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Author Topic: Centralization of banking through cryptocurrency?  (Read 162 times)
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March 13, 2018, 02:44:24 AM
 #1

Base on the speculation of other members here in the forum that in the near future banks all over the world will adapt the system of cryptocurrency and it will eventually centralized all banking transaction in one with the cryptocurrency or the digital currency. In that period of time digital currency is not like an asset or investment anymore. Its price will be stabilized and it could be use all over the world where comfort of traveling just to use the digital currency as a form of payment. However, it is the news nowadays has the opposite of their speculation since there are countries banning already the use of cryptocurrency. In your point of view, Will it happen to centralized money all over the world through the use of cryptocurrency? Or it will just pass and nothing will ever change in our system of banking. Or do you have any speculation with cryptocurrency? I need to justify the speculation's probability.

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March 13, 2018, 03:24:19 AM
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If the crypto currency has centralized centralized banking, I think it will eliminate the basic principle that bitcoin as a decentralized crypto currency based on which there is no control of any party. but this could happen if the system is going to use blockhaind technology to create new crypto and of course this will have control by the banks and I'm sure the financial system using blockhaind technology that will be implemented by the bank will be a new breakthrough that will be widely adopted.





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March 13, 2018, 03:55:41 AM
 #3

Base on the speculation of other members here in the forum that in the near future banks all over the world will adapt the system of cryptocurrency and it will eventually centralized all banking transaction in one with the cryptocurrency or the digital currency.
Imho there is a chance that cryptocurrencies will kill commercal banks that earn on the transaction fees but not central banks that regulate the global monetary policy of the state, print money and change rates. In this case crypto won't be centralized.
In that period of time digital currency is not like an asset or investment anymore.
People are still investing in fiat money. Why should cryptos become less attractive?
Money always were centralized (owned by the issuer - government) and tbh they  have to remain like that.

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March 13, 2018, 04:19:00 AM
 #4

For now the banks are not yet ready to accept bitcoin for the centralization of crypto currency and if the banking system approves this crypto currency then the bitcoin value will more rise and in the present time bitcoin and altcoin are the best tools to be employed and this is the main source of income for many people so doing hard work in the crypto market is the key to success.

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March 13, 2018, 05:17:00 AM
 #5

I think that crypto and national currencies will exist together. Crypto can't dislodge usually money form all spheres.
Banks need to know, that crypto will not disappear and can use it for their goals.
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March 13, 2018, 05:27:15 AM
 #6

In your point of view, Will it happen to centralized money all over the world through the use of cryptocurrency?
Ripple did that, and also my country Indonesia central bank governor is banning cryptocurrency as a payments system, but they have a plan to make a digital currency that utilizes blockchain. That is where the part of centralization crypto began, when the governments ruling it.


Or it will just pass and nothing will ever change in our system of banking. Or do you have any speculation with cryptocurrency? I need to justify the speculation's probability.
I don't think cryptocurrency isn't a big step, it already did change the economics. It offers us to offer a decentralized economics instead of centralized economies.
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March 13, 2018, 06:21:51 AM
 #7

Base on the speculation of other members here in the forum that in the near future banks all over the world will adapt the system of cryptocurrency and it will eventually centralized all banking transaction in one with the cryptocurrency or the digital currency. In that period of time digital currency is not like an asset or investment anymore. Its price will be stabilized and it could be use all over the world where comfort of traveling just to use the digital currency as a form of payment. However, it is the news nowadays has the opposite of their speculation since there are countries banning already the use of cryptocurrency. In your point of view, Will it happen to centralized money all over the world through the use of cryptocurrency? Or it will just pass and nothing will ever change in our system of banking. Or do you have any speculation with cryptocurrency? I need to justify the speculation's probability.
It will not going to stablize in the way the banks wanted. Furthermore, cryptocurrency is designed for its decentralization that the banks have no control over or any one can ruled it by his own hands and wants. If banks will going to establish and make it centralized the people who deeply know cryptocurrency will not be a customer of banks anymore.

       
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March 13, 2018, 07:03:47 AM
 #8

The way i see currencies going is through blockchain technology and i see cash being phased out.
With cash in existence tracking what people do with it is difficult,
so forcing people to bank digitally means they know what we are doing and they make us think it is for our convenience.
There will essentially be two strains of cryptocurrency centralised and decentralised.
They cannot centralise bitcoin, litecoin, dash, monero etc.
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March 13, 2018, 07:24:37 AM
 #9

Definitely, I strongly believe that banks are going to used crypto currencies in future and I also believe that there going to used it for interbank transactions all over the world. Bitcoin on the other hand has make a part way for this by making a decentralization of transactions possible and peer to peer which makes things easy if bank will actually adopt it.


