I think this is a very hard-easy thing with kyc system, but i can't see further how the system work naybe it's not much different with bank in generally. I never thought how much that will be interested on this thing. For example, Debitum.
Debitum Network is an innovative hybrid ecosystem for small business financing - utilizing Ethereum blockchain based process together with principal and interest moved using fiat. This ecosystem based on decentralized and motivated communities brings together SME borrowers, local and regional risk assessors, debt collectors, insurers as well as global investors with interconnected trust-based smart contracts.
Topic: Hello crypto! Bye bye credits? - page 22. (Read 3144 times)
If mass adoption does happen, then we'll simply see banking services shift towards catering for bitcoin. Even p2p lending that is happening right now is a form of credit, and it's impossible to actually eradicate "credit" or "debt" itself.
Exactly.
Institutions will continue to exist, and it would be absurd to think that they will disappear solely because bitcoin and other cryptos are now a thing. Lending will still be a thing as well. It's just the currency that's different. Bitcoin can coexist with the traditional banking system, and serve as an major alternative for people to store their wealth and transact on.
i don't know why people always think it is "live or die" situation when bitcoin is involved! there is a lot of middle ground here. bitcoin can become big while banks are still as big as they are. it doesn't have to replace anything and it doesn't have to die trying.
you say loans, that is just a service. if there is demand for loans in a world with bitcoin in it then banks or other institutes will start giving bitcoin loans!
you say loans, that is just a service. if there is demand for loans in a world with bitcoin in it then banks or other institutes will start giving bitcoin loans!
Exactly.
Institutions will continue to exist, and it would be absurd to think that they will disappear solely because bitcoin and other cryptos are now a thing. Lending will still be a thing as well. It's just the currency that's different. Bitcoin can coexist with the traditional banking system, and serve as an major alternative for people to store their wealth and transact on.
if the usual banking system will disappear like that, then it will go and the credit system, lease payments and installments, Because there is no centralized authority that can issue and track the performance truth. To some extent, this is certainly good, but in reality people who can not immediately get a large sum of money and will remain at a lower level of life.
How to Take a loan in cryptocurrency?
That's actually why banks will never die - they are the main instrument of taking loans which are needed for businesses and ordinary people.Personally I don't know any institution that would give you a loan in BTC. There is a separate thread on bitcointalk.org dedicated to lending BTC or getting loans of BTC but this doesn't seem to be very reliable.
The opposite can make sense, to take a loan in fiat and pay it back from BTC income, but that's way too risky for the average joe's, still.
How to Take a loan in cryptocurrency?
That's actually why banks will never die - they are the main instrument of taking loans which are needed for businesses and ordinary people.Personally I don't know any institution that would give you a loan in BTC. There is a separate thread on bitcointalk.org dedicated to lending BTC or getting loans of BTC but this doesn't seem to be very reliable.
I think that it is impossible to do this now. But technology is developing. Although I believe credit is a bad idea
To take a crypto loan I think it is also like banking but it is very difficult because crypto does not have a stable price, and national banking will always run for the needs of the national community.
Maybe, but.. as you can see, everyone can create their own crypto, so what's stopping some bank creating their own crypto that will operate similar to fiat money and their terms? Honestly, that's the way I see most of the businesses going in the future.
I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?
That's why i don't believe banks are not gong to go extinct with the emergence of cryptos, There is now way that the credit system would still be functional with cryptos if they are unable to track the credit score of the people since the whole system is decentralized and anonymous. I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?
I think it's too early to say that the banking system will disappear. If this happens in the distant future. A crypto currency is only at the very beginning of its development path.
correct in the future cryptocurrency is seen as a form of fast payment without intermediation banking but I do not believe that the credits in btc
Crypto is till in the nascent stages and there are projects which are flirting with the idea of cryptoloans like bitbond etc. Right now they simply take out the money from the fees which is colected in BTC and a long shot view of $50000 waters their mouth. Moreover, Banks are not gonna disapper anytime soon. Soon their is gonna be a parallel cryptoeconomy which will give a solid as rock competition to current world economy. Credit is part of finance which will never die. Only the capital available becomes cheap.
Well, blockchain based cryptocurrencies are still in the basic phase of development and I believe that these things are here to stay. On the other hand, banks are going to adopt blockchain technology to optimize their current infrastructure but still, I don't think that banks will support decentralized cryptocurrencies anytime in near future. When it comes to loans, salaries, I think we will see some smart contracts to facilitate those recurring tasks.
The banking system will not go away just blockchain technology is adopted for the banking system that has been used to be more efficient in the transaction so as not to interfere with services such as borrowing because although everyone will definitely need a loan when they really need it.
I guess the blockchain connected to ID and notarial informations could make crypto loan more safer.
We can imagine that if you don't pay the loan you get automaticaly sued through the blockchain?
If you connect your ID, then you will no longer remain anonymous. So almost all top crypto currencies (that allows anonymous transactions) will be rendered useless. People will then have to use specific crypto currencies also. Again, since crypto currencies are decentralized, it will be hard for third parties to get involved on loan scams. We can imagine that if you don't pay the loan you get automaticaly sued through the blockchain?
I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?
It will be possible to take a loan in crypto if it is regulated like everything else is. When you will be personally liable with your property for the repayment of the credit. Until that is done nobody will want to lend their crypto if i have no means of collecting the debt
I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?
Do not even dream that the current banking system will ever disappear. Crypto currency is not capable of causing significant harm to banks. Even if the crypto currency could destroy banks, the state will never stand aside from this process. Once the crypto currency would create a threat to the existence of banks, the state would severely suppress such an attempt, up to the complete prohibition of the crypto currency. Banks are an integral part of any state. A state without banks can not exist. Therefore, it is not necessary to conflict with banks. I doubt that banks will give someone their debts ...
I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?
that would happen only if the traditional banking system would be taken down leaving no traces. Which is not going to happen. I see blockchain as future of finance, but it will be rather a switching of data from traditional banking to blockchain
I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?
I don't think that banking system will just disappear because everyone will go on crypto. Banking system has evolved a lot and I'm sure that they can easily adjust as well. If you are talking about blockchain, banking system is the first recipient of this technology. They can replace their legacy system and used blockchain. But as far as taking a loan in crypto? I'm not aware of one already exist, but I will not take the risk of getting one because crypto is very volatile and you might end up losing more in the end.
I think to take a loan or borrow in the form of crypto is difficult to do, because we know crypto has a value or price that is never stable for use in the value of the currency.
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