Topic: The 2nd generation of banking is going digital - page 3. (Read 873 times)
The second generation of banking services has turned digital, but it hasn't got a complete transformation. This will change slowly, now through mobile wallets and through other forms of digital transfer more transactions have been taking place. We can expect a completely digitized transformation by the upcoming generation.
The problem with fully Electronic Banks is that the digital signs in them must be carefully checked to ensure that money is provided by physical referents.
Otherwise we can have an unlimited number of electronic signs, the additional issue of which will lead to wildly rising inflation.
Which in turn can lead to a strong depreciation of this money. In other words, such banks will need to be carefully regulated.
Otherwise we can have an unlimited number of electronic signs, the additional issue of which will lead to wildly rising inflation.
Which in turn can lead to a strong depreciation of this money. In other words, such banks will need to be carefully regulated.
There are instances that fiat converted to digital money are also using the blockchain technology. The reason is because I've noticed that in my area even though BTC address is the recipient, it can still be transferred even if they have just provided their fiat wallet and even not providing the BTC wallet. So, in this case, it is like buy and sell in digital world. But buy and sell with assurance that we aren't just spending, we're investing.
The problem with fully Electronic Banks is that the digital signs in them must be carefully checked to ensure that money is provided by physical referents.
Otherwise we can have an unlimited number of electronic signs, the additional issue of which will lead to wildly rising inflation.
Which in turn can lead to a strong depreciation of this money. In other words, such banks will need to be carefully regulated.
Every problem has a solution and every aspect will be improved with time. No doubt we are moving towards the era of pure digital world. That time is not far away when technology will be used by humans to accomplish even little tasks of their lives. May be there wont be any banks and with the introduction of bitcoin, which is definitely not having any bank, we really don’t need banks. Otherwise we can have an unlimited number of electronic signs, the additional issue of which will lead to wildly rising inflation.
Which in turn can lead to a strong depreciation of this money. In other words, such banks will need to be carefully regulated.
Banks are already going digital, one of the biggest reasons why they are capable of leveraging the money they have in their banks for example, they get 1 dollars and use the same dollar as collateral for hundreds of loans.
In short, we are in a system where digital is getting out of hand so much that, we may actually need blockchain to make things better in the digital part of things, regular banking was old school and mostly not good in many reasons but they were at least doing it right until 70's or so, after that it became so corrupted that banks realized they had all the money in the world in their safes and started to blackmail and corrupt their way into becoming even richer and turning peoples money into their own money with methods they could come up with.
In short, we are in a system where digital is getting out of hand so much that, we may actually need blockchain to make things better in the digital part of things, regular banking was old school and mostly not good in many reasons but they were at least doing it right until 70's or so, after that it became so corrupted that banks realized they had all the money in the world in their safes and started to blackmail and corrupt their way into becoming even richer and turning peoples money into their own money with methods they could come up with.
Bank always tries to generate profit so they uses every available technologies they can. So it is not a surprise that they will go digital. Not only digital banks are also looking for blockchain technology to implement on their system. And i hope that we will very soon see the banking systems are running in the blocking technology.
Banks running on blockchain technology means that they will be willing to give chance to transparency because any Blockchain system usually requires transparency which the reason I think even if banks will go digital, they might not really want to be fully into Blockchain technology because it has always been in their nature to get profit through illegal ways with all these charges that are unnecessary and with Blockchain technology, all these will stop.The main reason why bitcoin became very necessary to be established by the creator who saw the need to do so because of what the banks are doing to us for keeping our own money with them, but now with bitcoin, we can have full control of our own money without the interference of all these third parties(banks).
The problem with fully Electronic Banks is that the digital signs in them must be carefully checked to ensure that money is provided by physical referents.
Otherwise we can have an unlimited number of electronic signs, the additional issue of which will lead to wildly rising inflation.
Which in turn can lead to a strong depreciation of this money. In other words, such banks will need to be carefully regulated.
Otherwise we can have an unlimited number of electronic signs, the additional issue of which will lead to wildly rising inflation.
Which in turn can lead to a strong depreciation of this money. In other words, such banks will need to be carefully regulated.
No body will use the next generation banking, they will slowly cease to exist all together, and Libra PayPal would take their place for all the financial need for the true next gen.
That's a scary and dark future to be honest. Both mentioned by you scammed or will scam millions. They are no different from usual banks. The whole satoshis idea was to make people be able to become banks of their own.
Having such possibility and power, would you still be willing to use someone else's bank? If so, why?
I think that 2nd generation banking means that we, the people are becoming institution-less banks.
Bitcoin is an asteroid and banks are like dinosaurs, they are meant to go extinct and nobody will miss after them.
Everything that is in the OP, this stuff about us not having the past or future without banking system, is a pure, modern myth.
I think we would be far, far further in our advancements, if we where bank-less from the day one. They did not help us at all, the have slowed us. They, the 14th century banking cartel, have robbed us of our ideas and labour, thus I say; let them die of starvation.
By starvation I mean, depravation of human mind, let's just forget this horrible idea and move on to the next stage.
I also think the same way for the banks. Banks will not have any choice but to go with the trend of the internet technology. The cryptocurrency's blockchain technology will become the start for the banks to adapt to its transformation to become a digital bank. People will prefer faster and more secured type of banking and with the power of blockchain, it would really become a real existing product.
