What are the threats for financial system from bitcoin?
bitcoin is the world online curency, same with dollar
so can develop financial system, economic system with trading and payment procesor, is not difference financial system use dollar
Topic: Finanacial System (Read 1733 times)
bitcoin is the world online curency, same with dollar
so can develop financial system, economic system with trading and payment procesor, is not difference financial system use dollar
What are the threats for financial system from bitcoin?
There aren't any.
Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.
Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.
If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.
Hydrogen you are wrong my friend, bitcoin is used for all the things you mentioned. Bitcoin is replacing fiat, now you have alternative, you can gamble with fiat or with bitcoins, you can buy things with fiat or with bicoins. As you see bitcoin is taking part of profit, and with time that part is bigger and bigger. From their point of view bitcoin is taking more profit each year from them. Bitcoin, read blockchain, is competition to fiat system and threat for it. Future can bring many changes, and this battle will last for decades in my opinion.
Listen to how stupid you sound. Youre saying Bitcoin is replacing fiat? Where? I dont see any of that sort in the financial system today. Another problem with BTC is scalability. Its not ready to handle all the world's fiat transactions and may never will.
Scalability is certainly an issue
And Bitcoin is quite naturally not yet fully ready to handle "all the world's fiat transactions" and likely will never be able to. But that's certainly not to say that it can't handle at least some part of these transactions since this is what it already does. It is a difference of degree, not of kind. Other than that, the black-and-white approach (which is what you essentially stick to here) is not very constructive in general. Bitcoin is not replacing fiat (not anywhere near that so far), but it is still slowly crowding fiat out. And then again, this is what it already does (whether you like it or not). Denying this is like claiming that the Earth is flat and Elvis Presley still alive
You say it like it is certain to happen. Bitcoin doesnt matter to 99% of the world's population. Did you see what the People's Bank of China did? It blocked BTC withdrawals from the exchanges in China and it didnt affect anyone except the traders. If BTC was removed today it wont really matter except for users of the darknet markets and some whales trading Bitcoin. The majority of us will lose less than 1 BTC. Dont kid yourself that BTC is getting there
What exactly am I saying that you interpret as certain to happen?
In fact, I'm not saying anything about what is yet going to happen. I'm just pointing out what is already happening. I hope you see the difference. I have to repeat that such an approach ("all or nothing") won't lead you anywhere. Regarding Chinese exchanges disabling withdrawals, this argument of yours in fact works straight against your point. It didn't affect anyone (here you are right) as it didn't affect the price of Bitcoin in any significant degree. Simply speaking, this has out of hand shown that Bitcoin is a lot more already than just Chinese exchanges, contrary to what many people assumed or believed prior to that
Ok its good that we get each other in thinking that nothing is certain to happen when it comes to the future of BTC. Im also not thinking in black-and-white because I do agree that BTC will be used in the darknet for quite a long time.
As for China, yeah it didnt affect Bitcoin but it didnt affect the rest of the nation either.
Goverments, who control finance at countries with a lot of rules are not happy about bitcoin system at all. Because it hides the people incomes and make the payments more faster and safer. Plus you cant control any funds because it's not connected to any person. And that's why it's decentralize system only you can control and spend or you can close the wallet
What are the threats for financial system from bitcoin?
There aren't any.
Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.
Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.
If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.
Hydrogen you are wrong my friend, bitcoin is used for all the things you mentioned. Bitcoin is replacing fiat, now you have alternative, you can gamble with fiat or with bitcoins, you can buy things with fiat or with bicoins. As you see bitcoin is taking part of profit, and with time that part is bigger and bigger. From their point of view bitcoin is taking more profit each year from them. Bitcoin, read blockchain, is competition to fiat system and threat for it. Future can bring many changes, and this battle will last for decades in my opinion.
Listen to how stupid you sound. Youre saying Bitcoin is replacing fiat? Where? I dont see any of that sort in the financial system today. Another problem with BTC is scalability. Its not ready to handle all the world's fiat transactions and may never will.
