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KIANA
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April 12, 2018, 04:41:57 PM
Merited by Kakmakr (1)
 #1

We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.

McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.

Bitcoin might not replace these financial institutions, but they will
force them to change!
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April 12, 2018, 06:12:43 PM
 #2

We are still far from the situation where more than 50 percent of the profits of banking institutions in Western Europe would be in digital money. The Crypto currency will greatly push the circulation of ordinary paper money, but not completely, and this process will be very lengthy. Especially for a long time this will happen in the banking sector of the economy, as banking structures are partially cautious, and in part even hostile to the introduction of crypto currency.

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April 12, 2018, 06:25:37 PM
 #3

I think for sure it will make them change and im sure they are working
away diligently on their blockchain solutions right now!
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April 12, 2018, 06:32:39 PM
 #4

Because they have to change being digital very nice very in today's generation and in the future generation we have to face even more problems and Bitcoin is already suffering from many of those. But still Bitcoin has managed to gain some price increase in these days but it is far away then being the number one currency in the world. Bitcoin can never reach where it belongs because it is incomplete and if you are a current Bitcoin user you already know the term segwit address which is going to improve even more up to the lightning network so that everyone can use Bitcoin At a physical currency level.
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April 12, 2018, 06:59:13 PM
 #5

What you're saying is partially true. I don't necessarily believe that bitcoin or any other cryptocurrency will necessarily completely overtake banks, but they will certainly incorporate blockchain technology into their systems as it is simply more efficient and transparent. It is likely, however, that some banks will release their own crypto in future.
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April 12, 2018, 07:22:26 PM
 #6

What you're saying is partially true. I don't necessarily believe that bitcoin or any other cryptocurrency will necessarily completely overtake banks, but they will certainly incorporate blockchain technology into their systems as it is simply more efficient and transparent. It is likely, however, that some banks will release their own crypto in future.

I agree, as we all know banks needs to control the flow of money, and the cryptocurrency at the moment, prepare the anonymous money transaction, but I really believed that Banks will really do adopt the Blockchain due to its security and fast transaction.

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BelieveInBTC
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April 12, 2018, 07:32:22 PM
 #7

Most governments are currently trying to regulate cryptocurrencies and research them. People might force them to adapt cryptocurrencies but it will be possible to achieve only if we team up together and defend cryptocurrencies from being made illegal or heavily regulated by ridiculous taxes. Banks and governments will in fact lose if they decide to introduce cryptocurrencies. That's why they are trying to resist so much.

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April 12, 2018, 07:40:07 PM
 #8

We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.

McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.

Bitcoin might not replace these financial institutions, but they will
force them to change!

for me its just an option. fiat currencies will not perish but digital payment will become a good option. if we force to change, many aspects of the payment industry and even economics may be damaged. little by little, the world will adapt to digital money but as an option not as 100%
cryptothief
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April 12, 2018, 07:57:05 PM
 #9

It will happen, I wouldn't like to predict exactly when, but there will be a point when digital currency is the only form of payment. There are already cities where it is difficult to pay in cash for public transport and other services. Many major transportation systems try to push everyone towards the cashless model offering steep discounts for doing so. Admittedly, this is still linked to fiat and more for efficiency than anything else, but it is the start of things to come. This model will gradually seep into other aspects of life, and it will be onward and upward from there.

https://www.telegraph.co.uk/money/future-of-money/10-cashless-countries-world-does-uk-rank/

http://theconversation.com/central-bank-digital-currencies-toward-a-cashless-society-93903

This is obviously no guarantee that any existing digital currency will succeed, in fact, the likely outcome is that in 50 years time, it will be a currency that hasn't even appeared on the radar yet. Anyway, I'd put money on the world being fully immersed in digital currency in my lifetime (and I'm not young anymore  Undecided).

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drm
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April 12, 2018, 08:00:29 PM
 #10

We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.

McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.

Bitcoin might not replace these financial institutions, but they will
force them to change!

But financial institutions will never be decentralized no matter how much they change.
Barbut
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April 12, 2018, 08:10:01 PM
 #11

We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.

McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.

Bitcoin might not replace these financial institutions, but they will
force them to change!

But financial institutions will never be decentralized no matter how much they change.

They will not have control they want to have with decentralized system, they will try to keep what they have now. People are sick from this, and in far future decentralized system will be more popular in my opinion.
I agree that blockchain changed the way people look at monetary system. We need this change and financial institutions are trying to fight with it but I think this is the battle they will lose in long run. There will be coins centralized coins like ripple, but I think people will have opportunity to choose what to use and we must choose decentralized system as primary one, other can be complementary to that primary.


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Swenna
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April 12, 2018, 08:35:00 PM
 #12

We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.

McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.

