Say Goodbye to Banking as We Know It - page 6.

GideonGono

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Quote from: cutesgirl on January 06, 2020, 12:49:35 AM

I keep trusted with banking system work because more safety saving my money in the bank and easy when use my money for transaction in my country, when many bitcoin member want to break out whit bank I think we still need bank for investing in bitcoin, without have bank how come we can sent money for investing on our bitcoin account, although we want to convert bitcoin with other currency we must sent money first.

Yup and I also won't gone easily because there are a lot of person who doesn't believe and accept the bitcoin. In fact they believe on Bank and other investment than crypto so we can see that banking won't gone as easily as they think.

Murat

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We have to go for a long run regarding this issue, I think Whatever China has done in this platform the Conventional banking system will be playing the ultimate role in the monetary system, I believe that cryptocurrency will also play a vital role in the monetary system but without banking system, most of the people will not able to transact their money, it's true that everything is getting changed so with the change of time, everything could get a new face. but a lot of reformation is required for this system for the improvement of the cryptocurrency system.

SquallLeonhart

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Banking system is moving to more and more digital because the newer generations can handle the improvements in technology, sure the old type of banking systems will continue to live for another 20-30 years at least because people who are in their 60's are having a bit of trouble but also adjusting even if slowly to the new technology whereas people who are on their 70's are not keeping up with it properly, so in 20-30 years only the people who are in their 50's right now who can adjust to technology very well will survive with some 60's along the way, everyone else who will be alive will be people who are under 50's right now.

So, banks are taking all of that into consideration and working towards crypto, digital, blockchain and many more newer technologies they know new generation won't have a trouble with.

Wexlike

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Quote from: Jet Cash on January 06, 2020, 06:10:23 AM

Has anybody mentioned that the current fiat system is a centralised virtual digital system already? Renaming it, and calling it a blockchain based currency won't really make any difference. What will make a difference would be the return of currency generation to the state, but I can't see the banking elite allowing that.

The central banks are already highly political. Going 100% back to the state won't change much anymore. The seperation now is only to calm down the masses and the small fights between for example the FED and Trump are just a joke in the end.

Golftech

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Quote from: Dart18 on January 06, 2020, 05:46:59 AM

One truth that I see in here.
China is really trying to piss off United States of America.

They are doing everything which is the opposite of what USA will do.
The fight of the strongest country. The war is in the internet now and not in arms anymore.
Maybe this is better than seeing another country perishing from radiation. Grin

China is looking for the best venue to opposed US in a non-verbal ways, with so many gaps between this two powerful nations they both wanted to
have the advantages. With blokchain, where US is not showing any support and wanted to keep what they've already have china seeing and edge
and wanted to explore deeper. This act exactly the opposite side from how the US government seen and wanted to stop or prohibits the usages.

Triffin

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Quote from: CarnagexD on January 05, 2020, 09:04:10 AM

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Quote from: awik p on January 04, 2020, 12:58:44 AM

I think indeed the bank will be retained by the government, considering that the bank is currently a buffer for a country's economy. therefore even if the system used is no longer relevant, of course the government will still look for ways to maintain it, and maybe only the blockchain will be used

Yes, I also think like that, the Bank will only take Blockchain technology to be adopted into their banking system.
So I think the Bank will continue to exist even though Bitcoin has already been legalized by many countries.

Even though bitcoin is legalized in some countries, it is still not enough to think that the banking will get removed from the financial system. Banks are now doing well with their experimentation and trials to implement blockchain technology. They will surely continue to exist and they will become better than before because of their action to adapt the newest technologies.

Indeed, bitcoin's legalization is a good stepping stone, but it will take time before banking becomes obsolete, the business has been ongoing ever since we knew how to take care of our possessions, and it's not gonna be that easily taken down. If anything, bitcoin will revolutionize banking itself. as some characteristics bitcoin has will definitely be beneficial in the banking industry.

now I have seen some banks are involving in bitcoin because they are adopting block chain in their system. I hope in few years banks will professionally adopt crypto system but it’s still only my predictions as now I have notice one thing that people prefer to invest their money in bitcoin more than they keep in banks because banks give them very less profit.