Scalability is certainly an issue
And Bitcoin is quite naturally not yet fully ready to handle "all the world's fiat transactions" and likely will never be able to. But that's certainly not to say that it can't handle at least some part of these transactions since this is what it already does. It is a difference of degree, not of kind. Other than that, the black-and-white approach (which is what you essentially stick to here) is not very constructive in general. Bitcoin is not replacing fiat (not anywhere near that so far), but it is still slowly crowding fiat out. And then again, this is what it already does (whether you like it or not). Denying this is like claiming that the Earth is flat and Elvis Presley still alive
You say it like it is certain to happen. Bitcoin doesnt matter to 99% of the world's population. Did you see what the People's Bank of China did? It blocked BTC withdrawals from the exchanges in China and it didnt affect anyone except the traders. If BTC was removed today it wont really matter except for users of the darknet markets and some whales trading Bitcoin. The majority of us will lose less than 1 BTC. Dont kid yourself that BTC is getting there
What exactly am I saying that you interpret as certain to happen?
In fact, I'm not saying anything about what is yet going to happen. I'm just pointing out what is already happening. I hope you see the difference. I have to repeat that such an approach ("all or nothing") won't lead you anywhere. Regarding Chinese exchanges disabling withdrawals, this argument of yours in fact works straight against your point. It didn't affect anyone (here you are right) as it didn't affect the price of Bitcoin in any significant degree. Simply speaking, this has shown straight away that Bitcoin is a lot more already than just Chinese exchanges, contrary to what many people assumed or believed prior to that
What are the threats for financial system from bitcoin?
There aren't any.
Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.
Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.
If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.
Hydrogen you are wrong my friend, bitcoin is used for all the things you mentioned. Bitcoin is replacing fiat, now you have alternative, you can gamble with fiat or with bitcoins, you can buy things with fiat or with bicoins. As you see bitcoin is taking part of profit, and with time that part is bigger and bigger. From their point of view bitcoin is taking more profit each year from them. Bitcoin, read blockchain, is competition to fiat system and threat for it. Future can bring many changes, and this battle will last for decades in my opinion.
Listen to how stupid you sound. Youre saying Bitcoin is replacing fiat? Where? I dont see any of that sort in the financial system today. Another problem with BTC is scalability. Its not ready to handle all the world's fiat transactions and may never will.
Scalability is certainly an issue
And Bitcoin is quite naturally not yet fully ready to handle "all the world's fiat transactions" and likely will never be able to. But that's certainly not to say that it can't handle at least some part of these transactions since this is what it already does. It is a difference of degree, not of kind. Other than that, the black-and-white approach (which is what you essentially stick to here) is not very constructive in general. Bitcoin is not replacing fiat (not anywhere near that so far), but it is still slowly crowding fiat out. And then again, this is what it already does (whether you like it or not). Denying this is like claiming that the Earth is flat and Elvis Presley still alive
You say it like it is certain to happen. Bitcoin doesnt matter to 99% of the world's population. Did you see what the People's Bank of China did? It blocked BTC withdrawals from the exchanges in China and it didnt affect anyone except the traders. If BTC was removed today it wont really matter except for users of the darknet markets and some whales trading Bitcoin. The majority of us will lose less than 1 BTC. Dont kid yourself that BTC is getting there.
What are the threats for financial system from bitcoin?
The only threat I see is the fact that transactions are untraceable and that will give dupers and scammers upper hand. In this world where transactions can still be traced for those who use Fiat, there are still high level of fraud being carried out without any victory about catching the people involved even though this is carried out by high level hackers but with bitcoin coming in, I dont need to be an hacker to dupe people of their resources, just send to my address and that is the final. This is the threat I see...
I would say that bitcoin pose no real danger to the financial system. In my opinion the bitcoin as the alternative to the financial system just gives the idea about how many people are discontented with the fiat status quo. Ofcourse showing discontency is in itself destabilising for the system that is based on the faith - fiat.
There is a small additional threat to the fiat financial system. There is a disconnection of real money (of bitcoiners) from the system, that before the existance of bitcoin had provided the liquidity on the markets. That can pose additional destabilisation to the system that need to print more fake money to compensate for the loss of liquidity of money leaving the system.
You can say that bitcoin provides more destabilization to already very unstable system. The system is meant to fall. Every expert on the subject is completly amazed how long does this unstable fiat financial system works. It should have failed a long time ago.
There is a small additional threat to the fiat financial system. There is a disconnection of real money (of bitcoiners) from the system, that before the existance of bitcoin had provided the liquidity on the markets. That can pose additional destabilisation to the system that need to print more fake money to compensate for the loss of liquidity of money leaving the system.
You can say that bitcoin provides more destabilization to already very unstable system. The system is meant to fall. Every expert on the subject is completly amazed how long does this unstable fiat financial system works. It should have failed a long time ago.
I dont think BTC can pose a threat to destabilize the present system. But what BTC can do is provide a channel for the darknet to move value and makw payments without needing the financial system. That is far from destabilization. It is more like enablement of the underserved.
What are the threats for financial system from bitcoin?
There aren't any.
Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.
Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.
If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.
Hydrogen you are wrong my friend, bitcoin is used for all the things you mentioned. Bitcoin is replacing fiat, now you have alternative, you can gamble with fiat or with bitcoins, you can buy things with fiat or with bicoins. As you see bitcoin is taking part of profit, and with time that part is bigger and bigger. From their point of view bitcoin is taking more profit each year from them. Bitcoin, read blockchain, is competition to fiat system and threat for it. Future can bring many changes, and this battle will last for decades in my opinion.
Listen to how stupid you sound. Youre saying Bitcoin is replacing fiat? Where? I dont see any of that sort in the financial system today. Another problem with BTC is scalability. Its not ready to handle all the world's fiat transactions and may never will.
Scalability is certainly an issue
And Bitcoin is quite naturally not yet fully ready to handle "all the world's fiat transactions" and likely will never be able to. But that's certainly not to say that it can't handle at least some part of these transactions since this is what it already does. It is a difference of degree, not of kind. Other than that, the black-and-white approach (which is what you essentially stick to here) is not very constructive in general. Bitcoin is not replacing fiat (not anywhere near that so far), but it is still slowly crowding fiat out. And then again, this is what it already does (whether you like it or not). Denying this is like claiming that the Earth is flat and Elvis Presley still alive
What are the threats for financial system from bitcoin?
There aren't any.
Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.
Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.
If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.
Hydrogen you are wrong my friend, bitcoin is used for all the things you mentioned. Bitcoin is replacing fiat, now you have alternative, you can gamble with fiat or with bitcoins, you can buy things with fiat or with bicoins. As you see bitcoin is taking part of profit, and with time that part is bigger and bigger. From their point of view bitcoin is taking more profit each year from them. Bitcoin, read blockchain, is competition to fiat system and threat for it. Future can bring many changes, and this battle will last for decades in my opinion.
Listen to how stupid you sound. Youre saying Bitcoin is replacing fiat? Where? I dont see any of that sort in the financial system today. Another problem with BTC is scalability. Its not ready to handle all the world's fiat transactions and may never will.
What are the threats for financial system from bitcoin?
There aren't any.
Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.
Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.
If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.
Hydrogen you are wrong my friend, bitcoin is used for all the things you mentioned. Bitcoin is replacing fiat, now you have alternative, you can gamble with fiat or with bitcoins, you can buy things with fiat or with bicoins. As you see bitcoin is taking part of profit, and with time that part is bigger and bigger. From their point of view bitcoin is taking more profit each year from them. Bitcoin, read blockchain, is competition to fiat system and threat for it. Future can bring many changes, and this battle will last for decades in my opinion.
What are the threats for financial system from bitcoin?
There aren't any.
Bitcoin isn't likely to replace fiat or compete with banks in student loan or house/car loan markets.
Bitcoin also isn't likely to be used in healthcare, real estate, manufacturing, tourism, pornography nor any of the big global markets of the world.
If anything bitcoin will have a positive effect on financial systems by giving them incentive to mirror or exceed bitcoin's stability & growth.
I think that the governments are going to have a hard time when they no longer have as much control on the money supply. Calculating GDP will be much harder on a relatively unregulated market and this will lead to us no longer realizing how healthy or unhealthy our economy is. It's okay I guess but imo it can become very dangerous, recessions could be happening without any of us even knowing it. I really think that we will always need a level of regulation in order to prevent everything from falling apart.
You misunderstood what theyre trying to say. They said that it could change banking as we know it, not permanently destroy and disable them. What theyre trying to do is to keep up with the technology by adopting the blockchain. But do they really need it? Save that for another topic. There are some in Bitcoin and crypto that says they dont.