Bitcoin might not replace these financial institutions, but they will
force them to change!

for me its just an option. fiat currencies will not perish but digital payment will become a good option. if we force to change, many aspects of the payment industry and even economics may be damaged. little by little, the world will adapt to digital money but as an option not as 100%

Indeed. I agree with the fact that fiat will not disappear nor lose its value. It may just lose its appeal and the option of being use by people in terms of daily transactions such as payment, but still, it will not disappear. People are very resilient to changes, however, as much as that it is true, people are also afraid of changes. They fear something they cannot understand nor control that's why we have the current trends in the regulation of cryptocurrency. However, sooner or later, more people will learn to embrace cryptocurrency , but always with cautions and limitations.

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April 12, 2018, 08:43:46 PM
 #13

We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.

McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.

Bitcoin might not replace these financial institutions, but they will
force them to change!

We are not forcing financial institutions to change anything. They are the ones that built infrastructure for digital payments and "digital money", who gave us the opportunity to use card without the need for cash, the ones with which help we can pay for goods and services online and all other type of things. Because banks built this infrastructure we can now move our money digitally and thus it's even easier for them not to print any money but simply replace few digits along the way. But some banks are scared with crypto by disabling you to transfer between exchanges etc.
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April 12, 2018, 08:46:10 PM
 #14

Blockchain technology has been learned by many giant industries including banks. this can mean that conservative monetary will adapt with digital currencies. in the future, we may look transactions in easy way with low fees.
yes, they will change for sure.
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April 12, 2018, 08:57:03 PM
 #15

Blockchain technology has been learned by many giant industries including banks. this can mean that conservative monetary will adapt with digital currencies. in the future, we may look transactions in easy way with low fees.
yes, they will change for sure.
If you look at the transaction prices in December 2017, it seems to me that there is no hope for a low transaction price. Nothing changed during the crisis. This was the best time for modernization. If the hype starts now, I am sure that the situation will repeat itself. But now all not until this. Everyone will enjoy rising prices.
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April 12, 2018, 09:03:12 PM
 #16

We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.

McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.

Bitcoin might not replace these financial institutions, but they will
force them to change!

They can co-exist and it is true that the cryptocurrency revolution will force its way to some changes in these financial institutions policy we are moving in a new financial technology and blockchain is the frontrunner of this I'm glad to be part of this revolution.

ylnar123
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April 12, 2018, 09:16:16 PM
 #17

We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.

McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.

Bitcoin might not replace these financial institutions, but they will
force them to change!

In the future, that would be the changes we are going to experience. Since everything is evolving like the Monetary institution will do, because they don't want to be left behind by cryptocurrencies which is now skyrocketing in the market. Evolution is the reason for all the changes to be happening around us most especially in our monetary institutions.

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Eternu
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April 12, 2018, 09:16:29 PM
 #18

Most governments are currently trying to regulate cryptocurrencies and research them. People might force them to adapt cryptocurrencies but it will be possible to achieve only if we team up together and defend cryptocurrencies from being made illegal or heavily regulated by ridiculous taxes. Banks and governments will in fact lose if they decide to introduce cryptocurrencies. That's why they are trying to resist so much.

Of course that governments will try to regulate crytpo. After all everything is regulated by some kind of law, why would it be any different with crypto. Also, governments will not ban crypto. They can benefit greatly from it, so why would they ban it. Also with regulations they gain much more.

I am not sure how would governments and banks lose if they introduce cryptocurrencies? I think they would benefit from it, not lose. Also they are not trying to resist, they are looking for a right way to adopt and regulate crypto. Its not easy task for governments and banks to adopt system like blockchain, which is made to be decentralized. But no one can stop the progress of digital age. And like OP said: crypto is changing financial institutions. Also, crypto is changing peoples view of currency.
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April 12, 2018, 09:25:49 PM
 #19

Changes may happen, but we don't know when it will happen, because everything must go through of the standardization of the system in each country and it is all necessary to be reviewed especially in terms of security and its benefits.

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April 12, 2018, 09:43:15 PM
 #20

We are hearing buzzwords like, "real-time payment methods" and
"War on Cash" from people in the financial industry.

McKinsey research forecasted back in 2014 that more than 50% of
incremental revenue in almost all banking products in Western Europe
will be digital
by 2018. When we look at the trend, it looks like this is becoming a
reality.

Bitcoin might not replace these financial institutions, but they will
force them to change!
I do not think that by the end of this year such a forecast that half of the profits in the banking system will be due to the crypto currency will come true. Until now, banks are very resistant to the introduction of crypto currency into our lives and do not abhor various provocations and the organization of counterfeit negative news about the crypto currency, so long as citizens do not take an interest in it and do not use it.
In order for banks to actively use the crypto currency, it is necessary that it be legalized in each country by state authorities and that banks receive the appropriate written instructions on the use of crypto currency.
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