Topic: Cryptocurrency: The Future of Finance in a New World Order? - page 4. (Read 1016 times)
It feels really different already now. We are using cryptocurrencies as alternatives for fiat currencies. And in the future, there will be no fiat currency also. Because countries are making their digital currencies which will be stable, not volatile. For now, most of them are in the research phase. Because governments want to make sure whether it will for the benefit of them. But sooner or later, they will have to let fiat currencies go as they will lost their values a great deal.
The majority of cryptocurrencies employ blockchain technology, which allows all network transactions to be tracked point-to-point in a transparent and open network structure. Although cryptocurrency is a new sector with diverse regulatory policies in different nations and regions, it is unavoidable that the industry will eventually move toward compliance and licensing. In the future, cryptocurrency will surely become an integral part of the financial sector.
It can replace fiat but right now, it seems impossible to do so because there's some things that needs to fill up when we want to remove something old, we will definitely be having problem when we abruptly remove the foundations of our economy.
You cant just expect every human being in this world to have access to internet, electricity and a smartphone every second - because that is the necessary ingredients to run a wallet and use it to pay using cryptocurrency. That is where physical currency is used more - in the rural areas and less developed countries. The contrary is also not true - majority of the developed countries are trying to regulate a system to allow cryptocurrency but most of them have not been able to use it.In either cases, fiat is the only failsafe, however bad that might sound to anybody, it is the truth for now.
Also, digital currency and bitcoin are not the same. Digital version of fiat needs similar ingredients to run but it is essentially fiat.
What some users have been saying about the pandemic, they are wrong - it is digital currency that took flight not bitcoin. Bitcoin adoption remained where it has been. This is logical too, since in the time of a crisis, you would want to use the more liquid version than the rarely used version depending on where you live.
All of these makes bitcoin a logical contender to be the next "money" that people use, I get that. However as long as nations do not take it as legal tender all around the world, it can't be at that level and I do not think that it will ever be in that level in the long run neither.
however the development of Bitcoin, we cannot ignore that it is impossible for all countries to agree with the existence of Bitcoin that can threaten the systems and regulations they have led. Their egotism will be maintained because of the threat caused by crypto. That's a cliché excuse that the central bank uses to create its own CBDC
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.
It is obvious that bitcoin is the future, but it is not obvious that we would move to that, I understand that finance has changed shape a lot, from times where people used coins like gold and silver, to points where people used banks where they store their coins and used papers that proved they owned money, to point where they had banknotes that we carry today simply saying the same thing even if their coins were not there anymore, and now to a point where cards are playing the biggest role, we do not exchange money too much from hand to hand, it is mainly digitally moved around.All of these makes bitcoin a logical contender to be the next "money" that people use, I get that. However as long as nations do not take it as legal tender all around the world, it can't be at that level and I do not think that it will ever be in that level in the long run neither.
I don't think that cryptocurrencies will really replace physical currencies. Its role is indeed potentially stronger and has succeeded in improving the financial situation of citizens in relation to current conditions, but it doesn't mean that the government will easily remove the money and replace it with digital currency as a new era, the ordinary currency has become an absolute requirement for each country, cryptocurrency would be as a complementary only.
It can replace fiat but right now, it seems impossible to do so because there's some things that needs to fill up when we want to remove something old, we will definitely be having problem when we abruptly remove the foundations of our economy. 
I don't think that nothing is impossible in the future for crypto adoption. In fact, many countries are increasingly interested in further researching the extent to which this crypto can be useful as a new financial system in the future and they are starting to think that creating their own crypto is an idea to anticipate the surge in demand for crypto-based digital payment systems.
So far, Indonesia has started thinking about creating its own cryptocurrency which is fully controlled by the financial authorities under Bank Indonesia. Their interest in crypto is expected to influence users' interest in knowing a lot about bitcoin and other cryptocurrencies before adoption can take place. As far as I know, Indonesia has not legalized payments with cryptocurrencies but trading and investment are allowed as long as users comply with the applicable rules.
So far, Indonesia has started thinking about creating its own cryptocurrency which is fully controlled by the financial authorities under Bank Indonesia. Their interest in crypto is expected to influence users' interest in knowing a lot about bitcoin and other cryptocurrencies before adoption can take place. As far as I know, Indonesia has not legalized payments with cryptocurrencies but trading and investment are allowed as long as users comply with the applicable rules.
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.
I don't think it is possible to remove and replaced current money with digital currency. Even though the adoption of crypto or digital currency is increasing every day especially when the pandemic hits, it will not replace fiat. As long as there are people who want to use the current money it will never be replaced and the government will never let it happen. It is possible that crypto and current money will co-exist forever but will not replace the current.
I don't think that cryptocurrencies will really replace physical currencies. Its role is indeed potentially stronger and has succeeded in improving the financial situation of citizens in relation to current conditions, but it doesn't mean that the government will easily remove the money and replace it with digital currency as a new era, the ordinary currency has become an absolute requirement for each country, cryptocurrency would be as a complementary only.
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.
I agree. This Covid-19 enhanced the adoption of digitalization due to fear of the Virus getting passed. DeFi sector will most probably be replacing the old banking system that is rotten by greed and personal gains. Freedom by which you control your funds through these protocol is what humanity drives into this evolution. It would be hard to replace the current system due to the fact that Governments are in to it thats why projects like TheStandard.io is really promising. The traditional financial economy needs to adapt to the ever-changing trends under the digital form.
Replacing traditional financial currencies is not the purpose of cryptocurrency, but to introduce a new technology like blockchain into it, this may take a long time.
Cryptocurrency has brought a lot of freedom and convenience to people, and it may involve more fields in the future.
Replacing traditional financial currencies is not the purpose of cryptocurrency, but to introduce a new technology like blockchain into it, this may take a long time.
