Topic: What are the likely problems that cryptocurrency poses to the financial sector? (Read 266 times)
March 11, 2019, 09:25:31 AM
I think the big problem about bitcoin in financial sector is the characteristic of bitcoin that it has a not consistent value. And I think it is a very risky investment because on that case investor may loss their investment or capital in one blink of their eye so I think this is a challenge of every bitcoiner to face that bitcoin's or crypto's problem.
May 13, 2019, 02:53:21 AM
March 11, 2019, 08:22:42 AM
Some say it doesn’t really pose any kind major threats to the financial system, since it’s too unstable to be accepted as a regular currency. However, others say it will totally disrupt the current model. What do you guys think?
It depends upon where you stand logically, if you are safeguarding your business because a better option is out which can be used by anyone in the world and trade without boundaries could disrupt some business enterprises and for them it will create problems 
, other than that it is a better solution for everyone to trade internationally. Eventually the masses will understand the real value of bitcoin rather than its trading value. March 11, 2019, 03:28:26 AM
I believe it doesn't create any form of problem to the financial sector. It may probably affect the economy if cryptocurrency are not used wisely but I believe the government are really focusing their eyes on crytocurrency and how it may affect if there is any to the people. Any country monitors their economic status and nobody would surely sit down and do nothing if it does create something bad. We have heard about "trade wars" and this is just an example of the government looking at opportunities and possible crisis so that before things should happen worse the government is there watching over any actions done.
March 11, 2019, 02:48:22 AM
It doesn't pose a threat yet but that doesn't mean it won't in future. Traders will realise that there are better profits to be made trading crypto and switch over leaving other markets to dry
March 11, 2019, 12:17:53 AM
I believe that financial sector sees cryptocurrency as a threat but not a major threat since there's still no mass adoption of it and majority of people still depends on financial sector such as banks. And since most people are afraid to this system due to its volatility, other factors, and also the lack of knowledge in cryptocurrency, I think financial sectors are still confident that people would still rely on the traditional ones.
March 10, 2019, 03:46:03 PM
Some say it doesn’t really pose any kind major threats to the financial system, since it’s too unstable to be accepted as a regular currency. However, others say it will totally disrupt the current model. What do you guys think?
Not the financial sector per se, the central banks that determine economic cycles, devalue all our earnings through inflation and probably have more control over our lives than our presidents.Bitcoin is a continuation of the end the fed movement.
And you might wanna read up on what message Satoshi signed as he started the Bitcoin mainnet.
March 10, 2019, 03:36:22 PM
The world of cryptocurrencies seeks to give financial freedom to people but the financial sector dont see this as feasible due to the high volatility of the crypto market and this is the greatest challenge since they have to do anything possible to prevent mass adoption of crypto. The financial industry is basically controlled by centralised figures like the world bank, IMF, central banks of countries etc. On the other hand, the world of cryptocurrency where everything is virtually anonymous and decentralized. Hence if there is mass adoption of cryptocurrencies they believe it would totally disrupt the existing financial sector.
March 10, 2019, 01:52:48 PM
I think there are many, one of which is market manipulation, money theft, and tax evasion. because of this many governments do not agree to crypto being used in their countries. decentralization and anonymity like a double-edged knife, on the one hand are good advantages. but on the other hand this can be misused.
March 10, 2019, 01:45:45 PM
Perhaps it can affect on the global remittances and this is a billion dollar business so most likely financial sectors are afraid that crypto will disrupt them in a negative way, like cutting in their huge profits so to speak. Just imagine people sending money to their love ones without the bank involved, that's is a scary thought for bankers out there. 
In support of your message.I don't see crypto currency poses any problem since it a decentralized like platform and it controlled by the community but the bankers and government have read Bitcoin concept which is why the bankers and the governments are scared that crypto currency could take their place in terms of power and profits. An example bitcoin taking tge place of chinese national currency was the reason why the Chinese governments says FUD things about Bitcoin
March 10, 2019, 11:55:33 AM
Perhaps it can affect on the global remittances and this is a billion dollar business so most likely financial sectors are afraid that crypto will disrupt them in a negative way, like cutting in their huge profits so to speak. Just imagine people sending money to their love ones without the bank involved, that's is a scary thought for bankers out there.
March 10, 2019, 11:25:56 AM
Some say it doesn’t really pose any kind major threats to the financial system, since it’s too unstable to be accepted as a regular currency. However, others say it will totally disrupt the current model. What do you guys think?
The sector that is most threatened is the banking sector of the financial system.Cryptocurrencies featured store of value provides a well secured alternative means of storing fiat in form of Cryptos could pave way for diverting investors to withdraw their fiat to Cryptos which also features anonymous transactions, although Cryptos is not ripe enough to be deployed as a regular currencies however it indeed threatens the financial sector of the economy.