What are the threats for financial system from bitcoin?
Although some people in the forum argue that there is no risk to the global financial system from bitcoin, banks do not have the same opinion. For example, BNP Paribas admitted that bitcoin could destroy the banks as we know they work now. More over the BBA which is the leading trade association in UK has circulate a document with title Digital Disruption UK Banking Report has a paragraph about the threat of bitcoin in the future and concludes that bitcoin "users handle many of their daily payments needs themselves, without the need for interaction with banks". All of these which anyone can find with a simple search like as more recent examples of other banks like as the PBOC are signs that banks are already considering the bitcoin as the enemy. The future will be interesting.
Crypto-currencies in general and bitcoin in particular create new tasks that lawmakers, regulators and law enforcement agencies will have to solve. Almost any new fruits of progress, in addition to positive changes, bring new risks, crypto-currencies are no exception. The threat to the stability of the country's economy from the crypto currency side is still very vague, but it would be prudent to think about collecting statistics, analytics and accurate regulation so that business can understand in what framework and how it can work with new technologies without breaking the law and minimizing its own risks.
Freedom of spending money is what the principle of Bitcoin according to me :-) Everybody knows it is decentralized currency and no one has control over it which gives us freedom of spending it the way want in terms of its volume, time and anonymous nature. The fees are less and it takes fraction of time to process. No documents required, no signatures and physical identification as would be the case with real banks! This is what for Bitcoins are made and being adopted by many of us. 
on the fee they are not that less, compared to most sepa processors, for example i need to pay zero fee with deutesche bank if i want to do a sepa to someone in europe, this make bitcoin far worse and not only for micro payment
the onyl advantage is the speed, bitcoin is still quickly than the relative 1 day time for a sepa for example, also debit card are always free when used to buy stuff, with bitcoin you ned to pay $0.5+ for everything you need to purchase
That largely depends on the bank you are using
Some are more client oriented, some less, while some others are just being used as money laundering devices and they don't care about their clients altogether. For example, I don't just not pay anything (as a fee) when using a payment card of a certain bank but actually got paid back (so-called cashback reward program) when buying things in supermarkets (up to 5%). This basically amounts to buying things cheaper by the same percentage. This cashback has a fixed monthly limit in place of course, but I never even come close to it in my expenses
Freedom of spending money is what the principle of Bitcoin according to me :-) Everybody knows it is decentralized currency and no one has control over it which gives us freedom of spending it the way want in terms of its volume, time and anonymous nature. The fees are less and it takes fraction of time to process. No documents required, no signatures and physical identification as would be the case with real banks! This is what for Bitcoins are made and being adopted by many of us.
A highly regurgitated comment you have there. What do you think of fiat? Isnt that spent freely in your area? Do the police need to check your ID before you can buy something?
You said that the fees are less and it takes fraction of time to process. Really? Try buying something with BTC and see how the fraction of time youre talking about is around an hour more.
Is BTC really being adopted by you, or being hoarded by you? Pick one.
Freedom of spending money is what the principle of Bitcoin according to me :-) Everybody knows it is decentralized currency and no one has control over it which gives us freedom of spending it the way want in terms of its volume, time and anonymous nature. The fees are less and it takes fraction of time to process. No documents required, no signatures and physical identification as would be the case with real banks! This is what for Bitcoins are made and being adopted by many of us.
on the fee they are not that less, compared to most sepa processors, for example i need to pay zero fee with deutesche bank if i want to do a sepa to someone in europe, this make bitcoin far worse and not only for micro payment
the onyl advantage is the speed, bitcoin is still quickly than the relative 1 day time for a sepa for example, also debit card are always free when used to buy stuff, with bitcoin you ned to pay $0.5+ for everything you need to purchase..
Freedom of spending money is what the principle of Bitcoin according to me :-) Everybody knows it is decentralized currency and no one has control over it which gives us freedom of spending it the way want in terms of its volume, time and anonymous nature. The fees are less and it takes fraction of time to process. No documents required, no signatures and physical identification as would be the case with real banks! This is what for Bitcoins are made and being adopted by many of us.
A financial system (within the scope of finance) is a system that allows the exchange of funds between lenders, investors, and borrowers. Financial systems operate at national, global, and firm-specific levels.
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