Will Cryptocurrency change financial institutions completely?

Youghoor

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Quote from: GarSaPro420 on February 16, 2019, 09:22:26 PM

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

First and foremost, it will be nearly impossible to get rid of cash completely. Cryptocurrency has a good potential of improving the entire global economy but for the adoption of it might take a very long time for the entire world to accept the use of it. The online nature of cryptocurrency makes mass adoption very slow. Personally, I think crypto developers should find a way they can integrate both cryptocurrency and cash together to further enhance the massive use of cryptocurrency in the financial ecosystem. With that, there can be some possibilities of getting rid of cash completely.

Magkirap

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Quote from: GarSaPro420 on February 16, 2019, 09:22:26 PM

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

I think its just their personal opinion and ideology not exactly decided by those countries. Eliminating fiat money in a country was hard to di and takes a long time before emplementing. In addition, there are a lot of countries on that contenents fully accepted bitcoin or not even know about cryptos. Maybe this was possible but not today, maybe years ahead.

cutesgirl

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Quote from: GarSaPro420 on February 16, 2019, 09:22:26 PM

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

Cryptocurrency will change institution where bitcoin and altcoin become only one currency have transparent data for each transaction, every payment history of bitcoin and altcoin could check and companies or government using bitcoin and altcoin as transaction payment will know detail about their transaction, they will easy to know where is their money sending and how much bitcoin receiving in their wallet with correct transaction history.

Boov

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Quote from: Leonardo7 on April 07, 2019, 07:08:02 AM

I really doubt our fiat will be completely do away with, but am sure they will in gbe future be limited to local daily transactions and transactions that arr not very heavy. Cryptocurrencies will be use across borders and inter-states within country. To achieve a truely cashless society wherein transaction failure rate is kept almost at zero, we need the digital currency. We really can't continue with the gangster like style by which these economic cartels manipulate money to their advantage.

I agree, its been ages since fiat is the source and main currency of all the countries worldwide, honestly I think cryptocurrency cannot remove or takes place fiat. Cryptocurrency can only help the economy of each country, it can help people also with their daily lives, similar to dollar and local currency, dollar remittance help the country grow by converting it in local currency same as in crypto to fiat, if I am not mistaken to this one.

boltz

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Quote from: GarSaPro420 on February 16, 2019, 09:22:26 PM

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

Pure speculation in my opinion. You shouldn't believe what a single dev is saying just because he heard some rumors. Cash won't be abolish but in time cryptocurrencies ( if they reach the point when you can rely on them on absolute everything ) will take slow and steady the front of monetary system no wonder why China is building its own currency and USA is facing regulation with Libra ( the debate already began on this super-powers ).

yulionoo

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Quote from: cryptovigi on February 16, 2019, 10:14:18 PM

Get rid of all the cash?
Probably sometime, but this is still a long way ... of course, this is not only our (user) goal but also (probably even much more) governments, because cash still remains the most difficult way payment to track down...
However I think needs very long time and saying that I do not think about years but rather about decades ...

yes i agree with you getting rid of fiat money sounds easy but i think it will be quite difficult to implement. because fiat money has been used for a long time by the community and until now fiat money remains a means of payment. even though most countries have started to adopt blockchain and cryptocurrency not means that fiat currencies will disappear. it might take quite a long time for people to be ready to use cryptocurrency.

crossabdd

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I am very welcome about this. That's a good idea, because it should have adopted the blockchain technology. but what they mean is just to move fiat currency to this blockchain technology. so it's easier to use for transactions and carry. I don't think they will make it even, they still make a currency difference.

mazdafunsun

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What on the earth are you talking about?
it does not make any sense, why would NEO conference have any bearing on world economy at all?
NEO is vet cool project , possibly the best smart contract crypto project but thats all. Economies are not going towrads blockchain this is just air.

Cadito4545

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Of course blockchain is the best technology for saving money or transaction and can also get rid of cash and unite the entire global economy.

Leonardo7

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I really doubt our fiat will be completely do away with, but am sure they will in gbe future be limited to local daily transactions and transactions that arr not very heavy. Cryptocurrencies will be use across borders and inter-states within country. To achieve a truely cashless society wherein transaction failure rate is kept almost at zero, we need the digital currency. We really can't continue with the gangster like style by which these economic cartels manipulate money to their advantage.

Malsetid

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Quote from: Che454010 on April 06, 2019, 04:31:44 AM

Quote from: GarSaPro420 on February 16, 2019, 09:22:26 PM

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

Cryptocurrencies are a long way away from completely replacing fiat. When it comes to payment, over the past few years, we have seen sharp upward growth of transaction volume for cryptocurrencies. Some companies have started integrating bitcoin in their financial systems.

