What is bitcoin future roles in Finance? - page 3.

justdimin

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Quote from: amihada on June 05, 2024, 11:39:27 PM

Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

Considering how bitcoin might shape the future of finance, it’s potentially impact on traditional banking systems and regulatory challenges it’s may face

What should be answered with your question? Your question applies if bitcoin is legalized in a country, but currently bitcoin has not been approved in any country so how do we discuss the role of bitcoin with finance

What do you mean not approved in any country? First of all if you mean legal tender, then we already have 2-3 nations that made it not only legal but literally legal tender, you could use it like any fiat currency, and it has to be accepted anywhere in those nations, you have that option.

Secondly, if we are talking about just being legal to use, nearly 90% of the nations in the world made it legal to use, trade, invest into it as well. Look at big nations like USA, those nations not only made it legal, but they have companies on it, from creation at mining, to exchange like coinbase there are many companies in USA that makes a lot of money from it and that has to be the thing that keeps growing further and further.

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Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

Considering how bitcoin might shape the future of finance, it’s potentially impact on traditional banking systems and regulatory challenges it’s may face

I don't know for others but from the way I understand bitcoin and the readings I have involved bitcoin was not created to shape the financial system in the world but it was created as an alternative measure to buy and pay services digitally. But because of the way it is people saying that bitcoin is going to shape the financial institutions in the world which I strongly disagree with because investing in bitcoin can't change anything and the governments are closely watching so bitcoin will also stay on it lane and that is why they fighting seriously with mixers and Centralized exchanges.

And the only aspect that n which bitcoin can use to shape the economy of the would is the real p2p.

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Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

What is bitcoin future roles in Finance?

It has a positive impact and many people have felt the benefits of Bitcoin.
Bitcoin is not here to make poverty disappear. Bitcoin's role makes it easier for people to gain freedom over full control that people have as Bitcoin owners. Unlike the traditional financial system.
It has been fully recognized that Bitcoin's role is real, not wanting to overthrow other banking systems as rumored by irresponsible parties.

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Quote from: Smack That Ace on June 06, 2024, 10:33:03 AM

If we talk about hope, we all hope that bitcoin can become a legal currency in the future, but hope alone is not enough and does not mean that it will definitely happen. Like I said, let's look at reality, look at what's going on, and set achievable expectations instead of expectations based on our wishes. Just like many people always hope that bitcoin will reach 1 million USD in the upcoming bull season, but they only give unrealistic hopes and rely on their wishes without any basis to guarantee what they say. Do you think that will happen? Do you think bitcoin will hit $1 million during the bull season just because everyone is hoping it will?

I agree with your words. Because what you say is true. The bitcoin price will reach one million USD, which will take a long time. I've seen someone making so much news without a beta that it looks like it will hit a million in two days, but it's not possible that fast.

Quote from: Smack That Ace on June 06, 2024, 10:33:03 AM

Personally, I still don't see any good reason for a government to accept a currency they cannot control even if it becomes price stable. Because using decentralized currency will cause a lot of problems for the economy and it will be beyond their control. Unless they find a way to control bitcoin, but will bitcoin still be attractive when it loses decentralization?

Yes, I saw this in my country, too. We had talked about digital from the government, but never again. And better than that, it cannot be expected to be valid by any other means. And I think it will feel a lot worse if it becomes legal. If it is legal in my country, the government will deduct a minimum of 30% VAT.

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Quote from: criptoevangelista on June 04, 2024, 11:09:12 AM

Its role in the economy is already very clear in its fundamentals... it is an ALTERNATIVE to the traditional banking system... Some say that it will replace the banks, but I do not agree with that, for me it will always be an alternative, a MUCH SUPERIOR alternative, obviously.

We can say in a sense that crypto currency is an alternative route to the conventional banking system. Cryptocurrencies have carved out a reliable place where there was nothing to say against the banking system before. The facilities that were not available in the conventional banking system have become easier after the adoption of cryptocurrency. Due to the traditional banking system being centralized one had to rely on others for various reasons at times but since Bitcoin is decentralized there is no ‍such problem. Cryptocurrencies have become most popular among people due to transparency, scalp cost of transfer, access ability and fast speed of completion. Since Bitcoin is a highly volatile currency I would not say that cryptocurrencies will replace banks but we can accept crypto as an alternative to banks.

