Is cryptocurrency a threat to the financial sector?

[Upright 2688]

On 2/8/2020 at 12:01 PM, Sapdrx said:

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.

The block chain technology as we how its decentralized and immutable to cancel out transactions. One thing as i see that one thing which might hinder the banks to do so, if a customers makes a mistake when trying to transact a bank account, amount to another person but but makes an error on the address, then It might get sent wrongly. So block chain will have some goods and random downs on banks

[Cryptominded 704]

On 2/11/2020 at 8:49 AM, PiroSense said:

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. 

Should the price of Bitcoin stabilizes thus becoming a better store of value, the banks are going to see depletion of customers deposits in their vaults, because of the obvious fact that Bitcoin offers much better returns and not battered by inflation.

[Abanti Deb 39]

Of course not!  Cryptocurrency is a very important thing for the financial sector, if you work in cryptocurrency for the financial sector you can earn good money, and it may be good for you, but it will never worry.

[Eminoko 15]

It is not a threat but has so many usefulness to people. Crypto does more good than what people even say about it. 

[Shahzad bhatti 2]

Yes because some other banks are not happy about the votality of cryptocurrency

[Abanti Deb 39]

Cryptocurrency is something from which you can get a lot of payments only if you do a little work, so I think the possibility of cryptocurrency for the financial sector can never be harmed, and no reason for the financial sector to give you cryptocurrency repairs.

[Mcd0d0 5882]

that will be a threat to the financial sector i think because more and more people getting interest to this kind of cryptocurrency because of the high demands of the members or users there a doubts that will be a threat actually bitcoin is not stable currency because that coin was unpredictable price value in the market...

[Indah Azizah 24]

Yes, it's true that the cryptocurrency is not a fixed currency because it can change the nominal at any time, so if you want to make a stable financial storage, you should bank

[Eminoko 15]

On 2/14/2020 at 11:27 AM, Sma7543 said:

I think it a serious treat to financial institution since it will operate in a decentralised way which financial institution are not happy about 

 

17 hours ago, mdkhokon12 said:

Many people have expressed a lot of opinion on this, but I think that might be a bit of a threat, because. financial institution are only being selfish. They want their beneficiary to
If the people invest their money in crypto and all of them prefer to buy crypto than put their money in exchange then it will be worst for every bank around the world.

It ks not a threat at all. Financially sectors can cope with cryptocurrencies. It is not a threat to them at all. All they need is to gain and the can gain with these cryptocurrencies . 

[suzuya 945]

I don't think cryptocurrency is a threat to financial sector instead I see it as a medium or tool to help people on their financial needs especially once the government finally legalize and implements the use of cryptocurrency in their country. This will lessen the difficulties of transaction done online and also it will help to secure our money.

[Iqraali 59]

On 2/8/2020 at 4:01 PM, Sapdrx said:

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.

Yes you  are right i am agree with you and  your opinion i have same opinion like you . If they don't they should be afraid .

[Brushless4500KV 4214]

Cryptocurrency is not a threat, it is a contribution to finances and organizations but they should have a plan to use it the way it gets benefit for them. They can promote and extend their business by adding crypto as alternative payment solution for those who prefer to pay with bitcoin. Cryptocurrency can connect financial companies to each other like the way Ripple connects banks together. This is very helpful to reduce costs.

[shafi123 187]

Yes it is allmost carry financial matter. It prove that it has made better economics. But some problems are facing in the crypto world against the bank and real money.

[mdmitul420 3]

Yeah, I think that might be a bit of a threat, because. financial institution are only being selfish. They want their  for help to need some money about children should be among for friends. 

 

[lgatabcan 6]

On 17.02.2020 at 19:01, Edsmam said:

countless persons own articulated a ration of estimation on this, but I judge that capacity be a tad of a threat, as cryptocurrency currencies are not a rigid currency, if it was a hot-blooded currency, it would not be economically and financially threatening.
 

Bank of America, JPMorgan Call Cryptocurrencies a Risk. In its every year 10-K recording with the Securities and Trade Commission (SEC), discharged Feb. 22, Bank of America Corp. (BAC) indexed cryptocurrencies many of the risk additives that might affect the financial institution's competitiveness and lessen its earning and advantages.

[Well Played 77]

Well,  crypto currency is threat because it's easy to earn profit here and also to open and to save money.  Thats why bank will force to adopt bitcoin in the future 

[Zerocrisis 266]

Currently, banks with cryptocurrencies work together, here in the forum i saw a topic indicating that, somewhere in the USA, you could withdraw dollars from ATMs using your crypto wallet.

 

The fiat money won't be replaced, so the financial sector should not be threatened, they will only complement each other.

[Roomi 1119]

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?

Everyone have his own views about crypto currencies, in my view it is not a threat to any financial system, although it can help financial system to grow in a newer way. And now the importance of crypto currencies are being understand now by many of big financial institutions.

[avatarkiyoshi 270]

On 2/8/2020 at 5:25 PM, Maximumheight said:

What is your own Table on this?

That's right, blockchain can bring the old banking system to the new innovation that will be more transparent, reliable and it will kill those corruptor.

Why those government thing cryptocurrency is a threat because they can't do a corruption activity if the blockchain has been implemented.

[Zezo 306]

I think cryptocurrency is a real threat to central banks unless they allow the bitcoin to be handled through them.

[Atacia 13]

Well for me i think its nit a threat because  cryptocurrency i just like a giving extra income to us, using cryptocurrencies is promoting financial assets.

[Symphony 20]

Not really since bitcoin can easily be integrated in the financial sector as a digital gold or a new store of value to back paper money of a certain country but it will take time before this happens since bitcoin are still on its early young age.

[Nab 263]

we could not say that it is a threat but that the cryptocurrencies are a help for the financial sector since they allow to make digital transactions for marketing services that help the global economy.

[babaji 1228]

yes cryptocurrency is not just threat to the financial sector specially banking sector, but it is death to banking sector. Think about it, why do we need banks. To keep our money safe, and probably get a certain percentage on the money kept in bank. Now replace banks with blockchain, where you can keep your funds, and it has a 100 times more security than banks, and can offer you multiple times the amount you have kept in blockchain, so which one will you prefer. Cryptocurrency is death to banks. 

[Symphony 20]

15 hours ago, yahyah10 said:

The main goal is precise and clear. That cryptocurrency is outdated and is expected to replace a monopolistic payment system. And cryptos are built with generalized bitcoin terms and are not neutral in their movements and uses.

Outdated? Bitcoin is the future of digital payments that will make fiat money obsolete in everyday purchase. As for uses its really not enough uses at this time but time will come when bitcoin is the main currency for digital payments