Topic: Future without Middle men big way, but big Question? (Read 1268 times)

That is why decentralized system is teaching us how to become more responsible in conducting transactions because one wrong input will lead to our funds to be taken away. Middle men could be good, but without having privacy and fullest security over our funds is disastrous. So, it is upon us to decide whether to grasp this kind of technology - and to have a technology that will enable us to be anonymous and make sure our transaction to be efficient. Or to reside with the traditional and let these promising technology pass.

The companies that can really provide an interest are loan based companies and the rest are just like gambling, we have no transparency on how they are using the funds and hence you cannot trust anyone who is offering you an interest. Staking in gambling sites does have the risk and so is the case with exchanges and hence it is better to keep them with you rather than taking chances unless there is a regulated company who have insurance for the funds deposited.

Businesses will need to evolve just like they always have.  Some types of business will have to change and others will become obsolete like the typewriter or pager.

Banks are not the only mediators in financial transactions. Decentralization doesn't totally take away middle men, rather it reduces their chances of interfering in every transaction,  and as well reduce their charges.
Decentralized banking will make computer networks your mediators and the transactions won't be reversible,  and in place of an error, there will be no one to blame except yourself (the transaction initiator).

Considering that more than 90% of the sites which offer you interest on your BTC are scammers, I think for most people it would be better to take your advice. And for those who know what they are doing, for the minority who store their coins on a reputable site, it is still advisable to not store significant amounts anywhere except your own wallet.

At the moment, I don't feel any better without middle men. because there are so many scammers out there and we always need middle men to make personal transactions. I know you're talking about a modern world and people can directly connect more easily with many target partners without middle men, but that will never exist. Our society is replacing with modern technology, now we don't have many middle men but there will be many middle services.

The role of banks as collectors and distributors of public funds may be replaced by the blockchain system, but banks have supporting services as part of services that not all can be replaced by blockchain. Banking institutions are synonymous with saving and credit applications. Credit provided by banks is a magnet that can hardly be refused by everyone both for consumption and for business. In addition, banks are also considered as the safest institutions to save money because they provide guarantees of repayment in the event of a malfunction in the bank system or human error from bank officers.

To carry out the function of raising funds the bank has several sources which are broadly divided into three sources namely;
- funds sourced from the bank itself in the form of a capital deposit at the time of establishment.
- funds originating from the wider community that are collected through banking businesses such as the business of demand deposits, deposits, and savings.
- Funds sourced from Financial Institutions obtained from loan funds in the form of Liquidity Credit and Call Money (funds that can be withdrawn at any time by the borrowing bank) and meet the requirements

We can make the role of banks minimal or disappear if we eliminate our dependence on banks. By starting, do not save our money in the bank and do not apply for credit to banks that work with the interest system.

It is not impossible to eliminate middlemen in transactions, though it would be difficult, or rather still ages from now, when an era that everything is almost digitalized. And yes, it does make more people unemployed, since traditional banking systems are requiring more manpower than running the blockchain alone.

And thus, without that manpower, transaction fees are cut significantly lower, which is one of the advantages of cryptocurrencies over banks.

Banks now are very selective on what they are going to adopt aside from most popular ones, and if they'll find it will be a stable one for sure. It's good to see how the bigger banks are initiating to utilize the revolutionary currency giving more freedom to people.

Frankly speaking the government does not want it, until they noticed how it changes people with using the crypto compare to fiat now they are claiming it. But it would really be bad if decentralization takes over the people, there would be a chaos in the market and small people will lose it.

Middle hand are the one who process our need in the bank, why will you let them loss their job? They are needed in every banks, no matter what kind of bank is that. But nowadays, the banks are just using our Technology to give services to their customers because they want high quality service for them to gave satisfaction to the customers. But let's hope for the future banks to improve their own.

The banks have a huge money to use if in case they've needed to adjust and switch over this new technology. As we all knew how wise this big players and how they will be able to manage each situations that will test their business. We never know if they already behind this new system and they are just working behind to make sure the safety of their investment. Bankers looks more advance than ordinary people, the assurance that they will find ways to continue benefiting is always possible.

we must remember that we live as a state, and our freedom is freedom governed by the state. therefore of course the country cannot yet decide to lose control of the financial system, and I think cryptocurrency is still long to replace the current fiat currency payment system

Its either you have to join and embrace the system or ceased to exists. I think banks should adopt or utilized the system and I think it is even starting now as other banks are allowed to have or develop their own cryptocurrency. The concept of being decentralized is indeed against the government and banks as no one controls it.

I think its too early to say and think that crypto will take over all financial institutes of the world and there will no middlemen. Middlemen will be there but it will be transformed into something else. If you are a freelancer you can understand the importance of middlemen (upwork, fiverr) who take care of both buyer/seller interest.

This is just like debating whether AI will take away jobs? The thing is that there will be disruption for sure. People will lose job but new jobs will be created as well. It is just that you need to hone your skills accordingly. If you look into job descriptions of many companies for various different profiles, blockchain knowledge is becoming an essential requirement.

So yeah, there will be a job loss which could be at massive scale, but simultaneously more different jobs will be created in one way or other.

The blockchain economy will really expand and this applies not only to the financial sector. Blockchain has the potential for application in completely different areas. As for banks, they just adjust to the trends of the time and will do everything possible to retain clients.

right, our fate is what determines ourselves. keep it in a personal wallet, however safer because we ourselves manage it, as long as we are not careless I think it will remain safe. different from saving on the exchange as you mentioned, where mistakes that are not our personal, can eliminate our assets

The sites the offering a lending services where if you store your bitcoins there you will gain interest but most sites like that are mostly likely scam. It is better to hold than to store your bitcoins in that kind of sites. Consider always the risks before you make a decision or a move. Think about the possibility that may happen. You should only do a decision if you think that it can benefit you in the near future. Storing your bitcoins in hardware wallet is better than investing it in online sites that offering returns because the risks are high and your bitcoins cannot be refund.

Blockchain economy will expand. What happens to the banks in this case. There are two possibilities. The banks will either disappear or turn. Because the current order carries a risk of collapse. Banks see this before us and take positions accordingly.

Actually, why would trust up a service if we can do just simply hold of our coins in our own wallet? Come to think that 4.08% or any other interest offered can be attained as fast as we can imagine
when we do talk about Crypto movements neither with bitcoin or on top alts.So i dont really see a point on why people would have to trust up their coins to these platforms?
I would never ever consider out that option and if we do talk about security? Theres no other better things than keeping those coins in your own.