillance efforts will increase at an alarming rate, with a system powered by AI and Blockchain tech. Luckily, crypto will be there to save the day thanks to its decentralized and censorship-resistant design. As long as people have crypto, there should be nothing to worry about. Just my thoughts Grin

I do believe that there is a middle ground somewhere in there. I do believe that fiat will always stay in power and nothing else (even crypto) will pass it. However, I also believe that there is a good chance fiat will not be as powerful as it is right now. So, while devaluing and becoming less important, it will still be seen as the most important one anyway no matter what.

This is why I believe that there is going to be some sort of power struggle between crypto and fiat but not for the top, top will always belong to fiat, the struggle will be for payments. We do not have use payments in fiat to make fiat valuable, we could still calculate everything in dollars, but the payment could be done with crypto, that is what we are doing around here, and it could grow so much bigger to include the rest of the world. That is at least what I believe is possible, but it could be different of course.

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Almost everyone who is used to using cryptocurrencies for investment also has some places that have gradually accepted payment, it seems that cryptocurrencies have become a kind of future currency, it may seem strange to some people but i feel that all things progress and money too must have progress and change for us to grow , for some traditional banks they always insist . If they still hold the old opinion that BTC is an unreliable currency, why don't they think that their money has become old and boring, cryptocurrency is the future of finance in the future?.

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Quote from: AndySt on September 27, 2021, 07:59:39 PM

Fiat currencies will undoubtedly continue to play the role of the first fiddle in the global economy and the economy of individual states. Too many things in the economy and government have been working on the basis of fiat currencies for quite a long time and no one will want to break a well-established system that works normally for the sake of experiments of a dubious kind. This does not negate the changes in this area and the emergence of new technologies in the form of blockchain technologies and related digital currencies. But then it depends on the traditions, the political structure of the states in what ways this will be implemented. Total blocking of transactions in cryptocurrencies for the sake of promoting their state project, as in China, or attempts to embed cryptocurrencies in their own economic system, as in other countries.

As they always say: "if it ain't broke, don't fix it". For years, Fiat (in its current form) has been the predominant type of currency. Even after the inception of crypto/Blockchain tech, Fiat is still relevant. Some banks are beginning to experiment with digital currencies of their own. But it'll take a long time before paper money is phased out for good.

Believe me, I wouldn't want to see a future where every country relies on a global currency in a "New World Order". This would mean the end of an era for privacy as we speak. Surveillance efforts will increase at an alarming rate, with a system powered by AI and Blockchain tech. Luckily, crypto will be there to save the day thanks to its decentralized and censorship-resistant design. As long as people have crypto, there should be nothing to worry about. Just my thoughts Grin

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Quote from: Anguwa on September 29, 2021, 09:46:24 AM

Technology has taken over everything happening globally. For digital currency to in place, it was due to technology advancement, and this technology is always advancing that makes digital currency to keep developing and even trying to overtake fiat/ paper currency. Cryptocurrency has supported digital currency and make it very viral in the I tire world. But I have the belive that digital currency will not take over fiat completely because all of them has their own advantages.

That's saying a lot, aren't most people already using credit cards or online payment systems already? So what's the difference if those were replaced with cryptocurrency? They're essentially the same and that also means that cryptocurrency can replace fiat, it just takes time and we just couldn't comprehend how it's going to happen.

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Quote from: FulxilCoris on September 24, 2021, 11:51:11 AM

Quote from: Baihaki Khaizan on August 10, 2021, 11:53:23 PM

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

https://www.ithb.ac.id/en/article/Cryptocurrency:-Masa-Depan-Keuangan-Tatanan-Dunia-Baru--31

The global financial system will change, but the changes will come gradually and in a more evolutionary way, rather than creating a “financial revolution” that destroys traditional banking and finance. Honestly. that said, I have never considered fiat to be phased out since the beginning, its goal is to bring convenience in almost all aspects of financial transactions. When it comes to cryptocurrencies and fiat, I think these two factors will coexist and support each other in the future. we shouldn't just think about cryptocurrencies that will replace fiat but why not develop together

Sound about right to me. The banks as of now seem to be taking lots of hits in the shape of more companies in fintetch, low rates, people using crypto, stronger regulations than usual, ... however they still hold the monopoly of getting money from the central banks and "miraculously" multiplying it and lending it massively to retail users by giving credit. While people buy houses with mortgages, there shall be banks.

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Technology has taken over everything happening globally. For digital currency to in place, it was due to technology advancement, and this technology is always advancing that makes digital currency to keep developing and even trying to overtake fiat/ paper currency. Cryptocurrency has supported digital currency and make it very viral in the I tire world. But I have the belive that digital currency will not take over fiat completely because all of them has their own advantages.

