Bitcoin Forum

China is poised to launch the first national digital currency. There will be no counting the disruption.  

So is China readying its own Bitcoin? Banish the thought.

It’s far bigger than that. Yes, just like any other cryptocurrency — or for that matter, cigarettes in prisoners-of-war camps — the upcoming digital yuan will be “tokenized” money. But the similarity ends there. The crypto yuan, which may be on offer as soon as 2020, will be fully backed by the central bank of the world’s second-largest economy, drawing its value from the Chinese state’s ability to impose taxes in perpetuity. Other national authorities are bound to embrace this powerful idea.    

Little is known about the digital yuan except that it’s been in the works for five years and Beijing is nearly ready to roll. The consensus is that the token will be a private blockchain, a peer-to-peer network for sharing information and validating transactions, with the People’s Bank of China in control of who gets to participate. To begin with, the currency will be supplied via the banking system and replace some part of physical cash. That won’t be hard, given the ubiquitous presence of Chinese QR code-based digital wallets such as Alipay and WeChat Pay.

It may start small, but the digital yuan can disrupt both traditional banking and the post-Bretton Woods system of floating exchange rates that the world has lived with since 1973. No wonder that for China, “blockchain and the yuan digital currency are a national strategic priority — almost at the level of the internet,” says Sanford C. Bernstein & Co. fintech analyst Gautam Chhugani.  

Ever since the advent of the 17th-century goldsmith-banker in London, the most crucial thing in banking has been the ledger, a repository of irrefutable records to establish trust in situations where it doesn’t exist. When Peter in Vancouver agrees to send money to Paul in Singapore, they’re forced to use a chain of interlinked intermediaries because there’s no ledger in the world with both of them on it. Blockchain’s distributed ledgers make trust irrelevant. Paul devises a secret code, and shares its encrypted version with Peter, who uses it to create a digital contract to pay Paul. A cumbersome and expensive network of correspondent banks becomes redundant, especially when it comes to the $124 trillion businesses move across borders annually. Imagine the productivity boost; picture the threat to lenders.

China isn’t the only one experimenting. Fast, cheap cross-border payment settlement is one application of JPMorgan Chase & Co.’s Quorum, an Ethereum-based platform on which the Monetary Authority of Singapore is running Project Ubin, an exploration into central bank digital money. These are early days, but if blockchain technology shows promise in handling a large number of transactions simultaneously, then digital currencies could become substitutes not just for physical cash but also for bank reserves.

That’s when the game changes. Reserves at a central bank are maintained by deposit-taking lenders. A digital yuan — or Singapore dollar or Indian rupee — could bypass this system and allow any holder of the currency to have a deposit at the central bank, potentially making the state the monopoly supplier of money to retail customers. As Agustin Carstens, the general manager at the Bank for International Settlement, noted recently, “If the central bank becomes everybody’s deposit-taker, it may find itself becoming everybody’s lender too.”

But why would central banks want to demote their own banking systems? One answer, looking at Europe and Japan, is that negative interest rates are doing that anyway. Lenders are starved of profit because while the central bank charges them for keeping money on deposit, they can’t as easily pass on those negative interest rates to their own depositors. If the global economy gets mired in long-term stagnation, official digital currencies will at least be an efficient way of monetary easing without involving banks.

The other, more concrete, reason may be that technological progress is making the status quo untenable. It’s no coincidence that China hastened its national cryptocurrency after Facebook Inc. announced the Libra project, which was touted as an alternative dollar. Perhaps that was fanciful, and the Libra has hit a wall of regulatory concerns. But if they’re offered like Spotify gift cards at the local 7-Eleven, there will be demand for tokens that are acceptable across borders, stable in value against baskets of national currencies, and can be used in global trade and investing. Someone in Silicon Valley will eventually succeed, blowing away the fig leaf of monetary sovereignty in emerging markets in the process.

The changes won’t end with banking and monetary arrangements. Token transactions will be pseudonymous: If the central bank wants to see who’s spending where, it can. Anonymity disappears when cash does. While that will make life difficult for money launderers and terrorists, it could also become a tool to punish political activism. Meanwhile, currency as a foreign policy weapon loses some sting. Pariah states will covet a crypto they can access by circumventing banks that are terrified of flouting Western sanctions. As Harvard University economist Kenneth Rogoff notes, technology “is on the verge of disrupting America’s ability to leverage faith in its currency to pursue its broader national interests.”

