Topic: What is bitcoin future roles in Finance? - page 4. (Read 692 times)

The impact of bitcoin in this present dispensation is decentralization and there is no how it can both fit in the same convenance with the government tradition and centralized system, so in later future, we expect that rach should remain independent of each other and both exist together, this will now be our own choice on whether to use either of the two or not, we also habe to have in mind that bitcoin has come to stay and will remain ad long as it has been to this extent, it will serve as an alternative means of making payments aside from the use of fiat.

There's no interconnection role between Bitcoin and banks, because it's a decentralized digital cash while fiat currencies are centralized, therefore their functions are different. Central banks controls their fiat currencies while Bitcoin doesn't have any central office that controls it, it gives it's holders privacy and freedom to carry out p2p transactions without any third party interferences. The aim of Bitcoin creation is not to eliminate fiat currencies or banks, but to be an alternative currency for payments and also for those that seeks privacy in their transaction

Bitcoin has made the use of Blockchain technology to become popular, perhaps banks can adopt it as a trial in the future.

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

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.

Its impact on traditional banking or financial systems and institutions will not be extremely large because traditional financial institutions are mostly under the control of the government and a government wouldn't let cryptocurrencies make much of an impact on what they use to rule their people. Governments are completely against decentralization because they don't want themselves to be out of money matters of their people, they want to be present as a middleman forever and decentralization opposes this thing.

Talking about regulatory challenges, we are already seeing that in a lot of countries where transactions, holdings, and earnings are regulated and all cryptocurrencies are under the observation of central authorities, they try and do their best to track each transaction related to them so that they can keep an eye on who is involved so that they can tax them or whatever regulation they have imposed on it.

It's very much a possibility and not an impossibility at all for Bitcoin to be freely used as a currency for payments after transactions and trades physically, has been made.

Although, the current price still discourages those with little means to even consider using it as a payment means even in their business or for receiving salaries probably because of the fees that they consider exorbitant, but not as much as banks would charge or less,  it is still a successful venture for those who consider it as an investment that is very private knowledge and that with the fact that it still can be used for payments, makes it have a future in finance of any country in the world.

I don't think this is relevant, scammers and frauds will stay even in the cryptocurrency market or non-cryptocurrency market, it is already in the traditional market. As you can see there are still lot of issues about scammers/frauds in cryptocurrency. So for me, it's not that really the significant role of Bitcoin in finance right now.

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.       

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.


I think sooner or later the government will issue regulations for bitcoin if we want it to become legal and popular, we should adapt to that because it is inevitable.
Many people have looked down on the power of the government and said that the government will not be able to do anything to us, but look how there are more and more regulations, more bans on decentralized services. It is true that they cannot intervene or directly control the bitcoin blockchain, but they can control and eliminate bitcoin-related services.

Sincerely speaking I don't understand properly what you mean, but judging from the topic, I can say that bitcoin role in finance is already active. Because over the years people has pass through hell in traditional banking system and many other financial aspect of life. But bitcoin has made the financial system to have a better scope and structure. also reliable fast and easy way of transactions without the help of any financial institutions. So currently bitcoin has solved the problem of finance now, not later in the future. What we only need now is for the masses to accept Bitcoin as an alternative medium of exchange and transaction, And also a great store of value.

Transactions, Timestamp Server, Proof of Work, Network, Simplified Payment Verification and several other things including privacy, that is what Bitcoin meant as an electronic peer to peer cash system. Bitcoin whitepaper is worth finishing several times because it is good for adding basic knowledge about Bitcoin.
For the present Bitcoin system is very good, especially to be made in the future of financial. The Bitcoin system does not change in the future relevant to the times.

The traditional banking system has slowly begun to mimic the bitcoin system from what we feel ourselves even though the recognition is not present from the actors of the banking system in question.

Bitcoin is not going to shape any finance system, haha or maybe I can be wrong on my perspective, we are no-where to set such goals for Bitcoin right now, you need to understand if people want to change it then there's a possibility if you are looking at the institute to do that for you, just forget it because Bitcoin won't be anything else except a golden apple to store your value.

Why I'm thinking so, like that because of lust encouraged by power/control authority. A transparent government system developed with Bitcoin or any such technology is going to distribute the power in the hands of the public even though there are many possibilities to manipulate it as well just like ETFs today, still, it can be a major threat to their desires on the same a single ruling payment mode/currency stands no chance at all, today china has conflicts with the USA, USA has with Europe, Middle East with X, Pakistan with India and much more.

Do you really think there can be any system in such a narrow-minded setup, to revolutionize the finance for the betterment of Humanity? I do support Bitcoin even though I love Bitcoin and Satoshi that there's hope for a system where we can eliminate or at least suppress the 99% of this shity interest-based economy.

