Is cryptocurrency a threat to the financial sector?

[khaler 1549]

At the beginning or the end of the matter, banks will accept cryptocurrencies because they will become a reality that must be kept up with because the whole world is developing and starting to deal with these currencies and helps to invest them in many areas of life.

[Dadouasaad123 902]

Cryptocurrencies pose a threat to central banks that are controlled by governments, but for me I think that relying on a decentralized financial system is better because it is impossible for anyone to manipulate it, and the decentralized financing system (Defi) has proven its success in the recent projects it launched.

[Carmelo Lames 1083]

Let's be clear, having cryptocurrencies and in this case also with Defi prevents us from having to use banks as methods of saving money, banks will lose billions of dollars if people stop using their financing to dedicate themselves to obtaining and keeping cryptocurrencies in exchange or wallets, it is obvious that it is a risk for your money.

[Siam50 923]

Dear friends, cryptocurrency is not a loss for the financial sector.  It is possible to earn a lot of money from cryptocurrency by controlling cryptocurrency through legal issues and making it easier for transactions. This will play a big role in the country's economy.  So we have to proceed by considering all the aspects properly.

[kaliphatesani 111]

Crypto is not a threat to the financial sector and it can never be. Rather it is one of those things that has transformed the financial sector and will continue to transform it. So we need to honour it and use it wisely to achieve our aims.

[Abrar1122 10]

It is obvious that the new payment system will make the old payment system less used that is why it is a threat to the financial system of the world

[Alexander002 91]

I think cryptocurrency is not a threat to the financial sector.Many banks see this as a threat because their business will be closed and they will not have any interference in other people's money.

[Yuki 526]

Banks are not wrong when they think like that because in the first place all what they think about is their profits and being able to trade with you personal information about your transactions and how you using money , but when you use cryptocurrencies for your deals they won't be able to track you that's why they don't accept it and consider it a threat to them , some banks started to accept dealing with crypto but it doesn't mean they trust it or they put it in the same side to fiat

[Fatima Alre 766]

It is true, and the fears of major central banks may have risen from the transformation of Bitcoin into an international currency that threatens the position of traditional currencies and gradually threatens the role of central banks themselves in making money and determining the size of the monetary mass in circulation and perhaps pricing it by putting pressure on bank interest and other money tools.

[Ayinlek 42]

If anybody ask me this again and again, cos I'm very sure about this and that's why some country were busy issuing ban on crypto currencies and keep saying it has an effect on the financial problem of the country. I don't know if this thing is real though.

[HadiLord 926]

It will be difficult for banks to adopt blockchain technology because it is in the interest of the currency dealer and not in the interest of the bank, so there will be no taxes and he will not be able to monitor the money and know the identity of its owners.

[Reen 1120]

Cryptocurrency does not pose a major threat to the financial sector.Actually, Cryptorency can help us in the banking system. I believe Cryptocurrencies have the ability to rise financial sector of a country to most effective way. As i have read a news yesterday that many of banks have jumped in crypto currencies field and start accepting crypto currencies.

[Vola1s 727]

The existence of cryptocurrency is indeed a threat to other financial sectors, because crypto can replace the current financial sector which has long been monopolized. The absence of control over customer funds makes cryptocurrency a trusted finance at this time, so that money is no longer controlled only by an institution, namely the central bank. With cryptocurrency funds that we have completely controlled by us and without third parties.

[kion 381]

Actually, the development of cryptocurrecy should not be a threat to the existing financial sector, I believe that if banks and cryptocurrecy can actually work together, then the world economy will see a kind of improvement that have never been seen before, so I don't think cryptocurrecy is a threat.

[Wael154 1134]

 

I don't think that there should be any threat for the financial sector from the Crypto market it seems that now digitalization is taking towards the the great step in the world so the future will be depend on the digitalize currencies but there will be a great impact for the financial sector too.

[chris smith 950]

I think it is very good idea to us if the crypto currencies will be in the banks but the banks already have some fears from the misuse in the buying and the selling like the drugs and the terrorist.

[lubinshah 562]

Yes, cryptocurrencies pose some risk and competition for banks because they take from them a lot of currencies and customers because Crypto offers many good features that banks do not offer

[ragnard 449]

same here our country even does not allowing Bitcoins and to be honest Crypto is the future and they will feel sad when they realized their mistakes

[Samer1997 715]

I greatly support the idea of decentralized financing, and I encourage everyone to invest in cryptocurrencies, but this does not eliminate doubts about decentralized currencies, suppose you invested a large amount of decentralized currency and you were stolen or this currency disappeared from existence, who will be responsible for that? Who will you point the finger at?

[Alibhai 462]

Yes cripto currency is absolutely be taken as a threat to their fiance not only this is considered in the banking system but also many governments if the countries think so that is why they have declared cripto as illegal because it's currencies are decentralized and can't be controlled.

[Success06 537]

I do not believe it poses a danger if the financial sector seizes the opportunity to adopt the blockchain technology that underpins cryptocurrency. 

They should be afraid if they don't.

[HumamAliDeeb 590]

We are living in the midst of an explosion of risks related to fraud, money laundering, terrorist financing and data privacy. Cryptocurrencies are increasingly accepted day by day, and may gain in the coming period a wider acceptance in financial transactions. It may break the hegemony of national currencies, and central banks lose their control over the size of cash liquidity. The ability to maintain monetary stability, which requires the search for urgent solutions to face these risks.

[Megan Kyle 955]

From my point of view cryptocurrency is not a threat to the financial sector. Look crypto currency is becoming popular nowadays. People are showing interest in it. There are some people who living thier life by doing crypto. I think it will be helpful for economic situation. Financial sector will get benifit.

[selfmade 7]

On 3/26/2021 at 5:36 PM, ELLANMUSK said:

Crypto currency is certainly not a trat to any country but any it  is not dependable as crypto is very volatile, also there are scammers and hackers availablite who stral other money. 

Actually crypto is a treat to the financial system of any country, Only some countries have succeed to contain cryptocurrency threats but It is still a big obstacle to the financial sector.

If you use cryptocurrencies you pay tax to no one but the miner, while the government expects taxes from you, cryptocurrencies skips the government in the part of taxation and there are many other threats.

[Dormilon 2183]

17 minutes ago, Ahmadzuhely said:

It is only natural that there are other financial sectors that are threatened by the existence of cryptocurrency, because cryptocurrency is more profitable when compared to the current financial sector. We need a financial system that is not controlled by anyone so that profits are not only obtained by bankers.

@Ahmadzuhely There are already banks that are interested in handling cryptocurrencies, businesses will always be above what they do not like, personally I would not keep my coins in any bank, why do it if I can have my own wallet? many will try to manage the funds of others, but it would be a mistake to let them do so, banks are instruments of theft, only that, they do not contribute anything to societies.