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Author Topic: How does bitcoin works with traditional banks to stabilise world economy?  (Read 148 times)
aardvark15
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February 19, 2018, 04:08:30 AM
 #21

Almost said that bitcoin will affect the existence of traditional banks. Is it true? Please share your ideas, so that people will not confuse about both of them.

One of the reasons for the creation of a decentralized currency was to allow people to perform financial transactions or store money without a third party (central authority) such as banks or governments. In theory, it takes control away from banks because we can store money safely on our own and pay for things and send money to others without a bank. In reality it’s not that simple since governments have regulated Bitcoin to a degree.

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February 28, 2018, 04:31:00 AM
 #22

Bitcoin and other digital forms of money enables individuals to be their own bank. One can send the other one in most secure conceivable path with crypto coins. Individuals who require advances will utilize banks. Other than that, we needn't bother with banks to administer our cash any longer.
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February 28, 2018, 05:48:03 AM
 #23

Almost said that bitcoin will affect the existence of traditional banks. Is it true? Please share your ideas, so that people will not confuse about both of them.

There is less known about the stability effect of bitcoin on the traditional banks. The digital money like crypto currency is not out reached in the banking system yet and to benefit them it has to work in synchronisation with it. But as we can see the hard path is up front and there is almost a big NO when asked whether banks and bitcoin can work in collaboration. I don’t think bitcoin is helping in anyway to banks, to get their stability. They are actually affecting it in negative ways and so does the bitcoin is unstable itself.

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February 28, 2018, 06:08:25 AM
 #24

In my opinion, both bitcoin and traditional banks are the unstable factors for world economy. Bitcoin makes people crazy as Tulip Mania in the past time; traditional banks always want to make money and offer better options for the rich.
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February 28, 2018, 07:42:50 AM
 #25

My opinion is there is not enough power for cyrpocurrencies to stabilise the whole economy even for a little country. Not yet.
The main reason is flat currencies are still the most common used tool for trading and government(banks) which are still the strongest entities who can directly or indirectly influence the economy enforce their policies based on the flat currencies. But digital currencies are changing this world. It's possible that traditional banks work with digital currencies and stabilise the economy.
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February 28, 2018, 07:54:13 AM
 #26

Almost said that bitcoin will affect the existence of traditional banks. Is it true? Please share your ideas, so that people will not confuse about both of them.

One of the reasons for the creation of a decentralized currency was to allow people to perform financial transactions or store money without a third party (central authority) such as banks or governments. In theory, it takes control away from banks because we can store money safely on our own and pay for things and send money to others without a bank. In reality it’s not that simple since governments have regulated Bitcoin to a degree.
but governments are just still doing their part for regulation but until the time they do such,we will be enjoying our freedom and freetax as well,we are now happily making our own path here with the funds in hands that we know surely ours and no other parties that needed to be explained and cope with

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March 01, 2018, 02:11:33 PM
 #27

Almost said that bitcoin will affect the existence of traditional banks. Is it true? Please share your ideas, so that people will not confuse about both of them.

One of the reasons for the creation of a decentralized currency was to allow people to perform financial transactions or store money without a third party (central authority) such as banks or governments. In theory, it takes control away from banks because we can store money safely on our own and pay for things and send money to others without a bank. In reality it’s not that simple since governments have regulated Bitcoin to a degree.
but governments are just still doing their part for regulation but until the time they do such,we will be enjoying our freedom and freetax as well,we are now happily making our own path here with the funds in hands that we know surely ours and no other parties that needed to be explained and cope with
That only happening in your country brother, not here. There are so many problems that are halted between our government and bitcoins. Governments here know it better the benefits attached with bitcoins but I don’t know what reasons that are creating such delays are. The future world is all about who would be having much hold over bitcoins, that make them superpowers.

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March 01, 2018, 03:03:17 PM
 #28

Bitcoin does not affect traditional banks at all because it is not recommended by the banks. For example in my country banks here legalize bitcoin but they do not recommend it because of its price is not stable. Banks will be only affected if bitcoin will be use for payments widely in this world because paper money will be used and banks will be bankrupt but it is very hard to do right now because we are used to paper money and not everyone in the world knows about bitcoin.

