Topic: Is bitcoin a theat to economy and bankers as will - page 3. (Read 491 times)

For me, there is nothing really unusual thing since bitcoin can still be converted to fiat, so the money is still circulating the market and there is no imbalance in the Economy just like other people were saying, so for banks that does not like bitcoin they were just afraid for the stock market and not in the volume of their transactions.

It partly is a problem for banks, but one of the main factors for the government to dislike Bitcoin is the fact that it offers people an alternative to a system that's solely based on debt and control. Debt is a very powerful tool to suppress and control people, and with financial institutions complying with the rules set up by the government (they are as much as a slave of the government as we, the people are), the government has basically full control over everything that happens within their centralized environment. Haven't people even noticed how throughout the years, we more than ever depend on corporations to transact and maintain our wealth? It's a scary thought for me at least -- you are required to ask permission for everything you do with your OWN money....

People say that its the greatest threat to progress,to economic progress, but I think its nonsense,It may not be the best situation for bankers but their commercial credo is not just a payment buisness(for example in my country they have already started to create crypto exchanges and they'r making money from it) and what about economy?this situation,what people have noticed here is  the best indicator for technological,therefore financial develpment in the country.Just look giant corporations, their capital may be equal to the third world countries capital and what will happen if technological corporations creat in countries like that? of course this country will be more wealthy.

Yeah, FIAT won't be erased. In fact you guys still convert your BTC into USD or fiat to buy lambo right?
I believe crypto will grow, with fiat become something like "collectibles" 

Actually, the opinion of countries ( the gonverments) is the full rejection, they believe  that Bitcoin is a big problem for banks. As well, after the existence  of this digital currency there become many problems in a global economy (crisis) of countries and the users of crytptocurrencies  will develop usually. So the governments always trying to destroy Bitcoin and other cryptocurrencies but they will not succeed to achieve their goals. Because bitcoin is very secure and one can destroy it, especially in this period
On the other hand, I think that if Bitcoin will progress, then it is certain, that the governments will recognize it as a legal currency. and to benefit from them to be a development in the economy, but the only problem is the governments cannot control the transactions of money.

As we can see banks have been a huge and edge to other money keepers for ages. It has a big impact to the society as well as the economy because people can invest with assurance especially with the proper security and with an amount from the company if there are losses of money or it can't pull back the amount of the bank. There is a deposited amount already which can replace the money that has been lost if there is something happened like technical problem or others. Now bitcoin is in this time other people will think for sure that it is a threat to economy and bankers but actually it's not but, it can help the economy to be more convenient and progressive in services.

This situation really makes me sad, why not that the banks and our government will just unite and add bitcoin to their system instead of hating this, there are a lot of people now investing in it and I am sure that they do have their data to gather enough so that they can have their conclusion since they cannot people from investing here.

If the banks will lost their one half investors and shift into bitcoin their profit will decrease badly and if it happens continuously their future will clearly a disaster and then the government also can be affected because bitcoin is decentralised and as long as it is not declared by the government as legal they will gain nothing from bitcoin. I believe that the very reason of not letting bitcoin works freely is because they are trying to create something that can be an instrument to counterfeit it.

Bitcoin is not at all a threat to the economy but it is indeed good. Let me explain why.

1. Bitcoin increases the purchasing power of common people/crypto investors. So if a person earns more, they will spend more for good and services. It will increase the indirect tax income for the government. because the majority of a government's income comes from indirect taxes and not from the direct taxes like income tax. Every product you purchase, government get the tax. So if common people starts spending more, it means good for the economy of that country.

2. Bitcoin or crypto currency market helps people with alternate employment. I personally know a lot of person who are fresh out of collage and earning well from the crypto currency market by investing, trading or providing services. These particular group of people are the new age people who are comfortable with computer and programming. They have found an alternate employment through crypto market. In majority of the countries, where the governments have failed to provide jobs to the eligible youth, a place for alternate employment is a good news.

3. Crypto can't be mainstream because of its de-centralized nature. So every time anyone wants to use their crypto income, they will have to exchange it to their local currency. That helps the money circulation among the citizens and directly supplement the point no. 1.

But bitcoin or cryptos are generally a threat to the banking business unless the banks are going to adopt it. Again, let me explain why,

1. The current market cap of crypto is close to 450 billion USD. This is the dollar value equivalent which has been converted in to crypto worldwide and this is a very serious amount of money. If crypto didn't exist, this amount of money would have flown in to banking channel. But that has not happened because crypto exists and people are investing in crypto instead of investing in to bank deposits. So it is a threat to their business.

