Fiat, Banks and the future of Cryptocurrencies

[boilfels]

Actually nothing can be said seriously about a currency which is still in beta and which is a gambling currency.

[removebeforeflight]

Fiat and banks are outdated, cryptocurrency is the future to say in simple terms. The former two have ruled the world and eaten people's money in the form of fees and charges, banks acted as if they are securing money and people but really that didn't happen, instead banks secured fiat and made people unsecured. Crypto currency have changed this trend and have or would abolish brokers or agents to eat people money and give out what people deserve directly.

[Johnny Lgz]

In our country we have local digital wallet wherein it is accredited by the central bank, but in order to have an account you need to verify first your identity, like sending government ID,
There is no limit on how much you put there but when it comes to withdrawal there is a limit on the first time you withdraw, and it's get higher the next time you withdraw again, but there is a total limit of amount to withdraw within a month because that are making sure that their customers won't be arrested because of money laundering.

I have future with cryptos and this digital wallet of our's since I can also connect any wallet that has connection to BTC,....  and I can withdraw my money on any outlet not just bank.

And it is better to withdraw from outlets or remittance than banks because they are irratiting by the question of what is your source of income.

[mrcash02]

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories

Traditional banks usually don't like Bitcoin and in my country few of them have already tried to stop accepting money from exchanges or to exchanges accounts (like if the exchange was depositing money on my bank's account or if I was sending money to the exchange's bank account).

Then the exchange filled a suit against the bank(s) and one or few of them had to start accepting money from/to this exchange again. But the process took some time to finish and I'm not sure if it is the final justice's decision yet.

2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?

I believe without giving your personal informations to the local exchanges when converting the money to fiat you won't be able to deal with Crypto-Currency. While the money is on the internet in BTCs everything is fine, you can continue anonymous, but once it goes to real world the bureaucracy starts and there isn't much to do about it. The market won't suffer at all because there will be always gaps, mechanisms used by whales, big investors to avoid some bureaucracy. Exchanges might suffer a bit, but they can move their businesses to friendly countries, right?

Truly, the banks should suffer, because people can abandon their currently banks and search for new more interesting banks, that is possible to be done.

3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

If this happens Crypto-Currency will turn itself into the traditional financial system we have today.

In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket.

That is why national sovereignty is important, each country has it own rules (and if possible each part of the country), so we can have countries that are friendly or hostile to Crypto-Currencies, this way developers and enthusiasts can choose where to operate their businesses and in the end we will see on the practice what country's model works better.

[sindikat]

In our country we have local digital wallet wherein it is accredited by the central bank, but in order to have an account you need to verify first your identity, like sending government ID,
There is no limit on how much you put there but when it comes to withdrawal there is a limit on the first time you withdraw, and it's get higher the next time you withdraw again, but there is a total limit of amount to withdraw within a month because that are making sure that their customers won't be arrested because of money laundering.

I have future with cryptos and this digital wallet of our's since I can also connect any wallet that has connection to BTC,....  and I can withdraw my money on any outlet not just bank.

And it is better to withdraw from outlets or remittance than banks because they are irratiting by the question of what is your source of income.

I don't like that purse. Why should someone restrict me from using my funds? What it means to combating money laundering? Probably need to first prove that I launder money and then to limit me. Banks do not want to part with their monopoly on the use of our money and therefore come up with different pretexts. I'm sorry that there are people who support this approach.

[algerianimminent5]

I don't think the bitcoins gonna last any more than some 10 years. Because the rate of ponzi creations is much in the dark economy

[GoldenLad]

I think cryptocurrency activities of fraud will be the major problem people will encounter when they engage in bitcoin or any cryptocurrency. Apart from bitcoin lovers been personally scammed, bankers especially will keep watching them closely as if they are thieves. Faudsters have succeed in giving cryptocurrency bad name and this explains the heavy rules been placed on it. And most all this makes You don't wanto blame the government for banning cryptocurrency in their country. This is the one problems that will ruin cryptocurrency and it saddens me.

[romanovst]

A couple of critical items I want to raise for discussion:

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?
3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

I would like to share what is happening in my country regarding this:

1) Some of the banks have sent notices to people involved with bitcoin investments based on the money spent through their bank accounts. This was done for people using exchanges with all KYC information filled. Only option here is to use the banks which have yet not done this. And the banks took this decision even after government has not made bitcoins illegal here yet.

2) It will surely affect the market and new investors will be hesitant to invest. However, the large investors will still find loopholes and continue investing. 

[keywordsbadge]

I always dreamt of a policy where we get a bitcoin interest on storing our fiats in bank accounts Hope it will come true some day

[BlinkLifeHippo]

Actually nothing can be said seriously about a currency which is still in beta and which is a gambling currency.

