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

It is certain that Bitcoin can withstand paper money today in all directions. In financial terms, this is very good. Let's see what to see from the banks, and things are progressing.

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.

I am sure that cryptocurrency will replace the existing fiat.
But the problem is that cryptocurrency that will be issued by banks is certainly centralized, which means that the old system will not just disappear. Their outer skin is changed by using the blockchain but the inner system is still the same.
In this way, although cryptocurrency plays a big role in the future, freedom of transaction is still the same as it is now being watched. Only bitcoin that I hope can subvert all fiat available.

this would be GREAT, if any country implements a cryptocurrency as an official currency, but im not sure it would ever actually happen, or just a hype thing
imo,  people would be pissed if they had transparency and knew the kind of shit their government spends money on, tho maybe the chain would be private to avoid that haha
alot of this news is "ill believe it when i see it", but man 2020 seems like its gonna be an INTENSE year for development in the crypto scene!

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.

Adoption rates of cryptocurrencies comparison graph was actually more interesting point on the original report. It was kinda depressingly slow, but we live in a bubble and these things take time.

When a big bank makes a claim, the truth is usually the opposite. In this case, he probably wants to trim some mysterious altcoins to his customers, only to apologize later saying that "it was not successful".
Never trust politicians and bankers

2030 is quite a long time which is enough for any technology to have evolve a lot, so without them predicting anything, btc rein by 2030 is inevitable, btc has already achieve alot for the past 10 years, so in 10 years to come i expect even more achievement.

Yes, I agree with you that you are breaking through a source of information and sharing with us, investors and traders. Maybe the innovation will come in the first quarter of 2020, and by doing so, they wanted to warn us about this. The statement is serious on the part of the bank and it needs to be weighed.

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.

This is another step for crypto currencies to spread more as Reid already pointed out all the possibilities that will occur in the future. The hurdles and the benefits of digital payments, I am very excited whether bitcoin will still there once fiat will be replace as the main currency.

2030 is not that far so I am really confuse whether the prediction of Deutsche Bank will become in reality.

Doesn't necessarily means the existing cryptos will replace fiat in the future but it's also possible that the government with their own centralized crypto will replace it forecfully with their authority.
Now, many countries are trying to observe the benefit of crypto and they are still reluctant but waiting for the right time and if there are country that could succesfully imeplement crypto as their currency some might follow.

After I knew China is doing digital fiat, it seem possible to see the adoption of digital currencies in less than 5 years actually. And its not just China that is doing it right now, several countries express interest into digital currency. If you could related what happen to internet adoption, it did took a decade but after people learned about its potential its been adopted everywhere down to the smallest business. I say 10 years is even too long starting from now.

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 would not like to contradict you, but tax evasion, properly falls under the article of the code, if any. Definitely, while there is no regulation in my country, then I do not need to pay taxes. This may come, but over time, many investors will be required to pay taxes on the Bitcoin cryptocurrency. This is from the point of view of the state.

The cryptocurrencies they intend are not crypto but digital money, which is already now. But they are preparing to supplant it, since it will no longer be worth anything, with another equal coin that will have changed only its name or, at the most, will be on a Private Blockchain/DLT.

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.

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.     

In its own way, the more consumerism in bitcoins, the more extensive Bitcoin goes to the masses and becomes recognizable. I completely agree with you, thank you. Bitcoin was chosen by the German state for a reason.

Clearly like the internet I do not know. But I do see the similarities. In the beginning most people were on AOL or some other stupid gateway that helped them connect to the internet for those who didn't know how to dialup directly.

Eventually everyone learnt it, or it just became easier you never need to dialin anymore like it is today.

Same with crypto I guess. People start using coinbase but soon they will be using btc without even knowing they have a private key. Kinda bad in a way maybe but that's consumerism.

bitcoin and crypto currencies are clearly like the internet, it's not easy many people want to use it and want to know the internet, it takes a long time to process everything and now almost everyone accesses the internet, as well as payment tools like bitcoin or other crypto currencies, but according to I 2030 is a very fast time, I think everyone is free to make predictions and speculations but this is where we realize that invisible payments can interest many people in the next few years, so I only laugh at the few people who have thrown away cheap bitcoin

This is one of many opinions and I do not consider it true. In ten and even a hundred years, cryptocurrency will not replace the traditional national money of states. People’s interest in digital currency is increasing, but cryptocurrency will be able to walk in society only along with the national money of states. Their disappearance will not be allowed by any state.
Now, really stable coins of various states will begin to appear in large numbers. About 70 percent of all states already declare this. It seems that stable state coins can become a serious competitor to a decentralized cryptocurrency.

