Big Bankers Say Cryptocurrencies Do Not Threat The Global Financial Stability

[deisik]

Crypto will not be able to threaten global economy and banks, because it doesn't have enough users. Bitcoin exists for 10 years and since the beginning people though that mass adoption is coming soon and the revolution will begin, but there's no signs of it coming. It's time to open your eyes and realize that crypto is a niche product that is not suitable for everyone and that majority of the population doesn't care about freedom or privacy.

I can't quite agree with the part that there's no sign of mass adoption coming

Obviously, whether Bitcoin is adopted and how much largely depends on your definition of adoption. If you mean it being used as a means of payment (such as going to a grocery store next block or to a Starbucks), then I would certainly agree with you. However, it doesn't look like it is where Bitcoin's mass adoption is coming from. Bitcoin is being expansively used as both a value transfer vehicle and store of value

Personally, I don't consider it a very good store of value if we take into account only this metric alone without considering other factors at play here. Everything is relative, and in some countries, the ones like Venezuela, with their runaway inflation, it is still better than nothing, given that the majority of population don't have access to such tools as gold or dollar (the use of the latter being strongly impeded by the government)

[romero121]

As in the title bitcoin as well cryptocurrencies never threat the financial stability, because compared to the traditional flow of fiat the cryptocurrency usage is much low in volume. Only thing that makes banking network fear is, wallets serving as our own banks and we doesn't need to depend on anyone to make use of our money. Looking this lot of users prefer cryptocurrency usage and the same has caused loss to several banks but the same hasn't affected the global financial stability.

[BeGoods]

As in the title bitcoin as well cryptocurrencies never threat the financial stability, because compared to the traditional flow of fiat the cryptocurrency usage is much low in volume. Only thing that makes banking network fear is, wallets serving as our own banks and we doesn't need to depend on anyone to make use of our money. Looking this lot of users prefer cryptocurrency usage and the same has caused loss to several banks but the same hasn't affected the global financial stability.

As long as the government is still the holder of power and fiat is regulated as the main currency. then there is nothing to worry about cryptocurrency itself. users will continue to use fiat. and crypto will only be an option. it will not disturb global financial stability.

[gabbie2010]

Bitcoin is not a threat to the bigger banks what about the smaller banks? we are aware that bitcoin can serve as a store of value a very important feature of course rather than banking their money as fiat a lot of people or investors will prefers keeping or hodling their coin in their respective secured wallets thus jeopardizing the efforts of smallers banks attracting depositors funds.

[Indrawan77]

If the crypto is not a threat then there will be no banning from the government, the feature of crypto ia very suitable for global and anonymous transaction and its faster that bank transaction, and if crypto being used by all people and no one used fiat then it could disrupt the country's cash flow, and can caused inflation, if a country really implemented the full crypto payment and the regulation about crypto is not clear then it could be dangerous

[awik p]

Bitcoin is not a threat to the bigger banks what about the smaller banks? we are aware that bitcoin can serve as a store of value a very important feature of course rather than banking their money as fiat a lot of people or investors will prefers keeping or hodling their coin in their respective secured wallets thus jeopardizing the efforts of smallers banks attracting depositors funds.

besides that it will certainly affect economic stability in a country, because with the existence of each bitcoiner's private bank, they will not need a bank. on the one hand the central bank is supporting the economy of a country, moreover there are many employees involved in it, so it is not wrong if as a threat, of course there must be a wise solution

[deisik]

If the crypto is not a threat then there will be no banning from the government

That's not necessarily so

It may not be a threat now, it may not even be a threat in the future, but it won't matter if they think and choose to act otherwise. For example, pot is not a danger to governments either but is it universally allowed? Obviously, not. If anything, it looks more like universally banned. You may not agree with the reasons why it is banned, but the same or similar reasons may be applied to cryptocurrencies as well

They may consider it too volatile or too scammy - and they would be right to a degree, let's admit it. So they will use this pretext and then ban crypto on the account that it is dangerous to common people and their money (read, they are going to receive less taxes), not the governments themselves

[congresowoman]

I agree. while there are some points to consider. Cryptocurrency, if used based on how it should be utilized, can be of great help especially in the world of financing and also services. It is just that the very nature of cryptocurrency is now being ransacked by some selfish individuals who likes to get hold of the money quick and in the maximal amount they can lay their hands on. this produces instability and high levels of volatility.

