A change for our financial systems

[self love sisters]

In the last fifty years we have seen the following changes in our financial systems:
 The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
 
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.

[baradfo]

You're correct in that cryptocurrencies, and Bitcoin, have and can change our financial system. In my opinion for the better. Though you are a bit sporadic in your thoughts in your post OP. What point were you trying to make? Where were you going with your post? Millennials are tech savvy as users, most of them, but for those of us that are on the cusp we understand both the "old way" of thinking and the tech.

[Sexie]

In the last fifty years we have seen the following changes in our financial systems:
 The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
 
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.

By then now , in the near future people will all adopt of using crytocurrencies that could change financial system. Payments modes  will become digital , automatic transfer just in a few seconds though your mobile  apparatus. Easier and cheaper transactions , nothing to worry about your cash , no need for change. Just the exact amount you can send to that person receiving your payments.

[kryptqnick]

In the last fifty years we have seen the following changes in our financial systems:
 The removal of the Gold Standard
The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal.
This is why cryptocurrency is so popular, your money is truly your money.

If you give your money to the bank - sure, you don't really know what they do specifically with the fiat you brought. However, you can always pay with your debit card or withdraw your money in the matter of days. So it's not like it is completely gone. However, the risks are pretty high, because if a lot of people decide to withdraw money at once, it will probably turn out that the bank does not have enough of it, claim that it's bankrupt and people will lose. Cryptocurrencies are indeed in the wallet and nobody can do anything about it. It's more like when you have cash at home. And yet I don't think that's the main reason people like cryptos. People choose them because one can send money without needing to tell anyone the purpose and it will be cheap and fast. Apart from that, the majority sees a great investment opportunity here.

[demenBTC]

In the last fifty years we have seen the following changes in our financial systems:
 The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
 
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.

the financial system does need change and it applies to anyone not just the millennium generation, the cryptocurrency system has been dominated by many people regardless of age

[eminemcookie]

Fractional lending isn't necessarily a bad thing, in my opinion it is a very very good thing as long as it is done under proper regulation and control. New regulation around the world, Basel III for example is ensuring that banks are a lot more accountable and have to follow far stricter regulation regarding reserves and lending. The fact is simple that fractional lending can stimulate an economy much more than a situation in which fractional lending does not occur. I also foresee it happening with bitcoin at some point, it may not be with bitcoin directly but with something that is pegged to bitcoin, much like gold was pegged to the dollar.

[Upgrade00]

Truth be told, people are not too worried about what happens to their money after it's deposited, as long as it's always available for withdrawal when they need it, and it is.
With bitcoin, you are your own bank and you have the only access to you assets, except you're careless with your private details.

[franky1]

well cryptocurrency economics is becoming just the same as fiat economics.

telling people holding their own funds and spending them p2p just doesnt work. that crypto assets are just too heavy to operate like that.
this is why so many wall-streeters/bankers are loving alternative networks like LN, etf's and sidechains.
so that crypto assets get locked up in vaults and contracts requiring the wall-streeter/banks sign off.
people then trade un blockchained, unaudited payment methods. and then after a time they simply drop the connection between the locked asset and the unaudited payment method

[mohammedmattar]

In the last fifty years we have seen the following changes in our financial systems:
 The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
 
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.

This has many aspects
Fiat has many advantages including stability as a criterion of value
And universal acceptance
crypto are safe, fast and cheap conversion costs
It takes time to adopt
BTC  need value stabilizes to be a good value criterion.

[Troysen]

Although I share your optimism and positivism in this ecosystem so lowly, I want to clarify a couple of things, the money never comes from "thin air" because that would create immense inflation and end with the value of the price of that currency (see Venezuela) so everything has a cause and nothing is done because if it is not the best system and has its defects and that is another issue.

[Kakmakr]

This is why people like Warren Buffet hates Bitcoin. They are part of the old financial system and they are just to stubborn to admit that the system that they are supporting is a failure. It is really sad to see that people of their stature are willing to sacrifice their legacy and reputation, by supporting the fiat system.  

As these people "expire".. a new generation of financial experts will rise and they will be supporting a financial system that would be based on Crypto currencies.  

[aray80]

Changes in the financial system by using Bitcoin are possible methods of use that cannot be done by other payment systems such as general designs and no one is the owner and control of Bitcoin but everyone can take part.