Sonia_123

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Bitcoin is seen to be money even if it is in a digital form to be an alternative to Fiat and also an alternative to our traditional currency,since it's purpose P2P online, that is purchasing for goods and services online. Financial freedom, that is bitcoin assist other countries when been introduced,it helps to reduce hardship and suffering in other to meet their citizens demand financially without any entity governing it. With Bitcoin in a country, there will be financial and economy stability. Bitcoin will be eradicating poverty, unemployment in the globe which it has already started .

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Quote from: Zlantann on June 04, 2024, 06:17:48 AM

Quote from: Smack That Ace on June 04, 2024, 05:56:10 AM

Quote from: Zlantann on June 03, 2024, 02:37:53 PM

Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

Considering how bitcoin might shape the future of finance, it’s potentially impact on traditional banking systems and regulatory challenges it’s may face

Bitcoin was created to be an alternative to fiat this is because people will always use the latter. If Bitcoin gains acceptance by the government and the transaction fees still remain low, more people might choose to use it more than fiat. So, it will be common to assume that traditional banks might face a reduction in transactions if using Bitcoin is faster and cheaper. We are already experiencing strict regulatory laws in many countries. The government will keep making laws that will increase KYC, thereby increasing centralization.

But is the idea of bitcoin becoming a currency a reality when we only see it as an investment and not too many people consider it an alternative to fiat?
Do you think the government will agree and legalize it as an alternative currency while they cannot control it? Besides, how long do we have to wait for a real solution to make bitcoin's transaction fees cheaper and transaction speeds faster?
All of your “what if” ideas are highly unlikely and even impossible. We should look at reality and not talk about “what if” scenarios.

You are not far from the truth mate, it is clear that the idea of mass adoption of Bitcoin as a currency is not visible. Many people are comfortable with it as an investment. It is also obvious that the only reason institutional investors buy Bitcoin is not to use it as a currency but to make a profit. However all hope is not lost, most Bitcoiners still believe that there will be a time when Bitcoin will be used as a currency. Maybe the price might become less volatile in the future, making it popular as a means of payment. We also hope that transaction fees will be reduced and people will devise alternative means of using Bitcoin as a currency. The government will keep making laws to control the Bitcoin industry, however, some nations might not be as strict as others. There will always be Bitcoin-friendly nations where regulations will not be too strict. The dream of freely using Bitcoin as a decentralised currency globally might seem impossible, but it is still achievable.

If we talk about hope, we all hope that bitcoin can become a legal currency in the future, but hope alone is not enough and does not mean that it will definitely happen. Like I said, let's look at reality, look at what's going on, and set achievable expectations instead of expectations based on our wishes. Just like many people always hope that bitcoin will reach 1 million USD in the upcoming bull season, but they only give unrealistic hopes and rely on their wishes without any basis to guarantee what they say. Do you think that will happen? Do you think bitcoin will hit $1 million during the bull season just because everyone is hoping it will?

Personally, I still don't see any good reason for a government to accept a currency they cannot control even if it becomes price stable. Because using decentralized currency will cause a lot of problems for the economy and it will be beyond their control. Unless they find a way to control bitcoin, but will bitcoin still be attractive when it loses decentralization?

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Quote from: btc78 on June 06, 2024, 02:36:02 AM

Quote from: Assface16678 on June 05, 2024, 06:28:27 PM

True, its just that many bitcoin investors are too into bitcoin, thinking that it will eventually replace all currency and banks. I get it, we love bitcoin and such, but its too exaggerated if we treat bitcoin as too much.

Bitcoin was never made to replace fiat. It was only meant to be an option for those who would like to use it. It’s quite unrealistic if we think that bitcoin can remain the only currency in the world when it’s not even the only currency in its industry being crypto. It can be more powerful than most fiat but it can never replace fiat entirely.

Satoshi never mentioned creating bitcoin to replace the current monetary system, but even if he had that intention when he created bitcoin, it would never have happened. Even if we want bitcoin to become popular and recognized worldwide, we have encountered many difficulties, let alone thinking about the scenario where it will replace fiat money or banks. Governments will seek to destroy bitcoin if it is truly created to replace fiat and banks. So let's not be naive and blind when spreading this false information, it is completely harmful to bitcoin and not as good as we think.