Jet Cash

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Has anybody mentioned that the current fiat system is a centralised virtual digital system already? Renaming it, and calling it a blockchain based currency won't really make any difference. What will make a difference would be the return of currency generation to the state, but I can't see the banking elite allowing that.

Dart18

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One truth that I see in here.
China is really trying to piss off United States of America.

They are doing everything which is the opposite of what USA will do.
The fight of the strongest country. The war is in the internet now and not in arms anymore.
Maybe this is better than seeing another country perishing from radiation. Grin

cutesgirl

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I keep trusted with banking system work because more safety saving my money in the bank and easy when use my money for transaction in my country, when many bitcoin member want to break out whit bank I think we still need bank for investing in bitcoin, without have bank how come we can sent money for investing on our bitcoin account, although we want to convert bitcoin with other currency we must sent money first.

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Quote from: Lucius on January 02, 2020, 12:05:15 PM

I find this just another in a series of announcements about some new currency from China, and I think everything else is just speculation until it becomes reality. China will launch digital yuan, it will be on a private blockchain and it will be under full control of People’s Bank of China. At the moment, I believe that this is an internal matter of China and that it cannot affect the global financial system. It is very likely that all economic forces will launch their digital currencies at some point, this is inevitably the direction the world is moving, a complete transition to the digital age.

As for Libra, haven't the US and EU strongly opposed the project? I am not sure if anything has changed in the US, but the EU still firmly stands by its position that it will not allow Libra in this form as presented.

We all know that when the time that cryptocurrencies and digatal transaction came up, some banking system blows up but not totally blew. They develop this kind of transaction and also currency to help our economy get more bigger than the old system when we have a banking. When China adopted this kind of system, the blockchain technology, they come up with the new currency and that is digital yuan.With this, also some other countries will launch there own digital currency and we hope this will have a good possibility for them.

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Quote from: luppecuppe on January 05, 2020, 01:33:02 PM

I don't think it would be a national cryptocurrency. The existence of this market is against the interstate economy. Bitcoin has no owner. I don't think states need to go on an adventure like this. A firm that has the means of production can establish a real dominance at the cryptocurrency.

No one talking about bitcoin here and China will be releasing their own version of crypto which of course centralized and totally in their control,

Quote from: Mihaylovic on January 04, 2020, 04:13:22 AM

thatk you for the share. i am honestly very interested in how the adaptain is going to be. i mean we know that there are so many people that prefer traditional system. Even some of us do. how fast they will adapt to this alternative financial ecosystem. we will all see.

Basically will be the same thing like those digital payment system that are already widely used in China, the fact that they are already close to becoming totally cashless society will probably speed up the adoption.

diazepam666

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Does anyone here believe that Bitcoin will be replace the centralised mode of banking? I am damn sure Government and centralised business entities will not a low decentralized market to capture the finance field.
Plenty of news leagues from 2015 to now like they were adopting cryptocurrency mode of payment in their banking system but 95% of the people doesn't go with the major and top most cryptocurrency also so far.

FLoving

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Quote from: luppecuppe on January 05, 2020, 01:33:02 PM

I don't think it would be a national cryptocurrency. The existence of this market is against the interstate economy. Bitcoin has no owner. I don't think states need to go on an adventure like this. A firm that has the means of production can establish a real dominance at the cryptocurrency.

In the modern age anything can happen and the crypto currencies are made of the type which can fit in our states financial system without any problem to our economy. Many countries are seeing this currency as better for their future and it is right that bitcoin do not have any known owner but what we have to do with the owner if bitcoin is a decentralized currency and is working without any effect in our system.

luppecuppe

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I don't think it would be a national cryptocurrency. The existence of this market is against the interstate economy. Bitcoin has no owner. I don't think states need to go on an adventure like this. A firm that has the means of production can establish a real dominance at the cryptocurrency.

Oilacris

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Quote from: Boov on January 05, 2020, 12:17:47 PM

Quote from: Duzter on January 03, 2020, 01:00:59 AM

More countries are into blockchain adoption. This is a forward move, but countries are specific in their stand of supporting blockchain technology and standing against cryptocurrency usage particularly bitcoin. China once a big supporter of Bitcoin is now supporting blockchain and in the plan of having their own cryptocurrency. Maybe this can take place with more countries, but there needs to be some common asset that unifies everything. This role probably taken by bitcoin.