A roller-coaster decade — not just for for banking and money but also for privacy and politics — may just be beginning.

https://www.bloomberg.com/opinion/articles/2019-12-29/china-has-edge-over-silicon-valley-to-end-banking-as-we-know-it

In my opinion Bitcoin would always have an edge over this Chinese digital currency, and any other currency which is going to be launched. Apart from it's decentralization, Bitcoin is also borderless, hence, I can transfer money from anywhere in my country to anyone in the world and at anytime. If different countries create their own blockchain, which would take a while, it would take a longer while to connect the entire nations through a general (centralized) currency,
Also, fiat currencies can be digitalized, but that doesn't make it a 'crypto' currency, it doesn't offer anonymity and would just be another form of mobile banking.

On this news: It would not have much effect on the global cryptocurrency economy, as it's merely speculation at this point.

but the primary motivations are payment safety and domestic efficiency in the majority.

So we think that China, the government with the most oppression in the world which spys on its Citizens through the usage of a points system and biometrics on a daily basis, is going to lead the way on digital currency adoption? Hell no, that's bullshit.

China wants to use this to spy on their people even further. The ONLY current way that people are able to skirt the governments eye is by using cash, but you can't do that if the country forces you to use, then they're going to continue to spy on the people. They're going to push cash out of the economy because you can't spy on cash but you can SPY on digital cash.

Today lawmakers appear determined to ensure america does everything within its power to oppose and obstruct innovations like bitcoin/blockchain/crypto. While china and europe does the opposite. And so perhaps this represents a small microcosm of the paradigm shift taking place.

As for Libra, haven't the US and EU strongly opposed the project? I am not sure if anything has changed in the US, but the EU still firmly stands by its position that it will not allow Libra in this form as presented.

More countries are into blockchain adoption. This is a forward move, but countries are specific in their stand of supporting blockchain technology and standing against cryptocurrency usage particularly bitcoin. China once a big supporter of Bitcoin is now supporting blockchain and in the plan of having their own cryptocurrency. Maybe this can take place with more countries, but there needs to be some common asset that unifies everything. This role probably taken by bitcoin.

Today lawmakers appear determined to ensure america does everything within its power to oppose and obstruct innovations like bitcoin/blockchain/crypto.

While china and europe does the opposite.

In fact, no country really supports bitcoin and the current cryptocurrency, because they can't control it. China has never supported Bitcoin, it has implemented many plans to stop bitcoin since 2017 and it continues at the present time. China only accepts blockchain and is researching and developing to create a cryptocurrency for their own country, a cryptocurrency they can control it

They will track the flow of money and it will be oppressive than ever to use yuan.

If westerm governments are so opposed to a coin managed by private company, imagine how would they react to digital yuan coin - I'm 100% sure it would be banned there, exchanges wouldn't be allowed to list it, businesses won't be allowed to use it, funds won't be allowed to invest in it (or it will be very limited).

This will most likely be the trend for most countries as they transition to the digital economy. But these government cryptocurrencies or digital currencies will still be centralized so they will not take the place of decentralized currency.

We are slowly going into the cashless society. Some of the big countries like China is now doing their best to make their own cryptocurrency or a digital currency. This type of movement is the proof that there is something with cryptocurrencies and to those people who are skeptical and continuously denying will jump into the bandwagon train anytime soon.

We are slowly going into the cashless society. Some of the big countries like China is now doing their best to make their own cryptocurrency or a digital currency. This type of movement is the proof that there is something with cryptocurrencies and to those people who are skeptical and continuously denying will jump into the bandwagon train anytime soon.

It made me think worthwhile about the recent developments of online platforms, which usually using digital cashless form of transactions. One particular example was the online loan application, and requires digital wallet that can be withdrawn though different money transfer services.
On this process, the technology has started to evolve at advanced level nowadays and cashless will soon dominates the adoption numbers.

This will depend on the country, some countries still have low Internet coverage and others are not able to do it maybe only applicable in some cities but not in total area. There will be need for a improvement first of the countries technology before we totally say goodbye to banking traditional ways.

;D How exactly? I don’t think banks are ever going to end. Even if we all switch to cryptocurrency there is still going to be banks and they will be offering some other services like loans. And when I said banks are never going to end, I’m referring to fiat as well. You’ve heard that China is creating their own cryptocurrency but you didn’t ask how it is going to function.

After creating cryptocurrency they are not going destroy fiat, cryptocurrency will serve as another means of payment different from their fiat, and citizens will be able to convert their fiat to cryptocurrency and also be able to sell it for fiat if they want. That’s how I see it.

Just saw a video on this and it looks like Chinese finding a better way to track their currency. I will not find it amusing if they assign wallets to the common people.  ;D ;D

They will track the flow of money and it will be oppressive than ever to use yuan.