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March 13, 2018, 07:34:21 AM
 #10

I do think that there is still time for all this.. in fact too much time ..
51% of the world's population has access to Internet right now .. so we cannot expect the remaining 49% of the population to be in the line that soon.
Considering that 1.2 billion people are without electricity and...so many are having no access to... Virtual cryptocurrencies one should understand that ... It's hard for that kind of senario to.. be in reality ...
We will need more than 20-30 years.!
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March 13, 2018, 08:00:44 AM
 #11

Base on the speculation of other members here in the forum that in the near future banks all over the world will adapt the system of cryptocurrency and it will eventually centralized all banking transaction in one with the cryptocurrency or the digital currency. In that period of time digital currency is not like an asset or investment anymore. Its price will be stabilized and it could be use all over the world where comfort of traveling just to use the digital currency as a form of payment. However, it is the news nowadays has the opposite of their speculation since there are countries banning already the use of cryptocurrency. In your point of view, Will it happen to centralized money all over the world through the use of cryptocurrency? Or it will just pass and nothing will ever change in our system of banking. Or do you have any speculation with cryptocurrency? I need to justify the speculation's probability.

Yes and no. The thing is no country would agree with just one currency hence even if all the banks would be using one cryptocurrency then the governments will not agree with it. There might be a time though that everything is already in cryptocurrency form. Everything will be tokenized that we can buy water with water coin and buy food with food coin or something like that. In effect, your water coin will be worth the same wherever you are unlike if you have a dollar. A dollar may be able to buy a bottled water in the US but not in Africa where water is scarce.

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March 13, 2018, 08:06:05 AM
 #12

Crypto currency is trying well and with this the people who have using this they have shifted from banks to this side because they are avail the online services which is a good way so it is good to use this currency and for the present time the bitcoin is the most powerful currency the banking industry is not yet showing any interest in crypto and i think the crypto is good in the banking industry.

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March 13, 2018, 08:33:51 AM
 #13

Base on the speculation of other members here in the forum that in the near future banks all over the world will adapt the system of cryptocurrency and it will eventually centralized all banking transaction in one with the cryptocurrency or the digital currency. In that period of time digital currency is not like an asset or investment anymore. Its price will be stabilized and it could be use all over the world where comfort of traveling just to use the digital currency as a form of payment. However, it is the news nowadays has the opposite of their speculation since there are countries banning already the use of cryptocurrency. In your point of view, Will it happen to centralized money all over the world through the use of cryptocurrency? Or it will just pass and nothing will ever change in our system of banking. Or do you have any speculation with cryptocurrency? I need to justify the speculation's probability.
Many among the major and big banks will refuse to the usage of cryptocurrency for their transactions and businesses, what do you mean that all banking transactions will centralize in one cryptocurrency? did you mean that all of the banking society and companies will adopt the usage of specific crypto? centralization is the opposite of the most cryptocurrencies we have in availability mostly the famous bitcoin, it was created to eliminate the banking and third-party transactions making it P2P payments systems, on the other hand, the blockchain is the possible way that the banking and businesses will adapt to upgrade and improve their platforms.

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March 13, 2018, 08:35:53 AM
 #14

Base on the speculation of other members here in the forum that in the near future banks all over the world will adapt the system of cryptocurrency and it will eventually centralized all banking transaction in one with the cryptocurrency or the digital currency. In that period of time digital currency is not like an asset or investment anymore. Its price will be stabilized and it could be use all over the world where comfort of traveling just to use the digital currency as a form of payment. However, it is the news nowadays has the opposite of their speculation since there are countries banning already the use of cryptocurrency. In your point of view, Will it happen to centralized money all over the world through the use of cryptocurrency? Or it will just pass and nothing will ever change in our system of banking. Or do you have any speculation with cryptocurrency? I need to justify the speculation's probability.

If banks take on such a large role in cryptocurrencies money, then they will try to stabilize it. This will be inversely proportional to the nature of actual cryptocurrencies. then there will be no more interest in cryptocurrencies in the end.
Why people are interested in cryptocurrencies, because the price is not stable. they take advantage of it to gain wealth briefly.
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March 13, 2018, 09:08:56 AM
 #15

Decentralized cryptocurrencies has a strong advantages over centralized financial systems, primarily because of their ability to function and operate without a single point of failure, which hackers and bad actors can target.

