Topic: Will Cryptocurrency change financial institutions completely? - page 5. (Read 760 times)
I'm not a blockchain developer but I would say that its highly unlikely that we can get rid of cash just like that. Remember that banking institutions are one of the pillars of a country, so getting rid of them would somewhat collapse any nation, in my opinion. I'm sure there are advanced countries experimenting on being a cashless society but it doesn't mean that other nations will follow and make cash obsolete.
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?
That is progress. we are all in the phase of developing digital currency so that it will gradually until someday completely eliminate the currency. Technological advancements have driven our lives to become much faster and also flexible so that we make a digital currency and blockchain technology that can help the financial system become much better. 
The global economy is already united imo, and getting rid of cash means they will remove their control of money in the market.
no,
it means getting rid of PAPER cash. thus everything is electronic and locked in custodian(banks) managed by the same financial industry.
banks and governments wont give up control.
just look at how they treat exchanges. you can google it and find LOADS of examples where exchanges KYC and report users. and some who go over certain thresholds are told that a service(withdrawal) cant be offered unless KYC/extra data is provided as required by a higher threshold.
something not needed when storing and handling PAPER cash.
what will change is the lack of need of a walk-in bank branch. and instead payments and exchanges can b done online or via ATMS.
banks save on alot of physical costs:
less rents/transport/maintenance
banks save on staffing costs:
less security personnel, auditors, IT staff, cleaners, supervisees
but in the end average joe who just about knows hw to use a debit card would not notice much difference in spending experience wither its old fiat on card or new bank managed crypto
The global economy is already united imo, and getting rid of cash means they will remove their control of money in the market. It sounds too good to be true because at this moment bank control/government control on the number of circulating fiat money is essential for their monetary policy.
I'm not sure the discussion is based on fact. What I heard from media, most of the time is that there are more countries which make or prepare regulation or adoption for blockchain + cryptocurrency, but not entirely remove their fiat system. So both fiat & crypto will stay, run hand in hand and who knows what will this bring.
I'm not sure the discussion is based on fact. What I heard from media, most of the time is that there are more countries which make or prepare regulation or adoption for blockchain + cryptocurrency, but not entirely remove their fiat system. So both fiat & crypto will stay, run hand in hand and who knows what will this bring.
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 ...
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?
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