Banking systems will change anyway. It doesn’t matter if this is due to cryptocurrencies coming to power, or to some technological breakthroughs or disasters, but this will happen one way or another.
Banking systems are too unstable, these are financial bubbles, time bombs. People need more reliable systems or even abandon them.

Blockchain will not change banking industry as much as we guys assume it would, I personally think they will only use it to make the data more transparent and easily transferable with less cost and higher speed but that won't come down to user and won't affect them at all.

Even if they somehow manage to make it faster which could help the customer the banking moves are quite fast already and if they find a way to make it cheaper it would just be less cost for them but same price for us, maybe whales would be able to transfer millions of dollars for cheap and that would help banks get whales but for the regular people it wouldn't change much at all. Banks don't care about the customer, they care about how much they make and blockchain won't change that too much for us.

I find this just another in a series of announcements about some new currency from China, and I think everything else is just speculation until it becomes reality. China will launch digital yuan, it will be on a private blockchain and it will be under full control of People’s Bank of China. At the moment, I believe that this is an internal matter of China and that it cannot affect the global financial system. It is very likely that all economic forces will launch their digital currencies at some point, this is inevitably the direction the world is moving, a complete transition to the digital age.

As for Libra, haven't the US and EU strongly opposed the project? I am not sure if anything has changed in the US, but the EU still firmly stands by its position that it will not allow Libra in this form as presented.

There is a paradigm in the news. I prefer this news, China is a country that bans the exchange of bitcoin, I'm sure this country makes digital yuan for their own control, the bank still remains in power because there is support from the government itself. and the banking system will continue to run with little system development.

I once helped create a bank system and I think why the bank system is more offered to the community because there is a any profits side to the government.

I think indeed the bank will be retained by the government, considering that the bank is currently a buffer for a country's economy. therefore even if the system used is no longer relevant, of course the government will still look for ways to maintain it, and maybe only the blockchain will be used

Bank will be used, it will still remain as it is.

The one that will be developed or will be improved is the technology behind it. Why would you also say that the "system" will no longer be relevant? It will still be relevant knowing the government, the only thing that will be changed there is the technology behind it since Blockchain technology is a great technology to be used. Whether the transactions stay as it is or it developed based on cryptos, banks will still be there.

Many countries still not get higher speed internet access and adopted blockchain without use bank is ad effect, how come many people will make transaction without use internet, bitcoin always need internet for log in and we need good speed internet when selling or buying bitcoin and altcoin.

That's why it's too early to say goodbye to banks. It's not like they're going to end just because China is planning to launch their own cryptocurrency. Crypto will just be included in the circulation but fiat would still remain. China never said they will replace their fiat will crypto and that banks will be gone. People would still prefer banks. Why overhyping much China's digital currency?

This will most likely be the trend for most countries as they transition to the digital economy. But these government cryptocurrencies or digital currencies will still be centralized so they will not take the place of decentralized currency.

thatk you for the share. i am honestly very interested in how the adaptain is going to be. i mean we know that there are so many people that prefer traditional system. Even some of us do. how fast they will adapt to this alternative financial ecosystem. we will all see.

Even though bitcoin is legalized in some countries, it is still not enough to think that the banking will get removed from the financial system. Banks are now doing well with their experimentation and trials to implement blockchain technology. They will surely continue to exist and they will become better than before because of their action to adapt the newest technologies.

More countries are into blockchain adoption. This is a forward move, but countries are specific in their stand of supporting blockchain technology and standing against cryptocurrency usage particularly bitcoin. China once a big supporter of Bitcoin is now supporting blockchain and in the plan of having their own cryptocurrency. Maybe this can take place with more countries, but there needs to be some common asset that unifies everything. This role probably taken by bitcoin.

If this will happen this year, I think nothing will change in the world's economical status but this will be a little help to improve our economical status. There are still a lot of countries who does not support the cryptocurrency because they lacked knowledge about the crypto world but if the US and China launch their first ever coin and announce it to the public, I think that scenario will be a big help to cryptocurrency to be introduced all over the world and also I think that more countries will be encourage also to build their own virtual coin.

I don't think it would be a national cryptocurrency. The existence of this market is against the interstate economy. Bitcoin has no owner. I don't think states need to go on an adventure like this. A firm that has the means of production can establish a real dominance at the cryptocurrency.

I don't think it would be a national cryptocurrency. The existence of this market is against the interstate economy. Bitcoin has no owner. I don't think states need to go on an adventure like this. A firm that has the means of production can establish a real dominance at the cryptocurrency.

thatk you for the share. i am honestly very interested in how the adaptain is going to be. i mean we know that there are so many people that prefer traditional system. Even some of us do. how fast they will adapt to this alternative financial ecosystem. we will all see.

I find this just another in a series of announcements about some new currency from China, and I think everything else is just speculation until it becomes reality. China will launch digital yuan, it will be on a private blockchain and it will be under full control of People’s Bank of China. At the moment, I believe that this is an internal matter of China and that it cannot affect the global financial system. It is very likely that all economic forces will launch their digital currencies at some point, this is inevitably the direction the world is moving, a complete transition to the digital age.

As for Libra, haven't the US and EU strongly opposed the project? I am not sure if anything has changed in the US, but the EU still firmly stands by its position that it will not allow Libra in this form as presented.

Indeed, bitcoin's legalization is a good stepping stone, but it will take time before banking becomes obsolete, the business has been ongoing ever since we knew how to take care of our possessions, and it's not gonna be that easily taken down. If anything, bitcoin will revolutionize banking itself. as some characteristics bitcoin has will definitely be beneficial in the banking industry.

One truth that I see in here.
China is really trying to piss off United States of America.

They are doing everything which is the opposite of what USA will do.
The fight of the strongest country. The war is in the internet now and not in arms anymore.
Maybe this is better than seeing another country perishing from radiation.  ;D

Has anybody mentioned that the current fiat system is a centralised virtual digital system already? Renaming it, and calling it a blockchain based currency won't really make any difference. What will make a difference would be the return of currency generation to the state, but I can't see the banking elite allowing that.

I keep trusted with banking system work because more safety saving my money in the bank and easy when  use my money for transaction in my country, when many bitcoin member want to break out whit bank I think we still need bank for investing in bitcoin, without have bank how come we can sent money for investing on our bitcoin account, although we want to convert bitcoin with other currency we must sent money first.

"Those who would give up essential Liberty (anonymity), to purchase a little temporary Safety (efficiency) , deserve neither Liberty nor Safety."
Basically your entire post is central and private Zio-banks propaganda, and if I could I would demerit you out of existence for propagating such utter nonsense that is in fact quite dangerous, with all those fancy graphs and charts some poor sobs have a chance to fall for it. That's extremely disappointing to see a legendary member displaying such careless set of sentences. For me it's a dis-qualifier, sort of like treason, a stab in to satoshis back and so on.
So, so many things have to change for things to stay exactly the same...
New face my ass! Looks like a pentagram-ish mark of the beast.
 

Zionism is good :)
-snipping obvious trolling-

Already trade war is going on between china and usa and it already affect many companies globally. Block chain now need of every country to make proper progress in the stable economy of the country.
If china get success to launch official coin it will bring boom in crypto world,We all know the population of china dominant globally and the users f it coin will be in large number.May be it affect the BTC but till BTC users will be double and the halving also completed.

This is i say days are coming and the traditional banking system must think for next step to survive in the market otherwise  will payoff more than they think.

Does anyone here believe that Bitcoin will be replace the centralised mode of banking? I am damn sure Government and centralised business entities will not a low decentralized market to capture the finance field.
Plenty of news leagues from 2015 to now like they were adopting cryptocurrency mode of payment in their banking system but 95% of the people doesn't go with the major and top most cryptocurrency also so far.

Already trade war is going on between china and usa and it already affect many companies globally. Block chain now need of every country to make proper progress in the stable economy of the country.
If china get success to launch official coin it will bring boom in crypto world,We all know the population of china dominant globally and the users f it coin will be in large number.May be it affect the BTC but till BTC users will be double and the halving also completed.

This is i say days are coming and the traditional banking system must think for next step to survive in the market otherwise  will payoff more than they think.

Already trade war is going on between china and usa and it already affect many companies globally. Block chain now need of every country to make proper progress in the stable economy of the country.
If china get success to launch official coin it will bring boom in crypto world,We all know the population of china dominant globally and the users f it coin will be in large number.May be it affect the BTC but till BTC users will be double and the halving also completed.

This is i say days are coming and the traditional banking system must think for next step to survive in the market otherwise  will payoff more than they think.

China has been always known as an economy-centric country, and with such technology, they had seen its advantages, though they made it centralized to combat decentralized anonymity that might be used in illegal activites. It's just like a digital version of their fiat, only using a specialized blockchain of their own, which as far as I know, is called Xuperchain, announced already by Baidu, they're own version of Google.

Now many states plan to issue their national stable coin, even the figure is called that there are already about 70 percent of such states and this, of course, will change the world banking system. Stable coins of the states, which are their digitized national currency, combine the capabilities of cryptocurrency and ordinary currency. From this, the banking system will only get stronger.
Stable coins of the states, and first of all, a stable coin of the Chinese government, can become a serious competitor to a decentralized cryptocurrency as a means of payment. The Chinese government does not seek to create a second bitcoin. They create a fully controlled blockchain-based currency. Therefore, the global financial system will definitely change.

China has been always known as an economy-centric country, and with such technology, they had seen its advantages, though they made it centralized to combat decentralized anonymity that might be used in illegal activites.

They are never going to allow it and I am not sure that most people will want it either since it is obvious humans have an instinct to want some sort of centralization, however I really expect that during the next years and decades bitcoin becomes accepted in the same way that PayPal is accepted all over the Internet, if that were to happen it will be a huge step forward for bitcoin and for us, because if you wanted to avoid using fiat at all you could do so if you wanted.

China has always been a country with their own commodities. I would rather say China is the most developed country which tries to replicate any other commodity which the world announces. They have their own youtube, google, etc so why can't we expect them having their own bitcoin(bitcoin in-the-sense their own coin).

China has the most largest population in the world and any service or commodity they launches has their own users from their country. China is actually not in need of any other users from other respective nations and hence they keep on building their own products and use that individually. China might also improve their banking skills by launching cryptocurrencies in their banking systems. This might bring an revolution in the banking sector.

The banking system has long emerged. In fact, Zigurats can be an example in historical ages. I don't think they're gonna disappear now. They will probably undergo a technological shift. I think classical banking will undergo change.

there will be many changes from the global banking system if PBoC succeeds with CBDC and DCEP. In general this will change the direction of using e-money technically even though it is in a centralized system. If in the end this type of currency is more advanced and transparent, and on the other hand there are no technical things done by the US and EU at the same level, then the world economic system is possible to change direction, and Asia will begin to unite its vision in one economic zone.

For sure Banks will adapt the changes and will add crypto in their option, I don't think that banks will just disappear as we all know how they play in our economy, they are controlling our financial system and once they found out how many people and how much money in the crypto market for sure they will do something for it.

The banks are already moving and creating their action to the demand for cryptocurrencies or digital currencies. We can see from the news that they are creating their own cryptocurrency and implementing the blockchain technology. They don't want to get left behind and lose the game in the financial industry and in the next 5-10 years, all of the sectors in financial industry will be blockchain powered.

So we think that China, the government with the most oppression in the world which spys on its Citizens through the usage of a points system and biometrics on a daily basis, is going to lead the way on digital currency adoption? Hell no, that's bullshit.

China wants to use this to spy on their people even further. The ONLY current way that people are able to skirt the governments eye is by using cash, but you can't do that if the country forces you to use, then they're going to continue to spy on the people. They're going to push cash out of the economy because you can't spy on cash but you can SPY on digital cash.

Classic banking isn't going too well. Bitcoin and its derivatives push the limits of banking. Because not everyone has a bank account. Smart phones have entered our lives. Each phone can now be considered a bank. Banks will continue in smaller units. Banking is obliged to change.

According to this, china sped up development of its national digital crypto currency after facebook announced its libra plans and could release it in 2020.

One of the things that made america great was it being a previous hotbed of innovations and futuristic progress.

Today lawmakers appear determined to ensure america does everything within its power to oppose and obstruct innovations like bitcoin/blockchain/crypto.

Perhaps China will indeed become the first country to launch its own digital national currency. But I think this is not a reason to say that America is lagging behind China in development. In the United States, technological progress is much more versatile. And I think that the leading countries of the world are also able to launch their own digital currencies, if the economic situation requires it.

Perhaps China will indeed become the first country to launch its own digital national currency. But I think this is not a reason to say that America is lagging behind China in development. In the United States, technological progress is much more versatile. And I think that the leading countries of the world are also able to launch their own digital currencies, if the economic situation requires it.

Perhaps China will indeed become the first country to launch its own digital national currency. But I think this is not a reason to say that America is lagging behind China in development. In the United States, technological progress is much more versatile. And I think that the leading countries of the world are also able to launch their own digital currencies, if the economic situation requires it.

Crypto users are assuming that banks will really disappear in the future because most people nowadays now uses cashless payments when making a purchased, that is why there are chances that cash will also disappear in the future. But i think people still need cash because cashless payments is not that secured when it comes to hackers that they can easily access to your online wallets to steal your funds, so it is still safer to use banks and physical money like cash.

The old banking system is most likely to be discarded, now many banks around the world have turned their banking system into digital. And this is a sign that each bank is going to create its own centralised cryptocurrency so it can be regulated. Like China, which supports the technology of blockchain to make its own cryptocurrency. So it's no surprise now that not only the nation has begun to embrace cryptocurrency, but several businesses, including several banks, have started to plan to adopt cryptocurrency. So it can be said that we know it to say goodbye to banking. Because if the bank doesn't want to die, inevitably it has to follow technological developments.

But that doesn't really mean anything, banks have always adapted to the changes in the technology of the world, at the beginning banks accepted gold, then they accepted fiat, and then they allow the use of credit cards, so it is completely natural at some point in the future they are going to accept cryptocurrencies and in some cases they are going to create their own cryptocurrency as well, this doesn't mean that they are disappearing this just means that they are adapting.

Yes the banks have the tendency to allow the usage of bitcoins and any other altcoins if and only if the government of a certain country allows it. Because the approval and the decision is in the hands of the government employees and also on the members with higher ranks. They are the one whos in charge in deciding whether they will implement or allow the bitcoin as a means of payment or not.

It is impossible for cash to disappeared because paper money and the world bank will not let it happen, paper money is the one who are revolving around us and it is very hard to disappeared it as some point because many people are still being ignorance on what cash less is and they are intact on what they have been doing all they long which is they prefer cash as a payment for any transactions or when they are buying some product in some malls or eating in a restaurant, because this are the one that they are intact into, and this are what they are doing before so it is very hard to say that paper money will disappear as well as the banks.

So far, we can't really say that banks will really disappear for now, we know how powerful they are that they wanted to control everything, our money, our economy, so for sure they will do something that will prevent crypto or will add crypto to their option, let's see, for sure you they are doing something right now that will surprise us.

It is impossible for cash to disappeared because paper money and the world bank will not let it happen, paper money is the one who are revolving around us and it is very hard to disappeared it as some point because many people are still being ignorance on what cash less is and they are intact on what they have been doing all they long which is they prefer cash as a payment for any transactions or when they are buying some product in some malls or eating in a restaurant, because this are the one that they are intact into, and this are what they are doing before so it is very hard to say that paper money will disappear as well as the banks.

Paper money will not completely disappear from our lives but Bitcoin will become an important part also. Due to every day revolution, long term benefits people are getting attracted toward it. People will use it as an easy option of payment in near future. But it will use side by side with paper money.

Having their own crypto or digital currency is not easy to get but I have heard that China is planning for it. Talking about America is not good as crypto is about technology and America is one of the most developed countries so it will bring new revolutions in the crypto world. Bank system is itself involving blockchain in their system so I think both banks and crypto making each other stronger.

Having their own crypto or digital currency is not easy to get but I have heard that China is planning for it. Talking about America is not good as crypto is about technology and America is one of the most developed countries so it will bring new revolutions in the crypto world. Bank system is itself involving blockchain in their system so I think both banks and crypto making each other stronger.

So far, we can't really say that banks will really disappear for now, we know how powerful they are that they wanted to control everything, our money, our economy, so for sure they will do something that will prevent crypto or will add crypto to their option, let's see, for sure you they are doing something right now that will surprise us.

And come to think that Bitcoin does get its value from fiat and its impossible for it to replace it one day.We would never say goodbye to banking
yet as government do still exist these centralized things would exist no matter what.Nothing can replace into a system that had been used by many
since from the beginning of time.Bitcoin would only stay up as an alternative rather than the main ones because it impossible for that thing to happen
no matter how hard you do think of it.

However things go advanced there won't be a scenario to bid good bye to the banking system. It is the universally accepted system that has helped in economic development of the country. Maybe the platform gets updated to the growing need, but the banking industry will remain the same. Right now understanding the need of the upcoming generation and to stand against the growing crypto market, banking industry have begun to adopt the blockchain technology. Likewise updation will take place continuously.

Banking will be better than now but crypto cant replace them for sure

Banking will be better than now but crypto cant replace them for sure

Yes of course! People are still embracing the banking system. In fact, in my country there are a lot of people who tend to use atm cards than ewallet. Why? Because only few people see the importance of cryptocurrency especially in my place. But let us look always for future use of digital currencies and we all know that someday, it will be the primary currency of the world.

Use of banks has become less than before we got better option to store our  money in crypto for long term. Keeping money in banks is not that profitable and safe and crypto increase our money in very short time. We should keep storing money in crypto its holding fkt small time can give you profit and  keeping money in banks will give you very little profit for long years holding so banks are now almost finished using

It’s true that banking will change and is already beginning to change. There will still be a market for banking but those institutions will need to adapt to digital currencies and cryptocurrency needs of customers.

If you trust will change everything with bitcoin and cryptocurrency then have to say good bye for banking its terrible ideas, how to make investment with bitcoin and try to buy bitcoin without support from bank, how come to transfer our money to bitcoin exchange account without get support from bank.

...

At least for me, the banking system has never been something negative.  If it was a matter of debt for a loan or large interest on a loan, then these are the conditions of the bank, to which a person initially agrees and no one forces him to sign a contract.  But in this situation, in my opinion, the state and the government have more blame if the person is forced to sign harsh conditions.  But such ties with banks are beneficial for the state, because governments control their citizens with banking information.  Although by and large it does not bother me.  Since I constantly use banking services, I hope that with the help of blockchain the system will provide customers with a wider range of services.  Not all people will be able to personally deal with cryptocurrency issues, but everyone can own for example bitcoin.  In this case, people can carry out the storage and transfer of cryptocurrency funds using their banks.  But since banking is controlled and governed by certain laws, the implementation of the above requires the full legalization of cryptocurrencies.

Banking is not a problem,the fiat is the one.

Crypto may replace them when people call it as currency but as of now its being considered as an investment.

We can say goodbye to bank but if you want to make the official transaction or any government oriented transaction means you need to have banking approved transaction receive to get paid for it.
That is a reason many of the people in the cities even they know the Bitcoin and its uses they are not accepting Bitcoin like how they are using the fiat currencies now.

Uhh... But isn't banking is basically based on fiat? Uhh... NO. It is considered as currency in the first place, but as time come to pass it turned out to become an investment.

Banks are making money from no where so do you think banking is still better than decentralized crypto?

Use of banks has become less than before we got better option to store our  money in crypto for long term. Keeping money in banks is not that profitable and safe and crypto increase our money in very short time. We should keep storing money in crypto its holding fkt small time can give you profit and  keeping money in banks will give you very little profit for long years holding so banks are now almost finished using

Banks aren't good! therefore cryptocurrency was created, but there are only a few that have good value, indeed decentralization is a good system for the future, but for now if the BANK ends, the world will be shaken

I doubt very much your words. 90% of people will not store money in crypto because it makes no sense.

What are their options?
Buy bitcoin - which is extremely unstable in price, and it is not known what will happen to it in the long term.
Buying altcoins is an even worse option.
Buy stable coins - but why take the risk if you have fiat.

Banks aren't good! therefore cryptocurrency was created, but there are only a few that have good value, indeed decentralization is a good system for the future, but for now if the BANK ends, the world will be shaken

 The banking as you know it is also not the banking older generations know it neither. So do not think that just because during the life span of bitcoin, banks will be improving and changing for the better just because competition also does it and everyone "has to" be the best bank they can possibly be without being too good to make as much profits as they can, doesn't mean they are doing it out of fear of bitcoins.

 Anyone here remember the times when credit cards fist started out? You literally had to use a huge machine, clink clunk over it, get signatures, call up some places, and many other horribly long taking times yet few people started to use it, nowadays you can read a QR code with your phone and you are good to go, it is that much improved. None of it because of Bitcoin, all because banks compete with each other.

 In 50 years banks will be sooooo much different than today, technological improvements and exponential, 5 year improvements in 2010 to 2015 are less than improvements in 2015 to 2020, and in 2020 to 2025 we will have bigger, so in 50 years banks will be so high end that right now we can't even imagine what would it be like. People 50 years ago didn't had the notion of understanding a smart phone could ever exist, or if you could talk, text, pay, online search, and video chat on the same device, basically all in one, if 50 years ago people didn't even imagined the technolgy we are so used to by now in smart phones, think of what unimaginable stuff will happen in 50 years from now. That will reflect on banks and change too many things for better.

Cryptocurrency is created to have a new kind of currency, which is a digital one. It's not created to fight banks. It's created to help it, to help the economy. Banks are needed for loans, for taxes, and etc. and bitcoin is needed for decentralization and avoiding huge fees that the middle man will get (like a bank). Like it or hate it, banks are needed for our economy to function perfectly, and bitcoin and other cryptocurrency is there to make it better.

Bitcoin and banks are not fighting each other, and they are the tool to make our society better.

I doubt very much your words. 90% of people will not store money in crypto because it makes no sense.

What are their options?
Buy bitcoin - which is extremely unstable in price, and it is not known what will happen to it in the long term.
Buying altcoins is an even worse option.
Buy stable coins - but why take the risk if you have fiat.

Banks aren't good! therefore cryptocurrency was created, but there are only a few that have good value, indeed decentralization is a good system for the future, but for now if the BANK ends, the world will be shaken

Digital Yuan isn't cryptocurrency, it's something like digitalized fiat. Chinese authorities are going to push cash out of the economy because they can't control its spending. Maybe it sounds like conspiracy theory, but China is known for spying its citizens.

Basically we are really bound to accept the fact that we don't need banks, we haven't realized that the world will not be functional as like today, if there is no regulation to the use of money we have. It might be hard to accept but the fact that regulation is needed, is what will make our economy better. They circulate money for investment, loans, government projects and for us to have infrastructures that we mainly benefited from. Without banks, everyone will be selfish and will focus on their own, making government incapable to function very well.

today's banking is not going to be physical it is more like mobile banking and I think soon enough terminals will replace the physical banks .

In the classical sense, banking will change now. However, I do not think that the banks will disappear in an instant, because banks with such a large amount of money will find new ways. I think banks will transform into a new economy.

Banks are making money from no where so do you think banking is still better than decentralized crypto?

....


According to this, china sped up development of its national digital crypto currency after facebook announced its libra plans and could release it in 2020.

One of the things that made america great was it being a previous hotbed of innovations and futuristic progress.

Today lawmakers appear determined to ensure america does everything within its power to oppose and obstruct innovations like bitcoin/blockchain/crypto.

While china and europe does the opposite. And so perhaps this represents a small microcosm of the paradigm shift taking place.

I already stopped using the banking systems only due to the blockchain tech.
I loved being with bitcoins and hence I have minimized my local transactions with the banking sectors.
This makes me feel confortable with my money and also no one has track on my money anymore.

So we think that China, the government with the most oppression in the world which spys on its Citizens through the usage of a points system and biometrics on a daily basis, is going to lead the way on digital currency adoption? Hell no, that's bullshit.

China wants to use this to spy on their people even further. The ONLY current way that people are able to skirt the governments eye is by using cash, but you can't do that if the country forces you to use, then they're going to continue to spy on the people. They're going to push cash out of the economy because you can't spy on cash but you can SPY on digital cash.

You are right, citizens shouldn't trust government coins like the one from China; Anything CENTRALIZED I not good for the people! it is only good for governments or any entities looking for power and control. But meanwhile, those projects will help others to realize about cryptos and decentralization to become stronger.

You are right, citizens shouldn't trust government coins like the one from China; Anything CENTRALIZED I not good for the people! it is only good for governments or any entities looking for power and control. But meanwhile, those projects will help others to realize about cryptos and decentralization to become stronger.

Well, an institution who have been in existence of hundreds of years now won't simply disappear or become obsolete. Banks as we know it learn to evolved as well, now we have on-line banking (obviously, you don't get to go to a physical bank to transact).

and now they have somewhat a new competitor which its crypto, but then again I doubt that they will simply step aside, they will learn how to play with this so called crypto and learn to adopt, simply as that.

Well, an institution who have been in existence of hundreds of years now won't simply disappear or become obsolete. Banks as we know it learn to evolved as well, now we have on-line banking (obviously, you don't get to go to a physical bank to transact).

and now they have somewhat a new competitor which its crypto, but then again I doubt that they will simply step aside, they will learn how to play with this so called crypto and learn to adopt, simply as that.

Say goodbye to banking? You wish. That’s not going to happen, the bank is a medium through which the government of every country is able to control and monitor every money in the country. So, when these cryptocurrencies are created, as the post says, they will be issued out by the Central bank of the country. And the way I see it, the Central banks will be the ones in charge in creating it but they won’t be handing it out to the public directly just like they do with fiat.

Banks (not Central banks) will be the ones issuing out the crypto assets to their customers through their internet banking platform and mobile payment systems. It’s going to be completely different from the Bitcoin we know because it’s not going to be decentralized and it won’t have the same features as Bitcoin, except it will be fast.

Well, this ambition might take some time but that will be the end result eventually. It is better government of all cadre embrace the new innovation of digital payment and joins the race

Means not goodbye, but only changes its appearance. There was a shift (adjustment) from conventional to digital. The point is the same that changes only the packaging. The product and system are the same, interest. Currency becomes cryptocurrency in the form of a stable coin. The swift system is modified by the blockchain technology cover.

In essence, the bank will do everything possible to maintain its existence (raiding the assets of the lower middle class for a group of people at the center of the pyramid). The only way to force a bank to change into a service-oriented institution is to stop saving at the bank or put your money in a bank safe deposit box to maintain the security of a lot of money. For those who have a little money to save time and for those who do not have money, try harder and don't borrow from the bank because it will only add to the problem. So we have to start from our mindset about banks so that conventional banks really become a sunset business.

Many people assume that banks are a healing drug, even though banks are a destroyer of the economic immunity of individuals, communities, and countries. The interest system provides the illusion of a lifestyle above ability, spurring the lifestyle of hedonism and triggering speculation for consumption not for investment, even though the future can only be predicted but sometimes the reality is far from expectations.