Topic: Deutsche Bank predicts cryptocurrency could replace fiat by 2030. (Read 426 times)

very far-reaching thinking I think to think about paper money and crypto. in the future maybe we can't use paper money but now some banks have made a platform for easier transactions without using paper money. but they don't use crypto or other currencies. Transaction systems such as inter-bank transfers and everything are now done online. When people don't understand the value of crypto, I think it's the same and it's safer to use their money with applications than to use crypto.

It is very important that big banks announce such forecasts. Bitcoin or Cryptocurrency will enter our daily lives more. Humanity is about to experience the space age. If we start a colony on Mars one day, we're not going to take paper money.

COINTELEGRAPH
By 2030, the demand for alternative currencies will rise, with digital currencies eventually replacing cash, according to recent research from Deutsche Bank.

In the “Imagine 2030” report, Deutsche Bank strategist Jim Reid raised awareness of the challenges the existing fiat system has encountered in recent years, specifically with the emergence of cryptocurrencies. Reid stipulated that people’s heightened demand for dematerialized means of payment and anonymity could drive more individuals to digital currencies.

MAINSTREAM ADOPTION AND CO-OCCURRING CHALLENGES
In order to gain wider acceptance, digital assets need to overcome three major hurdles. These include perceived legitimacy in the eyes of governments and regulators, which entails price stability and allows for global reach in the payment market. According to Reid, the establishment of alliances with key stakeholders like mobile apps and card providers will enable this development.

At the same time, Reid pointed out that with mainstream adoption, new challenges will arise. Among major threats to the purported digital currency-based financial system, Reid named dependence on electricity, cyberattacks and a digital war. “As that occurs, the line between cryptocurrencies, financial institutions, and public and private sectors may become blurred,” Reid wrote.

COUNTRIES EXAMINE CBDC
In the meantime, world governments have been actively debating the need to develop national digital currencies. Earlier today, Bank of Japan Governor Haruhiko Kuroda said that there is no public demand for a central bank digital currency (CBDC) in the country. Kuroda noted the increasing demand for cash payments and added that the bank had been conducting technical and legal research into the matter.

The British Virgin Islands has taken a more proactive approach to CBDCs, announcing that the country is developing a digital currency dubbed BVI~LIFE in collaboration with blockchain startup LifeLabs. The currency is part of a broader initiative to grow the local fintech sector. It will be pegged to the U.S. dollar.

The central bank of France plans to pilot a CBDC for financial institutions in 2020.

Here is my opinion: the creation of this kind of aspect will give an impetus to the transformation of bitcoin throughout the world.

Source: https://refind.com/link/49095261

Think again because I've read some articles that their bank is accepting crypto I'm not yet sure if it was Bitcoin but due to the fact that banks could actually accept Bitcoin is a great change. Although the problem of stability due to the high volatility will make some investors to back when investing Bitcoin and other cryptocurrency.

Banks do not want to accept bitcoin because of its price volatility. Bitcoin today costs $ 7,300, and tomorrow it rises to $ 9,800. Because of this, it is not profitable for banks to deal with bitcoin. And if the situation is reversed, the price rushes down.

If more people use bitcoin, then it can happen. There is other politics. Bank will try to centralized bitcoin (you can hold your bitcoin in bank) in this way.People should use bitcoin and hold bitcoin in his own wallet.and Yes,I believe that bitcoin will replace fiat.     

COINTELEGRAPH
By 2030, the demand for alternative currencies will rise, with digital currencies eventually replacing cash, according to recent research from Deutsche Bank.

In the “Imagine 2030” report, Deutsche Bank strategist Jim Reid raised awareness of the challenges the existing fiat system has encountered in recent years, specifically with the emergence of cryptocurrencies. Reid stipulated that people’s heightened demand for dematerialized means of payment and anonymity could drive more individuals to digital currencies.

MAINSTREAM ADOPTION AND CO-OCCURRING CHALLENGES
In order to gain wider acceptance, digital assets need to overcome three major hurdles. These include perceived legitimacy in the eyes of governments and regulators, which entails price stability and allows for global reach in the payment market. According to Reid, the establishment of alliances with key stakeholders like mobile apps and card providers will enable this development.

At the same time, Reid pointed out that with mainstream adoption, new challenges will arise. Among major threats to the purported digital currency-based financial system, Reid named dependence on electricity, cyberattacks and a digital war. “As that occurs, the line between cryptocurrencies, financial institutions, and public and private sectors may become blurred,” Reid wrote.

COUNTRIES EXAMINE CBDC
In the meantime, world governments have been actively debating the need to develop national digital currencies. Earlier today, Bank of Japan Governor Haruhiko Kuroda said that there is no public demand for a central bank digital currency (CBDC) in the country. Kuroda noted the increasing demand for cash payments and added that the bank had been conducting technical and legal research into the matter.

The British Virgin Islands has taken a more proactive approach to CBDCs, announcing that the country is developing a digital currency dubbed BVI~LIFE in collaboration with blockchain startup LifeLabs. The currency is part of a broader initiative to grow the local fintech sector. It will be pegged to the U.S. dollar.

The central bank of France plans to pilot a CBDC for financial institutions in 2020.

Here is my opinion: the creation of this kind of aspect will give an impetus to the transformation of bitcoin throughout the world.

Source: https://refind.com/link/49095261

For me 2030 is still early for cryptocurrencies, having it now seems to be broken. I have been dealing with digital payment processors, note that it does not use any crypto yet but it always has a problem or error, some kiosk are not even working or if it does it sometimes fail. Indeed the the decade of bitcoin and other crypto has been progressive and changed different aspects in terms of financial but 10 years from now seems unclear for crypto to replace the fiat.

2030 is about ten years from now. And definitely 10years is really a promising year for cryptocurrencies and bitcoin in particular to make more difference in the financial market. The last 10years of bitcoin has  been progressive so far. I believe it may replace fiat by 2030 if not totally maybe 50% of it.

I don't know where you live but cash is getting abandoned and payments are mainly done by credit cards and through banking services. Some countries already have a plan of removing cash in the near future. Main goal is obiviously to affect black market, tax evasion, have all transactions on record and full control over someone.

lol. you said, you can't predict the future and predicted that cash will be non-existent soon, how ironic. Well my stand on this is simple, if we are going to have a cashless society, a full cashless society then we will be needing the blockchain for transaction records and a well established stable coin completely backed by what? If it's fiat then might as well we should not do it anymore. If we are going to have the society we want, I guess it's better to backed it with something that has a intrinsic value like gold coin and bars and let the government do the regulations.