Is cryptocurrency a threat to the financial sector?

[Treat1234 0]

It is not a threat to the financial Sector, it is a development for the financial Sector as we added another means of performing transaction

[Babubu609 0]

On 2/8/2020 at 2:04 PM, Hamza ali said:

Well with the use of crypto currencies the banks will not perform customers controls and it is true that it will take some bussisses away from them.

Crypto are not like banks to compare but works like banks, also take some responsibility of some banks neither

[Dark_Sky 8489]

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?

Some countries and banks consider bitcoin as an illegal way of earning money that's why they are not comfortable with it. 

But in my opinion they need to legally accept it for the growth of economy. 

[MCSGlegend 2210]

I think that cryptocurrency is a threat to the financial sector , it is unreliable to store money in banks , and many people may start abandoning banks in favor of cryptocurrencies.

[nickoman987 1040]

I think that the field of cryptocurrency is not at all a threat to the financial sector. I also believe that cryptocurrencies will only be able to complement the financial sector and make it better, because the cryptocurrency market is very large, there is a lot of money.

[andrehol 16294]

Cryptocurrency was created to exclude intermediaries in the form of banks from settlements. With the help of cryptocurrencies, the seller and the buyer can bypass the banking system. Naturally, banks are not happy about this! But I think in the modern world cryptocurrencies and banks will be forced to interact.

[Zaino34 0]

Yes, of course, cryptography affects banks and securities, so governments always strive to stand up to digital currencies and always strive to combat them, and this negatively affects digital currencies.

[CryptoMaxim 3829]

I don't think this is a threat. But if cryptocurrencies are officially linked to the financial sector, then these threats are possible. Because of the volatility.

[tariqul 566]

Many people say that Bitcoin will have an impact on the financial sector but I do not think Bitcoin will have any impact on the financial sector.Bitcoin moves at its own pace and the financial sector runs at its own pace Bitcoin is through a digital system and its users receive money and income, the financial sector controls a completely under government but Bitcoin does not control the government.

[Babubu609 0]

On 2/9/2020 at 5:33 AM, Muskan7816 said:

I think that energy can be a part of the threat, because. Financial Foundation Individual Life They want their donor to remain in poverty. However the crypto is ... Many people talk about a grouping of judgments in this regard

cryptocurrency currencies aren't a set forex, until it changed into a unstable foreign money, it would not were economically and financially threatening.

[SuperCrypto 7193]

The risks to financial stability and economic growth remain high in the medium term, and it is reasonable in the current circumstances for decision-makers to use cryptocurrencies to take measures that mitigate the risks to financial stability and international economic development.

[jamesvince 2389]

Although till now no banks accepted payment via bitcoin or altcoins market because these funds are directly not given any taxes revenues to the governments of the crypto market because government are not allowed to the banks to deals with any crypto currency coins or tokens.

[Ms.o 3322]

Cryptocurrencies are considered as a threat because it impact the bank's competitiveness and reduce its revenues and profit,it also limits the ability to track the movements of funds,which is dangerous as many used it for crimes.

[Rezort 846]

Banks have been blind recently because it is so clear that cryptocurrency would help them earn much bigger money as crypto technologies store that money, they just need to explore.

[Thekingcallme 1975]

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

[deepown 0]

On 4/16/2020 at 8:48 PM, Rezort said:

Banks have been blind recently because it is so clear that cryptocurrency would help them earn much bigger money as crypto technologies store that money, they just need to explore.

They have not been bling sir they have been very wide open and cleared about this, even the biggest lover of crypto in the world would say that crypto is a bad news for the governments.

[Nezar 7169]

I see that this blame is not correct and according to my point of view I think that the cryptocurrency is very useful and will help banks in addition to helping to grow the economies of countries, but unfortunately most of the countries of the world prevent the use of cryptocurrencies and this matter is due to their lack of knowledge of the importance of cryptocurrencies and what they hide for the future

[IamLeader12 682]

I think that no, on the contrary, cryptocurrency is a good addition for the financial sector and for its security, if it is used for payment, it will be very difficult for an attacker to steal money from someone else's Bank account where the cryptocurrency is stored

[bitcoin-shark 1928]

there are banks that try to resist change and try to influence users so as not to bring them closer to the world of crypto, defi sites are quite safe and can be used safely, instead other banks have understood that crypto is the future and they are integrating them among their various services

[pablomarwan 3082]

What you say is that in the shop and the reality that it will help the economy of prosperity to grow, it is better to consider it one of the sectors of the industry, then this will reduce some of this discretion as it threatens their reputation, and despite that, there are reasons that make it difficult to accept it as a positive thing.

[CryptoLegend 16]

It seems so as it gives financial freedom to the people and many banks has been threatened with the emergency of blockchain revolution. Despite the volatility, platform like KoinPro still provide an adequate avenue to manage risk and profit from trade at any market condition

[BrolySSJ 7899]

There are many people that share the opinion that crypto is a threat to the financial sector and once again i think that this could be another reason that governments are not openly accepting crypto. In my opinion however, i think the opposite. I think that crypto is an advancement on the financial sector that can prove to be immensely helpful in building the economy and in strengthening the economy. Also i think it could be a way to lower poverty levels as well.

[Captain Karim 0]

Decentralization is one of the most important and successful factors in cryptocurrencies, many blockchain projects have launched this feature like Tron Network.

[teminalibug 309]

On 4/23/2020 at 9:18 AM, ak.sanya07 said:

yes i think thats why goverement doesn't want to see people using crypto, the main reason of it - crypto is anonymous and world wide currency in which you cant track payments

What bothers me is why does it bother them so much that they are not able to tract what we do with our money, why do they not want to set us free???!!!

[koussai999 1986]

On 2/8/2020 at 5:25 AM, 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?

Indeed, we must encourage it. Central banks must start dealing in cryptocurrencies because sooner or later they will have a large part in global economies.