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March 01, 2018, 03:10:54 PM
 #29

Bitcoin does not affect traditional banks at all because it is not recommended by the banks. For example in my country banks here legalize bitcoin but they do not recommend it because of its price is not stable. Banks will be only affected if bitcoin will be use for payments widely in this world because paper money will be used and banks will be bankrupt but it is very hard to do right now because we are used to paper money and not everyone in the world knows about bitcoin.
It seems to me that the problem is not in the habit of using paper money. We have been using Bank cards for a long time. The procedure for their use differs little from the use of cryptocurrencies. There is only one reason to restrain the use of bitcoins as a currency. It's the time of confirmation and prices of transactions. Once the block scale problem is solved we will see a complete change of situation.
Unicorn_Heart
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March 01, 2018, 03:31:48 PM
 #30

Almost said that bitcoin will affect the existence of traditional banks. Is it true? Please share your ideas, so that people will not confuse about both of them.


Bitcoin cannot work together with the traditional banks to stabilise the world economy unless btc will start providing credits just as what bank is doing. Yes at some extent btc will affect the existence of the bank. Why? Because some money were being invested in btc and is out of the circulation or not kept in the bank for investing. However as of this moment, i cannot see the reason for the bank to be threaten by the crypto. Way to go before that might happen but not anytime soon.

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March 01, 2018, 03:40:54 PM
 #31

The traditional banks that we know is seeing BTC as a threat because it has the potential to replace them and they could lose control of the people's wealth. When they embrace the technology behind BTC and utilize it accordingly, they will gain people's trust and will make BTC prosper along with other but not all crypto currencies. The world economy could be boosted if people trusts those who holds their money for them.

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March 26, 2018, 10:43:06 AM
 #32

Bitcoin and alternative digital sorts of cash allows people to be their own bank. One will send the opposite one in most secure conceivable path with crypto coins. people UN agency need advances can utilize banks. apart from that, we have a tendency to needn't trouble with banks to administer our money any further.

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March 26, 2018, 12:25:32 PM
 #33

The BTC deal has reduced some Banks' business.

But XRP is working with most Banks and other financial institutions!

Speed up the transfer of international remittances to facilitate international trade!
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April 03, 2018, 11:48:27 AM
 #34

Bitcoin and different digital styles of cash permits people to be their own bank. One will send the opposite one in most secure conceivable path with crypto coins. people need advances can utilize banks. apart from that, we tend to needn't hassle with banks to administer our money to any extent further.

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April 06, 2018, 09:38:33 AM
 #35

Bitcoin and different digital styles of cash permits people to be their own bank. One will send the opposite one in most secure conceivable path with crypto coins. people need advances can utilize banks. apart from that, we tend to needn't hassle with banks to administer our money to any extent further.
but the level of public confidence in banks still very high, let alone the government has not legalized btc for many reasons. then i think the bank will still exist even can take a decentralized system for its services

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April 06, 2018, 10:05:45 AM
 #36

Banks always act as intermediaries. In the face of cryptocurrency, they see their competitor. And the possibility of losing control of transactions.Banks lose their customers.If yesterday a person opened a Deposit in the Bank, today he keeps his savings in electronic form.Due to the lack of money, banks will not be able to issue loans to enterprises for the development of production. This can significantly affect the economy of the state.Because there is no perfect system of regulation of the cryptocurrency market.

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April 06, 2018, 10:32:46 AM
 #37

We can even infer from among The Bitcoin Operative Characteristics  that there might be conflicts since Bitcoin is not regulated by any Government Functionality or controlled by any Central body where the reverse is the case in Traditional Banks that are monitored and controlled by Legitimacy of Government under the control of their Central. Yet, why we need Bank is all embedded in Bitcoin. More so, the peer to peer transaction in Bitcoin is limited or negated in Banks where different charges are levied on their agents for various functions on their behalf. In a nutshell, I feel the Two can work together in stabilizing the Economy when those that uses Bitcoin carries on, those in use of Traditional Banks shall also carries on at parallel.
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