[bettercrypto]

Revolutioning the financial transactions in our modern world is the track cryptocurrency has to take. This is the future of cryptocurrency. Though, the development is slow nowadays, for sure when important technical issues such as adoption and security have been resolved, expect the accelaration in terms of usage.

[franky1]

Although I share your optimism and positivism in this ecosystem so lowly, I want to clarify a couple of things, the money never comes from "thin air"

just wait a couple years
many people who deposited fiat to buy BTC in MTGox still believe that they are owed BTC. even when there was not enough BTC in mtgox reserves to honour those trades

just wait a couple years
when people lock funds into LN factories and have factory hubs hand them unaudited tx's(not on blockchain) to open channels
and then just circulate unconfirmed balance back through a factory because a factory prefers to only hand out channel open payments instead of fund onlock broadcastable onchain tx's

just you wait for boiler room fake ETF pretending to be fully backed BTC ETF when they are really just CFD gambling sites

[leetcoiner]

In the last fifty years we have seen the following changes in our financial systems:
 The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air.
 
This is why cryptocurrency is so popular, your money is truly your money. Millennials! They don’t think like us - Millennials are the most tech savvy generation and are already thinking about a cashless future according to Forbes magazine –they are putting their money where their thumbs are. The millennials are a part of a different 1%, who’ve not only heard of bitcoin, but are buying, selling, and trading it on their smart phones and laptops. What’s more, some millennials are using bitcoin as the basis for their long-term savings. They refuse to be stuck in our world.

All right. People who believe that the future has not yet come very much wrong. Yes, of course my mother and grandmother do not even close to imagine what bitcoin or blockchain is, although they live in the next room and watch the same news. I think the degree of openness to the perception of new information is very important here.

[Matthewmorris4]

You're correct in that cryptocurrencies, and Bitcoin, have and can change our financial system. In my opinion for the better. Though you are a bit sporadic in your thoughts in your post OP. What point were you trying to make? Where were you going with your post? Millennials are tech savvy as users, most of them, but for those of us that are on the cusp we understand both the "old way" of thinking and the tech.

actually when it comes to profit and money, some people will indeed prefer a safe way where despite how advanced technology will continue to develop, people will choose to sell something they think is useless "for now" so that we can think they don't think long for things like this

[Flor1982]

Crypto currency are indeed that our money is truly our money but it ties with high risks that we don't know in the coming days if still has a value or none unlike in fiat which is deposited in the banks, It will remain intact and stable with monthly interest to earn so the value will be still the true value forever. Nothing to worry about bankruptcy as per law and policy our money is insured in the banks.

[PsylockReborn]

This is why cryptocurrency is so popular, your money is truly your money.

Or it could be the other way around. Your money could go down the drain overnight due to its volatility.
Crypto is made to correct the errors of a centralized system but people deemed crypto as investment
vehicle due to its volatility.

There are still roles of the banks that crypto can't offer. So they'll both coexist no matter what.
Crypto is intangible and a lot of skeptics won't adopt to this kind of financial structure.

[pooya87]

This is why people like Warren Buffet hates Bitcoin. They are part of the old financial system and they are just to stubborn to admit that the system that they are supporting is a failure. It is really sad to see that people of their stature are willing to sacrifice their legacy and reputation, by supporting the fiat system. 

As these people "expire".. a new generation of financial experts will rise and they will be supporting a financial system that would be based on Crypto currencies. 

i actually believe a lot of these "experts" are already involved with bitcoin and have a large stake in it. people like Warren Buffet don't get rich by being a fool and blind to potential huge profits and bitcoin has already proven to have a huge potential.
not to mention that many millionaires have been considering bitcoin as a safe haven where they can park their money safely and away from government's dirty hands.

[zeingrind777]

What I like most about bitcoin is that there is no central entity that regulates or controls Bitcoin. It does not have a central entity which means there is no entity that can expand the price of bitcoin or devalue by manipulating supply. With bitcoin, there is no risk in printing money by the government. The creation of bitcoin takes place at a stable level, its supply is limited to only 21 million units of Bitcoin. In addition, there is no single point of failure. If the US Government fails, it can have a detrimental effect on its currency. Bitcoin starts, and develops, without a central entity. This is a distributed network. If one part of the network fails or is offline, Bitcoin will still work.