Will Cryptocurrency change financial institutions completely? - page 4.

Kelvinid

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Quote from: BennyK on February 18, 2019, 07:34:13 AM

The revolution has already began with the major disruption of the banking services. Cryptocurrency provides fast, smooth, secured, transparent and low cost transactions for its users on a well decentralized platform. The decentralization grants users the back to assume control over the finances and related transactions.

To anticipate such huge change in the system and so the wide adoption of blockchain technology, they used to move and accepting crypto's with in.
We heard that some banks offers crypto deposits and also ATM's which could take a lead for their acceptance also with this new technology.

BennyK

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The revolution has already began with the major disruption of the banking services. Cryptocurrency provides fast, smooth, secured, transparent and low cost transactions for its users on a well decentralized platform. The decentralization grants users the back to assume control over the finances and related transactions.

Huskarls

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Quote from: GarSaPro420 on February 16, 2019, 08:22:26 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?

Change financial institutions as a whole?

I don't think that will happen, even though there are applications that provide policies for crypto use, it seems that there are still many people who reject this, as well as some of these institutions. I think this should be applied to some places before applied to whole institutions.

yusupjatigumilar

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It might take a long time to change the payment method using crypto currency because now only a few countries legalize the crypto currency only as an investment commodity, but even with rural areas that cannot access the internet, it will take a long time to get to that direction, but also not to close the possibility that this could happen just like the internet which was still considered impossible but finally can now fulfill the reality and really help our work.

pixie85

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It's already changing financial institutions. Crypto made banks open trading desks and even consider launching their own cryptocurrencies. Many banks are testing blockchain as a secure place to store information. I read that there was a Bitcoin exchange between 2 countries Argentina and Paraguay. It's happening as we speak!

Upgrade00

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It is looking too far for now but i'm also saying bitcoin and whole crypto market is here to change all financial institutions completely.

Bitcoin? Probably. Altcoins? No!
Bitcoin is the only currency which I predict would survive, as a currency and a means of exchange. It could possibly outlive fiat currency as the world looks for a global currency to unite all states.

Teawhalee

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Even though am not a developer but I am a crypto user and lover. I believe one day the world will be united with cryptocurrency but this won't mean the traditional financial institutions won't function again. Its just going to die down slowly as the worldwide adoption of crptocurrency increases. Financial institutions might are already bothered now about cryptocurrency which is why many don't want it to survive because they know its going to change things and they will be forced to make changes in the trending direction which will be difficult for them.

Wasimalik

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Crypto currency has the potential to the entire financial system comfortably all it needs is a general adoption and all sectors will have crypto currency integrated in their day to day activities

Cryptocurrency can not solve all financial institutions let down completely.
Cryptocurrency would definitely be a major player in the financial sector in the coming years

I must agree with your opinion that for now cryptocurrenices can't solve all financial problems but yeah these can be major players for sure.

plvbob0070

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Quote from: GarSaPro420 on February 16, 2019, 08:22:26 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 you mean completely getting rid of cash and adopting digital currency, it's a great development yet I don't think it'll be as easy as it is since not everyone are that good when it comes to technology. And it will be also hard to replace traditional currency since most people were already used to this type of currency.
The government will probably be strict when applying digital currency and it might be hard for bitcoin since of course, the government wants it to be centralized.

mrdeposit

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In my opinion it has this power. Its acceptance will cause us to easily monitor what everyone is doing. Even the states will have a wallet like you, so you can see how much they spend or gain. In addition, limited supply will go against by additional money production.

Bitinity

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Completely? Nope it wont happen till the end of this world. At least it wont happen globally, perhaps some countries may burn all their paper cash and change it with digital money in the future but it wont apply for all countries in this world. Regulation and economical condition are some of the reasons why it wont happen globally.

n0ne

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Cryptocurrency will serve as an alternate to the traditional fiat. As of now financial institutions have begun to adopt the blockchain technology, but this will enlighten the future growth of blockchain technology and the same won't make the cryptocurrency network go mainstream. However financial institutions will focus on centralized crypto development. This will let the decentralized network flourish big.

HODL2090

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No government is planning on getting rid of cash, nor is that a practical suggestion at the time.
A global currency would emerge and grow slowly over the next century not at an instant.
Both fiat and bitcoin can coexist for a while together as financial tools.

naufals4

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Quote from: GarSaPro420 on February 16, 2019, 08:22:26 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?

yes blockchain is the best technology for saving money or transaction. By Get rid of cash and unite the entire global economy. i think it's a good idea because with blockchain your identity will be safe and can keep track about your transaction

Dexion

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I think that is a discussion that will have a positive effect on the crypto world. but the negative impact of this plan is for some primitive people. they will be difficult to adapt to a decentralized system. so. in my opinion classic transactions must also be maintained to serve primitive people.

Lagonda

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Quote from: cryptovigi on February 16, 2019, 09:14:18 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...

I don't think "get rid of all the cash" is a long way to go. Using QR, China successfully built its own cashless society[/url] with 1/7 of the world's population: https://www.bloomberg.com/news/videos/2018-08-23/china-s-cashless-society-video

Quote from: GarSaPro420 on February 16, 2019, 08:22:26 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?

Utilizing blockchain to carry out cashless transactions is highly possible but that would be digitized banking with USD-backed or GBP-backed cryptocurrency instead of BTC, ETH or NEO. It's very difficult to reach something we call "decentralized".

avikz

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Quote from: GarSaPro420 on February 16, 2019, 08:22:26 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?

Getting rid of cash - Yes it is an imminent future!

Decentralized Cryptos to replace cash - Daydreaming!

When you say, getting rid of cash, what do you exactly mean? The way digital economy is moving forward, I am sure Banks and governments will start issuing digital currencies very soon! But those digital currencies will be strictly the digital form of the existing fiat currencies and certainly not bitcoin or any other cryptos. So we will probably see Digital Dollars and Digital Euros circulating in the market. But we won't see NEO/bitcoin to replace them! These are two different thing!

SiDtHeBeSt

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Where difficult to predict whether Bitcoin can change financial institutions or not because as of yet bitcoin hasn't changed any financial institutions majorly as of such in so many years of its existence even when bitcoin values were somehwe 19k and had good market value it didn't turn out to be that influential on financial institutions majorly so as of now with cureent market I don't think bitcoin would change any financial institutions.

CryptoBry

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Quote from: cryptovigi on February 16, 2019, 09:14:18 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 ...

It is always easy to convince people that changes are coming fast but actually what is happening on the ground can be different. The massive adoption for cryptocurrency is still to come and this can't happen within just years or even just a decade...as we are actually dealing here with real people and not machines that can be easily program. There are many places in this world where cash is always the prime way of exchange so I guess we should be looking at the accelerate use of non-cash based transactions but not expect that cash can totally be eliminated. When credit cards became so popular in the 80s and 90s people were predicting that we are going to become the cashless society...well credit and debit cards are so popular today but so does fiat money. I am then seeing a world where people can have many choices they can opt according to different situations and locations.

pooya87

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that's one of the biggest problems with these altcoin gatherings. they focus on advertising their tokens to get more pumps out of it and to do that they sometimes end up exaggerating everything that comes out of their mouths.
in this case "getting rid of cash" which is not going to happen, specially with some token that nobody even uses and more importantly a token that is for smart contracts not a currency so it can't do anything to cash which is currency.

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