Will Cryptocurrency change financial institutions completely?

[mrdeposit]

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

if indeed America will eliminate cash and unite globally it might be a good issue for crypto development, this is one of the popular things and this will pump crypto prices and lure investors to invest heavily because of this effect crypto prices will return up high.

Indeed the USA always wanted a strong dollar and they will never let any alternative currency replace their whole system. Cryptocurrencies have no chance in this competition and if such thing gonna to happen Euro and other worldwide currencies will willingly replace USA $.

[Kelvinikke]

Well i would not want to call it a total change but more of like an improvement upon the financial industry where we would be making transactions with the use of cryptocurrencies which are very fast and also charges very low transactions fees as compared to charges that we pay through banks.

[ljane]

It wont change it completely but then I think its technology will be used alongside or will be integrated with their activities to help bring more transparency and also security to them.

[iqlimasyadiqa]

Well i would not want to call it a total change but more of like an improvement upon the financial industry where we would be making transactions with the use of cryptocurrencies which are very fast and also charges very low transactions fees as compared to charges that we pay through banks.

Yes, we will all go towards improving financial conditions when we can apply digital currency in financial transactions that we do. Digital currencies provide enormous benefits to the world financial system, indeed this will not change everything in total. but I will all optimize gradually, with increasing levels of trust, digital currencies are projected as a major financial system in the future and fiat will still be used as a supporting financial system.

[Stac]

   If  cryptocurrency can change financial institutions completely it will be the inefficiency of the traditional finance systems even though most of the money flows globally daily through banks and financial institutions that have to employ several staffs to serve the customers so the traditional currency transactions may cost too  high and  more time since the process of transactions is carried with a third party interference .Cryptocurrency can change by solving these problems that occurs in traditional currency transaction since cryptocurrency is a decentralized and there is no need for a third party interference  and time can be saved and low cost since the transaction is carried by internet accepted globally ..

[Bijikopi]

Get rid of all the cash?
Probably sometime, but this is still a long way ... of course, this is not only our (user) goal  but also (probably even much more) governments, because cash still remains the most difficult way payment to track down...
However I think needs very long time and saying that I do not think about years but rather about decades ...

cash may be difficult to replace completely with crypto, it takes a variety of tools if you want all trades to use crypto. the best possibility is that cash is still used and crypto currencies can also be used. all currencies are used according to location and circumstances.

[nugezmils]

Well, that's a big question. But in my opinion, I think with time, these things are possible. Though it may take a while, but its a digital age now. And with the right infrastructure and management, cryptocurrwncy is the gateway to financial freedom. And will eventually change financial institution completely.

[megazero]

I say no it wont replace it completely i know alot of bank in New Zealand are closing down new zealand buy and sell crypto exchanges bank account to do business which make it a lot more harder as i know bank hates cryptocurrency. in saying that banks should embrace changes but i know they wont as they still want the monopoly over people money.  this is hard to say at this stage as crypto are still new.

[kaya11]

Maybe what he menans get ridding of is only the said countries on top. Since most counter parties like China N.korea are not into crypto currencies. Who knows maybe it can help ones country to grow even faster than the present if they use cyrpto for their trade and other businesses.

[superstarbtc]

As of today, cryptocurrency is attracting more and more financial institutions blockchain asset developing and implements and adoption is happening in financial institutions and even they are developing the crypto product

[teejayrichard2]

yes i believe so as financial institutions will have to make so much adjuctment in moving into the crypto world. Though I don't believe fiat will be completely stopped, financial instituitons will have to rearrange things so they serve two purposes at same time which is doing both fiat and crypto transactions. Well lets watch closely as events unfolds.

[jcarlo]

As of today, cryptocurrency is attracting more and more financial institutions blockchain asset developing and implements and adoption is happening in financial institutions and even they are developing the crypto product

Most big financial institution only adapting on blockchain technology but with old economic system. I think hard to change current economic system because banking bussiness is too big to replace and many interest involve in banking bussiness

[anodyne]

Well truly, the world of financial industry keeps on becoming into innovation that brings completely in a different level of modernization. Crypto currency have a high potential to make a better changes and a lot more interesting way of financial institution. I am looking forward how would our financial institution be look like in the future.

[Indrawan77]

I don't think any country is ready to get rid the cash completely, to get rid the cash the country's need to prepare the infrastructure and there will be need for the people to learn about the new process, it won't be so simple, and cashless doesn't mean they will embrace crypto

[Dilladupak]

I think I also trade crypto money, so for me, if I think about getting rid of cash, I don't believe it might work, so I think both are good currencies, cash and digital money.

[AjithBtc]

I think I also trade crypto money, so for me, if I think about getting rid of cash, I don't believe it might work, so I think both are good currencies, cash and digital money.

As mentioned it isn't that easy to get rid of cash. People were adopted to it, compared to the cash usage on the global scale cryptocurrency usage is very low. In future there might be some possibilities of it being get used by each and every people around the world knowing its importance. Same time such a growth doesn't assure of the decrease of cash usage.

[steveabrahams]

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

I'm not a blockchain developers but it's not that easy to completely get rid of cash especially on "third-world country" like in my country. Most of people here don't know what is bitcoin and what is cryptocurrency. I guess America, europe and japan first who will get rid of cash.

[catur_072]

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

uniting the global economy? and eliminate cash? if indeed that happens it is the progress made from the big countries, and it cannot be denied that many other developing countries will participate. You could say this is one form of change in the economy that was influenced by the digital era.

[bitbunnny]

Well I went to a NEO coin Developer Convention today and based off everything they were discussing it sounds like Europe, Asia, S. America and N. America are getting ready to completely get rid of cash and unite the entire global economy. Those of you blockchain developers what are your thoughts on this?

uniting the global economy? and eliminate cash? if indeed that happens it is the progress made from the big countries, and it cannot be denied that many other developing countries will participate. You could say this is one form of change in the economy that was influenced by the digital era.

This is not going to happen. Unite global economy and no cash, not a chance. At least not in our live time but in general I think that expecting so huge changes from cryptocurrencies is utopia. They are just not designed like that and global economy couldn't rely on them, such system would crash. I wouldn't say it's completely impossible but for that some major changes in technology of cryptocurrencies would be needed.

[lobster88]

Well honestly, it is not that easy to change the financial institution in a very short period of  time. Honestly, even a decade is still a short period of time to take and make change eventually the financial institution. We all know that we, people are all born and sees the financial industry with a fiat currencies as the medium. And so this brings up the existence of the crypto currencies resulting people to decide that it would be a better one for our financial institutions as making it a medium for our payments methods.