They're looking at something that'll be extremely hard to realize for now. Especially in asia where you don't have as much support in certain countries like china. It'll be easier for western countries since they're open to that as probably have better tools to work with by their general vision of crypto majority world is a very long shot.

kyucryp

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removing fiat currencies is very impossible even though the crypto currency has grown rapidly and many digital currencies are legal. Fiat and digital currencies will support our economic activities. and fiat currency can be used in urgent situations without having to use technology.

Che454010

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Quote from: GarSaPro420 on February 16, 2019, 09:22:26 PM

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

Cryptocurrencies are a long way away from completely replacing fiat. When it comes to payment, over the past few years, we have seen sharp upward growth of transaction volume for cryptocurrencies. Some big companies have already started integrating bitcoin in their financial systems and others have also seriously thinking about it.

romero121

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Most of the users have stated that the governments won't be that supportive to make change on the financial institutions. From this people have a thought that legalizing cryptocurrencies will help with the change on financial institutions. This is completely wrong, the change begins with the technology adoption which doesn't need any form of legal measures. The financial institutions systems when integrated to blockchain technology automatically the use of cryptocurrency will emerge. To achieve this it takes a lot time as we've got very few number of financial service renders functioning on the blockchain platform.

Pamadar

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Quote from: Nasty23 on April 05, 2019, 10:18:09 PM

Quote from: kyucryp on March 14, 2019, 12:49:03 AM

every country has a policy about the future of crypto currencies. America may delete fiat currency and replace it with digital currency, but it is different from policies with other states. in my opinion, we still need fiat currency in our lives because not everyone uses crypto currencies. and not all countries legalize crypto currencies.

Yes, every country has a different policy in using cryptocurrency on which can help their citizens to minimize the risk and use it according to its purpose. It can't also change financial institutions completely as we know that their are places who doesnt know it because of lack in accessibility in the internet on which the fiat currency are mostly needed in order to transact easily.

Each factors needed to consider and it will be a tough calls for each countries how to adopt new system that they are also ain't aware completely, the people inside such countries needs assurance before going to change the system, those who understand crypto can adopt right away but for those who's completely new, doubts will overflow as they will continue using fiat system.

BeGoods

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Quote from: catur_072 on March 12, 2019, 03:14:01 AM

Quote from: GarSaPro420 on February 16, 2019, 09:22:26 PM

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

uniting the global economy? and eliminate cash? if indeed that happens it is the progress made from the big countries, and it cannot be denied that many other developing countries will participate. You could say this is one form of change in the economy that was influenced by the digital era.

Its impossible to happen dude, the world is full of many problems, they will not add to their work by changing the economic system
that they have built for hundreds of years, eliminating cash and fiat for crypto. it's too difficult to imagine

lyks15

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Quote from: GarSaPro420 on February 16, 2019, 09:22:26 PM

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

I think this is only possible in a progressive countries. Like in US. Let embrace the truth that here in south east asia countries this is impossible to happen because the type of government that we have and also one factor that we need to consider is technology. If the merchant did have not exact fund to upgrade their system how it possible to change the financial institution completely? I think all of us will be affected

Karamabit_209

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Quote from: Kamoteng Kahoy on April 05, 2019, 10:23:44 PM

Quote from: Karamabit_209 on April 05, 2019, 10:02:12 PM

No, not completely, but it will brought many changes. Financial institutions, can either cooperate or compete by improving their services to cope up with the cryptocurrency exchanges and trades.

I agree, a still long way to go, but it is catching up though.

Yes, just like the crypto exchange site I know where the transaction speed is very fast. The payment fee of this site is one of the cheapest site of exchange I know. You can even pay in online business, games or physical store a s the risk is very small. If financial institutions will not make any moves to cope up with it, then they will lose to these online exchanges.

Kamoteng Kahoy

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Quote from: Karamabit_209 on April 05, 2019, 10:02:12 PM

No, not completely, but it will brought many changes. Financial institutions, can either cooperate or compete by improving their services to cope up with the cryptocurrency exchanges and trades.

I agree, a still long way to go, but it is catching up though.

Innerpumper

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I think not, because fiat needs a bitcoin vice versa. Both would be perfect if it could work the same. Bitcoin has a new system that cannot be controlled by anyone. While fiat can conversion of currencies into the bitcoin State.

Topic: Will Cryptocurrency change financial institutions completely? (Read 760 times)