Is cryptocurrency a threat to the financial sector?

[Maximumheight 119]

There have been news of banks not being comfortable with the use of cryptocurrency. In my country some banks are not accepting Bitcoin transaction. Some banks are taking it as a threat to their business. Many are of the opinion that it will take business away from them. Some say Defi( decentralized finance) will mean they no longer have control over customers funds.

 

But my own point of view is that cryptocurrency will aid banking transaction. The banking and financial sector should see blockchain as an innovation that will help the monetary system rather than see it as a threat. They should embrace decentralized finance.

 

What is your own Table on this?

[Sapdrx 469]

I think it's not a threat if the financial sector take the opportunity and embrace the blockchain technology behind crypto. If they don't they should be afraid.

[Syedbesharat 5423]

1 hour ago, Maximumheight said:

There have been news of banks not being comfortable with the use of cryptocurrency. In my country some banks are not accepting Bitcoin transaction. Some banks are taking it as a threat to their business. Many are of the opinion that it will take business away from them. Some say Defi( decentralized finance) will mean they no longer have control over customers funds.

 

But my own point of view is that cryptocurrency will aid banking transaction. The banking and financial sector should see blockchain as an innovation that will help the monetary system rather than see it as a threat. They should embrace decentralized finance.

 

What is your own Table on this?

Their are many possibilities in between and crypto.But  the banks ate afraid of crypto violation they want stable system like fiat to control funds and totally information about banks.But some banks are now adopting blockchain  and issusing their own coins.

[Honny143 13612]

banks are fear with crypto currency so they threat crypto currency not exactly but I think all we invest in crypto and avoid banks than banks also adopted block chain technology then maybe this banks are not give any condition but one problem creates crypto we can't use anywhere so we need fiat currency

[Darkelf11 262]

2 hours ago, Maximumheight said:

There have been news of banks not being comfortable with the use of cryptocurrency. In my country some banks are not accepting Bitcoin transaction. Some banks are taking it as a threat to their business. Many are of the opinion that it will take business away from them. Some say Defi( decentralized finance) will mean they no longer have control over customers funds.

 

But my own point of view is that cryptocurrency will aid banking transaction. The banking and financial sector should see blockchain as an innovation that will help the monetary system rather than see it as a threat. They should embrace decentralized finance.

 

What is your own Table on this?

I think they the reason why they are not accepting any transactions using bitcoin is that, they are not yet ready for it. Banks are centralized, and bitcoin, including also other cryptocurrencies, are commonly decentralized. Which means that banks and cryptos are incompatible for a certain period of time. But I believe that they can mixed in the near future, or maybe there are now things currently existing for that mixed banks and crypto.

[gambut_24 98]

I am of the opinion that the crypto currency is not a threat to the financial sector, the crypto currency is a technology that can reduce or even erase the functions of banks, that is why they feel threatened.

[RAMENSOUP 269]

I do not think cryptocurrency as a threat to them. Cryptoccurrency might even help the bank. Making them do anything easier. The only difference between the past and now with using cryptocurrency is that you just used technology and nothing else. 

[kadayakito 765]

I also tried to think about this issue and I felt that it was not really a threat to the economy, of course it was influential but it was not much.

[Harris123 281]

I don't think that crypto is a they to financial sector.Because crypto currencies are also like other digital currencies.So i don't think that these can impact financial sector.

[Yanadia 1517]

Although it may still be far from reality, in fact, changes have begun to occur.  There is nothing to stop progress and even though banks are trying to do everything they can to stop Crytocurrency from taking over, it is very clear why they must be so scared about it happening and thinking that cryptocurrency as treat for financial sector.This business competition they ( bank ) do not really care about the people's they do not care about decentralization or anything all their want people's money.