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Quote from: LUCKMCFLY on September 27, 2021, 11:03:43 AM

Quote from: 19Nov16 on September 19, 2021, 10:43:02 AM

Quote from: Levero on September 19, 2021, 03:15:43 AM

With the development of the digital economy trend, many countries have begun to develop their own digital currencies and digitize legal currencies.
Although cryptocurrency has brought many benefits and benefits to human life, and it also gives people real freedom, there are still some countries that oppose cryptocurrency and prohibit the use of cryptocurrency. It will not replace the original legal tender as the world currency.

Although cryptocurrencies are currently very popular but I believe that cryptocurrencies will never replace legal currency, the state will prohibit cryptocurrencies if many citizens actively use it, this is because the state must be able to control all transactions and finances so as not to disturb the national economy.

In this case you are absolutely right, I also think that cryptocurrencies will not replace FIAT money, because money is necessary to also give the value to the cryptocurrency, in fact in CHINA its stablecoin is based on the same fiat currency but digitally , I think that in a short time countries are going to adapt to Blockchain technology and the best way is for all their flow to be optimized in digital form, and that way they are not left behind in technology.
I think this has a lot to do with everything related to world order, they cannot be left behind with advances, and having FIAT money digitally will make it much easier to acquire BTC and any crypto.

Fiat currencies will undoubtedly continue to play the role of the first fiddle in the global economy and the economy of individual states. Too many things in the economy and government have been working on the basis of fiat currencies for quite a long time and no one will want to break a well-established system that works normally for the sake of experiments of a dubious kind. This does not negate the changes in this area and the emergence of new technologies in the form of blockchain technologies and related digital currencies. But then it depends on the traditions, the political structure of the states in what ways this will be implemented. Total blocking of transactions in cryptocurrencies for the sake of promoting their state project, as in China, or attempts to embed cryptocurrencies in their own economic system, as in other countries.

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Quote from: 19Nov16 on September 19, 2021, 10:43:02 AM

Quote from: Levero on September 19, 2021, 03:15:43 AM

With the development of the digital economy trend, many countries have begun to develop their own digital currencies and digitize legal currencies.

Although cryptocurrency has brought many benefits and benefits to human life, and it also gives people real freedom, there are still some countries that oppose cryptocurrency and prohibit the use of cryptocurrency. It will not replace the original legal tender as the world currency.

Although cryptocurrencies are currently very popular but I believe that cryptocurrencies will never replace legal currency, the state will prohibit cryptocurrencies if many citizens actively use it, this is because the state must be able to control all transactions and finances so as not to disturb the national economy.

In this case you are absolutely right, I also think that cryptocurrencies will not replace FIAT money, because money is necessary to also give the value to the cryptocurrency, in fact in CHINA its stablecoin is based on the same fiat currency but digitally , I think that in a short time countries are going to adapt to Blockchain technology and the best way is for all their flow to be optimized in digital form, and that way they are not left behind in technology.

I think this has a lot to do with everything related to world order, they cannot be left behind with advances, and having FIAT money digitally will make it much easier to acquire BTC and any crypto.

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Quote from: fullhdpixel on September 26, 2021, 05:32:28 PM

Quote from: so98nn on September 26, 2021, 03:25:27 AM

The word would have never been without physical currency because since the ages human has traded physical stuff to get something. Stone, chips, food, ornaments, axes and what not. Slowly things changed to more authentic stuff like gold coins and bars, and then paper bills, bonds in today’s world. Then we moved to digital payment systems which is widely used and help us trade internationally!!

I think birth of blockchain and crypto currencies based on it is the next level of transaction. So this change has always been there and acceptance of it depends entirely on the global acquisition.

I would assume that the acceptance is a bit of a legal situation as well. It doesn't need to be a legal tender for it to be a huge deal, it could be just that governments would allow people to do whatever they want, if optionally I want to accept bitcoin as payment then government should be allowing some sort of funds to protect me for it, if they could do that then I would assume that we should be fine in the long run as well.

I assume that we should be doing something that would be profitable for all of the crypto world by accepting bitcoin in all of our business.

Right now, even people who own some bitcoins or other coins do not accept bitcoin in their business. We have millions of people who own a bit of crypto, some own a little, some own a lot but we have a little bit of crypto and do we have millions of places accepting crypto as payment? If we could do that first, if we could convince ourselves to accept crypto, then we would be great in the future as well.

It's important we or most users use Bitcoin correctly.
Better to use Bitcoin in manner that is difficult for the System to censor, Better still, use Bitcoin in Censorship Resistant manner, so the system won't use the ability they have to censor you as a bargaining chip or to fight against the network. In that way, the system won't be able to stop you when you are using Bitcoin right/morally, and that will help keep the market from extreme volatility.
If the network ignores this important things and hand power over to the system by not using Bitcoin correctly, it will be at the mercy of the system. This includes handing control over to people who are slave to the system. Bitcoin should be used mostly in decentralized manner, and you should be worried when centralization in any form is creeping in.

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