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Maximumheight

Is cryptocurrency a threat to the financial sector?

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On 2/8/2020 at 12:25 PM, hmind said:

The main purpose is certain and clear. That crypto was created is expected to replace the payment system that is outdated and full of monopoly.  And crypto is made with normalized bitcoin norms and has no neutralization in their movements and uses.

it's not a risk if the fiscal sector escort the chance and comprise the blockchain technology behind crypto. If they don't they be supposed to be afraid.
 

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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 That cryptocurrency is outdated and is expected to replace a monopolistic payment system.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Outdated?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

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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.

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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

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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.


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On 2/8/2020 at 1:11 PM, Syedbesharat said:

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.

financial institution are lone essence selfish. They feel like their receiver to deferment in poverty. But crypto is contravention that yoke
 

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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.

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On 2/8/2020 at 12:21 PM, Mustakim sohan said:

I dont think crypto i a threat to financial institution. Many financial institution are only being selfish. They want their beneficiary to stay in poverty. But crypto is breaking that yoke.that's it. 

monetary group are best being selfish. They want their beneficiary to live in poverty. but crypto is

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On 2/8/2020 at 1:19 PM, Asif Khan said:

yes there are alot of people react about this. some banks do not take bitcoin because they consider threat for himself.But some people don't consider him financial and economical dangerous.

however some banks are now adopting blockchain  and issusing their own coins.

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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.

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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.

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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.

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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..

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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.

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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.

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

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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. 

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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

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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.

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Depending on the bank if cryptocurrency is a big help to them or a threat, because some banks are already adapting to the use of cryptocurrency and blockchain technology and some are not. Actually there is an effect on using cryptocurrency and fiat-money that is why some countries doesn't want cryptocurrency to be used inside their country.

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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.

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

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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.

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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.

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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.

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