Will Cryptocurrency change financial institutions completely? - page 3.

Bijikopi

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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 ...

cash may be difficult to replace completely with crypto, it takes a variety of tools if you want all trades to use crypto. the best possibility is that cash is still used and crypto currencies can also be used. all currencies are used according to location and circumstances.

Stac

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If cryptocurrency can change financial institutions completely it will be the inefficiency of the traditional finance systems even though most of the money flows globally daily through banks and financial institutions that have to employ several staffs to serve the customers so the traditional currency transactions may cost too high and more time since the process of transactions is carried with a third party interference .Cryptocurrency can change by solving these problems that occurs in traditional currency transaction since cryptocurrency is a decentralized and there is no need for a third party interference and time can be saved and low cost since the transaction is carried by internet accepted globally ..

iqlimasyadiqa

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Quote from: Kelvinikke on March 05, 2019, 06:07:57 PM

Well i would not want to call it a total change but more of like an improvement upon the financial industry where we would be making transactions with the use of cryptocurrencies which are very fast and also charges very low transactions fees as compared to charges that we pay through banks.

Yes, we will all go towards improving financial conditions when we can apply digital currency in financial transactions that we do. Digital currencies provide enormous benefits to the world financial system, indeed this will not change everything in total. but I will all optimize gradually, with increasing levels of trust, digital currencies are projected as a major financial system in the future and fiat will still be used as a supporting financial system.

ljane

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It wont change it completely but then I think its technology will be used alongside or will be integrated with their activities to help bring more transparency and also security to them.

Kelvinikke

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Well i would not want to call it a total change but more of like an improvement upon the financial industry where we would be making transactions with the use of cryptocurrencies which are very fast and also charges very low transactions fees as compared to charges that we pay through banks.

mrdeposit

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Quote from: Kocret02 on February 21, 2019, 04:49:35 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?

if indeed America will eliminate cash and unite globally it might be a good issue for crypto development, this is one of the popular things and this will pump crypto prices and lure investors to invest heavily because of this effect crypto prices will return up high.

Indeed the USA always wanted a strong dollar and they will never let any alternative currency replace their whole system. Cryptocurrencies have no chance in this competition and if such thing gonna to happen Euro and other worldwide currencies will willingly replace USA $.

teejayrichard2

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well if your information is true then it is a welcomed development for the cryptocurrency community and this will for sure change financial institutions completely in our society. I sincerely do look forward to cryptocurrency being fully adopted by all nations soon enough.

Kocret02

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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?

if indeed America will eliminate cash and unite globally it might be a good issue for crypto development, this is one of the popular things and this will pump crypto prices and lure investors to invest heavily because of this effect crypto prices will return up high.

Perunex

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I wouldn't say crypto's will change financial institutions. Why don't we leave the option of creating fiat crypto - USD on blockchain technology...
Blockchain will definetly change financial institutions. Not just banks, but stock markets, brokers etc. Blockchain will introduce digitalization of security and other assets. And that will be revolutionary.

nicecrypto

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I don't think it will change financial institutions completely but it will work hand in hand with financial institutions for a long time, using crypto as a means of transactions will be a choice made by people who want too, fiat will still be use by many because they are use to it, especially the less enlightened one's who have less knowledge about blockchain.

gilangIDR

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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 is a financial system that has now begun to be applied to several financial systems. Cryptocurrency is used because it has so many positive benefits, to support a much more sophisticated future, cryptocurrency is needed. The future will require far more flexible things and must also have a better level of security.

minersday

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Blockchain technology is the main tech that will change how financial institutions operate. Cryptocurrency is just a payment system found on the blockchain technology network, without blockchain there is no cryptocurrency. In relation to removing or getting rid of cash, I don't think that is gonna be an easy thing, this can take about a century for that to be possible. just a few are aware of the use of cryptocurrencies and the majority strongly trust old traditional cash.

kurian

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There is no guarantee that cryptocurrencies will change financial institutions completely. But, it will have an effect on the future financial system. The application of technology is happening but, complete decentralization is hard to be implemented. I am not saying that it is impossible. Cryptocurrencies has its advantages and disadvantages,while traditional financial institutes has its drawbacks too. But it will take much time for people to get used to.

teddyelwyn

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I think we will rid of financial institutions in the next 5-10 years. We are going to become decentralized and utilize what is known as independent money. Have you ever heard of Ampleforth before? They're a project currently in testnet that is looking to accomplish exactly this!

BurgerCash

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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?

Sounds like they were in shilling mode. People in power don't voluntarily give up that power, it's a long and painful fight to make the world a better place.
But crypto does have the potential, and it is the first viable alternative to traditional finance. So that's a huge weapon for us.

KennyR

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Financial institutions were the key members with each and every economy related activities. Here, third party usage is big and they make a big earning out of the users pocket. This gets minimized with the usage of cryptocurrency and financial institutions will serve as always. Apart from this more financial institutions will begin adopting cryptocurrencies.

sunsilk

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They just can't get rid of it immediately. Do you have the source on where did they get that idea that all of these continents are starting to get rid of cash soon? The gov't of each country won't allow this to happen.

But going with the possibility, it can also be the digital cash but it's still the same fiat currency of that country. My thought on this is we're going there soon and it will happen gradually.

bettercrypto

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I think cryptocurrency will significantly change a lot of financial transactions but will not completely eliminate the fiat money or cash. This cash will be there to co-exist with cryptocurrency. There are transactions that will still need the use of cash. Remember that these cryptocurrencies are all digital. They have limitations.

MakeMoneyBtc

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Cryptocurrencies will surely have a big impact on the financial institutions and change the economy but until cryptocurrencies can completely take control over cash a lot of things will have to happen. Right now there are about 25 million people using bitcoin according to some researches made last year but there are billions of people in the world and everyone use cash. So in order for cash to be fully replaced by cryptocurrencies it would take at least 25 years in my opinion but it's impossible to even predict that since bitcoin is still something pretty new for the most majority of the population

BorisWCR

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I do think that crypto currencies will come to have a huge impact much more in the future. No doubt that it will totally change the financial institution in the world we are living into. Moreover, crypto currencies will come to lead the globel financial industry in the future ahead.

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