Topic: Cryptocurrency: The Future of Finance in a New World Order? - page 6. (Read 1016 times)

The central banks and those finance industries must have been triggered with the presence of crypto because if not, such countries must not impose restrictions for cryptocurrencies. If they are just open to crypto, traditional finances and this new evolution technology will create a good blend so they can serve more satisfaction to their clients.

I think the government should give more emphasis to crypto because it might be their answered prayer in regaining the strong foundation of their economy.

Big crises often contain big opportunities. Cryptocurrencies are emerging digital currencies based on blockchain technology, which can effectively alleviate international economic problems.
Most cryptocurrencies use blockchain technology, and all transactions in the network can be recorded point-to-point in a transparent and open network system.
Cryptocurrency is an emerging industry, and the regulatory policies of different countries and regions are also different, but it is an inevitable trend for the industry to gradually move towards compliance and licensing. Cryptocurrency will inevitably become an indispensable part of the financial field in the future.

Yeah, that's likely.

Also people see decentralized currencies as "digital" while not fully understanding what they are; while seeing experts are praising them how progressive they are, they immedietely jump into praising bandwagon when they hear that goverments want to create fully digital usd, eur or whatever.

right, if at the same time eliminating the physical, then it is possible for now it seems the world is not ready, there will be many obstacles that will occur. but by giving him a little space can identify deficiencies and can correct them before they are really deemed worthy. but what they are facing is the government, which they seem to be comfortable with the current system

The world without a physical currency isn't strange. I use a debit card most of the time, and only use cash where I cannot pay with the card. When I visited Sweden, I haven't even seen any banknotes because it was always easier to pay with a card, and sometimes paying with cash wasn't even allowed. So in some places, it's already reality, but it's not a crypto reality. All that printing done to get Covid relief funds will probably backlash eventually, but that alone isn't enough to really make a difference at Bitcoin adoption rate. A few businesses here and there, some countries declaring their crypto-friendly stance, but all this isn't enough to make cryptos as popular as, say, smartphones.

That's what we're expecting from crypto, I'm not sure if it can happen or work in a way that will make life simpler in the future. Buy and keep it all for our children and grandchildren and I think they will be very proud of what their predecessors did.

With the development of cryptocurrency, many countries have appeared their own digital currency, which has changed the world of the traditional financial system.

But the complete digitization of cryptocurrency is not fully applicable to every country. Cryptocurrency will not replace the traditional financial system, and blockchain can be introduced as a new technology and encryption technology.

You could have sectional power failures such as the US East Coast - or Southern States after a decent hurricane.  (Same goes with the Gulf States - think Haiti etc).

The thing I like about the Goal Zero products is unlike other solar power collectors (panels and batteries) *everything* has plugs - be it 6V or 240AC/110DC and various USB types of plugs enabling the end user to plug everything in thanks to the connectivity (plus power feed through i.e. recharge a battery while a cell phone is also plugged into the power pack battery).

Other solar panels struggle with loose wires, or non-standard power plugs or connectors.

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That said, a UPS is the way to go to ensure your PC / work station shuts down effectively during a sudden power loss enabling you to back-up data before shutting down.

It's likely they haven't really look into the disadvantages or don't understand the implications. .. Maybe they are more focused on the advantages or don't even know that it has really serious disadvantages.
If the physical one is eliminated it's going to be way too risky to use money because centralized (and virtual) currency would be preferred by tyrannical government. Such government will likely not be confortable with well decentralized currency system. Besides, a well decentralized cryptocurrency would allow users print their "coins" on physical things and use them like physical money.

As much as I believe this will happen eventually, I do not believe it will happen any time soon. The move towards the digital age did not start with bitcoin, it has been with every industry and such move didn't happen over the course of a night. It took years.
Now, the financial world is going digitally and this means that eventually, bitcoin and cryptocurrencies at large will receive the conventional fiat system but trust me, this will take time. There are still many measures to be put in place before we can achieve this. I am talking about 50 to 100 years to come.

It is about time factor that we see cryptocreency adoption in developed countries and that will be the real advantage to cryptocreency. CBDC is the effect of government fighting cryptocreency.  Cryptocreency opened government into such invention that is existing and those government fighting cryptocreency are those ones who are in a haste to develop their own digital currency like China, they want to protect the yuan. Countries like China have been in the front to kick against bitcoin, mining and cryptocreency and we can't be surprised if they introduce CBDC.