Centralized versions don't really have to be afraid of hackers or ill minded people in the end, because it won't be a problem to reverse transactions. It doesn't only grant banks more control, but directly also the government, which is quite worrying. In current times a government needs to force a bank to take certain actions, but with this development, they can act on their own, and that without having to justify their actions, because they make the rules at the end of the day. The convenience that people will or may gain, will never justify the freedom that they end up sacrificing for that. However, people as dumb and ignorant as they are, they won't see any dangers in this like I and some others here do, and still use it anyway as their only means of exchange.

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March 13, 2018, 09:10:34 AM
 #16

Base on the speculation of other members here in the forum that in the near future banks all over the world will adapt the system of cryptocurrency and it will eventually centralized all banking transaction in one with the cryptocurrency or the digital currency.
You are right although I think they will not try to use cryptocurrency directly, the power of blockchain will only be harnessed to aid their system. For now it seems impossible but soon there will be institutions using blockchain without cryptocurrency in it.
Its price will be stabilized and it could be use all over the world where comfort of traveling just to use the digital currency as a form of payment.
Cryptocurrency will never be stable so long as it is traded on the free market, but it will become more stable enough to use for payment in the future.
However, it is the news nowadays has the opposite of their speculation since there are countries banning already the use of cryptocurrency. In your point of view, Will it happen to centralized money all over the world through the use of cryptocurrency? Or it will just pass and nothing will ever change in our system of banking. Or do you have any speculation with cryptocurrency? I need to justify the speculation's probability.
I think it will just come to pass(as it won't happen to centralized cash all over the world) but there will be changes in the way banks operate. At that point, I speculate cryptocurrency as something people use as an alternative, like how we use credit card sometimes.

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audaciousbeing
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March 13, 2018, 10:27:44 AM
 #17

Base on the speculation of other members here in the forum that in the near future banks all over the world will adapt the system of cryptocurrency and it will eventually centralized all banking transaction in one with the cryptocurrency or the digital currency. In that period of time digital currency is not like an asset or investment anymore. Its price will be stabilized and it could be use all over the world where comfort of traveling just to use the digital currency as a form of payment. However, it is the news nowadays has the opposite of their speculation since there are countries banning already the use of cryptocurrency. In your point of view, Will it happen to centralized money all over the world through the use of cryptocurrency? Or it will just pass and nothing will ever change in our system of banking. Or do you have any speculation with cryptocurrency? I need to justify the speculation's probability.

Every options that you have put here, has the possibility of it happening without any reservation. On the centralization, I believe that is possible in the near future. The importance of money in any of our endeavor, cannot be undermined and in whose hand that control is, becomes the most powerful and that is why if the people are clamoring for freedom with the aid of crypto currency, banks will fall in line with their promoters in other to continue that control of our existence and there is nothing we can do about that.

On the countries banning bitcoin all over the world, eventually they might be forced to change that position. At some point in the history of human existence, homo-sexuality was a crime, later it got to a point where its being ignored though subtly accepted and today its legal and people with a particular orientation are now getting married. So, when the time comes if the multi nationals and the conglomerate who direct the ways economies are run chose to support crypto currency, every government will have to fall in line because if not, its either they are cut off from the rest of the world or the government of the country be replaced.
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March 13, 2018, 10:41:49 AM
 #18

I dont think that crypto currency has to do anything with the centralised banks. The crypto currency is itself decentralised and if we try to blend it with the banks which are already centralised one then im sure it will create the chaos and nothing else. If you want to say that we should input the crypto currency into banks then that wont be acceptable due to opposite nature of the operations for both the type of systems. One which works on the swift technology while other works on the basis of blockchain. We will need to work out the math to blend these two and then we could think of using them all together. But as you this is difficult to do in anyway, im sure the question doesn't exists.

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March 13, 2018, 10:49:07 AM
 #19

If cryptocurrency will be used by banks in a centralized environment then most users will gladly leave it and make another technology.. We don’t want to be controlled and manipulated by the banking system and I don’t think the community will support such adaptation.. The price will be stable at that and won’t be a good news for traders..

Blockchain technology is for the masses and the fight towards oppression from documentary and privacy information investment will end,, if this be poisoned by the elites..

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March 13, 2018, 11:09:54 AM
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   If you speak about wrapping bitcoin into centralazed banking system then it looks like washing floor by rake. Bitcoin is hardly controlled substance, a lot of fat holders, as Satoshi for instance, are unknown, they may appear and manipulate the market, no way banks will tolerate such threat. Real possibility for banks to control digital/crypto currencies is creation of their own centralized ones and force/convince people to use them
  

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