Fiat, Banks and the future of Cryptocurrencies - page 2.

reality18

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Quote from: JohnBitCo on December 10, 2018, 01:02:00 PM

Quote from: Ozero on December 10, 2018, 12:47:25 PM

Quote from: BigBos on November 21, 2018, 12:43:38 AM

Quote from: spongegar on November 20, 2018, 11:05:03 PM

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

Banks should merge crypto currencies with their system. They cannot just ignore them as digital currencies are here to stay. So it is better to develop a system in which both fiat and crypto should be regulated. This is the only way the banks will survive otherwise crypto will overcome fiat currency in the near future.

Most banks are already operating with some form of digital currencies like the paypal. The banks choose centralization, one they can entirely manipulate to suit their interest. Cryptocurrency does not allow this. Maybe to avoid the conflict between decentralization of crypto and centralization of the banks, both must be allowed to coexist as separate financial platforms with each offering its unique services.

Rexha

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Quote from: KesoNie on December 10, 2018, 07:17:59 PM

Quote from: Don_Leonardo on December 10, 2018, 05:59:53 PM

Quote from: pvk444 on February 28, 2018, 09:10:06 AM

As probably most people on this forum, I am fairly active in investing and trading in cryptocurrencies. I had some luck and made a little money with it, but I am now concerned to move some of the gains back to fiat.

In particular, I am working for a large, global bank (which shall remain unnamed for now). They are in the process of setting up new guidelines to deal with clients that engage in cryptocurrency markets. For instance, they are monitoring money inflow from cryptoexchanges and would reject any money that comes from non-approved exchanges (in particular those that don't have strong KYC procedures). Furthermore, for larger amounts, they would even require some proof how the gain was obtained.

A couple of critical items I want to raise for discussion:

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?
3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

I do understand the banks concern to ensure that there is no money laundering or criminal financing involved, but such restrictive, strict measures could have a significant impact on the entire cryptocurrency market. In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket. The fact that more and more internet shops, service providers, or even brick-and-mortar shops might accept cryptocurrencies does not really solve the problem, as these shops would be forced by THEIR banks to impose stricter measures on their clients. Thus the problem remains, but would be shifted along the chain. Do you think such a scenario is plausible?

nobody knows for sure mate! We'll see. It's like MGO's leap a few days ago. Seem like crypto is a complete mess or something

I think fiat and bank will be remain to be used while cryptocurrency will more features come and become more develop. The future of them are depend in the demand, so as long as many people are still using and believing to it, surely it will remain and possible last longer. Especially to cryptocurrency because its very profitable.

Agreed. Since people still trust crypto and wait for the recovery it won't simply disappear in a second. Of course the market is so f*ckn insane nowadays but we just have to adapt and overcome it imo!

KesoNie

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Quote from: Don_Leonardo on December 10, 2018, 05:59:53 PM

Quote from: pvk444 on February 28, 2018, 09:10:06 AM

As probably most people on this forum, I am fairly active in investing and trading in cryptocurrencies. I had some luck and made a little money with it, but I am now concerned to move some of the gains back to fiat.

In particular, I am working for a large, global bank (which shall remain unnamed for now). They are in the process of setting up new guidelines to deal with clients that engage in cryptocurrency markets. For instance, they are monitoring money inflow from cryptoexchanges and would reject any money that comes from non-approved exchanges (in particular those that don't have strong KYC procedures). Furthermore, for larger amounts, they would even require some proof how the gain was obtained.

A couple of critical items I want to raise for discussion:

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?
3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

I do understand the banks concern to ensure that there is no money laundering or criminal financing involved, but such restrictive, strict measures could have a significant impact on the entire cryptocurrency market. In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket. The fact that more and more internet shops, service providers, or even brick-and-mortar shops might accept cryptocurrencies does not really solve the problem, as these shops would be forced by THEIR banks to impose stricter measures on their clients. Thus the problem remains, but would be shifted along the chain. Do you think such a scenario is plausible?

nobody knows for sure mate! We'll see. It's like MGO's leap a few days ago. Seem like crypto is a complete mess or something

I think fiat and bank will be remain to be used while cryptocurrency will more features come and become more develop. The future of them are depend in the demand, so as long as many people are still using and believing to it, surely it will remain and possible last longer. Especially to cryptocurrency because its very profitable.

Don_Leonardo

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Quote from: pvk444 on February 28, 2018, 09:10:06 AM

As probably most people on this forum, I am fairly active in investing and trading in cryptocurrencies. I had some luck and made a little money with it, but I am now concerned to move some of the gains back to fiat.