Well, Deutsche Bank will probably not survive next two years

Surely  the increase in adoption and usage of cryptocurrencies would increase in the nearest future but i don't think cryptocurrencies would completely replace fiat. I see a future where both currencies would coexist but many people would prefer to use digital currencies instead of fiat currency. Some folks are still going to use some major cryptocurrencies as a good store of value.

It is possible to replace fiat.
Once, finances were run through barter, then gold, then in some place chocolate was used as a currency. Then came these paper money which is running because of the demand. If a certain asset has a demand whether on paper or digital, it is going to gain a lot of attention in the markets and may one day, achieve what we are talking about, here.

It's what exactly what I've understood. It's about their CBDC to be used 10 years from now and the logic is simple, they've just made it digital to make it inline with cryptocurrencies so that people will believe it that they are actually a cryptocurrency.
It's very possible that we will see cash to become obsolete years from now but it's going to be a long time for the adoption. To the first world countries, this is an easy adjustment but not every country can come together with this innovation. I don't think that they'll allow decentralized crypto's to emerge and dominate the economy.

If people are so reliant on banks, banks just have to offer to store BTC and other cryptos on bank accounts. If someone is afraid of hacks, one can pay for an additional insurance (I really believe there's a big future for crypto insurances). If one's worried about volatility, there are already futures contracts. But 10 years sounds very unrealistic to me. Many people still don't use bank accounts and basically use cash for everything... And cryptos are very volatile, unregulated, and fully digital, so no wonder many people freak out about that.

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.

You can't predict future but very soon cash will not exist. Banks and governments will always have a control over legal adopted currenty wether you like it or not. It certainly won't be the bitcoin.

I don't see it happening by 2030 since crypto still needs time until it gets fully recognised. It will take a long time for governments to adopt it because everything moves at slow pace and there are huge interests behind all of that.

This is not the first time we are hearing about Jim Reid supporting BTCitcoin and hence it is not a big surprise that he came to a conclusion that the fiat will be replaced by 2030 but the biggest issue for that is also explained by him, cyber attack and digital war is a major concern if we are looking for a completely electronic payment and even now some countries are forcing their citizens to use digital transactions and i am not a fan of all these forced rules by the authorities and my personal opinion is that ten years is a short period of time to replace fiat.

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On a side note i find it funny seeing all these predictions is because no one in the banking sector predicted the big crash in 2008 even though there were warnings from other analyst outside the banking sector .

By digital currencies, they mean fiat transferred within the digital realm and nothing else. Most probably not the definition of 'cryptocurrencies' we're so used to anyway.

This is a classic case of mind condition done by banking institutions to trick people into thinking that they're open with innovation and development on the financial sector while in reality, they just want to mask their true agenda and lure people into their schemes again.

Sure enough, 2030 would mean that almost everything is fully digital--at least for most of the countries who will be adopting the idea of digital currencies and integrating it with their fiat. Controllable money supply would still be king in the kind of economy that the world has, so cryptocurrencies (or "alternative currencies" as Deutsche bank calls it) would not be used fully but perhaps just on the side.

Eh, I doubt it.  There's probably going to be increased demand for things like bitcoin and even altcoins, but as it is right now those are barely seeing use as forms of money.  I really, really don't think the fiat system is in trouble.  Even if countries like China create their own "digital currencies" (whatever that actually means), it'll take them being foisted upon the populace in order for them to be adopted.

Not going to bother reading the article, because I've seen enough of these bank reports to know that a lot of them are just dead wrong in their prognostications.  Take three different banks and you'll get four different opinions.

things that will happen in 2030 cannot be predicted with certainty,
but I'm sure cryptocurrencies can take over and all fiat currencies convert to cryptocurrencies to follow trends.

They are not talking about Bitcoin, but about their centralized cryptofiat. The last thing they want is a decentralized open source p2p currency like Bitcoin to take over their inflated toilet paper money.

Honestly, I don't think that will happen.
Cryptocurrencies will further develope, they will find their place in economy and finances, bigger adoption will follow.
However, cryptocurrencies will not replace fiat and fiat currencies will continue to be the pilar of world economies, that is not going to change. Due to its features and characteristics cryptocurrencies just can't fully support economies and world finances. So, to my opinion this is exaggerated prediction.

Yes, I understand that there are certain aspects to not touching Bitcoin on the part of the authorities. But here, the fact that Bitcoin is valid, Bitcoin to business, is slipping. This is necessary for the crypto community as a whole. It seems to me that the calculations made and brought to the public by the bank make Bitcoin stronger.

We don't really need that central bank digital currency (CBDC) but since regular people who aren't bitcoin wierdos are so attached to banks they may really be using this CBDC without knowing the basics of NOT YOUR KEYS NOT YOUR COINS phrase.

2030 is just 10 years from now, I'm definitely alive by that time yet. I really have to see how all these go before I die.

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