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Author Topic: Centralization of banking through cryptocurrency?  (Read 182 times)
hashshashin
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March 13, 2018, 11:18:45 AM
 #21

It is difficult to imagine what will happen in the future and how the banking system will look. I believe that crypto currencies will be accepted as a means of payment, and the banking system will change, at least it will introduce technologies such as blockchain. Concerning speculation, this is really a question that is worth special attention, it seems to me that everything depends on the stock exchanges and on their limitations.


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March 13, 2018, 11:25:29 AM
 #22

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.

I believe that everybody shall adapt crypto currencies in the future. Those of the country's that have ban them will eventually feel that they are being left out and then will join the community.
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March 13, 2018, 12:17:40 PM
 #23

 Cryptocurrencies have already proven its great advantages to the world and how it is more safe, reliable and secure than the current banking system. Due to which more and more people are getting attracted t the crypto world and the value of worth money in crypto investments are increasing day by day. We can surely see a very bright future for the cryptocurrency and it will surely have great application in the baking system of the world.
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March 13, 2018, 12:42:22 PM
 #24

Countries than banned cryptocurrency are limited. More on the countries are banning ICO or investment scams. There is a possibility that banks will adopt the blockchain technology into their system as this is more secure than the current system that they have where everything is centralized.

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March 13, 2018, 01:22:40 PM
 #25

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.

This speculation maybe possible and it may happen in the future. But, what I have in mind is it wont gonna happen. Because the main idea of crypto currency is being decentralized with direct p2p transaction without any third party. The creator of this wants to have financial freedom, free from the traditional banking system.

 
 

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March 13, 2018, 02:00:41 PM
 #26

Cryptocurrency is not what banks want. It's the blockchain technology. Banks are already centralized so why the need to be centralized again with the use of the product of decentralization. It does not makes sense at all. Banks want to copy the blockchain. But they only want it to be between banks, it'll be like a public ledger but only for all banks.

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March 13, 2018, 07:23:05 PM
 #27

Cryptocurrency is not what banks want. It's the blockchain technology. Banks are already centralized so why the need to be centralized again with the use of the product of decentralization. It does not makes sense at all. Banks want to copy the blockchain. But they only want it to be between banks, it'll be like a public ledger but only for all banks.

I totally agree. I think, what the bank really wants to achieve is to adapt to the change happening. THey know that if they cannot adapt fast, the banks will become obsolete in the next 20-50 years. It seems impossible but even JP Morgan expresses their concern about cryptocurrencies. THEY ARE THREATENED! Big investors are looking at Cryptos as good investment.

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March 14, 2018, 04:16:40 AM
 #28

In fact, if the crypto system will centralize all banking transactions in one with cryptocurrency or digital currency, then there will be no digital currency while bitcoin is a decentralized global transaction cash system,which Bitcoin comes as one of the digital currency solutions. Bitcoin is a cash system that synchronizes across the internet So,everyone can access the same cash account in real time regardless of who and where it is, so if the crypto currency centralizes the banking,then bitcoin will lose the title as a digital currency...
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March 14, 2018, 12:29:30 PM
 #29

I am not really sure of such speculation is going around our country since our Central Bank had already released their statement on their acceptance of Bitcoin. Right now, they are not againsta it nor in favor of it because the decision on their support of Bitcoin relies on the acceptance of World Bank on it and currently World Bank has no word about it to support this speculation.
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March 14, 2018, 04:16:21 PM
 #30

Banks do not need a decentralized system, so they are concerned that the crypto-currencies are developing so quickly and new technologies appear that can replace the conventional banking system and banking currencies.

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March 14, 2018, 04:33:13 PM
 #31

I am not really sure of such speculation is going around our country since our Central Bank had already released their statement on their acceptance of Bitcoin. Right now, they are not againsta it nor in favor of it because the decision on their support of Bitcoin relies on the acceptance of World Bank on it and currently World Bank has no word about it to support this speculation.
Do you think that the World Bank would voluntarily give up their monopoly on money transfers? The one who controls money rules the world. Show me one example of someone who voluntarily renounced power. No. This will not happen. I think that soon we will see attempts to block the exchange transaction for Fiat. This can significantly reduce the demand for cryptocurrency
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March 15, 2018, 10:35:00 AM
 #32

  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
  
If you will go for centralizing of the bitcoin, you will surely lose the essence of the crypto currencies and that the investors will lose their interest and will not go for investing their money again. Bitcoin and all other crypto coins are decentralized in nature and that this is the only thing which is creating a very good impression of the crypto coins as they are like an independent coins without any governing body.
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March 16, 2018, 12:33:42 PM
 #33

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.
If we are talking about a centralized banking system here, and relating it to bitcoin, it seems we are missing the point. As far as I am concerned, we already have a centralized banking system and that is more like the exchanges we already have, and it is left for you to make use of them or not, but does that change the decentralized aspect of bitcoin ?

Bitcoin or decentralized cryptocurrencies can only become centralized if there protocols are changed and that does not still stop each country from still operating their own centralized digital currency if they wish.


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March 22, 2018, 11:35:23 AM
 #34

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.
I feel you are mixing it up. Firstly, just few countries have banned bitcoin so far and they are irrelevant anyway (sorry to say), but the fact remains that so many are just silent about it while some are looking forward to regulation. Secondly, there will be centralized and there will be decentralized currency and it is left for investors to decide how they want to play their card. I see decentralized assets becoming more like the stock market anyway, so let's see how that plays out at the end.
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March 22, 2018, 11:41:15 AM
 #35

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.
Very well said, actually here in our country the central bank already adopts the bitcoin but not yet totally they are still in the stage of starting the relationship. Bitcoin is actually very nice coin here we see bitcoin as one of the way to help the people live our lives in better than before.


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March 24, 2018, 04:51:10 PM
 #36

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.
What I see that will end up playing out here is every of the market doing their thing and performing their own main purpose, while the government try as much as possible to regulate the environment, but that does not make everything centralized, contrary to what OP said.

We cannot out rule the fact the banks or government will end up creating a centralized cryptocurrency as that is definite, but decentralized cryptocurrency will also remain in the market and it is left for each individual to see them as an investment without forgetting the capital gain tax.

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wandino
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May 08, 2018, 12:07:29 PM
Last edit: May 08, 2018, 12:50:00 PM by wandino
 #37

 Great.Cryptocurrency price will be stabilized and it could be used all over the world where comfort of traveling just to use the digital currency as a form of payment.
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May 08, 2018, 12:39:18 PM
 #38

This speculation is not totally happen.if,that happen other banks will going to bankrupt slowly its because the demand of crypto currency is really inconvenient for many people and easy to use for payments etc.that's why other country will ban this crypto for not happen that speculation.
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