[feinter]

I always dreamt of a policy where we get a bitcoin interest on storing our fiats in bank accounts Hope it will come true some day

The BTC train has gathered too much speed to be stopped. Crypto was created to give control of the monetary supply to the people. Now that we have had a taste of that freedom there will be no going back to state controlled monetary policy.

[mimienamphine]

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories

Traditional banks usually don't like Bitcoin and in my country few of them have already tried to stop accepting money from exchanges or to exchanges accounts (like if the exchange was depositing money on my bank's account or if I was sending money to the exchange's bank account).

Then the exchange filled a suit against the bank(s) and one or few of them had to start accepting money from/to this exchange again. But the process took some time to finish and I'm not sure if it is the final justice's decision yet.

2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?

I believe without giving your personal informations to the local exchanges when converting the money to fiat you won't be able to deal with Crypto-Currency. While the money is on the internet in BTCs everything is fine, you can continue anonymous, but once it goes to real world the bureaucracy starts and there isn't much to do about it. The market won't suffer at all because there will be always gaps, mechanisms used by whales, big investors to avoid some bureaucracy. Exchanges might suffer a bit, but they can move their businesses to friendly countries, right?

Truly, the banks should suffer, because people can abandon their currently banks and search for new more interesting banks, that is possible to be done.

3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

If this happens Crypto-Currency will turn itself into the traditional financial system we have today.

In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket.

That is why national sovereignty is important, each country has it own rules (and if possible each part of the country), so we can have countries that are friendly or hostile to Crypto-Currencies, this way developers and enthusiasts can choose where to operate their businesses and in the end we will see on the practice what country's model works better.

Banks are one of the problems investors are facing all over the world.They impose unnecessary taxes on people and we do not even know what they are using our money in terms of taxes for.When people are sweating to get money, banks are also planing ahead to get their share.What really annoys me about banks is that they are neglecting their primary responsibilities which is teaching people to make money.They should be able to teach people about the proper meaning of  making money.Fiat money on the other hand will come to extinct like the barter trade in some centuries ago.Barter trade was once cherished until fiat money came into the system to take over.It is now time for fiat money to also leave the system for better, easy and faster to use currency to take over.Am talking about the almighty cryptocurrency.Crytocurrency is the future of world money .

[Gameroid]

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories

Traditional banks usually don't like Bitcoin and in my country few of them have already tried to stop accepting money from exchanges or to exchanges accounts (like if the exchange was depositing money on my bank's account or if I was sending money to the exchange's bank account).

Then the exchange filled a suit against the bank(s) and one or few of them had to start accepting money from/to this exchange again. But the process took some time to finish and I'm not sure if it is the final justice's decision yet.

2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?

I believe without giving your personal informations to the local exchanges when converting the money to fiat you won't be able to deal with Crypto-Currency. While the money is on the internet in BTCs everything is fine, you can continue anonymous, but once it goes to real world the bureaucracy starts and there isn't much to do about it. The market won't suffer at all because there will be always gaps, mechanisms used by whales, big investors to avoid some bureaucracy. Exchanges might suffer a bit, but they can move their businesses to friendly countries, right?

Truly, the banks should suffer, because people can abandon their currently banks and search for new more interesting banks, that is possible to be done.

3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

If this happens Crypto-Currency will turn itself into the traditional financial system we have today.

In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket.

That is why national sovereignty is important, each country has it own rules (and if possible each part of the country), so we can have countries that are friendly or hostile to Crypto-Currencies, this way developers and enthusiasts can choose where to operate their businesses and in the end we will see on the practice what country's model works better.

Banks are one of the problems investors are facing all over the world.They impose unnecessary taxes on people and we do not even know what they are using our money in terms of taxes for.When people are sweating to get money, banks are also planing ahead to get their share.What really annoys me about banks is that they are neglecting their primary responsibilities which is teaching people to make money.They should be able to teach people about the proper meaning of  making money.Fiat money on the other hand will come to extinct like the barter trade in some centuries ago.Barter trade was once cherished until fiat money came into the system to take over.It is now time for fiat money to also leave the system for better, easy and faster to use currency to take over.Am talking about the almighty cryptocurrency.Crytocurrency is the future of world money .

I do not think that bitcoin or any other crypto currency is going to stop people from using their banks, because i am sure that fiat will exist for a long long time, and therefore banks will also survive if fiat is present there, although it can put some effect on baking system but still i think that banking system will remain for a long long time.

[timerland]

I personally haven't experienced complications like this, probably because that I don't even cash out that often. But I have heard stories of people getting their funds frozen or accounts suspended because of crypto related transactions, so this is an extremely real problem that will only develop to be worse in the future.