It's not about physical vs digital currency. Fiat money is mostly on digital form already, it however isn't so easily transferable as decentralized cryptos because it runs on centralised bank ledgers. In order to decentralised currencies to become threat to current system, they would need to be accepted widely as possible, even more widely then any fiat money and i can't see that happening any time soon. Fiat pairs is the reason why regulators are even interested in this. Or why they can and should interfere.

In fact physical currency is way more untraceable then most digital currencies so i wonder why people want to get rid of it so eagerly.

This pandemic indeed urged everyone to adjust to the unforeseen impact of the covid-19 virus outbreak. A lot of people are forced to used digital modes of payment for their transactions because of the safety protocols imposed by the government. Most services and products offered most especially during the peak of the pandemic require a cashless method. People have to use their e-wallets or digital banks in order to pay for something. Contactless mode of transaction became a thing and is still continually used until today that safety measures have been slowly lifted.

While I agree with what you have in mind, I still think that we are still far from switching to a total cashless world. Fiat has been existing since time immemorial. It wouldn't be that fact to wipe it out and replace it with digital currencies. I think years from now, the digital currencies and fiat will continue to coexist in harmony like what it is today at the present. Going totally cashless and being digital/e-wallet inclined will take a long time to happen but certainly not impossible. But before this, they must first address all the issues and concerns existing by using digital payment (processing time, transaction fee, system errors, floating fund, etc) so that people will be encouraged to use it more in the future.

paper money will surely be replaced by digital money and crypto but it takes a long time and also adjustments. we are heading in that direction and banks have to adapt to the changing trend, if they don't adopt cryptocurrency then their business will lag far behind.

It needs more time to introduce blockchain as new technology and crypto to be the new source of income for people.
People need to open their eyes that in the digital era, everything will change and not all traditional can work or continue to help them make money.
Besides that, people need to realize that traditional financial will replace the digital system, which began a few years ago.
If they do not want to accept a new thing, they will not adapt to the new system and I am not sure if they can survive.
But let see what will happen in the future.

Cryptocurrency does not aim to replace the traditional financial system but rather integrate in it the concept of blockchain technology that will add more  convenience on the side of the people utilizing it.

For now, its hard to imagine that we will live in cryptocurrency and just leave those physical money. People are already used to it. And if new changes will come, for sure it will not happen in an abrupt way but slowly so that the people will be used to it and become a norm in the next years to come.

In some advanced and first & second-world countries, they can be in a full digitalized society that can be implement cashless. But having that said, it cannot be applied entirely with every country.

There's still a lot of people that are not fond of technology and governments that are seeing bitcoin as a threat. They're not looking at it as a threat to replace fiat but because they cannot see how they're going to benefit from it while their citizens are earning from it but not taxable. It's mostly being used as a store of value.

Everyone often has a long process of accepting new things and new technologies. Not everyone is a brave person who is brave to innovate.
Blockchain as a new technology that has emerged, has not been accepted by everyone. Cryptocurrency is gradually integrating and changing everyone's life, and it cannot replace the traditional financial digital currency system.

Snowball effect? I would never use that term in the context of bitcoin. Snowballing is preferred more towards MLM/HYIP scams and bitcoin was suspected as one several years back, though that argument has been countered several times.

Although it might seem to compete with fiat, but this is also wrong. The impact of bitcoin did not come in to effect in several years after after its inception. It is currently that we are watching some countries allow it.

This is also wrong. The concept of digitization of money and its services happened a long time back and they have been developing on that for a long period of time. But it never really made its appeal to the public because for them physical spending was better in many aspects. The point is that the pandemic forced people to use it more and therefore some banks had to start using some digital service providers more than others.

In fact the pandemic has forced people to stop over-consumption because of rising prices and lack of resources. On the other hand acceptance of bitcoin in countries where it has already been a grey area, did not change much. So the correlation you are talking about does not exist.

Cryptocurrency usage is much connected with the monetary system and this makes the blockchain technology loss it's importance. It isn't known to people that blockchain technology can be used on anything to get effective outcome. Myself expect the change to happen in all forms and not only on the financial system.