Bitxmiexchange_official (OP)
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December 07, 2019, 03:10:47 PM |
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Deutsche Bank has taken out a new trend report, Imagine 2030, which states that the current fiat system might be replaced by digital currencies such as Bitcoin by the 2030s. The report was compiled by Jim Reid, the Chief Analyst at Deutsche bank. According to Reid’s report, the global rising inflation combined with the doubts on governments’ power to mint money without anything backing it will cause the current financial system to crash. The collapse will happen in the next decade i.e 2020s. This would increase the demand for alternative currencies such as Gold, and Cryptocurrencies such as Bitcoin. You can read the full news article - https://news.bitxmi.com/news/deutsche-bank-research-crypto-to-replace-fiat-currencies-by-2030/
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hugeblack
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December 09, 2019, 10:46:11 AM |
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I think this information is not accurate or has been misinterpreted. We must know the difference between cryptocurrencies and digital currencies, and the difference between Bitcoin and Blockchain. Many banks believe in the digital future and some of them support the trend of blockchain to "get rid of the need for brokers", but this does not necessarily mean centralization or acceptance of bitcoin. Also, the report outlined several alternatives that could replace banknotes "if the current system collapses" like gold, digital currencies, and Bitcoin (It was mentioned only four times [1].) [1] https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000503196/Imagine_2030.PDF
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teosanru
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December 09, 2019, 10:54:32 AM |
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Deutsche Bank has taken out a new trend report, Imagine 2030, which states that the current fiat system might be replaced by digital currencies such as Bitcoin by the 2030s. The report was compiled by Jim Reid, the Chief Analyst at Deutsche bank. According to Reid’s report, the global rising inflation combined with the doubts on governments’ power to mint money without anything backing it will cause the current financial system to crash. The collapse will happen in the next decade i.e 2020s. This would increase the demand for alternative currencies such as Gold, and Cryptocurrencies such as Bitcoin. You can read the full news article - https://news.bitxmi.com/news/deutsche-bank-research-crypto-to-replace-fiat-currencies-by-2030/I think that even if the scenario would change and people would shift to digital currencies these currencies will more or less be controlled by governments only. I think they would behave more like fiat that government can mine any quantity of these currencies using their resources and no one else would be allowed to mine these currencies themselves. I don't call this thing a major change as the economy would more or less would be the same just some more reporting requirements will be made mandatory for people around the countries. And Black money would be curbed.
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squatter
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December 09, 2019, 11:09:51 AM |
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I think this information is not accurate or has been misinterpreted. We must know the difference between cryptocurrencies and digital currencies, and the difference between Bitcoin and Blockchain.
They're definitely talking about cryptocurrencies, not just permissioned or centralized blockchains: Cryptocurrencies: the 21st century cash Until now, cryptocurrencies have been additions, rather than substitutes, to the global inventory of money. Over the next decade, this may change. Overcoming regulatory hurdles will broaden their appeal and raise the potential to eventually replace cash. Cryptocurrencies need to overcome three main hurdles to become widespread. First, they must become legitimate in the eyes of governments and regulators. That means bringing stability to the price and bringing advantages to both merchants and consumers. They must also allow for global reach in the payment market. To do this, alliances must be forged with key stakeholders – mobile apps such as Apple Pay, Google Pay, card providers such as Visa and Mastercard, and retailers, such as Amazon and Walmart.
If these challenges can be overcome, the eventual future of cash is at risk. But the whole thing is riddled with "ifs" and "maybes." It's far from inevitable. It also isn't the opinion of Deutsche Bank, just one of their analysts.
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clickerz
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December 09, 2019, 11:44:51 AM |
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I fully agree when I first read this article this morning. Sooner, most transactions will be done online and this cryptocurrency is making it a reality now. As years go by, more adoption is coming and paying online through bitcoin is the new trends, actually, it started already.
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Thekool1s
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December 09, 2019, 12:01:16 PM |
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@kingcolex I doubt that. It's just that I don't trust these banks. I feel like there is still a catch. E.g they might try to set out a narrative of a new currency that it's "backed" by "math" i.e Blockchain. It won't be bitcoin or any other cryptocurrency for that reason. They still will like to govern it. I doubt it will be limited in supply but this time they will at least have "Math" on their side.
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error08
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December 09, 2019, 12:08:03 PM |
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Yes, it will work that way if the government fails to manage fiat currency value due to the global recession that led to hyperinflation, or the government let people use cryptocurrency as a mean of payments on a daily basis like in Japan. However, bitcoin can't handle soo many transactions every second, waiting for confirmations and pay a higher fee, all these shortcomings must be resolved sooner or later. Another thing to consider is price volatility, too many whales that hold too much bitcoin.
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bitcampaign
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December 09, 2019, 12:10:58 PM |
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@kingcolex I doubt that. It's just that I don't trust these banks. I feel like there is still a catch. E.g they might try to set out a narrative of a new currency that it's "backed" by "math" i.e Blockchain. It won't be bitcoin or any other cryptocurrency for that reason. They still will like to govern it. I doubt it will be limited in supply but this time they will at least have "Math" on their side.
Have you ever thought a little when bitcoin was there, 2008 and started since 2009, so have you not been nervous about why bitcoin existed since then? you try to find out about the economic crisis that occurred in several countries since 2008, so why satoshi disappeared, is there a relationship about currency testing in the future how weak the current paper currency, I still want to see the great economic crisis in the future will give an answer about this bitcoin project not just discussing the blockchain, so who is pushing the price of bitcoin to be high if not the big people behind it who also want to control the world economy
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avikz
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December 09, 2019, 12:23:30 PM |
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Deutsche Bank has taken out a new trend report, Imagine 2030, which states that the current fiat system might be replaced by digital currencies such as Bitcoin by the 2030s. The report was compiled by Jim Reid, the Chief Analyst at Deutsche bank. According to Reid’s report, the global rising inflation combined with the doubts on governments’ power to mint money without anything backing it will cause the current financial system to crash. The collapse will happen in the next decade i.e 2020s. This would increase the demand for alternative currencies such as Gold, and Cryptocurrencies such as Bitcoin. You can read the full news article - https://news.bitxmi.com/news/deutsche-bank-research-crypto-to-replace-fiat-currencies-by-2030/Deutsche Bank is either over estimating the cryptos or under-estimating the current economical structure! None of this will happen! Neither the current economic structure will collapse nor the cryptos will take over the world finance under the current scenario! Probably the world will move to a cashless regime because governments will start issuing centralized cryptos and roll back the fiat from the economy! The entire analysis seems pretty over estimated and somewhat stupid at the same time!
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Darker45
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December 09, 2019, 12:45:11 PM |
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According to Reid’s report, the global rising inflation combined with the doubts on governments’ power to mint money without anything backing it will cause the current financial system to crash. The collapse will happen in the next decade i.e 2020s. This would increase the demand for alternative currencies such as Gold, and Cryptocurrencies such as Bitcoin.
This is most probably going to happen but it will not be an abrupt crash. There will be a gradual shift from the old fiat system into a new digital or cryptocurrency system. That is already happening at the moment. But this is going to be a very slow process. That means the collapse will not be happening in 2020 or within 10 years from now. The shift will take time, probably a full generation or more. And of course, the shift might not be fully into cryptocurrency. Cryptocurrency is just one of the alternatives. The shift could simply be a shift into a digital monetary system but still based on fiat. Gold is of course another alternative but it will still be in the form of digital gold-backed currency.
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December 09, 2019, 01:11:55 PM |
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Deutsche Bank has taken out a new trend report, Imagine 2030, which states that the current fiat system might be replaced by digital currencies such as Bitcoin by the 2030s. The report was compiled by Jim Reid, the Chief Analyst at Deutsche bank. According to Reid’s report, the global rising inflation combined with the doubts on governments’ power to mint money without anything backing it will cause the current financial system to crash. The collapse will happen in the next decade i.e 2020s. This would increase the demand for alternative currencies such as Gold, and Cryptocurrencies such as Bitcoin. You can read the full news article - https://news.bitxmi.com/news/deutsche-bank-research-crypto-to-replace-fiat-currencies-by-2030/I think that even if the scenario would change and people would shift to digital currencies these currencies will more or less be controlled by governments only. I think they would behave more like fiat that government can mine any quantity of these currencies using their resources and no one else would be allowed to mine these currencies themselves. I don't call this thing a major change as the economy would more or less would be the same just some more reporting requirements will be made mandatory for people around the countries. And Black money would be curbed. Already we have so many centralized cryptocurrencies (with KYC and AML policies) that are backed by banks, governments, and other centralized bodies. They are just like fiat currency taking digital form over the blockchain. I do agree with you that the adoption of such cryptocurrencies worldwide won't have any significance over the economy.
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ChrisPop
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December 09, 2019, 01:22:56 PM |
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The news source is not reliable in my opinion so this information should be viewed with skepticism in my opinion. I don't think that a bank would publish something so positive and radical taking into account that they work with fiat currences, not with crypto.
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TravelMug
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December 09, 2019, 01:56:08 PM |
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It could eventually happened, in the future, but I doubt that it could be accomplished in ten years time.
And with the banking system well established, I also see some major resistance to this change.
Also I like the optimism here specially that Germany is slowly adopting bitcoin, but I don't see it happening in like twenty years or so. Governments and Central banks are going to fight back, might be better if we see some compromised in between, but to make them obsolete and replace by crypto, I have my skepticism here.
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pjcaruci
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December 09, 2019, 03:23:30 PM |
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Maybe it will not be bitcoin, but the fact that it will be a cryptocurrency, it's for sure.
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btcmurat
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December 09, 2019, 03:46:22 PM |
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2030 is a very distant date. I think Bitcoin will spread to the world sooner. Many people already know about bitcoin. It's just that the price is so moving, it scares people. I would prefer Bitcoin if I was to send money to a far away place. Bitcoin has entered our lives now.
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December 09, 2019, 05:04:54 PM |
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Deutsche Bank has taken out a new trend report, Imagine 2030, which states that the current fiat system might be replaced by digital currencies such as Bitcoin by the 2030s. The report was compiled by Jim Reid, the Chief Analyst at Deutsche bank.
According to Reid’s report, the global rising inflation combined with the doubts on governments’ power to mint money without anything backing it will cause the current financial system to crash. The collapse will happen in the next decade i.e 2020s. This would increase the demand for alternative currencies such as Gold, and Cryptocurrencies such as Bitcoin. Global rising inflation is skewed by my country alone, i don't think that is fair to include it in their math... But it is true that all fiat coins lose value, albeit in the usual 2~10% yearly so people don't notice. Same thing would happen to any limitless altcoin such as ETH. Interestingly they blame it in "the government's" but conveniently omit bank's fractional reserve system, which goes on top of that. 9 of 10 fiat coins don't exist anywhere thanks to it, yet they pull it out since it was historically legalized scheme in the 20th century. So before blaming governments, blame yourselves. And yes, bitcoin would cure it AND move us into Austrian economics. Gold would too, but its frankly more expensive and difficult to handle. Both do share the aspect of having an intrinsic value that is not dictated by the State, but by the market, meaning: how useful it is to people.
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