Is cryptocurrency a threat to the financial sector?

[BTC Future 3946]

On 2/8/2020 at 12:25 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?

Blockchain if adopted by the banking sector it will create transparency and reduction of corruption as the main method criminals use to move money are banks, which can hide the traces of trillions of dollars and launder them in Panama and Cayman Islands. This is the main reason they are afraid of Bitcoin. The open ledger where everyone can observe and trace the route of the transactions. This creates a few privacy issues as well though as noone wants everyone else to be able to look what he has in his wallet, and government organizations have already linked most bitcoin wallets to their actual owner.

[Opinder 1310]

Crypto is only threat for financial sector due to privacy. Because there are many miss uses of currencies with privacy. If its privacy would be erased then crypto is good option for financial sector. And its advanced feature would solve many problems which could not be solved with traditional system.

[mskhatri24 299]

I don't think cryptocurrency is a threat to the financial sector because it is a choice or option for investment and investment on crypto is totally depends on people's choice.

[razib2227 171]

I think its not completely safe,  though peoples are commenting with lots of opinion. Crypto-currencies are not fairly stable,  it can't be proper criteria to sell or buy to many people. 

[BitMart 326]

This is completely non sense because its not going to hurt any thing even its bringing more security and positive things for many financial sectors and economy just negative mind peoples doing propognada against this crypto in reallity we are watching now billions of USD are involving in this which is bringing more profit more jobs and more liquidity in markets.

[Imaankhan 208]

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 appreciate your thinking but in most countries it is assumed that cryptocurrencies are threat to their banking system because if the transactions are made through crypto banks monopoly would abviously be affected.

[JuliaNedz 25]

You can think a lot about this issue. Still, the cryptocurrency can be a threat to the financial sector. If you buy cryptocurrency only and do not sell it, it will be bad for the bank.

[Beromnia 733]

Welcome with me
I share the view that the cryptocurrency will help bank transactions.
Banks see cryptography as a threat to their existence and survival, but the fact is that banks can switch from existing transactions to more sophisticated transactions by accepting cryptography as financial assets

[Ridam 7455]

This is because Crypto currency is distrubing their Earnings like if we do transaction using cryptocurrency then bank will get affected as they want their profits anyhow so they take it as threat and government is helping them

[Dolpharius 675]

On 08.02.2020 at 18:25, 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?

my friend you are right and I agree with you, I want to tell you not to worry about it because for a long time banks will not be able to degrade how the system goes forward - and those structures that will not work on the blockchain will lag behind others - a matter of time - You will see.

[guatazoo 7150]

2 hours ago, Asif ariyan said:

I think cryptocurrency is not a threat for financial sector... Cryptocurrency has given an opportunity to financial sector... We or government should be take the opportunity... It can be use with blockchain safely                  

Financial system would be affected first negatively by crypto before it is been made better by crypto.

[MysteriousIdentity 150]

On 2/8/2020 at 6:25 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?

Of course for banks, crypto currencies are the big threat to them as their investors and depositors will just buy crypto currencies instead to them as their interest is very low compare to the earnings that they can get in crypto currency. 

[Sabba092 115]

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?

Guys i am not thinking so and i am too much serious now. And it is amazing thing.

[PiroSense 2681]

It won't be that much of a threat if the government of that country does not approve adopting cryptocurrencies, in which case fiat would still be used and banks could still profit from their customers.

 

Or unless almost all merchants use cryptocurrencies, in which case people could actually use their coins to purchase goods, it won't be a threat to them. 

[Grease Lightning 169]

Cryptocurrency can improve financial structures that are currently messy and inefficient. Crypto is a solution for both finance and economy.

[Xsimple 441]

Yes, for the bank it is just natural, because they're will be a competition between the two I think, because if money will all go to the exchange then their is no money left in the bank.

[Kijin 3]

In my opinion, cryptocurrency can even help the bank. These make things easy. The only difference between past and present using cryptocurrency is that you just used the technology and nothing more. I think the information will be good for everyone.

[Mehnil125 431]

I do not think that the crypto currency is the threat in the financial sector because many of the people around the world have been using this for earning money. 

[amara123123 76]

Crypto market is not threaten for fiat market because crypto market has only limited uses but fiat currency has much more used in broadly basis. Do not worry banks soon launched their own block chain based transactions. 

[Eminoko 15]

According to how I view it. Bitcoin is not a threat to any thing. What about the countries that fully supported it and growing. 

[Rstunirk 151]

Well for me i ruminate that it may possibly be a menace to banks but if they pick to integrate it to their system so therefore perhaps it's not a intimidation and also it can be an opening for the mutually of them
 

[Eminoko 15]

Cryptocurrencies can only help the financial system. It is a financial weapon as one topic said on this forum. 

[Eminoko 15]

2 minutes ago, Jannat8989 said:

If crypto will take over all the countries if the bank business goes for all the money hat, then crypto is believed to be the old and full paymen monopoly.
Many people have expressed a lot of opinion, but I think it could be a threat

You are just right about this. And that means cryptocurrencies are the future currencies. 

[MohammadMohsin 569]

No it's not. It's just what government people say. Cause it's not true at all. Cryptocurrencies are a really good way of earning legit money. 

[Ahillya 62]

On 2/8/2020 at 4:10 PM, Sourovdeb890 said:

Many people have expressed a lot of opinion on this, but I think that might be a bit of a threat, because cryptocurrency currencies are not a fixed currency, unless it was a volatile currency, it would not be economically and financially threatening.

My opinion is that the digital coins are there to boost the economy of the coming future then there is no way of fearing from.it .... There is no harm or damage to the financial sector by the use of BTC or other alt coins.... because in the future btc will improve the financial situation.