[Sehr 288]

Different  peoples different thinking but i think i imagine that both crypto and banks can exist together. Banks are required for customary individuals who are yet very little tech savy. Then again bitcoin can be utilized by innovation driven individuals

[Benjamin 84]

17 hours ago, Maximumheight said:

The banking and financial sector should see blockchain as an innovation that will help the monetary system rather than see it as a threat. They should embrace decentralized finance.

As if now, there has a banks are now having a partnership for cryptocurrency, i forgot which country that the bank is built, by reading this news, there has a tendency that this will be used together with fiat money because the fist and crypto are now in the same place and its contribute to many people which is they can used it.

[Afrizal rahman 2636]

It seems like the Bank is always worried about this, they are afraid it will be replaced by Cryptorency. But if we see there is no such thing, Cryptorency can actually help the banking system, but it's just that they haven't opened their eyes to this.

[Grease Lightning 169]

I don't think cryptocurrency is a threat if you want to improve the financial sector for the better. Those who feel crypto is a threat are people who are afraid of losing the profits they have been making from taking other people's money.

[bentayebsalah 2280]

I do not think that cryptocurrencies pose a major threat to the financial sector because they are independent as well as volatile currencies

[gigabyteRTX 1583]

Well, they think it is but for open-minded like us who use cryptocurrency and know it well, it is not because the crypto currency is just the advanced version of a fiat currency that has its own characteristics or more like a unique way of movement market.

[fuer44 1083]

it can happen, we can imagine if someday bitcoin goes up high and everyone in the same country and they sell the bitcoin they hold together, then there is a lot of money coming out from the bank. while on the other hand crypto is not an economic asset that is on the bank's agenda, so it can also be a cause of inflation.

[Romaan1987 601]

On 2/8/2020 at 3:25 PM, Maximumheight said:

There have been news of banks not being comfortable with the use of cryptocurrency. In my country some banks are not accepting Bitcoin transaction. Some banks are taking it as a threat to their business. Many are of the opinion that it will take business away from them. Some say Defi( decentralized finance) will mean they no longer have control over customers funds.

 

But my own point of view is that cryptocurrency will aid banking transaction. The banking and financial sector should see blockchain as an innovation that will help the monetary system rather than see it as a threat. They should embrace decentralized finance.

 

What is your own Table on this?

I think this fear have now been reduced in banking sector. As i have read a news yesterday that many of banks have jumped in crypto currencies field and start accepting crypto currencies. I think crypto have no bad effect on any country's economy.

[Rizwanch99 22]

 Crypto currencies are real and they will form a large part of our financial systems going forward as I think that banks will start to merge into block chain technology also and offer crypto wallets in parallel with their normal bank accounts and have things regulated far better then today.  Some banks view this as a threat to their business.  Common people who are not yet very tech savvy need banks. Some banks are taking it as a threat to their business.  Financial Foundation Individual Life They want their donor to remain in poverty. 

[Nayan deka 317]

Cryptocurrency is certainly not a threat to any country but yes it is not dependable as crypto is very volatile, also there are scammers and hackers available who steal others money.

[Muhammad Hamdan 697]

Well i don't see crypto-currencies as a direct threat to financial sector but i think some banks really don't want it or it will be threat to them which is nothing but a misconception.

I believe crypto-currencies have the ability to rise financial sector of a country to most effective way. 

[JuliaNedz 25]

Many people think differently about this. Some say that cryptocurrency can threaten others think that cryptocurrency cannot. I think cryptocurrency does not pose a major threat to the financial sector.

[Abo3laa 813]

To the best of my knowledge I'm of crypto-currencies may affect the financial sector some of the problems or losses are minor and I don't think it's considered a big threat even in the future because a lot of people don't want in the rich air of crypto-currencies for fear of loss or theft because they don't think that market saturation is a market like all financial markets in the world

[Robot 93]

Actually cryptotalk help us financial. If we work in this forum then we can get a good profit. Now most of the people work in this forum and earn more money

[bliznec 22267]

No, most likely, cryptocurrency is not a measure of risk for the financial sector of the government. Bitcoin's share is very small compared to the financial sector.