March 10, 2019, 09:36:33 AM
Some say it doesn’t really pose any kind major threats to the financial system, since it’s too unstable to be accepted as a regular currency. However, others say it will totally disrupt the current model. What do you guys think?
Everything has a positive side as well as negative side. Cryptos are no exception. The fluctuation in crypto price is a real challenge for businesses to accept it as a regular currency. Beside government regulation, this fluctuation is the biggest challenge in crypto.
But I don't think that existing cryptos have the power to disrupt the current financial or economic model. It would certainly bring some changes in the current model but disrupting is out of question. In a nutshell, I don't think crypto poses any significant risk to the current economic model and it will co-exist as a parallel economy!
Cryptocurrencies are pseudonymous so it might be trouble for taxation agencies to track down and tax individuals.
Firstly, some are not pseudonymous, and secondly, one might require enterpreneurs to decrare their crypto addresses they use for business, and thus easily track crypto for tax purposes. Sure, one might use another account for some part of business and not pay taxes, but people find their ways to avoid paying taxes without cryptos as well. 
March 09, 2019, 10:54:30 AM
very free and it will be very disturbing during a financial crisis. countries cannot control because cryptography is decentralized. because of this many countries do not agree if cryptocurrency is legalized. crypto can also cause inflation, the more someone holds a coin then he can do anything on the market.
March 09, 2019, 03:01:45 AM
that is what bitcoin is, that alternative that was created because the fiat system was shitty and it is not about to replace it unless it continues to suck.
and remember that bitcoin is here to solve problems not cause any, if you see some problems, know that they existed before bitcoin. with bitcoin they only became more obvious.
Our economy should collapse that much that we should get back to the stone age.and remember that bitcoin is here to solve problems not cause any, if you see some problems, know that they existed before bitcoin. with bitcoin they only became more obvious.
In the modern world, people only use cryptocurrencies if their economy is totally dead and the annual inflation is higher then Bitcoin can loose. So if you are not resident of Venezuela or the other communistic country then you probably won't see see BTC as one of your main currencies.
March 08, 2019, 10:24:29 PM
Cryptocurrencies are pseudonymous so it might be trouble for taxation agencies to track down and tax individuals.
March 08, 2019, 09:46:58 PM
i think the first thing that you need to discuss about is that why do you think bitcoin should even disrupt anything in first place? for example imagine a fast food that opens up on the other side of the street with a better menu than the old one, this new one doesn't "disrupt" the old one, it has just added more fierce competition and if the old one is shitty it will be removed unless it stops sucking.
that is what bitcoin is, that alternative that was created because the fiat system was shitty and it is not about to replace it unless it continues to suck.
and remember that bitcoin is here to solve problems not cause any, if you see some problems, know that they existed before bitcoin. with bitcoin they only became more obvious.
that is what bitcoin is, that alternative that was created because the fiat system was shitty and it is not about to replace it unless it continues to suck.
and remember that bitcoin is here to solve problems not cause any, if you see some problems, know that they existed before bitcoin. with bitcoin they only became more obvious.
March 08, 2019, 09:13:09 PM
It would definitely cause fear in the wire international business, it does everything the bank can but better. (Except for reversal)
Reversal could be viewed as either a good thing or a bad thing. It's a well known fact that services such as Paypal are notorious for scammers charging back their payments, and running away with both the product, and money. Paypal generally favors the buyers over the sellers, and this is especially the case when buying digital goods. It's the exact reason why you should never trade Bitcoin for Paypal, unless you're dealing with a very trusted user, and honestly even then there are better ways. The only thing that Paypal has over Bitcoin is convenience.
March 07, 2019, 04:23:50 PM
The common topic spoken by everyone.when coming to cryptocurrency is that cryptocurrency will make the banking system to obsolete . Even though the current banking system is a flaw and has to be corrected that is not easily repairable A good central bank should be able to avoid hyperinflation and economic depression and should sustain a steady economic growth with slow rate of inflation .In most developed countries also it is difficult to do so since they use their power for their own financial interest only .and when people lose trust. over this centralized one there the decentralized currencies can solve all these problems since hyperinflation is not a threat.
March 07, 2019, 01:57:53 PM
We all know the challenges being faced by bank customers these days.
Challenges ranging from high transaction fees , the hidden charges, high interest rates and difficulties associated with obtaining credit facilities.etc
Bank customers are stuck because there's no other alternative.
So, assuming cryptocurrency becomes generally accepted as a payment medium, I believe most bank customers would do away with the banks with reckless abandon.
And this would pose a great threat to the continuous growth of the banking seector.
Challenges ranging from high transaction fees , the hidden charges, high interest rates and difficulties associated with obtaining credit facilities.etc
Bank customers are stuck because there's no other alternative.
So, assuming cryptocurrency becomes generally accepted as a payment medium, I believe most bank customers would do away with the banks with reckless abandon.
And this would pose a great threat to the continuous growth of the banking seector.
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