Bitcoin Forum

Base on the speculation of other members here in the forum that in the near future banks all over the world will adapt the system of cryptocurrency and it will eventually centralized all banking transaction in one with the cryptocurrency or the digital currency. In that period of time digital currency is not like an asset or investment anymore. Its price will be stabilized and it could be use all over the world where comfort of traveling just to use the digital currency as a form of payment. However, it is the news nowadays has the opposite of their speculation since there are countries banning already the use of cryptocurrency. In your point of view, Will it happen to centralized money all over the world through the use of cryptocurrency? Or it will just pass and nothing will ever change in our system of banking. Or do you have any speculation with cryptocurrency? I need to justify the speculation's probability.

If the crypto currency has centralized centralized banking, I think it will eliminate the basic principle that bitcoin as a decentralized crypto currency based on which there is no control of any party. but this could happen if the system is going to use blockhaind technology to create new crypto and of course this will have control by the banks and I'm sure the financial system using blockhaind technology that will be implemented by the bank will be a new breakthrough that will be widely adopted.

Imho there is a chance that cryptocurrencies will kill commercal banks that earn on the transaction fees but not central banks that regulate the global monetary policy of the state, print money and change rates. In this case crypto won't be centralized.
People are still investing in fiat money. Why should cryptos become less attractive?
Money always were centralized (owned by the issuer - government) and tbh they  have to remain like that.

For now the banks are not yet ready to accept bitcoin for the centralization of crypto currency and if the banking system approves this crypto currency then the bitcoin value will more rise and in the present time bitcoin and altcoin are the best tools to be employed and this is the main source of income for many people so doing hard work in the crypto market is the key to success.

I think that crypto and national currencies will exist together. Crypto can't dislodge usually money form all spheres.
Banks need to know, that crypto will not disappear and can use it for their goals.

Ripple did that, and also my country Indonesia central bank governor is banning cryptocurrency as a payments system, but they have a plan to make a digital currency that utilizes blockchain. That is where the part of centralization crypto began, when the governments ruling it.


I don't think cryptocurrency isn't a big step, it already did change the economics. It offers us to offer a decentralized economics instead of centralized economies.

It will not going to stablize in the way the banks wanted. Furthermore, cryptocurrency is designed for its decentralization that the banks have no control over or any one can ruled it by his own hands and wants. If banks will going to establish and make it centralized the people who deeply know cryptocurrency will not be a customer of banks anymore.

The way i see currencies going is through blockchain technology and i see cash being phased out.
With cash in existence tracking what people do with it is difficult,
so forcing people to bank digitally means they know what we are doing and they make us think it is for our convenience.
There will essentially be two strains of cryptocurrency centralised and decentralised.
They cannot centralise bitcoin, litecoin, dash, monero etc.

Definitely, I strongly believe that banks are going to used crypto currencies in future and I also believe that there going to used it for interbank transactions all over the world. Bitcoin on the other hand has make a part way for this by making a decentralization of transactions possible and peer to peer which makes things easy if bank will actually adopt it.

I do think that there is still time for all this.. in fact too much time ..
51% of the world's population has access to Internet right now .. so we cannot expect the remaining 49% of the population to be in the line that soon.
Considering that 1.2 billion people are without electricity and...so many are having no access to... Virtual cryptocurrencies one should understand that ... It's hard for that kind of senario to.. be in reality ...
We will need more than 20-30 years.!

Yes and no. The thing is no country would agree with just one currency hence even if all the banks would be using one cryptocurrency then the governments will not agree with it. There might be a time though that everything is already in cryptocurrency form. Everything will be tokenized that we can buy water with water coin and buy food with food coin or something like that. In effect, your water coin will be worth the same wherever you are unlike if you have a dollar. A dollar may be able to buy a bottled water in the US but not in Africa where water is scarce.

Crypto currency is trying well and with this the people who have using this they have shifted from banks to this side because they are avail the online services which is a good way so it is good to use this currency and for the present time the bitcoin is the most powerful currency the banking industry is not yet showing any interest in crypto and i think the crypto is good in the banking industry.

