Topic: Fiat, Banks and the future of Cryptocurrencies - page 4. (Read 26313 times)
When banks begin to worry about "criminality in crypto", I always get ridiculous. And where is it interesting to store your money around the world before crypto? In mattresses? No, their money was laundered by those bankers who are now shouting that bitcoin is a bubble. Simply they understand that the ideas of the banking system for more than 500 years and crypto will now change everything
Ignoring all the ICO and altcoin scams and focusing on the plausible scenario of Bitcoin as reserve currency and it's interaction with banks by then: I believe banks will still exists, since not everyone is a computer expert to keep their private keys safe. Banks will charge money to keep computer illiterate people's bitcoins safe from hacking and other threats.
I think there will be an huge business there. Banks don't need to necessarily disappear, just adapt, and the field is clear: being custodians of bitcoin, huge market niche there, there will be competition and good alternatives to choose from. One might think this defeats the purpose of Bitcoin, but that's beside the point.
I think there will be an huge business there. Banks don't need to necessarily disappear, just adapt, and the field is clear: being custodians of bitcoin, huge market niche there, there will be competition and good alternatives to choose from. One might think this defeats the purpose of Bitcoin, but that's beside the point.
I do not think that banks will refuse to work with crypto currency for a very long time, or they will set the rules harder than when working with conventional currency. Everything will depend on how successfully bitcoin and other crypto currency will be legalized by the states. If this happens successfully, banks will not want to lose their share of profits and will provide services in the crypto currency. In addition, if citizens have the opportunity not to apply to banks for exchanging crypto currency in fiat, and to use various decentralized sites and exchangers, other possibilities, then banks are unlikely to be able to establish their tough rules when working with crypto currency. For them, this will mean an actual loss of profits.
The bitcoin state is one which is decentralized whereas when you look at the state and the system for banks, the whole system is on the philosophy of centralization where all of the banks is controlled by a central bank's which decides the supply and the price of the currency
flats is near to expire because bitcoin is gaining more fan following and investors are rushing toward bitcoin to make it the global coin of the world and i am sure banks will also exit when bitcoin will be implemented as currency and people are now really satisfied by using bitcoin,
Fiat will remain on this planet as long as the issue with bitcoin can't be solve.
what is the problem that FIAT making stronger now than 2017!
Bitcoin transfer fee and speed is the main issue here and we experience those problem on the last month of 2017!
Bitcoin is nothing with out the presence of the internet, this is a huge blow to crypto! not all people have the connection with internet.
Very disappointing when bitcoin is reserved as the currency of the future cannot solve the main problem of transaction speed so that fiat and banks are able to take advantage of the weaknesses of the bitcoin to strengthen the existence of fiat and bank so as not to be replaced by digital currency like bitcoin.
Banks do not see bitcoin and other altcoins as a threat at all because of the volume is too small. If they want to destroy bitcoin, it's going to be easy for them. The banking system is perhaps one of the most powerful structures in the world. They're just observing and evaluating the situation. Unfortunately, fraud has a negative impact on the cryptos, which is why governments and banks have to fight.
Cryptocurrency is a digital which influence both yhe fiat currency and bank in different way. Cryptocurrency increasing popularity directly affect the price of fiat currency. Increase demand of cryptocurrency show less use of fiat money among people. Cryptocurrency also affect bank by its advantages. Cryptocurrency provide its user an uninterrupted money transaction facility with low transaction cost and fast processing speed. This above thing attract more people use cryptocurrency instead of bank for money transaction. This thing negatively affect the profit of bank. The innovation advantage of cryptocurrency and popularity among people show that cryptocurrencies is the future currency.
flats is near to expire because bitcoin is gaining more fan following and investors are rushing toward bitcoin to make it the global coin of the world and i am sure banks will also exit when bitcoin will be implemented as currency and people are now really satisfied by using bitcoin,
Fiat will remain on this planet as long as the issue with bitcoin can't be solve.
what is the problem that FIAT making stronger now than 2017!
Bitcoin transfer fee and speed is the main issue here and we experience those problem on the last month of 2017!
Bitcoin is nothing with out the presence of the internet, this is a huge blow to crypto! not all people have the connection with internet.
Very disappointing when bitcoin is reserved as the currency of the future cannot solve the main problem of transaction speed so that fiat and banks are able to take advantage of the weaknesses of the bitcoin to strengthen the existence of fiat and bank so as not to be replaced by digital currency like bitcoin.
flats is near to expire because bitcoin is gaining more fan following and investors are rushing toward bitcoin to make it the global coin of the world and i am sure banks will also exit when bitcoin will be implemented as currency and people are now really satisfied by using bitcoin,
Fiat will remain on this planet as long as the issue with bitcoin can't be solve.
what is the problem that FIAT making stronger now than 2017!
Bitcoin transfer fee and speed is the main issue here and we experience those problem on the last month of 2017!
Bitcoin is nothing with out the presence of the internet, this is a huge blow to crypto! not all people have the connection with internet.
I personally haven't experienced complications like this, probably because that I don't even cash out that often. But I have heard stories of people getting their funds frozen or accounts suspended because of crypto related transactions, so this is an extremely real problem that will only develop to be worse in the future.
Obviously, we all would like bitcoin to be running smoothly and accepted alongside the fiat system, but I think that KYC and restrictions around crypto use are only going to get stricter in the future.
Obviously this impacts bitcoin negatively, but I think that alternatives will soon develop once this problem becomes more prominent, such as decentralized exchanges, or simply more people trading bitcoin directly for goods. The restrictions can only hit the third parties that involve bitcoin transactions, and not bitcoin itself, so there is a lot of room for the bitcoin ecosystem to work with even if things become even more restrictive, imo.
Obviously, we all would like bitcoin to be running smoothly and accepted alongside the fiat system, but I think that KYC and restrictions around crypto use are only going to get stricter in the future.
Obviously this impacts bitcoin negatively, but I think that alternatives will soon develop once this problem becomes more prominent, such as decentralized exchanges, or simply more people trading bitcoin directly for goods. The restrictions can only hit the third parties that involve bitcoin transactions, and not bitcoin itself, so there is a lot of room for the bitcoin ecosystem to work with even if things become even more restrictive, imo.
We share the same idea mate. Also for me i am well aware that in the near future there are lots of possibilities that can happen in a certain economy specially crypto and fiats along, and not only you have heard about people complaining that their funds get frozen because of crypto related transactions so this is not new to me, but the problem is that, more and more banks became stricter in terms of crypto related transactions, and the worst is that although we are often exchanging our money into fiats, what if we badly need it? so we are forced to encash through banks if possible, then there's this case where it holds us back.
Fiat and banks are outdated, cryptocurrency is the future to say in simple terms. The former two have ruled the world and eaten people's money in the form of fees and charges, banks acted as if they are securing money and people but really that didn't happen, instead banks secured fiat and made people unsecured. Crypto currency have changed this trend and have or would abolish brokers or agents to eat people money and give out what people deserve directly.
all three are a relationship that is not planned because it comes just in accordance with the development of the era, but if you see the three pressing each other as if now crypto really developed and will be used by the whole world so what is there any bank because crypto does not need the bank.
I think it's mainly because of the lack of regulation that crypto has. Depending on the country, if a bank is involved in non-regulated activities, they can get fined big sums of money.
Also, crypto is a way to skip fees on international transactions. If you want to transfer a lot of money, you can end up paying almost 20% depending on the bank.
Also, crypto is a way to skip fees on international transactions. If you want to transfer a lot of money, you can end up paying almost 20% depending on the bank.
I personally haven't experienced complications like this, probably because that I don't even cash out that often. But I have heard stories of people getting their funds frozen or accounts suspended because of crypto related transactions, so this is an extremely real problem that will only develop to be worse in the future.
Obviously, we all would like bitcoin to be running smoothly and accepted alongside the fiat system, but I think that KYC and restrictions around crypto use are only going to get stricter in the future.
Obviously this impacts bitcoin negatively, but I think that alternatives will soon develop once this problem becomes more prominent, such as decentralized exchanges, or simply more people trading bitcoin directly for goods. The restrictions can only hit the third parties that involve bitcoin transactions, and not bitcoin itself, so there is a lot of room for the bitcoin ecosystem to work with even if things become even more restrictive, imo.
Obviously, we all would like bitcoin to be running smoothly and accepted alongside the fiat system, but I think that KYC and restrictions around crypto use are only going to get stricter in the future.