[Crypdon]

When pakistan starts to embrace crypto and their economy begins to compete with that of india they will change asap and fire the idiots who decided to block it in the first place. India has a big population, they should allow them to invest however they wish and provide jobs to the local people

[Renaldi blackspadeteam]

it seems like this won't happen. because I think Bitcoin and Banks in this world can walk together without reproaching each other, and everyone is free to choose to use bank or Bitcoin money, but for a long time it seems that bitcoin will excel compared to banks, because it can send overseas quickly and with a very low discount. but in my opinion banks and bitcoin have their own advantages and disadvantages.

[tippytoes]

it seems like this won't happen. because I think Bitcoin and Banks in this world can walk together without reproaching each other, and everyone is free to choose to use bank or Bitcoin money, but for a long time it seems that bitcoin will excel compared to banks, because it can send overseas quickly and with a very low discount. but in my opinion banks and bitcoin have their own advantages and disadvantages.

Yeah, they won't be treated as threat by banks because for all we know they are already planning to have their own digital currency as well. There are pros and cons on both sides and it is up to the user which one is appropriate to use according to his needs.

[marcbitcoins]

This is true in which not all banks are against Crypto currencies. Here in my country alone, our local exchanges are in partnership with our major banks in which we can use their withdrawal facilities every time we converted our Bitcoin to fiat. Our Central bank is also releasing guide lines on how to avoid scam ICOs therefore this shows that crypto currency really not a threat but partner towards prosperity.

[Bitfling]

it seems like this won't happen. because I think Bitcoin and Banks in this world can walk together without reproaching each other, and everyone is free to choose to use bank or Bitcoin money, but for a long time it seems that bitcoin will excel compared to banks, because it can send overseas quickly and with a very low discount. but in my opinion banks and bitcoin have their own advantages and disadvantages.

Yeah, they won't be treated as threat by banks because for all we know they are already planning to have their own digital currency as well. There are pros and cons on both sides and it is up to the user which one is appropriate to use according to his needs.

Bankers must be thinking crypto is not threat the global financial stability. Its because market cap cryptocurrency below not more than 1% wall street market cap. As long central banks exist, i think bankers will survive because government depend on banks to grow their economic

[Ayiranorea]

This is true in which not all banks are against Crypto currencies. Here in my country alone, our local exchanges are in partnership with our major banks in which we can use their withdrawal facilities every time we converted our Bitcoin to fiat. Our Central bank is also releasing guide lines on how to avoid scam ICOs therefore this shows that crypto currency really not a threat but partner towards prosperity.

That's good, in our country we haven't given access in such a way. Banks were asked to freeze the account of customers if it is used particularly for bitcoin and related needs. The cryptocurrency usage all around the world is very small in percentage when compared to the fiat usage. In this way however if the cryptocurrency market affect the economy it won't make a big impact, maybe it gets shattered a little.

[shoreno]

This is true in which not all banks are against Crypto currencies. Here in my country alone, our local exchanges are in partnership with our major banks in which we can use their withdrawal facilities every time we converted our Bitcoin to fiat. Our Central bank is also releasing guide lines on how to avoid scam ICOs therefore this shows that crypto currency really not a threat but partner towards prosperity.

That's good, in our country we haven't given access in such a way. Banks were asked to freeze the account of customers if it is used particularly for bitcoin and related needs. The cryptocurrency usage all around the world is very small in percentage when compared to the fiat usage. In this way however if the cryptocurrency market affect the economy it won't make a big impact, maybe it gets shattered a little.

