Do you really think crypto stand a chance agaisnt the financial system - page 2.

Renampun

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Quote from: Adreman23 on November 14, 2020, 07:03:36 PM

So far the traditional finacial system is too big so crypto is not a threat. This battle was like David and Goliath. But time will come people will start hating the bank/financial system, Our eyes will open to the fact that while we work hard to earn cash, the rich(goverment) are creating unlimited cash. Whether we accept it or not crypto is the future currency because people want transparency and equality.

transparency and equality are the future...
in this era, those at the top like the rich and the government control the financial system for personal gain. cryptocurrencies appear to reduce that level of dependability, cryptocurrencies are currencies of the future that cannot be denied.

mezzaluna

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Quote from: odukoyaewatomi27 on November 14, 2020, 04:43:43 PM

Let's face the truth, it is only in theory that cryptocurrency is a threat to banks/financial system. In reality, the banking/financial system is so big that crypto's threat is not significant at all. Majority of cryptocurrency investors are not really interested in crypto replacing the traditional financial system, they are just interested in it creating enough hype for more people to get in so their investment can skyrocket.
Think of it, if crypto was really a huge threat, don't you think we would have enough regulation by now?? what is you opinion??

That is right and the current financial system should not be threatened about the Cryptocurrency Industry, instead they should be proud since they are a way to convert it into their own local currencies. Regulations regarding the use within the Crypto Industry would be hard to produce since its being used Internationally and some Cryptocurrencies have their own rules to follow.

(o)(o)ilikeboobs(o)(o)

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Cryptocurrency is not against the current classical finance, it is a suggestion, a solution and a complement to classical finance. Electronic gadgets are the product of technological and economic developments, creating value for those who own them.
Cryptocurrencies help solve problems of orders and money transfer times and have great applications such as smart contracts and DEFI.
Cryptocurrencies will help humanity save hundreds of years of development if they are developed and applied to the world economy.

shoreno

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if you think its only a theory then why ask such question but it isnt really a theory because cryptos have a similiarity to banks and to the fiats . in crypto you can be your own bank and you can print/mine your own money and do you think crypto is only small , well think again .

btc alone has a verry huge market cap that it was already battling between other assets and companies based on the ranking that i see before .

concept2

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Replacing the financial system is the dream of many people. They want to change the current system which is centralized and manipulated by governments and big companies. And as the result, the wealth gap has become larger.

However, I disagree with this thought. Cryptos do have the power to change our world and replace the centralization, but that will not happen. As time goes by, I witness that crypto (especially bitcoin) is becoming a part of this system in a positive way because they not only reunite but they also meliorate the system. People have more opportunities to earn money and limitless power in the market

kidbounty

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HELENA

I still believe, because crypto is the future of the world's financial system. sooner or later banks around the world will start adopting blockchain technology. They knew from the start the benefits of this technology, but the problem was regulation. If the regulations are clear, there will be nothing that people will not accept crypto.

santouao

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I think crypto is not a threat to financial systems and I don't even think they aim to raise banks because as far as I know crypto is a good investment for investors here and one of its goals is to provide convenient to people by using digital payments for things or products they want. Therefore crypto's capability should not be compared to banking institutions because they have a huge difference impacting to people.

Kong Hey Pakboy

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I don't think that cryptocurrency is against the financial system because cryptocurrency serves as the best solution for the alternative financial system to save our assets from further collapse. Like what happened this year of 2020, the stock market and banking system have suffered from the coronavirus crisis, but the crypto market, especially bitcoin, still manages to have a stable value.

Princejebs

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Quote from: ?? on ??

while crypto isn't taking over traditional or offline payment systems, I don't think that's a problem. precisely when the banking system is willing to cooperate with crypto to develop online payments with simpler, faster, easier and cheaper methods, it will benefit both parties and consumers more.

Just the way of PayPal, imagine PayPal gaining more customers from crypto communities and vice versa. That's a win for the both parties but whenever i heard influencers says bitcoin will do to Banks what email do to postal service, I don't see it happening anytime soon.
Cryptocurrency replacing banking system is just like saying Gold is replacing Banks which really sound ridiculous.
Banks has vault where tons of Gold are been save, wouldn't it be wise for them to give crypto services and be win for both parties. Bitcoin aren't taking down banks and vice versa.

nebuch

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things happen in life for better place not for devastating world. Crypto will not kill the financial system rather in some areas it will help to make things improve and in convenient benefits. Also in some cases crypto system may threaten the financial system due to peoples choice to invest. Bitcoin and fiat should goes together to a better world.

sana54210

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Crypto wasn't created to be a threat to banking industry, it was created to be a threat to fiat currency. Banks could always just take crypto as well and move on with their life without a problem. Look at paypal accepting bitcoin right now for example, that shows how financial industry has started to accept bitcoin and that could be just the start. So, banks could just accept fiat like they have always done, and could move towards accepting crypto alongside fiat as well.

