Blockchain technology has been learned by many giant industries including banks. this can mean that conservative monetary will adapt with digital currencies. in the future, we may look transactions in easy way with low fees.
yes, they will change for sure.
Topic: Forced to change - page 2. (Read 350 times)
We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
We are not forcing financial institutions to change anything. They are the ones that built infrastructure for digital payments and "digital money", who gave us the opportunity to use card without the need for cash, the ones with which help we can pay for goods and services online and all other type of things. Because banks built this infrastructure we can now move our money digitally and thus it's even easier for them not to print any money but simply replace few digits along the way. But some banks are scared with crypto by disabling you to transfer between exchanges etc.
We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
for me its just an option. fiat currencies will not perish but digital payment will become a good option. if we force to change, many aspects of the payment industry and even economics may be damaged. little by little, the world will adapt to digital money but as an option not as 100%
Indeed. I agree with the fact that fiat will not disappear nor lose its value. It may just lose its appeal and the option of being use by people in terms of daily transactions such as payment, but still, it will not disappear. People are very resilient to changes, however, as much as that it is true, people are also afraid of changes. They fear something they cannot understand nor control that's why we have the current trends in the regulation of cryptocurrency. However, sooner or later, more people will learn to embrace cryptocurrency , but always with cautions and limitations.
We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
But financial institutions will never be decentralized no matter how much they change.
They will not have control they want to have with decentralized system, they will try to keep what they have now. People are sick from this, and in far future decentralized system will be more popular in my opinion.
I agree that blockchain changed the way people look at monetary system. We need this change and financial institutions are trying to fight with it but I think this is the battle they will lose in long run. There will be coins centralized coins like ripple, but I think people will have opportunity to choose what to use and we must choose decentralized system as primary one, other can be complementary to that primary.
We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
But financial institutions will never be decentralized no matter how much they change.
It will happen, I wouldn't like to predict exactly when, but there will be a point when digital currency is the only form of payment. There are already cities where it is difficult to pay in cash for public transport and other services. Many major transportation systems try to push everyone towards the cashless model offering steep discounts for doing so. Admittedly, this is still linked to fiat and more for efficiency than anything else, but it is the start of things to come. This model will gradually seep into other aspects of life, and it will be onward and upward from there.
https://www.telegraph.co.uk/money/future-of-money/10-cashless-countries-world-does-uk-rank/
http://theconversation.com/central-bank-digital-currencies-toward-a-cashless-society-93903
This is obviously no guarantee that any existing digital currency will succeed, in fact, the likely outcome is that in 50 years time, it will be a currency that hasn't even appeared on the radar yet. Anyway, I'd put money on the world being fully immersed in digital currency in my lifetime (and I'm not young anymore
).
https://www.telegraph.co.uk/money/future-of-money/10-cashless-countries-world-does-uk-rank/
http://theconversation.com/central-bank-digital-currencies-toward-a-cashless-society-93903
This is obviously no guarantee that any existing digital currency will succeed, in fact, the likely outcome is that in 50 years time, it will be a currency that hasn't even appeared on the radar yet. Anyway, I'd put money on the world being fully immersed in digital currency in my lifetime (and I'm not young anymore
). 
We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
for me its just an option. fiat currencies will not perish but digital payment will become a good option. if we force to change, many aspects of the payment industry and even economics may be damaged. little by little, the world will adapt to digital money but as an option not as 100%
Most governments are currently trying to regulate cryptocurrencies and research them. People might force them to adapt cryptocurrencies but it will be possible to achieve only if we team up together and defend cryptocurrencies from being made illegal or heavily regulated by ridiculous taxes. Banks and governments will in fact lose if they decide to introduce cryptocurrencies. That's why they are trying to resist so much.
What you're saying is partially true. I don't necessarily believe that bitcoin or any other cryptocurrency will necessarily completely overtake banks, but they will certainly incorporate blockchain technology into their systems as it is simply more efficient and transparent. It is likely, however, that some banks will release their own crypto in future.
I agree, as we all know banks needs to control the flow of money, and the cryptocurrency at the moment, prepare the anonymous money transaction, but I really believed that Banks will really do adopt the Blockchain due to its security and fast transaction.
What you're saying is partially true. I don't necessarily believe that bitcoin or any other cryptocurrency will necessarily completely overtake banks, but they will certainly incorporate blockchain technology into their systems as it is simply more efficient and transparent. It is likely, however, that some banks will release their own crypto in future.
Because they have to change being digital very nice very in today's generation and in the future generation we have to face even more problems and Bitcoin is already suffering from many of those. But still Bitcoin has managed to gain some price increase in these days but it is far away then being the number one currency in the world. Bitcoin can never reach where it belongs because it is incomplete and if you are a current Bitcoin user you already know the term segwit address which is going to improve even more up to the lightning network so that everyone can use Bitcoin At a physical currency level.
I think for sure it will make them change and im sure they are working
away diligently on their blockchain solutions right now!
away diligently on their blockchain solutions right now!
We are still far from the situation where more than 50 percent of the profits of banking institutions in Western Europe would be in digital money. The Crypto currency will greatly push the circulation of ordinary paper money, but not completely, and this process will be very lengthy. Especially for a long time this will happen in the banking sector of the economy, as banking structures are partially cautious, and in part even hostile to the introduction of crypto currency.
We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
"War on Cash" from people in the financial industry.
McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.
Bitcoin might not replace these financial institutions, but they will
force them to change!
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