2. Governments and banks are in direct control of your fiat funds. If you do anything out of the line, banks can simply freeze your funds and ask for an explanation. With crypto it is not possible. Here you are the controller of your own funds. In today's world, money means power. The more money you have, the more powerful you are considered. You can do whatever you want with your crypto funds which is particularly the reason why governments are still unsure about cryptos. Money laundering and terrorism funding are two very serious reason behind that. Due to the pseudo-anonymous nature of the crypto transactions, it is very hard to detect such crime. As a good citizen, I am sure you won't support terrorism funding in any way. So it is a thread to the governments as well.

There are more reasons for the argument. But I believe I have covered the basics here.   

Some really sees this as a threat that is why a lot of people are getting rid of this cryptocurrency because some banks don't trust it so they don't trust this as well as they believe what the bank is saying, so for me it does not matter as we don't handle those minds and don't be affected too much with what others will think.

I don’t think that bankers see bitcoin as a threat but they are probably cautious of it because it is something unfamiliar to them. They must have noticed that their consumers have been using it and has been generating large amounts of revenue or income from it and they found it to be suspicious. For banks, large amounts of money without ‘solid proof’ is dangerous for them because they are wary of money laundering.

In my point of view in future whole banking system will change or they have to change. Bitcoin and other crypto currency will be future of whole world.

They may see it as a threat but in reality it's not. I believe cryptocurrency won't completely eliminate fiat, it will exist alongside it. Some services like loans will not disappear even when cryptocurrency becomes widely accepted. As long as we're living in the world of traders we will need all kinds of currencies. The next step is a world with abundance of free services, where everyone gets a free place to live and doesn't have to pay for a warm room and a glass of water. Until then we'll be living the society of debt and slavery, but that's a talk for another thread

In our country Bitcoin is not considered as legal tender or approved as payment system but we are allowed and free to exchange it into fiat. But i feel this kind of threatment is just temporary, because some banks don’t acknowledge it and those whose bank accounts connected with bitcoin transactions are subject to closure, thats why we choose bitcoin friendly banks to transact with to avoid that kind of situation.

Well according to them, bitcoin was will have a negative effect on their economy, its so disruptive that they really consider it  a threat and therefore needed to be eliminated as early as they can. So there will be a lot of nations that likely put a hammer ban just like what Indonesia and Bangladesh did. But for me, it will not eliminate the banking system, we still need banks and not everyone will go crypto's. There will be some old and traditional people who would rather saved and hold their money like a physical bank as compare to digital money like bitcoin. So its going to be an arduous and continues war and no one will emerge victorious. IMHO. Another reason that I can see if say bitcoin and crypto will take away the potential profits from bank. Imagine they will be bypass because we all know that crypto doesn't have middleman like banks to do transactions. Everyone is his own bank.

What are you expecting from the opinion of a Chief Financial Officer? She will ruin their business and will advise people who are their potential investors and customers to say, "hey bitcoin and crypto's are good it's the future of financing."

She works for a company that is backed by the government and is being regulated, wait for her opinion when bitcoin in your country starts to be regulated by your government.

I'm sure that she'll change his view about it.

This kind of technology will not aimed to destroy anything cause basically this created for a faster transaction and to transact without giving any information. Though some banks feel be threatened cause of the growing community of blockchain technology, I think it cannot destroy them in fact they can help banks to improved its services. Bitcoin can help improved one economy in terms of financial matter, and this can help its people to be more financially free.

It depends on how you look at it. Technically, one could say that 1 BTC is backed by the average cost in energy it takes to mint a coin, but that at the same time can be easily refuted. I personally don't feel the need to be so obsessed with something that needs to be backed by another thing in order to measure or represent a certain value. I like the free nature aspect that allows people to decide what the price of 1 BTC is, instead of depending on central authorities to force you to believe in something that is based on debt and futile believe, which is the case with the us dollar, and basically any other fiat currency. I am glad that with Bitcoin we don't have to swallow any of that if we don't want to -- we have an alternative option now, which we should all be happy with.

I just spoke to a CFO of a company that provides governmental services, she does not believe in the future of cryptocurrencies. The primary reason I got out of her was because "it's not backed by anything." I'm assuming that her sentiments are shared with others in her field but that may be cynicism.