Cryptocurrency VS Traditional Financial system

leavolnhals

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Quote from: daporivera on October 27, 2018, 05:08:12 AM

In your opinon do you think cryptocurrency have to become somewhat like a fiat currency to compete with traditional financial system?

Would like to hear your opinon.

Never that can happen. The fiat money is really very valuable and it is still an asset and being active in the forex market. How can the cryptocurrencies compete with fiat money when it's not the same? We call the electronic money but its nature is the money transfer tool. It has no other functions. It is simply a unit in our crypto market.

BILGPS

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I prefer this method because this method is for every one every where and in traditional financial system it was a dream that time and we would keep our money everywhere or we would make transactions through big Institutions or banks will eligible for this but now you can do it possible through crypto currencies.

gostop

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I don't think this is a kind of competition, at least not yet. The cryptocurrency is not a competitor to the traditional financial system. It must be known that the traditional financial system has hundreds of years of experience. Encrypted currency is a shortcoming that makes up for traditional finance. Future cryptocurrencies will be combined with traditional finance.

Alpha0One1

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Quote from: daporivera on October 27, 2018, 05:08:12 AM

In your opinon do you think cryptocurrency have to become somewhat like a fiat currency to compete with traditional financial system?

Would like to hear your opinon.

Still a long way before cryptocurrencies will be easily spendable like fiat globally.
Also the high volatility is still present. Once regulations are put in, maybe we'll see mass adoption.
But it will also take out the excitement that we have in crypto Cry

Annieluvyou

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I think it's starting to be headed that way. The implementation of cryptocurrency for transaction already been started.
So in the future there is possibilities that most of transaction could be done using cryptocurrency.

CryptoGosu

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I think that in the cryptocurrency system the user has more opportunities and fewer restrictions. After the cryptocurrency became popular, many users who had not previously engaged in economics began to be interested in this.

Smitt

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In my opinion it is not necessary, if the cryptocurrency performance system is superior to the traditional financial system then it will be replaced by itself and of course the development of technology is a very positive thing to improve the quality of the old work system, as well as now everyone, uses a debit card positive value to facilitate each transaction without having to carry a lot of paper money. These are technological advances over time to help people safeguard their money.

darewaller

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Quote from: daporivera on October 27, 2018, 05:08:12 AM

In your opinon do you think cryptocurrency have to become somewhat like a fiat currency to compete with traditional financial system?

Would like to hear your opinon.

Depending on what you need both have strong suits. I am a person who hates banks and I really try to not have any business with them at all. However, the traditional financial system still has some good deeds in it, for example having a credit card to pay some stuff that you can't afford right now but know you can after a certain time is still a viable option for many people.

Some people use it to pay stuff they can't afford and can't afford later on as well which is the bad side of the traditional system in which cryptocurrencies win because you can only pay with what you have and not what you will have which will be good for second type of people but could be bad for the first type.

I use a credit card even though I hate the banks but I know how much I will be paid and spend it beforehand. Same goes with loans and mortgages which you know you will be capable of paying monthly but can't afford all at once.

disbil

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Merit: 250

Quote from: daporivera on October 27, 2018, 05:08:12 AM

In your opinon do you think cryptocurrency have to become somewhat like a fiat currency to compete with traditional financial system?

Would like to hear your opinon.

In the future, cyrptocurrency should be able to be used just as traditional currency, that can be used to make any kind of transaction in our daily lives.
When that happen, i believe the development of cyrptocurrency will be even better.

Enataramel

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Merit: 10

Justice as a Service Infrastructure

The cryptocurrency is better than a traditional financial system of economy of any country of the world. This future of a financial system.

guillot1ne

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Merit: 10

www.icovo.co/

So, in my opinion, the cryptocurrency would to change Traditional system, but it will happen in far future. Just in next 20-30 years.

futurefuturecoins

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Most likely there will be a transition period when banks will use some of the achievements of cryptography. How long this period will last largely depends on the decisions of the governments of strong states.

nelsledma

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Merit: 250

Quote from: daporivera on October 27, 2018, 05:08:12 AM

In your opinon do you think cryptocurrency have to become somewhat like a fiat currency to compete with traditional financial system?

