Forced to change

[maaydin]

when we have a look in the world we barely see people paying with cash and the majority are using the cards or things for payments already so btc will make this process of change faster in my opinion.

[Jossy111]

well, although this is visibly realistic has it is gradually coming into reality. technology is fast developing every day but there has to be inc-operation between bank and blockchain in other to control the flow of money and secure anonymous transaction which can be adopted from blockchain technology.

[darkangel11]

This is why this seed that we call BTC was thrown in the wind. To show people they have a choice.
If you come up to a merchant and tell him to implement a new payment option he'll be like "why should I? They are buying my stuff anyway" but if you show the clients that there are better, cheaper ways to pay, they will change the merchants because while the merchants may not care about new payment systems they care about their client's opinions.

when we have a look in the world we barely see people paying with cash and the majority are using the cards or things for payments already so btc will make this process of change faster in my opinion.

Because cash is more difficult to handle. You can lose your card and still have the money, but when you lose a dollar bill, it's gone. Same with BTC, you can lose your wallet, but the finder won't know the passphrase and your money is safe. Cash is burnable, can be cut or ripped, is difficult to carry around in large quantities, no wonder it's a dying breed.

[hosseinimr93]

Yes, it's right. I agree with you.
Many thing has changed. Now there are many projects in cryptocurrencies. Projects are using cryptocurrencies to raise funds. Also, using blockchain technology in many industries will be a must in future. An example is Telegram app which will use blockchain technology.

[Kingofbitcoin12345]

By force?? or by demands?? from the people who are adapting the fast phase of technological advancement.. The reality will be in front of us if the government and mainstream media will do cooperate and be true to themselves of what blockchain can do in our society..

Bitcoin and crypto as the future has needed more time as expected,, mentality and adjustment is a long process that each nation must slowly going through..

[batang_bitcoin]

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.

Can you give any statement that's legit that came from them? If it's real then there's a hint that it can be cryptocurrencies.

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

They will also try to adopt, some other banks did it but majority of them will enforce regulations and will stay away from doing so.

[dothebeats]

It's going to happen with or without bitcoin anyway, given that the demand for speed and reliability in handling payments is growing. However in the advent of bitcoin, or rather ever since bitcoin has been sensationalized, the finance industry has learned a thing or two in it, and the most important thing is security.

Let's admit it, banks are more prone to hacking and getting their systems rigged than blockchain-related services do. Both are secure in some way, but the former can be easily exploited even though it costs a lot to maintain their systems.

[jimrome]

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

Bitcoin is a revolution when it comes to economics and sure it will change how financial institutions function, we might see more transparency in the future on what they do with our money and technology is improving at a fast pace and there will be a time when there i will be less job and that is my only fear, i like to see good healthy competition rather than taking advantage of us.

[Oceat]

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!

You could say that we are almost on that era since most people on earth are now recognizing the existence of Bitcoin but mostly of them are not really aware of the use of it. They just know the name because someone introduces it to them and some of them are using the idea of ponzi/investment scam that's why the rest of them that didn't know exactly what is Bitcoin will follow on what the naive one that they will tell to them. This is most likely the rest of the ratio is going to be a problem for this new era of digital money.

[cryptomium]

It may only be relevant to the implementation especially in the financial industry and in terms of admission of the crypto to selected banks so much will be change especially in the banking sector. Those countries may have contributed significantly to crypto acceptance, but how about few that did not fully understand that it can be extremly efficient especially in production that can be large enought, it can be changen, but it will not happen to replace it.

[bitart]

when we have a look in the world we barely see people paying with cash and the majority are using the cards or things for payments already so btc will make this process of change faster in my opinion.

There are countries in the EU still, where people prefer cash instead of debit cards and bank transfer, and not because that cash is easier to handle, but there are several type of jobs where you get some (a little) part of your salary legally and the major part is given in cash (because of the tax 'optimization'). These people will prefer to use that cash in shops and in other places, where they can spend it easily (and somehow anonymously). As soon as these people will realize that cryptos are easy to track they won't want to change the cash for crypto (until the government will force them to use digital money (crypto or not) instead of the banknotes and coins).

[Eternu]

~snip~

Let's admit it, banks are more prone to hacking and getting their systems rigged than blockchain-related services do. Both are secure in some way, but the former can be easily exploited even though it costs a lot to maintain their systems.

That is correct. Banking system like we know it, costs a lot more and its more prone to hacking.
With Blockchain technology that things are solved. Because of the way it was made and the way it works, manipulation of data is almost impossible. That is why there's so many people and companies that are interested in Blockchain. Because it provides more security than classic networks among other things. That is why many people believe that blockchain technology that is decentralized is the future.

[onnz423]

First of all, it's not difficult to predict 4 years into the future when the path is so obviously laid out in front of us. Online bank accounts were becoming more common, digital payment systems like Paypal and Amazon Payments have become widespread with the explosion of online shopping, and the decline of physical cash has been apparent since the inception of credit cards.

I don't think that because he managed to predict a tiny fragment of the future that he is some sort of guru, as after all, only those who correctly predict things usually make the headlines, neglecting all the dozens of other people that likely said the complete opposite and got it wrong.

Let's see him accurately predict what the market will be like in 10 years, I bet he, and most other people will fail. As it is very difficult to predict exponential progress when we are used to thinking of linear relationships.

[audaciousbeing]

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!

If you have access to the amount of information and tools that McKinsey team have access to, it's easy to predict what will likely happen in the future in terms of predicting human behaviour and the reason is simple when people form an habit, it takes a long time before they drop it and might likely not drop it by rubbing it of on the upcoming generation

Another is that, in the flow of development, we don't expect to go backward rather forward in making life easier and I would say we are tending to the point of a technology to affordable to everybody that when I need to comment on the forum, I just need to say the words and it's type going forward from there my favorite topics would be noted and comment will appear as if its me. On bitcoin forcing them to change, its explained in simple words everyone has it by default to get annoyed or happy or great what is needed is the push and that is what bitcoin has done.