Many among the major and big banks will refuse to the usage of cryptocurrency for their transactions and businesses, what do you mean that all banking transactions will centralize in one cryptocurrency? did you mean that all of the banking society and companies will adopt the usage of specific crypto? centralization is the opposite of the most cryptocurrencies we have in availability mostly the famous bitcoin, it was created to eliminate the banking and third-party transactions making it P2P payments systems, on the other hand, the blockchain is the possible way that the banking and businesses will adapt to upgrade and improve their platforms.

If banks take on such a large role in cryptocurrencies money, then they will try to stabilize it. This will be inversely proportional to the nature of actual cryptocurrencies. then there will be no more interest in cryptocurrencies in the end.
Why people are interested in cryptocurrencies, because the price is not stable. they take advantage of it to gain wealth briefly.

Centralized versions don't really have to be afraid of hackers or ill minded people in the end, because it won't be a problem to reverse transactions. It doesn't only grant banks more control, but directly also the government, which is quite worrying. In current times a government needs to force a bank to take certain actions, but with this development, they can act on their own, and that without having to justify their actions, because they make the rules at the end of the day. The convenience that people will or may gain, will never justify the freedom that they end up sacrificing for that. However, people as dumb and ignorant as they are, they won't see any dangers in this like I and some others here do, and still use it anyway as their only means of exchange.

You are right although I think they will not try to use cryptocurrency directly, the power of blockchain will only be harnessed to aid their system. For now it seems impossible but soon there will be institutions using blockchain without cryptocurrency in it.
Cryptocurrency will never be stable so long as it is traded on the free market, but it will become more stable enough to use for payment in the future.
I think it will just come to pass(as it won't happen to centralized cash all over the world) but there will be changes in the way banks operate. At that point, I speculate cryptocurrency as something people use as an alternative, like how we use credit card sometimes.

Every options that you have put here, has the possibility of it happening without any reservation. On the centralization, I believe that is possible in the near future. The importance of money in any of our endeavor, cannot be undermined and in whose hand that control is, becomes the most powerful and that is why if the people are clamoring for freedom with the aid of crypto currency, banks will fall in line with their promoters in other to continue that control of our existence and there is nothing we can do about that.

On the countries banning bitcoin all over the world, eventually they might be forced to change that position. At some point in the history of human existence, homo-sexuality was a crime, later it got to a point where its being ignored though subtly accepted and today its legal and people with a particular orientation are now getting married. So, when the time comes if the multi nationals and the conglomerate who direct the ways economies are run chose to support crypto currency, every government will have to fall in line because if not, its either they are cut off from the rest of the world or the government of the country be replaced.

I dont think that crypto currency has to do anything with the centralised banks. The crypto currency is itself decentralised and if we try to blend it with the banks which are already centralised one then im sure it will create the chaos and nothing else. If you want to say that we should input the crypto currency into banks then that wont be acceptable due to opposite nature of the operations for both the type of systems. One which works on the swift technology while other works on the basis of blockchain. We will need to work out the math to blend these two and then we could think of using them all together. But as you this is difficult to do in anyway, im sure the question doesn't exists.

If cryptocurrency will be used by banks in a centralized environment then most users will gladly leave it and make another technology.. We don’t want to be controlled and manipulated by the banking system and I don’t think the community will support such adaptation.. The price will be stable at that and won’t be a good news for traders..

Blockchain technology is for the masses and the fight towards oppression from documentary and privacy information investment will end,, if this be poisoned by the elites..

   If you speak about wrapping bitcoin into centralazed banking system then it looks like washing floor by rake. Bitcoin is hardly controlled substance, a lot of fat holders, as Satoshi for instance, are unknown, they may appear and manipulate the market, no way banks will tolerate such threat. Real possibility for banks to control digital/crypto currencies is creation of their own centralized ones and force/convince people to use them
  

It is difficult to imagine what will happen in the future and how the banking system will look. I believe that crypto currencies will be accepted as a means of payment, and the banking system will change, at least it will introduce technologies such as blockchain. Concerning speculation, this is really a question that is worth special attention, it seems to me that everything depends on the stock exchanges and on their limitations.

I believe that everybody shall adapt crypto currencies in the future. Those of the country's that have ban them will eventually feel that they are being left out and then will join the community.

 Cryptocurrencies have already proven its great advantages to the world and how it is more safe, reliable and secure than the current banking system. Due to which more and more people are getting attracted t the crypto world and the value of worth money in crypto investments are increasing day by day. We can surely see a very bright future for the cryptocurrency and it will surely have great application in the baking system of the world.