Obviously this impacts bitcoin negatively, but I think that alternatives will soon develop once this problem becomes more prominent, such as decentralized exchanges, or simply more people trading bitcoin directly for goods. The restrictions can only hit the third parties that involve bitcoin transactions, and not bitcoin itself, so there is a lot of room for the bitcoin ecosystem to work with even if things become even more restrictive, imo.
1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
Traditional banks usually don't like Bitcoin and in my country few of them have already tried to stop accepting money from exchanges or to exchanges accounts (like if the exchange was depositing money on my bank's account or if I was sending money to the exchange's bank account).Then the exchange filled a suit against the bank(s) and one or few of them had to start accepting money from/to this exchange again. But the process took some time to finish and I'm not sure if it is the final justice's decision yet.
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?
I believe without giving your personal informations to the local exchanges when converting the money to fiat you won't be able to deal with Crypto-Currency. While the money is on the internet in BTCs everything is fine, you can continue anonymous, but once it goes to real world the bureaucracy starts and there isn't much to do about it. The market won't suffer at all because there will be always gaps, mechanisms used by whales, big investors to avoid some bureaucracy. Exchanges might suffer a bit, but they can move their businesses to friendly countries, right?Truly, the banks should suffer, because people can abandon their currently banks and search for new more interesting banks, that is possible to be done.
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?
If this happens Crypto-Currency will turn itself into the traditional financial system we have today.In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket.
That is why national sovereignty is important, each country has it own rules (and if possible each part of the country), so we can have countries that are friendly or hostile to Crypto-Currencies, this way developers and enthusiasts can choose where to operate their businesses and in the end we will see on the practice what country's model works better.1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
Traditional banks usually don't like Bitcoin and in my country few of them have already tried to stop accepting money from exchanges or to exchanges accounts (like if the exchange was depositing money on my bank's account or if I was sending money to the exchange's bank account).Then the exchange filled a suit against the bank(s) and one or few of them had to start accepting money from/to this exchange again. But the process took some time to finish and I'm not sure if it is the final justice's decision yet.
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?
I believe without giving your personal informations to the local exchanges when converting the money to fiat you won't be able to deal with Crypto-Currency. While the money is on the internet in BTCs everything is fine, you can continue anonymous, but once it goes to real world the bureaucracy starts and there isn't much to do about it. The market won't suffer at all because there will be always gaps, mechanisms used by whales, big investors to avoid some bureaucracy. Exchanges might suffer a bit, but they can move their businesses to friendly countries, right?Truly, the banks should suffer, because people can abandon their currently banks and search for new more interesting banks, that is possible to be done.
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?
If this happens Crypto-Currency will turn itself into the traditional financial system we have today.In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket.
That is why national sovereignty is important, each country has it own rules (and if possible each part of the country), so we can have countries that are friendly or hostile to Crypto-Currencies, this way developers and enthusiasts can choose where to operate their businesses and in the end we will see on the practice what country's model works better.
I always dreamt of a policy where we get a bitcoin interest on storing our fiats in bank accounts Hope it will come true some day 
The BTC train has gathered too much speed to be stopped. Crypto was created to give control of the monetary supply to the people. Now that we have had a taste of that freedom there will be no going back to state controlled monetary policy.
Actually nothing can be said seriously about a currency which is still in beta and which is a gambling currency. 
I always dreamt of a policy where we get a bitcoin interest on storing our fiats in bank accounts Hope it will come true some day
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?
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 would like to share what is happening in my country regarding this:
1) Some of the banks have sent notices to people involved with bitcoin investments based on the money spent through their bank accounts. This was done for people using exchanges with all KYC information filled. Only option here is to use the banks which have yet not done this. And the banks took this decision even after government has not made bitcoins illegal here yet.
2) It will surely affect the market and new investors will be hesitant to invest. However, the large investors will still find loopholes and continue investing.
I think cryptocurrency activities of fraud will be the major problem people will encounter when they engage in bitcoin or any cryptocurrency. Apart from bitcoin lovers been personally scammed, bankers especially will keep watching them closely as if they are thieves. Faudsters have succeed in giving cryptocurrency bad name and this explains the heavy rules been placed on it. And most all this makes You don't wanto blame the government for banning cryptocurrency in their country. This is the one problems that will ruin cryptocurrency and it saddens me.
Jump to: