[2017-11-26] Bitcoin and Millennials Threaten the Survival of Traditional Saving

[Jgilpulg]

The three-thousand-year-old monetary system, and in turn the obsolete banking system, are becoming casualties of the cryptocurrency’s all-encompassing technological revolution.


Continue reading here:

https://bitcoinist.com/bitcoin-and-millennials-threaten-the-survival-of-traditional-savings-accounts/

[Qartersa]

Yes it certainly does. But you cannot blame these millennials because traditional money or fiat currency has often times become inefficient and not at par with times. For example, you go to a gas station and your total cash out or amount to be paid is $50.05. When you pay $51 in cash, there is a huge possibility you cannot get your change because the centavo value ($0.05) is more often than not just disregarded. If you count all the transactions that have this scenario, the gas station earned more than it should only earn to the loss of each customer. This is clearly ONE of the many inefficiencies of our traditional paper money. 

[veleten]

don't be naive
it is not that traditional banking system is going to just forfeit the grip
it has on your jugular,the idea of it makes me smile
the whole system of the world order is revolving around one simple thing: lend money and recieve vigorish
whoever prints money and then lends it to the others  rules the world
would you want to just surrender your rule to some ridiculous upstart?

[DooMAD]

I'm not sure where the article gets this notion that mankind currently has a three-thousand-year-old monetary system.  From early specie, to gold bullion, to the gold exchange standard and presently the fiat IOUs we currently know and mistrust, our monetary system has changed multiple times over the centuries.  Many would argue our current system isn't even 50 years old yet.  It may change again in the not-too-distant future as physical cash falls out of favour with the increasingly tyrannical governments of this world, seeking to surveil and monitor every aspect of their citizen's interactions.  But however old it might be, thankfully we have this alternative for when it inevitably implodes.  The banksters have given us every reason to deserve that their survival be threatened by something far superior.

[iamTom123]

The three-thousand-year-old monetary system, and in turn the obsolete banking system, are becoming casualties of the cryptocurrency’s all-encompassing technological revolution.
Continue reading here:
https://bitcoinist.com/bitcoin-and-millennials-threaten-the-survival-of-traditional-savings-accounts/

This and more can be the biggest reason why we have personalities coming from finance and banking sector who are making disparaging comments about Bitcoin even if they have not seriously studied how cryptocurrency is really working. There are people who are afraid to be disrupted and especially this month and into 2018 they might be seeing the writing on the wall already. The cracks are right now visible as there are some big finance firms experiencing some squeeze in profits and soon they can be attributing it to Bitcoin. I am expecting some more fight from these people and they might even be using legal means to downplay the cryptocurrency movement...that is before they will realize how futile the fight and that joining the party is the best option.

[MoonJeina]

The three-thousand-year-old monetary system, and in turn the obsolete banking system, are becoming casualties of the cryptocurrency’s all-encompassing technological revolution.


Continue reading here:

https://bitcoinist.com/bitcoin-and-millennials-threaten-the-survival-of-traditional-savings-accounts/

To some point , it does . It might be threatening at a level but it is not halting the " Traditional Saving " .
Since the millennials are attracted towards Bitcoin , it is obvious they are going to find out the benefits of saving in Bitcoin . Everybody is earning to "hold" substantially. There have always been some shortcomings or flaws in the working of " Traditional Banking" . The efficiency was always questioned since its origin . But in Bitcoin too , the main concepts of saving a, fund raising , lending and trading remains the same to the latter . With the knowledge of Bitcoin being escalated at a phenomenon pace , it will be very relevant for the millennials to shift their focus towards something way much better and efficient.

[Gotottack]

The three-thousand-year-old monetary system, and in turn the obsolete banking system, are becoming casualties of the cryptocurrency’s all-encompassing technological revolution.


Continue reading here:

https://bitcoinist.com/bitcoin-and-millennials-threaten-the-survival-of-traditional-savings-accounts/

While this may be alarming by virtue of the fear of the unknown.. We must be unafraid to embrace change. We must be resilient and adaptive to change to keep up with times. This is perhaps the only way to keep up with the growth of our economy. Hence, being open and embracing may bring us substantial differences for the better. Also, you cannot blame these happenings as the paper money system has failed the people at large countless times.

[Xavofat]

The paper check died a few years ago.

Pretty spurious and bold claim.  I still accept cheques.

The three-thousand-year-old monetary system

Nope.  The monetary system has been messed up many times in the past, in various different areas of the world.  Since there is no relation between major fiat currencies and any scarce asset anymore, it is reasonable to suggest that the current fiat system is pretty messed up, but this has only been the case for less than 100 years.

Savings accounts, which are one of the most emblematic banking instruments, are becoming irrelevant.

Ridiculous claim.  Most people currently hold their money in banks.

This article relies on absolute statements with very little (or no) evidence to back them up.

[DooMAD]

The paper check died a few years ago.

Pretty spurious and bold claim.  I still accept cheques.

I get the impression it varies based on your locale.  Cheques are probably more widely accepted in the UK than some other parts of the world.  I work for a company in th UK that, while they do accept cheque payments, are doing everything they can to dissuade customers from using them.  A £3.00 additional charge and 10 day processing times are generally enough to put people off using that particular payment method.  It wouldn't surprise me at all if, in 20 years, some of the younger generations didn't know what a cheque was anymore.

[Palmerson]

The paper check died a few years ago.

Pretty spurious and bold claim.  I still accept cheques.

I get the impression it varies based on your locale.  Cheques are probably more widely accepted in the UK than some other parts of the world.  I work for a company in th UK that, while they do accept cheque payments, are doing everything they can to dissuade customers from using them.  A £3.00 additional charge and 10 day processing times are generally enough to put people off using that particular payment method.  It wouldn't surprise me at all if, in 20 years, some of the younger generations didn't know what a cheque was anymore.

In America, too it is possible to use traveller's cheques. But I think this is a technology not even yesterday. The British are renowned for their love of tradition. Perhaps it is possible to have a cheque system. You will agree with me that in the digital age this seems like an anachronism. Now Bank cards yield their positions to the payment systems and the ability to pay for purchases using smartphones.