Hello crypto! Bye bye credits?

[bobo012]

I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?

It will be possible to take a loan in crypto if it is regulated like everything else is. When you will be personally liable with your property for the repayment of the credit. Until that is done nobody will want to lend their crypto if i have no means of collecting the debt

[adzino]

I guess the blockchain connected to ID and notarial informations could make crypto loan more safer.
We can imagine that if you don't pay the loan you get automaticaly sued through the blockchain?

If you connect your ID, then you will no longer remain anonymous. So almost all top crypto currencies (that allows anonymous transactions) will be rendered useless. People will then have to use specific crypto currencies also. Again, since crypto currencies are decentralized, it will be hard for third parties to get involved on loan scams.

[daarul50]

The banking system will not go away just blockchain technology is adopted for the banking system that has been used to be more efficient in the transaction so as not to interfere with services such as borrowing because although everyone will definitely need a loan when they really need it.

[Dudeperfect]

Well, blockchain based cryptocurrencies are still in the basic phase of development and I believe that these things are here to stay. On the other hand, banks are going to adopt blockchain technology to optimize their current infrastructure but still, I don't think that banks will support decentralized cryptocurrencies anytime in near future. When it comes to loans, salaries, I think we will see some smart contracts to facilitate those recurring tasks.

[Naman1111]

Crypto is till in the nascent stages and there are projects which are flirting with the idea of cryptoloans like bitbond etc. Right now they simply take out the money from the fees which is colected in BTC and a long shot view of $50000 waters their mouth. Moreover, Banks are not gonna disapper anytime soon. Soon their is gonna be a parallel cryptoeconomy which will give a solid as rock competition to current world economy.  Credit is part of finance which will never die. Only the capital available becomes cheap.

[vanessbtf39]

correct in the future cryptocurrency is seen as a form of fast payment without intermediation banking but I do not believe that the credits in btc

[Musstang]

I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?

I think it's too early to say that the banking system will disappear. If this happens in the distant future. A crypto currency is only at the very beginning of its development path.

[yoseph]

I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?

That's why i don't believe banks are not gong to go extinct with the emergence of cryptos, There is now way that the credit system would still be functional with cryptos if they are unable to track the credit score of the people since the whole system is decentralized and anonymous.

[Tyrantt]

To take a crypto loan I think it is also like banking but it is very difficult because crypto does not have a stable price, and national banking will always run for the needs of the national community.

Maybe, but.. as you can see, everyone can create their own crypto, so what's stopping some bank creating their own crypto that will operate similar to fiat money and their terms? Honestly, that's the way I see most of the businesses going in the future.

[dpoisoner]

I think that it is impossible to do this now. But technology is developing. Although I believe credit is a bad idea

[muddy waters]

How to Take a loan in cryptocurrency?

That's actually why banks will never die - they are the main instrument of taking loans which are needed for businesses and ordinary people.
Personally I don't know any institution that would give you a loan in BTC. There is a separate thread on bitcointalk.org dedicated to lending BTC or getting loans of BTC but this doesn't seem to be very reliable.

[bitart]

How to Take a loan in cryptocurrency?

That's actually why banks will never die - they are the main instrument of taking loans which are needed for businesses and ordinary people.
Personally I don't know any institution that would give you a loan in BTC. There is a separate thread on bitcointalk.org dedicated to lending BTC or getting loans of BTC but this doesn't seem to be very reliable.

What is the reason for someone to take a loan in BTC? The only thing I can imagine is trading, because if you want to take a loan for everyday spendings in fiat, and the price of the BTC doubles, you will end up in a real trouble...
The opposite can make sense, to take a loan in fiat and pay it back from BTC income, but that's way too risky for the average joe's, still.

[sungaiyangderas]

if the usual banking system will disappear like that, then it will go and the credit system, lease payments and installments, Because there is no centralized authority that can issue and track the performance truth. To some extent, this is certainly good, but in reality people who can not immediately get a large sum of money and will remain at a lower level of life.

[magneto]

If mass adoption does happen, then we'll simply see banking services shift towards catering for bitcoin. Even p2p lending that is happening right now is a form of credit, and it's impossible to actually eradicate "credit" or "debt" itself.

i don't know why people always think it is "live or die" situation when bitcoin is involved! there is a lot of middle ground here. bitcoin can become big while banks are still as big as they are. it doesn't have to replace anything and it doesn't have to die trying.
you say loans, that is just a service. if there is demand for loans in a world with bitcoin in it then banks or other institutes will start giving bitcoin loans!

Exactly.

Institutions will continue to exist, and it would be absurd to think that they will disappear solely because bitcoin and other cryptos are now a thing. Lending will still be a thing as well. It's just the currency that's different. Bitcoin can coexist with the traditional banking system, and serve as an major alternative for people to store their wealth and transact on.

[Tynovten_]

I think this is a very hard-easy thing with kyc system, but i can't see further how the system work naybe it's not much different with bank in generally. I never thought how much that will be interested on this thing. For example, Debitum.


Debitum Network is an innovative hybrid ecosystem for small business financing - utilizing Ethereum blockchain based process together with principal and interest moved using fiat. This ecosystem based on decentralized and motivated communities brings together SME borrowers, local and regional risk assessors, debt collectors, insurers as well as global investors with interconnected trust-based smart contracts.

[kucritt]

to take a loan from bitcoin it will not flexible like in the bank but maybe someday there are many services about loaning with bitcoin that will booming in this forum or crypto world beacuse as we cansee right now we can see that there are so many ICO project that will solve all problem in this world using blockchain system and maybe the loaning will be the one of the problem that will saved by ICO proejct

[aitrading]

Well, banking system won't leave anyway.

[jmiro1]

Banking system might get changed but the need and crave for loan or credit will never be banished. They will remain as long as there is human in this earth. But loaning is not very simple in terms of crypto. Not only BTC, but most likely all the alt coins are unstable. So, loaning in a unstable currency is not something that you get often. Currently, Bitcoin is used as an investment, and I've never heard of investment being loaned.

[A Feeder]

I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?

It is very hard to loan crypto because of its volatile price. Anyway, fiat money always co-exist with banks so in order for what you had stated to happen, fiat must be extinct. To that end, crypto can never imitate the whole banking system in any ways possible.

[Cryptoreflector_666]

I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?

Until now there is no agency or official institutions that specifically have these services. We are currently seeing more that these services are provided by individuals. The existing credit and loan features are not fully applicable. But with the passage of time then I am pretty sure that bitcoin will continue to grow and will have those features.

It is the decentralization that brings us to any financial interaction with individuals. And here the main question arises, who will act as the controlling body in this chain. Of course the system is the blockchain in many respects it is easier, but nevertheless it does not have the legal underpinnings until now.