Countries than banned cryptocurrency are limited. More on the countries are banning ICO or investment scams. There is a possibility that banks will adopt the blockchain technology into their system as this is more secure than the current system that they have where everything is centralized.

This speculation maybe possible and it may happen in the future. But, what I have in mind is it wont gonna happen. Because the main idea of crypto currency is being decentralized with direct p2p transaction without any third party. The creator of this wants to have financial freedom, free from the traditional banking system.

Cryptocurrency is not what banks want. It's the blockchain technology. Banks are already centralized so why the need to be centralized again with the use of the product of decentralization. It does not makes sense at all. Banks want to copy the blockchain. But they only want it to be between banks, it'll be like a public ledger but only for all banks.

I totally agree. I think, what the bank really wants to achieve is to adapt to the change happening. THey know that if they cannot adapt fast, the banks will become obsolete in the next 20-50 years. It seems impossible but even JP Morgan expresses their concern about cryptocurrencies. THEY ARE THREATENED! Big investors are looking at Cryptos as good investment.

In fact, if the crypto system will centralize all banking transactions in one with cryptocurrency or digital currency, then there will be no digital currency while bitcoin is a decentralized global transaction cash system,which Bitcoin comes as one of the digital currency solutions. Bitcoin is a cash system that synchronizes across the internet So,everyone can access the same cash account in real time regardless of who and where it is, so if the crypto currency centralizes the banking,then bitcoin will lose the title as a digital currency...

I am not really sure of such speculation is going around our country since our Central Bank had already released their statement on their acceptance of Bitcoin. Right now, they are not againsta it nor in favor of it because the decision on their support of Bitcoin relies on the acceptance of World Bank on it and currently World Bank has no word about it to support this speculation.

Banks do not need a decentralized system, so they are concerned that the crypto-currencies are developing so quickly and new technologies appear that can replace the conventional banking system and banking currencies.

Do you think that the World Bank would voluntarily give up their monopoly on money transfers? The one who controls money rules the world. Show me one example of someone who voluntarily renounced power. No. This will not happen. I think that soon we will see attempts to block the exchange transaction for Fiat. This can significantly reduce the demand for cryptocurrency

If you will go for centralizing of the bitcoin, you will surely lose the essence of the crypto currencies and that the investors will lose their interest and will not go for investing their money again. Bitcoin and all other crypto coins are decentralized in nature and that this is the only thing which is creating a very good impression of the crypto coins as they are like an independent coins without any governing body.

If we are talking about a centralized banking system here, and relating it to bitcoin, it seems we are missing the point. As far as I am concerned, we already have a centralized banking system and that is more like the exchanges we already have, and it is left for you to make use of them or not, but does that change the decentralized aspect of bitcoin ?

Bitcoin or decentralized cryptocurrencies can only become centralized if there protocols are changed and that does not still stop each country from still operating their own centralized digital currency if they wish.

I feel you are mixing it up. Firstly, just few countries have banned bitcoin so far and they are irrelevant anyway (sorry to say), but the fact remains that so many are just silent about it while some are looking forward to regulation. Secondly, there will be centralized and there will be decentralized currency and it is left for investors to decide how they want to play their card. I see decentralized assets becoming more like the stock market anyway, so let's see how that plays out at the end.

Very well said, actually here in our country the central bank already adopts the bitcoin but not yet totally they are still in the stage of starting the relationship. Bitcoin is actually very nice coin here we see bitcoin as one of the way to help the people live our lives in better than before.

What I see that will end up playing out here is every of the market doing their thing and performing their own main purpose, while the government try as much as possible to regulate the environment, but that does not make everything centralized, contrary to what OP said.

We cannot out rule the fact the banks or government will end up creating a centralized cryptocurrency as that is definite, but decentralized cryptocurrency will also remain in the market and it is left for each individual to see them as an investment without forgetting the capital gain tax.

 Great.Cryptocurrency price will be stabilized and it could be used all over the world where comfort of traveling just to use the digital currency as a form of payment.

This speculation is not totally happen.if,that happen other banks will going to bankrupt slowly its because the demand of crypto currency is really inconvenient for many people and easy to use for payments etc.that's why other country will ban this crypto for not happen that speculation.