Is cryptocurrency a threat to the financial sector?

[Elis Raph 67]

Yes they might be right saying that it is a threat to their business, but this depends on their knowledge of cryptocurrencies and how to use it, because some firm will capitalize on the ever fluctuating value of crypto currencies while others will see it as a disadvantage.

[KINYIRO 0]

hello I think that cryptocurrencies are far from being a threat since they serve society and also involve technology, advances towards the future I think they are accessible to everyone without as many requirements as required by banks

[rekter 8129]

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?

You are on the point, but it's not only banks that want to control your assets, governments want to have an option to seize and tax your assets and be aware of any huge transactions, and that's a little harder on bitcoins depending how you store them.

[Akasshh 234]

The short answer is Yes ,the concept of cryptocurrency is a threat to current  banking system,But ,we are far far away from the days when the modern banking system would be replaced by crypto Atm and the transaction.Cryptocurrency is based on the disturbing ledger technology powered by blockchain.

[Ayush Singh 1175]

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.

[noman 155]

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?

 Banks will not accepted it until there governments approval of acceptance. And now the crypto banking system is established in some countries. And also they will defend there banks reputation because mostly peoples does not know what is crypto and how he work. And the answer will remain the same for them that crypto is not safer than fiat.

[BitMart 326]

Its really sad peoples still not understanding this all and trying to spread rumours about cryptocurrency its never been threat for any thing its going to bring revolutionary changes which are giving some good ways for common peoples and big giants financial institutes and companies like now Blockhain is one of best thing which helping in many ways.

[Ali_hmwi 966]

There is alot of ways to income, trade and making money and the ways is always updated why would cryptocorancy make trouble i don't think it is dangerous for people just government don't want to lose control of people they want to be the manager on them..

[Raouf99 73]

4 hours ago, Rockey123 said:

I think ,The bitcoin rate for the whole period of its existence had differently directed dynamics. An uneven growth of the bitcoin rate was observed in the period up to the year 2013, in the next two years it was reduced almost twice and in the year 2017 there was a significant jump of the rate in 7, 5 times, that was due to the increase in demand for this cryptocurrency, in a view of the creation of the competing technologies and development of the equipment capacity.

Not at all threat to the guyz.

[Md Roni 17]

Currencies like Bitcoin work by storing all transactions from the inception of the currency on a public ledger. The ledger uses cryptographic techniques to ensure that records are accurate and all owner’s identities are encrypted. .they are thinking if crypto will accepted all the countries bank business will gone for all money.cryptocurrency currencies are not a fixed currency.

[Robin Babu 5]

I think that crypto is not a currency threat. If we do well and work well, we will be saved from many dangers.

[Brithney24 286]

Yes you are right cryptocurrency is the main threat for bank business, if crypto is allow all country than bank business will be gone for all money because crypto have a lot of advantage than bank business. That's bank thinking we should not allow cryptocurrency. 

[Denan 0]

Banks can actually use blockchain as their latest technology. although crypto is considered a real threat to banks, blockchain has more value. Many speculate that crypto will take over the functions of banks. I don't think this will happen

[Raqeebzy 6456]

In my perspective, for now, bank and other monetary sector won't accept cryptocurrency for they feel everything decentralised is a risk to them. However, with time they wouldn't have any other alternatives than accepting it as it is also a essential to its global adoption.

Edited June 11, 2020 by Raqeebzy

[Alex60 27]

Actually what you think I think is a misconception because I don't think there is any threat to cryptocurrency that we can make money and good money.

[Shanto28 0]

Yes because some other banks are not happy about the unexpected of cryptocurrency. So should further improvement.

[Kantaro1711 1]

In my opinion this should not affect the financial sector to a large extent. Unless the market is starting to swim its revenue in bitcoin. If so, its stability will depend on the bitcoin giving low and high depending on the value of this.

[Sasaki 171]

I think it's not threat however it is good for financial sector because it can help them in some ways, well it still first need to adopt crypto before they can use it, but all in all it's not a bad to use crypto in some financial sector.

[cryptousd20 141]

Cryptocurrencies will not pose a strong threat to the financial sector, on the contrary, they are largely positive because they have revived several economies in several poor countries, and changed people's lives for the better and will have an important role in changing the daily lifestyle.

[Mukty112 68]

I don’t think that crypto are threat for the financial sector banks doesn’t like because of its decentralized system and no taxes maybe that was the reason or maybe i am wrong.    

[Ionescu 115]

I don't think cryptocurrencies poses a great threat for the financial sector because cryptocurrencies are used just like an asset and the financial sector is not scared of them anymore 

[SanjidaAkterSanju 69]

I think your opinion is correct in this matter.    The rate of crypto currency rate is not fixed so it’s rate can go down any moment and you can lost your money too. That may effect your life and business.        

[Jessica Karren 1242]

Fiat baking system and cryptocurrencies technology are biggest competitors of each other's. Both have opposite working system. Both are threatening to each other's.

[khan188 536]

Well, This is frequently asked question. I think in next few years the cryptocurrencies going to replace the paper currencies. sooner pr later this is goin to happen. 

All crypto needed is a strong foundation for operation. 

[hadi6t6 6]

Many have expressed their views on this, but I think this is very risky, because cryptocurrency is not a fixed currency, except that it is a volatile currency, which is threatening financially and financially. Added.