Remember banks were taking gold to their vault back in the day, it wasn't just a small thing neither because we are talking about thousands of gold coins in vaults and that was a risky thing back in the day, one battle or war there and all of that money could have been lost. What did they do? Moved to paper, which now moved to digital, so they could easily move to crypto as well.

aemma

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My opinion is, I do not think Crypto is a threat to traditional financial system, rather it is argumenting or supporting a good section of finance and that is the digital aspect of it, before now one cannot send funds to friends and families around the world without going through the bank and paying high fees for it, but now it can be done with Bitcoin and so on. Also, another point is, crypto cannot be a threat to traditional financial system because traditional financial system is backed by the government, and anything fully backed by the government comes with huge support, and since it can also be controlled by the government, they will do everything possible to keep it growing above crypto.
However, the truth still stand that, crypto has come to stay with us and will continue providing support to the traditional financial system always just like already stated and at the same time, keeping people abreast of what the future holds.

Anonylz

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Quote from: odukoyaewatomi27 on November 14, 2020, 04:43:43 PM

Let's face the truth, it is only in theory that cryptocurrency is a threat to banks/financial system. In reality, the banking/financial system is so big that crypto's threat is not significant at all. Majority of cryptocurrency investors are not really interested in crypto replacing the traditional financial system, they are just interested in it creating enough hype for more people to get in so their investment can skyrocket.
Think of it, if crypto was really a huge threat, don't you think we would have enough regulation by now?? what is you opinion??

Some people want to believe crypto is here to replace the banking institutions but to me I see it as a very hard if not impossible task to accomplished, we aren't talking about an organisation of few years in existence, we are talking about an organisation that is nearly as old as humanity, I like to be realistic, there is very slim chance crypto will get to that level, I know btc is playing such a good role as an alternative payment but there is more to just making payment,
Even if this will happen, certainly not any time soon.

meanwords

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No, but I do know that the financial system is evolving into digital forms, even integrating cryptocurrencies into their system. I really don't see any competitions between them to be honest. I see them as tools, coexisting to make the life of people more convenient. Who knows, we might even see the day where every fiat currency has their own decentralized stablecoin (a pipedream, I know).

Nivia1st

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Volare.network

from the start crypto was not a threat to centralized finance. it's hard to shake this outdated system. but crypto is arguably an alternative for those who are disappointed with the current financial system. if crypto is used as the main choice there will be no more privileges. there will be no anonymity, no more decentralization, and everything will appear centralized in time.

Reid

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Quote from: odukoyaewatomi27 on November 14, 2020, 04:43:43 PM

Let's face the truth, it is only in theory that cryptocurrency is a threat to banks/financial system. In reality, the banking/financial system is so big that crypto's threat is not significant at all. Majority of cryptocurrency investors are not really interested in crypto replacing the traditional financial system, they are just interested in it creating enough hype for more people to get in so their investment can skyrocket.
Think of it, if crypto was really a huge threat, don't you think we would have enough regulation by now?? what is you opinion??

That's true. The fiat system cannot be broken.
But, have you also considered why the hell are we talking about it now?
That also means something right? That means it is recognized. It means it is being seen and could really make a big change.
They just don't want to admit it just yet.
Pride? Evil intention? Like they cannot apply their traditional corrupted thievery. Grin

Governments will try to avoid regulations for years just to keep their pockets filled.

Jawhead999

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Cryptocurrency aren't threat banks, it just another option for people who want freedom and don't want controlled by government. We're still need fiat money due to stable price rather than cryptocurrency (volatile). Imagine you only have Bitcoin worth for $100 and you buy an item cost $100. Since the price is extremely volatile, your Bitcoin changed to $99, $98, $97, $98, $97, $98 and so on. You need to wait until Bitcoin worth for $100 and you can't know when it will be, it make life complicated and wasting time.

plvbob0070

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Is crypto supposed to go against the current financial system or to replace them? Compared to the current financial system, there is a big gap with the adoption of cryptocurrency. The traditional system is still being trusted by the majority of the population and crypto is still way too far from it to become a threat. And for me, there's nothing wrong with that as long as I can use crypto and the current system at the same time. Crypto still needs a lot of time to achieve mass adoption but it doesn't mean it has to replace the traditional system.

trauchot

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It is clear that traditional financial system is much more popular and in demand, but cryptocurrencies financial system appeared only recently and it is worth waiting for some more time and then cryptocurrencies will become much more popular and in demand, and in the future, cryptocurrencies will be able to replace traditional financial system.

desfira

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CLEVERBOUNTY

It seems that cryptocurency is not a threat to banks, I see that the ledger in cryptocurency called blockchain is an example for banks,
maybe the bank in the future will use blockchain to record all transactions

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