Would like to hear your opinon.

Are you for real? So you guys still ask this question till now🙄? Hmph. Cryptocurrency wasn’t meant to be used in replacing our current monetary, Satoshi just made something that can be used as an easier way of sending and receiving money peer-to-peer and not to be used in replacing fiat.

Cryptocurrency doesn’t even have a physical like fiat does. It’s only being used online, unlike fiat which can be used in any way including online and offline, so what makes cryptocurrency better than it? Cryptocurrency is just for speed in sending and receiving money if you’re not living in the country with someone you’re sending to, cause banks are slow when it comes to international transactions.

lamba

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Activity: 126

Merit: 1

Decentralised issue is the biggest and the most important thing about crypto. After now nobody will dont have the power for our moneys. Even with dollar euro yen etc. All the moneys are backed from some goverments and their currencies value related these goverments behaviours. After that we have our money and goverments can not control our money and our money's value. We are free with cryptocurrencies.

Airelves09

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The big difference is that the traditional financial system is tested by the market. Cryptocurrency has great advantages in technology. It is a decentralized system. The potential of the future is far greater than that of the traditional financial system.

labuan

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Merit: 251

Traditional Financial system is not asset investment and so very difficult to carry everywhere. But Cryptocurrency is very easy to canrry everywhere, it's asset investment and very fast in transfer transaction. So i think Cryptocurrency is better than Traditional Financial system and i will choose Cryptocurrency than Traditional Financial system.

sana54210

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Quote from: daporivera on October 27, 2018, 05:08:12 AM

In your opinon do you think cryptocurrency have to become somewhat like a fiat currency to compete with traditional financial system?

Would like to hear your opinon.

I do not think cryptocurrency is nowhere near the traditional financial system right now but with the upcoming ETF and the turning into commodity instead of currency things made it a bit closer to it than what it was initial. Which tells me it doesn't "have to" become more like the traditional financial systems but since it is a democratic free market decentralized currency it can be turned into whatever people wants it to be.

Right now people wants crypto to become more commodity and make them more fiat than they got in and that is what is doing right now. If public decides that bitcoin should be a payment option everywhere around the world than some company (and than many more after that) will find a solution and we will buy everything with it. It does whatever it does according to what public wants.

veter2601

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At the moment, bitcoin is an investment tool that has attracted many investors the opportunity to receive good profit . In some countries it is legalized at the state level as a means of payment . But at the moment it is too early to say that it will completely replace cash.

PHI1618

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The traditional financial system will replace the crypto. I'm sure everyone knows that. The crypto money system will crush the traditional financial system. All this will happen in the next 10 years. And we will be witnesses to this revolution. We're very lucky.

cindygirl

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Quote from: capableuwa1 on October 30, 2018, 12:31:25 PM

I think there's no point in drawing comparison between both digital currency (Cryptocurrency) and Fiat currency (Traditional currency). Yes it is well known that traditional financial system is centralized and we have been doing well with it till the evolution of digital currency. To survive in the world we are in, I think there's need for both because some persons still don't have an understanding of how Bitcoin and other Cryptocurrency works. Aside that, I still haven't been able to purchase anything in the real world with my Bitcoin. Rather I convert Bitcoin to Fiat.

People are fascinated with the idea of cryptocurrencies taking down the traditional financial system and replacing fiat so they fail to think of things in the way you just expressed. Neither one is better than the other in every way and therefore they both are important and need to co-exist. It's better just to be grateful you have something to suit your own needs than to be frustrated because everyone else doesn't place the same value on it or have the same needs.

Topic: Cryptocurrency VS Traditional Financial system (Read 630 times)