What is the name of bank that freezing crypto account ?  Every country had several bank brands not just one  .  not all banks were against cryptos  .  there are fewer banks that fully suppoet cryptos .

Like for example here on our place ,  some brand of banks are now allowing crypto withdrawals and i heard recently that they will be planning to put up a btc powerd atm  aside from the traditional atm  . that is to give way for their regular crypto costumers .

[andriarto]

This is true in which not all banks are against Crypto currencies. Here in my country alone, our local exchanges are in partnership with our major banks in which we can use their withdrawal facilities every time we converted our Bitcoin to fiat. Our Central bank is also releasing guide lines on how to avoid scam ICOs therefore this shows that crypto currency really not a threat but partner towards prosperity.

That's good, in our country we haven't given access in such a way. Banks were asked to freeze the account of customers if it is used particularly for bitcoin and related needs. The cryptocurrency usage all around the world is very small in percentage when compared to the fiat usage. In this way however if the cryptocurrency market affect the economy it won't make a big impact, maybe it gets shattered a little.

What is the name of bank that freezing crypto account ?  Every country had several bank brands not just one  .  not all banks were against cryptos  .  there are fewer banks that fully suppoet cryptos .

Like for example here on our place ,  some brand of banks are now allowing crypto withdrawals and i heard recently that they will be planning to put up a btc powerd atm  aside from the traditional atm  . that is to give way for their regular crypto costumers .

indeed it depends on the territory of each country. In my country, there is not even a bank that has received crypto, because the government has not allowed it. but for the blockchain, it has begun to be accepted. so I think that depends on the policies of each country

[deisik]

This is true in which not all banks are against Crypto currencies. Here in my country alone, our local exchanges are in partnership with our major banks in which we can use their withdrawal facilities every time we converted our Bitcoin to fiat. Our Central bank is also releasing guide lines on how to avoid scam ICOs therefore this shows that crypto currency really not a threat but partner towards prosperity.

That's good, in our country we haven't given access in such a way. Banks were asked to freeze the account of customers if it is used particularly for bitcoin and related needs. The cryptocurrency usage all around the world is very small in percentage when compared to the fiat usage. In this way however if the cryptocurrency market affect the economy it won't make a big impact, maybe it gets shattered a little.

What is the name of bank that freezing crypto account ?  Every country had several bank brands not just one  .  not all banks were against cryptos.  there are fewer banks that fully suppoet cryptos

I guess you should first ask what these cryptoaccounts really are?

As far as I know, nowhere in the world real banks allow their customers to open cryptoaccounts. Most likely, by these people mean regular accounts where money from operations with crypto is received. And in that case banks can freeze accounts as these sources of income may be considered illegal in a certain jurisdiction

But it is definitely not about some banks allowing these things while others prohibiting as the rules are the same for all banks in the same jurisdiction. Of course, you can successfully disguise your income as something innocent. In that case you won't be caught and your account frozen. But that would be the bank's fault

[marcelocoin]

in fact it can be affected briefly, since the standard methods of world banks will not change in a short time, only people with knowledge and confidence in the blockchain will do it!

[Reid]

It aint a threat but more of a helper.
Why would they even think like that in the first place?
Are they really being threatened by it? Is something changing in the financial stability or are there big losses by now?
If it does then it might be another reason.
Or if it is the crypto world which is the reason then maybe they should change their approach to investing or banking.
They may want to upgrade something.

[creeps]

it seems like this won't happen. because I think Bitcoin and Banks in this world can walk together without reproaching each other, and everyone is free to choose to use bank or Bitcoin money, but for a long time it seems that bitcoin will excel compared to banks, because it can send overseas quickly and with a very low discount. but in my opinion banks and bitcoin have their own advantages and disadvantages.

They can work together but banks refusing to do so. I know they will adopt blockchain technology later, but yes bitcoin is still better for many reasons. People have to choose well, be wise since we know that banks are taking advance with our money for so many years and they will continue to do it if we continue to believe on their poor system.