Technology has really changed rather improved our ways. With every passing day, something new is introduced and it eases a routine task for us. The idea of making transactions without pain of taking care of paper money and bank visits is soothing in itself. I know that sooner or later, paper money will be replaced by digital currencies as they are the better option for fulfilling our money matters. My opinion is that having a central bank for all purposes can lessen the hassle on every user since the process would be quite simplified . Going digital will really help the cryptocurrency space.
How does a centralized Bank simplify the process? Centralized Banks are the root of all our economic problems, because when these centralized institutions are corrupted and influenced, the whole economy suffers.
We need a decentralized financial system, without the influence of any centralized entity that can be corrupted, to heal our financial systems. There are simply too much manipulation and corrupt groups of people that infiltrated the global economic systems and they are destroying it from within.
Bank always tries to generate profit so they uses every available technologies they can. So it is not a surprise that they will go digital. Not only digital banks are also looking for blockchain technology to implement on their system. And i hope that we will very soon see the banking systems are running in the blocking technology.
banks in the future should be able to implement everything with digital currency because using digital currency will make the world cleaner because it will certainly reduce the use of paper money, if applying digital will make transactions easier.
You will need the proper partnerships to make any of this happen. They have to be extremely on top of their business and provide an excellent reputation if they plan on working with banks. Let alone, this is something to look forward to in the future.
banks in the future should be able to implement everything with digital currency because using digital currency will make the world cleaner because it will certainly reduce the use of paper money, if applying digital will make transactions easier.
My opinion is that having a central bank for all purposes can lessen the hassle on every user since the process would be quite simplified . Going digital will really help the cryptocurrency space.
In my country Banks are closing more and more of their local "Brick n Mortar" branches as they move forward with electronic Banking on smart phones and via Internet Banking. I can do almost anything through my Bank App on my mobile phone or through Internet Banking on my computer now.
The second generation of Banking is a shift to a digital Banking alternative, where a physical visit to a Bank would be a rare occasion.
I hate Banks, but my work does not want to pay my whole salary with Bitcoin, so I am forced to use it.
The second generation of Banking is a shift to a digital Banking alternative, where a physical visit to a Bank would be a rare occasion.
I hate Banks, but my work does not want to pay my whole salary with Bitcoin, so I am forced to use it. 
indeed, as technology develops, finance can use digital currency technology as applied today. A large number of digital currencies are created, in the future many will use digital technology and will implement a reduction in paper money.
I dont see this as second generation of banking . The thing is that succeseful banks are using digital aspects in their advantage.
If we think what is bank in leymans therms then the simple definition is that it is a provider of financial serivices and is regualted by banking laws.
The same applies in digital banking. Bank or if you want to use the modern term - fintech provides those services in digital enviroment as it did in physical enviroment, laws apply nevertheless, KYC applies nevetheless also.
If we think what is bank in leymans therms then the simple definition is that it is a provider of financial serivices and is regualted by banking laws.
The same applies in digital banking. Bank or if you want to use the modern term - fintech provides those services in digital enviroment as it did in physical enviroment, laws apply nevertheless, KYC applies nevetheless also.
Looks very desperate attempt for banks to once again be relevant in crypto age. During the first years of crypto, we have already learned that owning a wallet means you are your own bank, you don't need a 3rd party to watch over your funds. You don't need any of the services but can make transactions to whom you wanna make deals.
2nd generation banking is just not ideal now. The banks had made it very uncomfortable for its customers for a long time but now that something has come up, they wanna grab attention to offer new that is still outdated.
There is a small clarification i would like to make, future of banking can be traditional by taking every function at the comfort of your home and you can even call it digital banking and you will be able to do everything virtually and that does not mean all the physical offices should be shut down, if you mean going digital means by going to the crypto based market then i do not want any crypto based bank as bitcoin is meant to have full control over your asset and not to trust a third person.
If we start having cryptocurrency banking again, then one of the features of cryptocurrency has already been defeated because part of the purpose of bitcoin is to eliminate the third party in our financial transactions which has been making transactions even more expensive because these third parties are more of their own pocket alone. The financial system has already gone digital already and whatever banking system that we want is already at the palm of our hands, so I think that we should stop looking any further for any digital banking in form of physical establishment as it would not be much different from the already existing old fiat system of government which we are all trying to completely eliminate for a better financial transaction.
It's probably a bad idea to go full digital and deny people access to physical money. It's a great way to making fiat completely traceable and give more power to the government. Like in that movie enemy of the state, they will be able to completely cut you off, wipe you out of any records, make you a ghost, who is unable to even buy a meal. Having cash at hand has its benefits, especially when you're not a submissive type.
Relying in bank online transaction in our country is not really convincing due to records of many loss amount, being hacked and the almost weekly maintenace of their system that lessen the comfortability people's aiming. It is better to do transactions in crypto wallets than in online banks apparently cashing out needs bank or remitances. If stores, schools will accept crypto it will be less hassle even no bank arounds.
I also think the same way for the banks. Banks will not have any choice but to go with the trend of the internet technology. The cryptocurrency's blockchain technology will become the start for the banks to adapt to its transformation to become a digital bank. People will prefer faster and more secured type of banking and with the power of blockchain, it would really become a real existing product.
Jump to: