|
Title: How Cryptocurrencies Could Offer Independence From Banks Post by: anapodrimaj on December 01, 2017, 03:04:54 PM Standing on the precipice providing economic independence from private banking institutions is in essence what Bitcoin was created to do back in 2008 when its initial white paper was released. It removed the need for an administrator or bank through encrypted peer-to-peer transactions recorded on the public ledger known as the Blockchain. By investing and using Bitcoin, Ethereum and other virtual currencies, people are taking power away from banks by using anonymous transactional systems.
https://cointelegraph.com/news/how-cryptocurrencies-could-offer-independence-from-banks (https://cointelegraph.com/news/how-cryptocurrencies-could-offer-independence-from-banks) Title: Re: How Cryptocurrencies Could Offer Independence From Banks Post by: light22man on December 01, 2017, 03:17:51 PM Cryptocurrency with it's decentralized model of currency was design as opposite system to present bank system. So maybe in next 5 years we will see or death of old system as more and more people will choose new system or evolution of current bank system which will adopt to new reality.
Title: Re: How Cryptocurrencies Could Offer Independence From Banks Post by: Vera619 on December 01, 2017, 04:41:03 PM Haven't you read first before entering this forum ? The main context of bitcoin is the decentralization itself. No third parties ( banks ) needed for transactions, avoiding high fees and for convenience of the users. More are being proposed for bitcoins usage. Aside from the decentralization, bitcoins attract users through its volality. Banks give one percent interest annually but bitcoin gives more than the investment itself.
Title: Re: How Cryptocurrencies Could Offer Independence From Banks Post by: WinTokens on December 01, 2017, 04:56:25 PM The blockchain allows for the secure and reliable transmission of capital. Banks are no longer required!
Title: Re: How Cryptocurrencies Could Offer Independence From Banks Post by: Dudeperfect on December 01, 2017, 05:13:34 PM Quote This is not at a size where it’s a macroeconomic risk to the global economy, but when prices are moving like that, my view would be investors need to do their homework. This is not a currency in the accepted sense. There’s no central bank that stands behind it. For me, it’s much more like a commodity. * Bitcoin Not Threat to Global Economy, Says Bank of England (https://cointelegraph.com/news/bitcoin-not-threat-to-global-economy-says-bank-of-england). Bitcoin is not just a currency but also offers opportunities for the speculative gains and hence it won't cause any direct damage to the banking system. However, indirectly the consequences of growth as a payment system, it might reduce the flow of revenue of the banks. If it is emerging as a stable technology to transfer the funds at low cost then naturally it will reduce the dependability on the whole banking system. |