Since the bitcoin ETF was approved, bitcoin has become increasingly popular, but if there were a harsher ban instead, what would happen to bitcoin? Don't over exaggerate bitcoin and underestimate the power of government.

Litzki1990

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Perhaps you want to mention here what is the future of freelancing with Bitcoin, although I am not sure about your question but I am telling you what I think. A freelancer who works is a bitcoin investor or bitcoin user but does not do the same. You may know that freelancers are given work based on their account and they are paid a certain dollar amount for certain work but this is not the case with Bitcoin. In the case of investing in bitcoins, no one will give you a job, but you have to buy bitcoins with your money and you have to sell your bitcoins by understanding the opportunity and thus you have to make a profit. Freelancing is like a job whereas investing in Bitcoin is like a business so both have two different futures. Almost all governments around the world have legalized freelancing but Bitcoin has not been legalized by most governments so there is definitely a difference between freelancers and Bitcoin users.

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Quote from: Assface16678 on June 05, 2024, 06:28:27 PM

True, its just that many bitcoin investors are too into bitcoin, thinking that it will eventually replace all currency and banks. I get it, we love bitcoin and such, but its too exaggerated if we treat bitcoin as too much.

Bitcoin was never made to replace fiat. It was only meant to be an option for those who would like to use it. It’s quite unrealistic if we think that bitcoin can remain the only currency in the world when it’s not even the only currency in its industry being crypto. It can be more powerful than most fiat but it can never replace fiat entirely.

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Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

Considering how bitcoin might shape the future of finance, it’s potentially impact on traditional banking systems and regulatory challenges it’s may face

What should be answered with your question? Your question applies if bitcoin is legalized in a country, but currently bitcoin has not been approved in any country so how do we discuss the role of bitcoin with finance

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Quote from: redsun114 on June 05, 2024, 02:28:11 PM

Quote from: Xampeuu on June 04, 2024, 08:58:31 AM

Indeed, Bitcoin is being widely touted by Bitcoiners as a substitute for fiat money in the future, but when that will happen, no one knows, but what is certain is that currently Bitcoin opens up a big opportunity for us to make a profit from trading or investments, and many people have already gained freedom. finances from bitcoin, with the number of bitcoiners still minimal in the world, it is possible that the price of bitcoin will continue to rise, but indeed the movement is fluctuating

We don't need to wait for the future because it is already happening now but I think that is because this current time now we are in, is still considered to, as at the future, due to the advanced technology that we have.

Making money in BTC on the other hand is not a new thing but this is already happening, ever since the world (BTC) began, though maybe we have more ways now and our earnings are now much better than before. To have more money is freedom but BTC being decentralized is literally freedom that we must take advantage of. Fluctuations are normal and not a disadvantage but actually an advantage to help BTC raise more value.

As we speak, btc is already being part of financial transactions and it is already going mainstream. So yeah, somehow, we are already seeing the future. In my opinion, a lot of people will try their hands on crypto as once they have seen the advantages of it over their fiat, the hesitation will stop. High possibility that the demand of crypto especially btc will further increase in the coming years.

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Quote from: ChiBitCTy on June 04, 2024, 11:19:27 AM

I don't believe that bitcoin will every replace that dollar, despite how much I would like it to. I think bitcoin will continue to play a role in finances much the way it already is, just on a bigger/wider scale. It's a store of value, essentially digital property.

I also think whenever someone figures out the two party escrow system that Satoshi proposed, that it will be a huge breakthrough in finance and do a lot for bitcoin.

True, its just that many bitcoin investors are too into bitcoin, thinking that it will eventually replace all currency and banks. I get it, we love bitcoin and such, but its too exaggerated if we treat bitcoin as too much. I mean, in order to replace all currency and just use bitcoin, it will be a long process, and replacing banks will make the world chaotic, as all finance and also in the world are going through banks, which is the main system for financial. I love bitcoin, and I want it to be powerful, but I think it's too much that it will replace all. Maybe there's bitcoin as an alternative to traditional currency; it's more like another currency that all people in the world could have. It is a new innovation that will help many people earn, so better take it easy and treat bitcoin as it is. Bitcoin is a new innovation that could bring us more ways to earn or technology; it is not a thing that will replace all currency in the world.