If this will happen this year, I think nothing will change in the world's economical status but this will be a little help to improve our economical status. There are still a lot of countries who does not support the cryptocurrency because they lacked knowledge about the crypto world but if the US and China launch their first ever coin and announce it to the public, I think that scenario will be a big help to cryptocurrency to be introduced all over the world and also I think that more countries will be encourage also to build their own virtual coin.

It wont really takes too much time for other countries not to know about blockchain technology since there are already countries that do consider
for this innovation to be implied into their own system.

Talking about this year? No it wont really be that early but pretty sure we are heading towards that possibility.Goodbye to banking?Its impossible
there would be changes but doesnt mean it would vanish.

Boov

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Quote from: Duzter on January 03, 2020, 01:00:59 AM

More countries are into blockchain adoption. This is a forward move, but countries are specific in their stand of supporting blockchain technology and standing against cryptocurrency usage particularly bitcoin. China once a big supporter of Bitcoin is now supporting blockchain and in the plan of having their own cryptocurrency. Maybe this can take place with more countries, but there needs to be some common asset that unifies everything. This role probably taken by bitcoin.

If this will happen this year, I think nothing will change in the world's economical status but this will be a little help to improve our economical status. There are still a lot of countries who does not support the cryptocurrency because they lacked knowledge about the crypto world but if the US and China launch their first ever coin and announce it to the public, I think that scenario will be a big help to cryptocurrency to be introduced all over the world and also I think that more countries will be encourage also to build their own virtual coin.

senne

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Block chain gonna change how banking is done. I agree that America is pretty much regularizing the Bitcoin and decentralized currency as we know it. But every country be it America or china, are working aggressively in implementing block chain in various sectors to make it effecient. I doubt any company specially banks are not testing block chain or spending heavily on R&D just to see how viable is bloclchain. So no, America is not restricting the innovation but just strict towards decentralized cryptocurrencies.

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Quote from: ?? on ??

Quote from: awik p on January 04, 2020, 12:58:44 AM

I think indeed the bank will be retained by the government, considering that the bank is currently a buffer for a country's economy. therefore even if the system used is no longer relevant, of course the government will still look for ways to maintain it, and maybe only the blockchain will be used

Yes, I also think like that, the Bank will only take Blockchain technology to be adopted into their banking system.
So I think the Bank will continue to exist even though Bitcoin has already been legalized by many countries.

Even though bitcoin is legalized in some countries, it is still not enough to think that the banking will get removed from the financial system. Banks are now doing well with their experimentation and trials to implement blockchain technology. They will surely continue to exist and they will become better than before because of their action to adapt the newest technologies.

Indeed, bitcoin's legalization is a good stepping stone, but it will take time before banking becomes obsolete, the business has been ongoing ever since we knew how to take care of our possessions, and it's not gonna be that easily taken down. If anything, bitcoin will revolutionize banking itself. as some characteristics bitcoin has will definitely be beneficial in the banking industry.

Visbay

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Quote from: Mihaylovic on January 04, 2020, 04:13:22 AM

thatk you for the share. i am honestly very interested in how the adaptain is going to be. i mean we know that there are so many people that prefer traditional system. Even some of us do. how fast they will adapt to this alternative financial ecosystem. we will all see.

In some areas, people still use traditional currency and they are yet not using cryptosystems but only because they are so backward and they don’t have internet access. So we should move with time and developments so if the payment system is turning to the digital system we should also accept it and adopt it. People now prefer using crypto investment more than storing their money in banks.

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Quote from: moviebuff777 on January 02, 2020, 12:48:38 PM

This will most likely be the trend for most countries as they transition to the digital economy. But these government cryptocurrencies or digital currencies will still be centralized so they will not take the place of decentralized currency.

Stable coins of states, of course, will not take the place of a decentralized cryptocurrency, however, they can very strongly supplant it as a means of payment. People are more likely to trust the stable coins of their government more and therefore banks will change. Contrary to different opinions, the positions of banks from this only strengthened. They will successfully use blockchain technology and will become much faster and more efficient in conducting their transactions.

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