Topic: Will bitcoin co-exist with the current financial system - page 2. (Read 834 times)

According to a Deloitte survey, today the blockchain industry has cleared a large number of projects created in the wave of the 2017 rush, the industry is developing more calmly, but there is a steady interest in the technology itself, and new options for its use are emerging.
Big companies like Amazon, IBM, and Walmart are looking for ways to use blockchain in the supply chain, data management, and project administration. According to TechCrunch, hiring specialists in blockchain technologies came in second place in terms of growth dynamics.
Banks are also looking towards integrating blockchain technology to ensure transparency of transactions: they will not need to radically change existing processes in this case. If the “compliance” and KYC procedures are unlikely to be fully automated, then ensuring payment transparency using distributed technologies may become the industry norm.
That is why I think that this is an option for a bitcoin to gain its place in the financial system.
The main obstacle to the development of the industry remains state regulation: the circulation of cryptocurrencies is still associated with a lack of legislation and lack of control.

That is true and since both of them are coexisting right now, there is possibly no way that the Cryptocurrency Industry can mess up with the current financial system because it could always exists since not all people are available to use Cryptocurrencies or some people still lack knowledge on how to use Cryptocurrencies. This would be a huge step if people can gain knowledge about them since it might also be another way to help people to monetize their time.

Bitcoin has marked a new era for transferring money into the banking system. It has proved to be an effortless convenience that doesn’t require the user to rush to any bank, remunerate for the taxes, and a gazillion other allowances, making the transaction quite expensive, compared to bitcoin. With more people accepting this leisurely method, will the centralized banking system be forever vanished one day in the future?

If centralized banking systems were to disintegrate, the world would process much cheaper and conveniently on digital currency. However, the centralized financial system that exists now is core to the cryptocurrency, for, ironically, these banks are in charge of the digital banking system. And banks, renowned for their immense sense of tangible security, are by far the best bet for accountability and authorization of bitcoin. Thus, it’s more lucrative and safe to process transactions from banks.

To fully disintegrate the entire banking system, will take ages, to say the least. New decentralized banking systems and institutions have to be formulated. To cause the dematerialization of banks may curtail the costs of retaining the infrastructure and special barricades of security. The money will be more convenient to use and the hindrance of its freedom that was caused by banks.

However, it will be a long and lengthy process and unity between the systems may help with the process. So while the bank-exclusive institutions are being built and structured, the bank has to coexist to retain its regulatory decree and issue the governmental trading securities. Cryptocurrency policy and alteration of interest rate may produce a simplification of bank and digital fiat wallets while smoothing the transition from a decentralized system. Nonetheless, the digital banking system has to proliferate worldwide to make lives easier, and only then will bitcoin be able to take over as the official banking system.

This is my fear as well, if digital currencies created by governments take hold then this will be even worse than the system that we have now, can you imagine a coin in which the government can control the funds of all their citizens? If they run into trouble economically they could impose a tax on your wealth and get it immediately, if someone becomes a political dissident they could block their wallet and let him starve.

The future looks very grim indeed if that gets to happen, this is why I hope that bitcoin survives all of that as it is one of our lasts hopes to avoid that terrible future.

You cannot simply say that amazon will not be allowing bitcoin as a payment option, may be if we have a better scaling solution and there are more demands from the customers we might see them accepting bitcoin payments, we had more adoption in 2013 and it died off when the transaction charges started moving higher and once that is sorted we will see adoption by these merchants.

 

Bitcoin is already co-existing with the current financial system for we have using both fiat and Bitcoin all at the same time. That is observable for those countries where Bitcoin usage when it comes to mode of payment is massively adapted wherein they can freely use both Bitcoin and their fiat currency according to their as long as it is on the right and proper spending. Both Bitcoin and fiat are co-existing in a sense we are being able to use Bitcoin and fiat currency depending on the availability of the resources that enables us to do such thing of being able to use whether of the two depending on our choice or will.

With time the government will realize their centralized digital currency won't work either and will have no other option but to adopt the use of bitcoin as a global means of exchanging goods and services. Bitcoin isn't no country's liberator as many things and assuming the currency to be. It's basically another currency but this time not subjected to the manipulation of the government like every other fiat is.

Bitcoin also makes the rich richer meaning it's not a saint in that aspect as the fiat specialized in doing such although with Bitcoin, everyone has an equal opportunity as it also give the opportunity to the others and not restricting this opportunity to make money or profit just for the elite like we noticed with the fiat system.

I think that as Bitcoin usage grows the services of the current financial system will continue to do so as well and they may be incentivized to adopt some of the benefits of Bitcoin over time. As more seek privacy and the ability to control their own funds, I think that the banking industry will have to evolve in that way in order to stay relevant.

