Is cryptocurrency a threat to the financial sector?

[nykas 2812]

I think that cryptocurrency and banks will find compromise if crypto will be legalized so I don`t think that crypto threat economy, moreover, I`m sure that it will help make financial sector better

[Kamila 291]

Yes, I think it is, people if the cryptocurrency becomes very popular will be able to refuse banks and storing money in them at all.

[NevermindNe 549]

I think that no, the cryptocurrency will not affect the financial sector in any way as it will not be allowed to become too popular.

[George10 9932]

You are right mate many banks see the blockchain technology as a threat to their business or financial sector and the other problem is about the privacy of cryptocurrency and it's connection to dark webs that can be also a threat on hacking the banks and I think this is the main reason they fear to adopt this technology it is filled with more scandals of hacks and scamers.

[Laboni 755]

Even if it is full of hackers and scammers, they are afraid to work, they have to try to overcome it. But I don't think cryptocurrency is a threat to the financial sector. Crypto helps to improve the financial sector. Each country's financial problems are solved by investing in crypto.

[Treat1234 0]

6 hours ago, Rosaline149 said:

Banks are afraid of high price volatility of the cryptocurrencies and they are still facing the hard time to adopt is completely but I still do not think like cryptocurrency is the threat for the financial sectors in this world. 

I can say it is not a threat to the financial Sector, cryptocurrency won't be accepted as a means of payment, this aims might not be achieved because government can deal with something that is untraceable

[Jaysen0104 536]

Cryptocurrency is not a threat in the financial sector but the future of our finance. I see the potential that it will be part as digital currency. I will never look it as bad effect to our financial sector but i see it as a partner of finance.

[Zues 1069]

On 4/27/2020 at 6:47 PM, Jamesnachoog said:

To me I will say that Cryptocurrency is a threat to the financial sectors and financial institution like the banks because today many people choose to make Cryptocurrency as a store of value instead of keeping the money in the banks which everyone know before.

I think that cryptocurrency is not a threat to the financial sector because I think that it can save an  economy and its financial status. I think that it is great if we allowed cryptocurrency to work. I think that the government consider it as a threat because it is against the old way of banking. 

[Treat1234 0]

15 hours ago, Rosaline149 said:

What do you mean to say in your last sentence ? How can government deal with something that untraceable ? Even your cryptocurrency transactions records can be traced and if you are trying to evade the taxes, they might detect by viewing your transactions record like as on Blockchain or coinbase.

I mean the government can't deal with something that is untraceable, just typological error, only transactions can be trace without knowing the people that did it

[Dark_Sky 8489]

On 2/8/2020 at 10:00 PM, RAMENSOUP said:

I do not think cryptocurrency as a threat to them. Cryptoccurrency might even help the bank. Making them do anything easier. The only difference between the past and now with using cryptocurrency is that you just used technology and nothing else. 

I also think that but some people said that when they approve cryptocurrencies it will be a hindrance for the bank and government to earn taxes which is one of the source of the fund of the country. 

[Mcd0d0 5882]

On 2/16/2020 at 10:57 AM, suzuya said:

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.

This is true mate because it can be used with fiat money together if the government accepts this cryptocurrency to one of the payment method, happy posting.

[Shaza Ahmad 1682]

I think the advantage of decentralized finance is still in its infancy and needs a lot of development, many Crypto projects are working to add decentralized finance, but the most important question is how do we link decentralized finance with our reality?

[Moaz 7239]

This is the truth. Central banks in many countries consider cryptocurrencies a kind of threat to them, due to the inability to control them and the increasing number of crypto users in the world and their use of cryptocurrencies in their financial transactions away from banks.

[magd 5231]

There is a dispute between the central market and the decentralization market, and the differences between them are complicated with regard to the national economy of each country, but in my opinion currencies are encrypted and a means for the recovery of low-priced national central currencies, for example the third world countries move their currency better with the presence of encryption and there will be integration between them

[Hatred 1388]

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?

Well, maybe they come up to say that it is a financial threat to them because cryptocurrency is volatile, means no one owns it. The financial sector are been threaten because as we all know, they need taxes for them to earn or make a profit. And because of crypto can't have a tax, they can't accept it because they will go bankrupt if they use crypto in their transactions.

[P A Ashif 2409]

No I don't think that. But I am little confused that how people can be thinking that crypto can be lethal for financial market. But there will be positive as well as negative aspects of every thing. So it's quite common.

[Sunil kumar Behera 489]

The statement is very wrong whoever says that cryptocurrency is a threat for economy of any country rather this will help for growing the economy of a particular country and now Syria is going to launch its own crypto coin and this type of things should not be shared because these are wrong information

[Wilmer Garcia 0]

In my personal opinion I do not believe that cryptocurrencies are a threat to the financial sector quite the opposite as time goes on Bitcoin takes on more strength globally every day more and more countries accept Bitcoin as a financial system 

[Dark_Sky 8489]

On 2/8/2020 at 8:34 PM, gambut_24 said:

I am of the opinion that the crypto currency is not a threat to the financial sector, the crypto currency is a technology that can reduce or even erase the functions of banks, that is why they feel threatened.

I agree in this comment. 

I can't see the cryptoworld or cryptocurrencies as a hindrance but it's a help especially to those who needs financial help and for those who wanted to get rich in instant. 

[Omar Ommeish 4872]

Yes, because cryptocurrencies will loosen our chains from the banks and the policies of countries that control the economy and money.

[Zalaks007 543]

I don't think cryptocurrency is a threat to financial sector but rather if they both work hand in hand am sure it will bring a new income and also a robust to both sector. 

[Jeet Narayan 1940]

In my country also banks are not accepting bitcoin . I think, Cryptocurrencies are not threat for banking system . Crypto can improve financial sector more fast and efficient way .

[TimopheyKa 3900]

I don't think it is a threat to the state's economic environment. After all, many rich countries that are located in Europe are actively developing it, and this brings them even more profit! Many countries lose this opportunity, and very much in vain.

[Swapzone 174]

As far as I'm concerned, it's a threat. Indeed it's a financial revolution for freedom.

[Calvinpriva 17296]

Many things happened between banks and cryptocurrencies, i think the reason it's because they take crypto as a scam. But at least there are few banks which they now use crypto in their services, there is one bank I don't remember if it's in Russia or India they use waves as collateral (That news it's here in the forum). That means in the future everything will be fine between banks and cryptocurrencies.