Edit: Sorry for the small political touch in the post ignore it if you don't like it, if you still cant then what can I do  .

some people think that Bitcoin will be the currency reserve in the future. although this might just be a theory, i would actually think it's possible if all currencies are going to end up like Zimbabwe's currency. this could be the role of Bitcoin in the future.

of course, this can only happen in the West but in the East, something like Gold might just be their reserves as the result of the current geopolitics.

We are already seeing bitcoin’s role in finance right now.

It is shaping the financial landscape of the future. Its technology has had a huge impact on traditional banking systems. Despite many being against cryptocurrencies, they can’t deny that its blockchain technology is one of a kind and should be utilized as much as possible.

Bitcoin doesn't have any inter connected role as banks so it not going to Shape the financial landscape in the now or in the future,  bitcoin role is simple, bitcoin is an alternative to fiat currency and also an assets which have long term value,  bitcoin asset role plays significant duty mote than bitcoin currency roles because not everyone accepts bitcoin only a few scanty shoos accepts bitcoin for payments of goods and services,  but when you talk about bitcoin as an asset, there you have huge community of investors and bitcoin holders.

When you talk about blockchain technology,  then you have a point,  because blockchain I going to play an important role in the banking sector in the future,  and alot of development are already underway and aimed at advancing financial sector through adoption of blockchain as a tool for banking.

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.


We now live in a time where decentralized exchanges are attacked because the government has made laws that group them as a channel for money laundering. The Bitcoin space is gradually moving to an era where the government wants to control every part of it. And they will keep making and amending regulatory laws to achieve their aim.

Bitcoin has its cap in block size and maximum transactions per block and if Bitcoin protocol won't have upgrade, it will not be able to handle massive new demands from bank users who switch from bank systems to Bitcoin blockchain.

Bitcoin will be competed by altcoin blockchains with cheaper transaction fees and higher TPS (transactions per second). I love Bitcoin but this fact can not be denied. Bitcoin takes out customers from bank systems but altcoins will take many users from Bitcoin too. For transactions, they will choose what gives they cheaper transaction fees if the transaction value is not big enough, to force them thinking of security and risk of reversibility of their transactions.

Scammers can scam in both bank system and Bitcoin blockchain or altcoin blockchains. It's wrong to say they only can scam in bank system and can not do the same with Bitcoin blockchain or altcoin blockchains. People who lack of knowledge or are careless will be more easily scammed with any system.

Bitcoin can not do everything, replace bank system, fix economic problems, beat scammers, it can not be a magic tool to do everything.

First, you have a lot of such topics that have been created, and I don't even think you go back to read the replies you get from them. 
 
Bitcoin has its own role to play in the financial system, and it's not there to replace the traditional banking system. When you talk about the challenges that it's going to face, I think Bitcoin has already faced all the challenges as the banks have attacked its existence over the years and have seen that there is nothing that could be done to it again; they have started embracing it, and even the government has been passing bills and regulations regarding its trading and holdings.
 
The only people that will have more challenges to face aside from the ones that they are already facing are the broker operators. Regulations are not being made in their favour; they are being billed and asked questions by different government agencies.

If I could convey what you mean right, did you want to ask what are the challenges that the traditional banking system might face in the future due to the rapid adoption of bitcoin by people worldwide? If you are going on that tradition, banking will definitely suffer from many challenges that can even make them go bankrupt. Some of these challenges include: 

1. Decreased in transactions: this is simple and self-explanatory of bitcoin becoming the main source of higher transactions in the future. The traditional banks will have a reduction in people that transact with them, and that is capable of causing them low revenue for the banks, which will make it very hard for them to sustain and run the banks. 

2. Security and fraud from scammers: traditional banks will be in danger from scammers, so they have to increase their security measures in order to be protected against some bitcoin-related fraud because bitcoin is something that requires knowledge, and many scammers are trying to use this opportunity in other for them to scam other people who are willing to join. If this happens, traditional banks will definitely create another strong strategy of security that will prevent their customers from facing such incidents.

Bitcoin's already shaped the future of finance, it changed a lot of people's view when it comes to how they see finances and it also saved a lot of people from falling into the scheme of the banks to just go with fiat no matter what, imagine a time where bitcoin's not here and we're still relying on fiat, we'd all be dead in the water by now with how high the inflation is and how fast it goes up, a lot of us would never be able to keep our current lifestyle. For me, the only thing that we should anticipate for bitcoin to do is if bitcoin becomes globally accepted/adopted or even better, becomes a legal tender.