That is the trend of modern finance. Look at the currency collapse of nations, they have no control over the value of their national currencies and harm their people. During Venezuela la Bitcoin's Bolivar crash, Bitcoin performed well and helped Bitcoin holders get through.

Fiat is more widely used.
Cryptocurrency are only accepted in some countries as mode of payment.
Some people are saying cryptos are the future of payments. Some says fiat will still be on top of cryptos. The situation is that, both of these currencies are more likely to co-exist; both being used in services and purchase of goods depending on the preference of a consumer whether to use Bitcoin or to use fiat, in a free manner. Cryptos are not yet accepted to majority of countries as a method of payment. It does seems to be but the reality is that there is always a convertion to fiat which is quite not making any sense if crypto is desired to be the payment. That is the situation cryptos are having at this moment. So maybe, OP is wondering if these two will totally co-exist in the future or not such that one will still be more dominant.

Electronic money will sooner or later replace classic paper money. It is already happening. I am not sure if Bitcoin will become the main currency in the world, but it will definitely find its place in the financial market. Just as we now use payment cards, PayPal, paper money, cryptocurrencies and other forms of payment, so will be in the future. Over time, will simply change the percentage market share of each payment method.
So my answer is yes, Bitcoin will definitely remain part of the financial system for hundreds of years.

Those who are looking at the price are traders and investors who wants to make a lot of money since Bitcoin is traded in the market, but the real goal and ultimate goal of the blockchain where Bitcoin was created is to establish a transparent financial system that is very much different from the banking system where red tape and third party is very rampant and so far Bitcoin and blockchain is succeeding.

That's what a group of people in the world are doing when people will take the alternative to the traditional system with the currently developing centralized system model.

Soon you will see, as you said, the traditional fiat system is starting a new chapter: blockchain and cryptocurrency.

Maybe many people ask about this. The existence of digital currencies that are increasingly having value, with that all of its existence can change with the times, it can all happen beyond our expectations.

PayPal accepting cryptocurrency and the private/public companies accumulating Bitcoin as their reserve is good news but it the institutions and the centralized world that eo-exist with Bitcoin, because they were convinced by it through it price during the total lockdown and don't, want to miss Bitcoin benefit in the future.

I don't really understand what you mean by bitcoin co-existing with the current financially system, is it not existing yet. Bitcoin is getting more circulated and being used as a medium of exchange already.it is the future coin, but it still uses the given value of every currency on the negotiation of exchange using USD as the major exchange currency for the moment

It's jus a matter of time where people will start to embrace cryptocurrency, after paypal mainstream adoptions is no longer far to come.

For sure with news that circulate globally and with it's availability now with one of the most useful tool from payment online, awareness

will spread more and businesses will be there to adopt this chain.

Paypal has accepted Bitcoin payment on its platform.
Corporations have bought Bitcoin to reserve.
Major countries around the globe have already accepted Bitcoin payments.
Bitcoin is coexisting with modern finance and is likely to be the mainstream in the future. Looking at the value of Bitcoin and the liquidity of Bitcoin globally, we will see that it is no longer an internet phenomenon, but a fact, the future of money.

It all co-exist now I'm sure it will be the same 10 years later since governments are not going to be using Bitcoin. But just like today we can cashout our BTC through the banks going to digital fiat in the next decade.


Unfortunately, people are and will be deceived again. The government will still be able to create more digital fiat just as printing more of it because its not meant to really make everyone happy. The digital fiat is just meant to take control.

While a collapse of the fiat system is inevitable and the more decades we give to it the bigger the probability of its crash reaches 100%, at the same time I do not think bitcoin will ever be able to replace it completely and the reason is very simple in order for that to happen the majority of people will have to become economically adept almost overnight.

And while a crisis all around the world could be enough to make people wake up to the fact the fiat system is nothing but the biggest scam around the world, once that scenario happens people will be desperate for any kind of solution and there is the possibility governments will claim that their own cryptocurrencies will be the solution to all of this and not bitcoin and if people are deceived again then we do not know how many decades or hundreds of years will be enough to see another opportunity as good as the one the people could miss at that time.

This won't be possible no matter how we want it unless Bitcoin will be centralized in the future but that is quite sketchy still, at this moment. Fiat currencies are more supported accross the globe multiple time more than Bitcoin and other cryptos which could still be considered as something new. Thus, fiat currencies will forever exist and if there will be a bright future for cryptos, these two will more likely to co-exist with one another as alternatives. To put it simply, Bitcoin could be in mainstream but the support still to fiat will always exist, that's how powerful governments are.