Cryptocurrency has brought a lot of freedom and convenience to people, and it may involve more fields in the future.
We have seen a lot of benefits brought by blockchain technology. But this is not an easy task to replace the traditional ways as people will stick to their old ways as long as they can. But once they experienced the benefit of this technology, I am certain, they will change their perspective on things.
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.
Sadly, governments and central banks will have greater control over people's lives as they make use of crypto/Blockchain tech for their own benefit. The advent of Bitcoin has encouraged banks to launch digital currencies of their own. Without paper money, governments can easily track and trace every transaction performed by everyday people. This means greater surveillance, and the end of the "privacy era". COVID-19 has accelerated the adoption of digital payments, making us one step closer towards a "New World Order".The longer it takes to end the pandemic, the closer we'll be towards a cashless society. Our economy will never look the same as it was before COVID-19. Crypto will survive because of its decentralized and censorship-resistant design. But adoption will decline as governments prevent people from using it as much as possible. We should enjoy our privacy while it lasts before it's too late. Who knows how the world will look like in the future? Just my opinion
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.
Sadly, governments and central banks will have greater control over people's lives as they make use of crypto/Blockchain tech for their own benefit. The advent of Bitcoin has encouraged banks to launch digital currencies of their own. Without paper money, governments can easily track and trace every transaction performed by everyday people. This means greater surveillance, and the end of the "privacy era". COVID-19 has accelerated the adoption of digital payments, making us one step closer towards a "New World Order".
The longer it takes to end the pandemic, the closer we'll be towards a cashless society. Our economy will never look the same as it was before COVID-19. Crypto will survive because of its decentralized and censorship-resistant design. But adoption will decline as governments prevent people from using it as much as possible. We should enjoy our privacy while it lasts before it's too late. Who knows how the world will look like in the future? Just my opinion
The traditional financial economy needs to adapt to the ever-changing trends under the digital form.
Replacing traditional financial currencies is not the purpose of cryptocurrency, but to introduce a new technology like blockchain into it, this may take a long time.
Cryptocurrency has brought a lot of freedom and convenience to people, and it may involve more fields in the future.
Replacing traditional financial currencies is not the purpose of cryptocurrency, but to introduce a new technology like blockchain into it, this may take a long time.
Cryptocurrency has brought a lot of freedom and convenience to people, and it may involve more fields in the future.
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?.
They don't think that way with fiat and they have that kind of opinion against cryptocurrency because they don't have interest that will benefit if they support cryptocurrency, and they can't control cryptocurrency like they control fiat so why would they relinquish that power.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.
Agreed specially now that the printing spree is making inflation great. I believe it might takes time to be fully implemented but I can see a bright future for it. A future where fiat isn't a thing anymore and all transactions are being done through phones. Where banks isn't popular anymore and DeFi replaced it. Our hope is of course that crypto users will continue to increase, it doesn't matter even if the country is banned for bitcoin but with large users, this is like a community agreement and can pressure the government to immediately legalize bitcoin.
OP,you sound way too dramatic.
The global financial system will change,but the changes will come slowly and in a more evolutionary way,rather than creating a "financial revolution" that will destroy traditional banking and finance.
The pandemic changed the financial landscape a little bit,but there's nothing groundbreaking.
The fiat system will continue to exist in the future decades.CBDCs might become a thing or they might be a failure.Nobody knows what will happen.
Cashless society will become the norm after several decades.
May reduce the frequency of using cash.The global financial system will change,but the changes will come slowly and in a more evolutionary way,rather than creating a "financial revolution" that will destroy traditional banking and finance.
The pandemic changed the financial landscape a little bit,but there's nothing groundbreaking.
The fiat system will continue to exist in the future decades.CBDCs might become a thing or they might be a failure.Nobody knows what will happen.
Cashless society will become the norm after several decades.
There are still many blind people. Will there be a technology to help them pay?
When a few decades later, mobile phones have become a necessity. Everyone knows how to use a mobile phone. Mobile payment will become a trend. Cryptocurrency may become more and more popular.
But there will still be paper money.
OP,you sound way too dramatic.
The global financial system will change,but the changes will come slowly and in a more evolutionary way,rather than creating a "financial revolution" that will destroy traditional banking and finance.
The pandemic changed the financial landscape a little bit,but there's nothing groundbreaking.
The fiat system will continue to exist in the future decades.CBDCs might become a thing or they might be a failure.Nobody knows what will happen.
Cashless society will become the norm after several decades.
May reduce the frequency of using cash.The global financial system will change,but the changes will come slowly and in a more evolutionary way,rather than creating a "financial revolution" that will destroy traditional banking and finance.
The pandemic changed the financial landscape a little bit,but there's nothing groundbreaking.
The fiat system will continue to exist in the future decades.CBDCs might become a thing or they might be a failure.Nobody knows what will happen.
Cashless society will become the norm after several decades.
There are still many blind people. Will there be a technology to help them pay?
When a few decades later, mobile phones have become a necessity. Everyone knows how to use a mobile phone. Mobile payment will become a trend. Cryptocurrency may become more and more popular.
But there will still be paper money.
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
https://www.worldfinance.com/markets/cryptocurrencies-a-new-financial-world-order
Money will be removed and replaced with a digital currency system.
Fiat currency will not be replaced by encrypted currency, and the national government will launch its own digital currency.Although cryptocurrency brings a lot of value benefits and freedom to people, its decentralization makes it impossible for the government to control it, and the use of cryptocurrency is detrimental to their own interests. And the price of cryptocurrency is unstable, and it is not yet fully applicable to daily transactions. Its anonymity is also not conducive to tracking the scope of transaction use, and it is easy to be used as a criminal method. Some countries also ban the use of bitcoin.
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