Obviously, we all would like bitcoin to be running smoothly and accepted alongside the fiat system, but I think that KYC and restrictions around crypto use are only going to get stricter in the future.

Obviously this impacts bitcoin negatively, but I think that alternatives will soon develop once this problem becomes more prominent, such as decentralized exchanges, or simply more people trading bitcoin directly for goods. The restrictions can only hit the third parties that involve bitcoin transactions, and not bitcoin itself, so there is a lot of room for the bitcoin ecosystem to work with even if things become even more restrictive, imo.

[libertyaim]

I think it's mainly because of the lack of regulation that crypto has. Depending on the country, if a bank is involved in non-regulated activities, they can get fined big sums of money.
Also, crypto is a way to skip fees on international transactions. If you want to transfer a lot of money, you can end up paying almost 20% depending on the bank.

[KorakPawon]

Fiat and banks are outdated, cryptocurrency is the future to say in simple terms. The former two have ruled the world and eaten people's money in the form of fees and charges, banks acted as if they are securing money and people but really that didn't happen, instead banks secured fiat and made people unsecured. Crypto currency have changed this trend and have or would abolish brokers or agents to eat people money and give out what people deserve directly.

all three are a relationship that is not planned because it comes just in accordance with the development of the era, but if you see the three pressing each other as if now crypto really developed and will be used by the whole world so what is there any bank because crypto does not need the bank.

[Persiville]

I personally haven't experienced complications like this, probably because that I don't even cash out that often. But I have heard stories of people getting their funds frozen or accounts suspended because of crypto related transactions, so this is an extremely real problem that will only develop to be worse in the future.

Obviously, we all would like bitcoin to be running smoothly and accepted alongside the fiat system, but I think that KYC and restrictions around crypto use are only going to get stricter in the future.

Obviously this impacts bitcoin negatively, but I think that alternatives will soon develop once this problem becomes more prominent, such as decentralized exchanges, or simply more people trading bitcoin directly for goods. The restrictions can only hit the third parties that involve bitcoin transactions, and not bitcoin itself, so there is a lot of room for the bitcoin ecosystem to work with even if things become even more restrictive, imo.

We share the same idea mate. Also for me i am well aware that in the near future there are lots of possibilities that can happen in a certain economy specially crypto and fiats along, and not only you have heard about people complaining that their funds get frozen because of crypto related transactions so this is not new to me, but the problem is that, more and more banks became stricter in terms of crypto related transactions, and the worst is that although we are often exchanging our money into fiats, what if we badly need it? so we are forced to encash through banks if possible, then there's this case where it holds us back.

[wdnj]

flats is near to expire because bitcoin is gaining more fan following and investors are rushing toward bitcoin to make it the global coin of the world and i am sure banks will also exit when bitcoin will be implemented as currency and people are now really satisfied by using bitcoin,



Fiat will remain on this planet as long as the issue with bitcoin can't be solve.
what is the problem that FIAT making stronger now than 2017!
Bitcoin transfer fee and speed is the main issue here and we experience those problem on the last month of 2017!
Bitcoin is nothing with out the presence of the internet, this is a huge blow to crypto! not all people have the connection with internet.

[eduvacation.net]

flats is near to expire because bitcoin is gaining more fan following and investors are rushing toward bitcoin to make it the global coin of the world and i am sure banks will also exit when bitcoin will be implemented as currency and people are now really satisfied by using bitcoin,



Fiat will remain on this planet as long as the issue with bitcoin can't be solve.
what is the problem that FIAT making stronger now than 2017!
Bitcoin transfer fee and speed is the main issue here and we experience those problem on the last month of 2017!
Bitcoin is nothing with out the presence of the internet, this is a huge blow to crypto! not all people have the connection with internet.

Very disappointing when bitcoin is reserved as the currency of the future cannot solve the main problem of transaction speed so that fiat and banks are able to take advantage of the weaknesses of the bitcoin to strengthen the existence of fiat and bank so as not to be replaced by digital currency like bitcoin.

[Epimetheus]

Cryptocurrency is a digital which influence both yhe fiat currency and bank in different way. Cryptocurrency  increasing popularity directly affect the price of fiat currency. Increase demand of cryptocurrency  show less use of fiat money among people. Cryptocurrency also affect bank by its advantages. Cryptocurrency provide its user an uninterrupted money transaction facility with low transaction cost and fast processing speed. This above thing attract more people use cryptocurrency instead of bank for money transaction. This thing negatively affect the profit of bank. The innovation advantage of cryptocurrency and popularity among people show that cryptocurrencies is the future currency.