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Quote from: Xampeuu on June 04, 2024, 08:58:31 AM

Indeed, Bitcoin is being widely touted by Bitcoiners as a substitute for fiat money in the future, but when that will happen, no one knows, but what is certain is that currently Bitcoin opens up a big opportunity for us to make a profit from trading or investments, and many people have already gained freedom. finances from bitcoin, with the number of bitcoiners still minimal in the world, it is possible that the price of bitcoin will continue to rise, but indeed the movement is fluctuating

We don't need to wait for the future because it is already happening now but I think that is because this current time now we are in, is still considered to, as at the future, due to the advanced technology that we have.

Making money in BTC on the other hand is not a new thing but this is already happening, ever since the world (BTC) began, though maybe we have more ways now and our earnings are now much better than before. To have more money is freedom but BTC being decentralized is literally freedom that we must take advantage of. Fluctuations are normal and not a disadvantage but actually an advantage to help BTC raise more value.

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Well, you already know that the monetary system is a bit shaky, not as if it's going to collapse as some people would say, but we can see that the printed money, being our fiat, is undergoing steady devaluation with respect to the high rate of inflation. I remember some years back when the value of the dollar was far less than that of my country's fiat currency, and the value of our money was so high that you could buy land and build a house with just a small amount of cash. The value was so high then, and inflation was also very minimal, but in today's world, the value of the value of the dollar is far better than our currency, and it is continually appreciated over our currency.That's that.

Bitcoin is a hedge against inflation, and definitely the rate of inflation is increasingly going up as the years go by, while Bitcoin values are rather appreciative as the year goes by. If you hold $70k for the next four years in your bank account, the value may have decreased before those years ran out, but if you hold such an amount in Bitcoin, you may have X2 of your investment.

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Quote from: G-aluminum on June 03, 2024, 08:18:10 AM

Considering how bitcoin might shape the future of finance, it’s potentially impact on traditional banking systems and regulatory challenges it’s may face

Bitcoin is a challenge to the world of finance. It shows that some functions for which people previously had to rely on banks and central banks can be performed without them. Bitcoin is unlike fiat because there are no monetary policies and no centralized control over the value and supply. Also, Bitcoin is something people can store themselves and transfer themselves, without payment processors or banks.
I think its impact is already there, but people haven't fully realized it.

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Quote from: Plaguedeath on June 04, 2024, 08:50:43 AM

If you live in a country where both government and banks already accept Bitcoin, this is what you will see in the future, which mean nothing will change.

Bitcoin will become commodities, even it's accepted as legal tender, I doubt most people will choose to pay with Bitcoin over other cheaper currencies. Probably, the government will try to accumulate Bitcoin as much as they can since they know Bitcoin is the best commodities for long term.

I don't care what government thinks what Bitcoin is, commodity or security, it's not important. If government accepts it and don't consider Bitcoin is illegal for ownership, exchanging, fund transfer, it's good and with me, it's enough because I can store bitcoin for my prosperity, and can use Bitcoin blockchain for fund transfer when I want as well as exchange it to cash or bank transfer when I need money in case I can not use bitcoin to pay service fee directly.

Commodity or security will cause to different regulation according to different Acts and Laws but if I can use bitcoin, it's acceptable at my individual perspective.

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If you mean the future role of bitcoin in global finance, especially in cross-border transactions where transaction costs are high and settlement times are slow, with bitcoin funds can be sent in minutes without having to face significant time and cost constraints. This opens up the potential to increase efficiency and accessibility in international transactions, and change the traditional financial paradigm.

For regulatory challenges, it may need to be developed to ensure consumer protection and prevent illegal activities. So that regulation ensures that bitcoin can create balance and encourage greater adoption so that it is more widely known.

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I don't believe that bitcoin will every replace that dollar, despite how much I would like it to. I think bitcoin will continue to play a role in finances much the way it already is, just on a bigger/wider scale. It's a store of value, essentially digital property.

I also think whenever someone figures out the two party escrow system that Satoshi proposed, that it will be a huge breakthrough in finance and do a lot for bitcoin.

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Its role in the economy is already very clear in its fundamentals... it is an ALTERNATIVE to the traditional banking system... Some say that it will replace the banks, but I do not agree with that, for me it will always be an alternative, a MUCH SUPERIOR alternative, obviously.

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