In particular, I am working for a large, global bank (which shall remain unnamed for now). They are in the process of setting up new guidelines to deal with clients that engage in cryptocurrency markets. For instance, they are monitoring money inflow from cryptoexchanges and would reject any money that comes from non-approved exchanges (in particular those that don't have strong KYC procedures). Furthermore, for larger amounts, they would even require some proof how the gain was obtained.

A couple of critical items I want to raise for discussion:

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?
3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

I do understand the banks concern to ensure that there is no money laundering or criminal financing involved, but such restrictive, strict measures could have a significant impact on the entire cryptocurrency market. In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket. The fact that more and more internet shops, service providers, or even brick-and-mortar shops might accept cryptocurrencies does not really solve the problem, as these shops would be forced by THEIR banks to impose stricter measures on their clients. Thus the problem remains, but would be shifted along the chain. Do you think such a scenario is plausible?

nobody knows for sure mate! We'll see. It's like MGO's leap a few days ago. Seem like crypto is a complete mess or something

ATMD

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Quote from: JohnBitCo on December 10, 2018, 01:02:00 PM

Quote from: Ozero on December 10, 2018, 12:47:25 PM

Quote from: BigBos on November 21, 2018, 12:43:38 AM

Quote from: spongegar on November 20, 2018, 11:05:03 PM

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

Banks should merge crypto currencies with their system. They cannot just ignore them as digital currencies are here to stay. So it is better to develop a system in which both fiat and crypto should be regulated. This is the only way the banks will survive otherwise crypto will overcome fiat currency in the near future.

So to keep ahead of the game, it is best for banks to adopt crypto in the long run

JohnBitCo

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Quote from: Ozero on December 10, 2018, 12:47:25 PM

Quote from: BigBos on November 21, 2018, 12:43:38 AM

Quote from: spongegar on November 20, 2018, 11:05:03 PM

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

Banks should merge crypto currencies with their system. They cannot just ignore them as digital currencies are here to stay. So it is better to develop a system in which both fiat and crypto should be regulated. This is the only way the banks will survive otherwise crypto will overcome fiat currency in the near future.

Ozero

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Activity: 2142

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Quote from: BigBos on November 21, 2018, 12:43:38 AM

Quote from: spongegar on November 20, 2018, 11:05:03 PM

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

mornabo

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Quote from: yvesp110 on September 06, 2018, 09:09:27 AM

Quote from: jeronimosuykens on August 16, 2018, 08:25:41 AM

Quote from: Sled on July 16, 2018, 08:04:45 PM

Soon enough we will see a collaboration between the fiat, banks and the cryptocurrency in the future because that is where cryptocurrency is going since it has a technology that the fiat and the banks need so they can have a better future in the making. Cryptocurrencies might be look like a scam or a bad image for other people in investing but it the future, it will be playing a big role.

Electronic money needs more time to reach most of the community. There are still many skeptics about it that still exist. The future of banks with electronic money is not certain. It is important that everyone agrees to accept electronic money. Then you can go on.

People are happy with it but the only hurdle is government, if government of a state recognizes it and brings easiness for people to educate them with its use then the country will make progress of one month in few days. There are countries which are using the cryptocurrencies and their people are enjoying so it is more up to government of a country and not only up to people.

The government will not do that, their concern is not to advance their society to get to know about technology but rather to improve
the community economy first, thats why in a poor country, technology like a digital currency there are still few users

davinchi

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Quote from: MirzaofDaska on August 16, 2018, 09:58:12 AM

While the concept of Bitcoin ATMs is ground breaking in itself, it’s important to take note of how the cryptocurrency ecosystem and blockchain technology can help break down traditional banking barriers. As more of the global population continues to operate without centralized banks, Bitcoin and other cryptocurrencies can be used and managed all on a cell phone. And as more cryptocurrency ATM models enter the scene, crypto holders are now able to make use of their digital assets by instantly cashing out.

I think the more finance companies like banks and investment firms and what not realizes the bigger money that could be made in crypto the higher the price for these coins will go. Which means the fiat currency is never been loved so crypto will get their attention.

When you have say dollars in your bank account it either devalues so badly that it will worth less next year and the savings account type of interest rates are incredibly low compared to the inflation so you will have only small number of dollars increased in your bank account whereas it doesn't worth as much as previous year.

However when you have bitcoin, even tough it dropped significantly in the past year, it will still go up in the future because dollar is losing its value. It is highly volatile but still worth the risk considering the upside of that type of investment.

liuqi

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LuckyB.it is Back!

Quote from: recklessMe on November 23, 2018, 10:01:46 AM

Banks are trying to set limits for crypto, but at the same time, they are starting to implement it. We're moving in the right direction. I don’t like banks and try to avoid them, switching to crypto as much as possible.

Banking system also really useful in past days but every one upgrade the future economy so crypto technology is good to survive in anywhere. Nowadays all the peoples are accepting the cryptocurrency but governments are not ready to accepting the cryptocurrency because fiat currency is easily controlled by government so it takes some in many countries. I hope one day all the countries are accepting the cryptocurrency.

jatin729

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Fiat and banks are quite similar in nature because they both are centralised but when we talk about crypto I personally do not see future of crypto without regulation. As countries like japan, korea, Australia, usa and many others adopted crypto but these countries use strict norms and regulation for those people who uses crypto. Future of crypto currency will be really bright if govt. regulate it and more and more people will join after that, and due to high demand there will be splash of price increases...

cfif123

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Quote from: devinks on September 06, 2018, 11:18:40 AM

Quote from: alex.ac.ab on September 06, 2018, 10:37:38 AM

I think the future will be in digital format.

surely there will be many that meet with digital format. we know that many countries are increasingly sophisticated and advanced with the digital world. because in its use is very easy and fast.

therefore, the more sophisticated the present, which is full of the digital world, can be a crypto career journey for the future so that it can run well and have a bright future too, although there are still many countries that have not received other bitcoin and crypto

recklessMe

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Banks are trying to set limits for crypto, but at the same time, they are starting to implement it. We're moving in the right direction. I don’t like banks and try to avoid them, switching to crypto as much as possible.

bradshe1

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Banks are trying to set limits for crypto, but at the same time, they are starting to implement it. We're moving in the right direction. I don’t like banks and try to avoid them, switching to crypto as much as possible.

yndye

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Quote from: spongegar on November 20, 2018, 11:05:03 PM

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

Many are still doubtful about cryptocurrency because of its nature of being unregulated. Some people would just wait for the approval of the government and then afterward, may consider investing in it. However, due to the volatility, businesses would not risk their profit and would wait from sometime before they consider adopting it when the price seems already stable.

guoyu78

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Quote from: Keyboard PC on November 21, 2018, 12:58:04 AM

Fiat banks will probably start using cryptocurrency in terms of its technology cryptocurrency is very sophisticated whereas for KYC it seems that almost all exchanges must use KYC for users of the disputes. because maybe the founder of the exchange must also comply with the rules set by the state and try to keep the business of the founder of the exchange to keep going smoothly.

In the long run, I see most exchanges that want to thrive in this space to be duly registered and regulated and in that case, KYC/AML policy is a must and we are already getting to see that obviously with most exchanges nowadays even to the level that we are beginning to see decentralized exchanges trying to bring the idea of KYC into the show (https://news.bitcoin.com/decentralized-exchange-idex-to-introduce-full-kyc/)... I always say this, one thing we cannot avoid in this space is regulation and when it comes to regulation, things like KYC becomes a must just for the sake of preventing money laundering, so it is either you take it or leave it.

Whosdaddy

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Quote from: spongegar on November 20, 2018, 11:05:03 PM

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

Some good level of stability in which there is less fluctuation in price hugely is something we cannot see now until we are able to get to the point of real life usage and I guess we all know that already.

However, when it comes to banks, I am sure in some countries, they will try as much as possible to impose some sanctions, but based on the OP and some of the things he has come up with, I really do not think that should be a problem at all, or indeed that should only be a problem for those who are so much against the idea of KYC.

Most exchanges today are already offering KYC, so one way or the other; they are following the AML procedures. It is something we cannot run from basically, unless we want to deceive ourselves.

Keyboard PC

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Fiat banks will probably start using cryptocurrency in terms of its technology cryptocurrency is very sophisticated whereas for KYC it seems that almost all exchanges must use KYC for users of the disputes. because maybe the founder of the exchange must also comply with the rules set by the state and try to keep the business of the founder of the exchange to keep going smoothly.

BigBos

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Quote from: spongegar on November 20, 2018, 11:05:03 PM

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

spongegar

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I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

Topic: Fiat, Banks and the future of Cryptocurrencies - page 2. (Read 26331 times)