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IMF: Rapid Growth of Bitcoin and Crypto Will Impact Global Financial System

The International Monetary Fund (IMF) has stated in a recently released report that the rapid growth of Bitcoin and crypto could impact the international finance system. The report entitled “World Economic Outlook: Challenges ...

Read more: https://www.trackcoinmarket.com/en/crypto-news/33467/imf-rapid-growth-bitcoin-crypto-impact-global-financial-system

Crypto' comes from the greek word 'Kryptós' which means 'hidden' or 'secret'. 'Crypto currency' is short for 'Cryptographic Currency' because of the cryptographic hash function used in Bitcoin code. When you guys say 'Crypto', it means 'Cryptograhy' instead of 'Crypto Currency'
So always when you use 'Crypto' for 'Crypto Currency' you show a lack of understanding.

It's an obvious claim, definitely even as it stands right now bitcoin already has a strong and veritable influence/impact on the financial system..

Be it a positive or negative influence,while most nationalities are cracking down on the system, others are indifferent about it while others simply put down disclaimers in order to avoid resort to the court in case of any mishap whatsoever

Bitcoin massive growth definitely will affect the financial system even more, as of now it's definitely a solid threat to Fiat,though it's gonna be almost impossible to replace it, but who knows it could just be generally accepted as a legal medium of exchange world wide, that's definitely gonna be a huge impact

i seriously doubt that!
maybe bitcoin's growth can affect financial systems such as some banks, Paypal and services like that,... that fail to match the financial and technological revolution but otherwise the bitcoin growth can be a way to salvation for the already failing financial systems.

Bitcoin and cryptos are somewhat bound to impact the financal system and that's what it intended to do. Revolutionary changes might come as cryptos become more mainstream.

As bitcoins and cryptocurrencies are getting more and more popular this kind of situation cannot be avoided. Bitcoin and cryptocurrencies are revolutionary technology which has the potential to do so.

The fact that an exchange will be targeted by hackers for online heist is hypothetically sound, just like 51% attack is. But you know, it's not worth it. And, if an assumption is made on the basis that an exchange is similiar to a traditional fiat bank, then, for business that exchange will have to come up with state of the art cyber security, or perhaps, in this context, crypto security which is alreday implemented in major coins, thanks to block chain. This article, in a nutshell, is a total time waste read.

Rapid growth of Bitcoin and crypto is definitely going to be huge deal for the financial system. Bitcoin is already showing its capability and soon it's going to be an inevitable part of our life.

Global regulators in the near future plan to develop measures to combat money laundering through digital assets, which will undoubtedly affect confidence in cryptocurrency, which has recently been declining, including due to mining profitability.

I hope this is not stripping competitors by large companies.

in any case, it is impossible to deny the influence of the crypt on the entire world ecomonics. it has already influenced to a large extent, and what will happen when it comes to its peak

Well, we cant help with the short forms made afterwards when something gets popular and public call it something that is they feel more comfortable with. For instance, people do go for crypto without even saying anything about currencies. So even if someone says crypto, then cryptography and currency words are already included within it.

Anyways, coming back to the IMF discussion, there is tiny chance of happening that. There is no way bitcoin will impact the global financial system. Its more or less adaptive currency where, its blockchain that makes everything. It could happen that other financial system might just acquire blockchain for their advancement.

true but in most cases people say "crypto" not because they want to abbreviate but because they lack English skills and think the two words mean the same and need to be corrected.
also i personally dislike the way they use crypto when they want to talk about bitcoin and altcoins the same way as if they are the same.

While you are correct, I think most people just use the word crypto because it's shorter and people are lazy.
I must admit that I've also used it like that in the past, while I know full well that crypto = cryptography. Context matters

On topic:

I wonder how Satoshi himself would feel if he read that. I mean, this is basically what he was aiming for when he first released Bitcoin, right?

It's already affecting the markets in a way though, so I don't think that it will stop from here. Also, giant companies are already noticing the capabilities of bitcoin and other cryptocurrencies if they were to be integrated into their own systems. Perhaps this time is too early for the global markets to feel the effect of bitcoin but someday it will, and it's actually starting now with regulations and acknowledgment from the governments and the private sector itself. Blockchain also is making rounds around the industries and that's a plus too even if that doesn't necessarily mean bitcoin is involved.

is it possible to create a society around cryptocurrencies that could coexist with the current financial system?