Will Cryptocurrency change financial institutions completely?

[GarSaPro420]

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?

[1714920693]

1714920693

[1714920693]

1714920693

[1714920693]

1714920693

[1714920693]

1714920693

[cryptovigi]

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 ...

[joniboini]

The global economy is already united imo, and getting rid of cash means they will remove their control of money in the market. It sounds too good to be true because at this moment bank control/government control on the number of circulating fiat money is essential for their monetary policy.

I'm not sure the discussion is based on fact. What I heard from media, most of the time is that there are more countries which make or prepare regulation or adoption for blockchain + cryptocurrency, but not entirely remove their fiat system. So both fiat & crypto will stay, run hand in hand and who knows what will this bring.

[franky1]

The global economy is already united imo, and getting rid of cash means they will remove their control of money in the market.

no,
it means getting rid of PAPER cash. thus everything is electronic and locked in custodian(banks) managed by the same financial industry.
banks and governments wont give up control.
just look at how they treat exchanges. you can google it and find LOADS of examples where exchanges KYC and report users. and some who go over certain thresholds are told that a service(withdrawal) cant be offered unless KYC/extra data is provided as required by a higher threshold.

something not needed when storing and handling PAPER cash.

what will change is the lack of need of a walk-in bank branch. and instead payments and exchanges can b done online or via ATMS.
banks save on alot of physical costs:
less rents/transport/maintenance

banks save on staffing costs:
less security personnel, auditors, IT staff, cleaners, supervisees

but in the end average joe who just about knows hw to use a debit card would not notice much difference in spending experience wither its old fiat on card or new bank managed crypto

[BlackPanda]

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?

That is progress. we are all in the phase of developing digital currency so that it will gradually until someday completely eliminate the currency. Technological advancements have driven our lives to become much faster and also flexible so that we make a digital currency and blockchain technology that can help the financial system become much better.

[Baofeng]

I'm not a blockchain developer but I would say that its highly unlikely that we can get rid of cash just like that. Remember that banking institutions are one of the pillars of a country, so getting rid of them would somewhat collapse any nation, in my opinion. I'm sure there are advanced countries experimenting on being a cashless society but it doesn't mean that other nations will follow and make cash obsolete.

[pooya87]

that's one of the biggest problems with these altcoin gatherings. they focus on advertising their tokens to get more pumps out of it and to do that they sometimes end up exaggerating everything that comes out of their mouths.
in this case "getting rid of cash" which is not going to happen, specially with some token that nobody even uses and more importantly a token that is for smart contracts not a currency so it can't do anything to cash which is currency.

[CryptoBry]

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 ...

It is always easy to convince people that changes are coming fast but actually what is happening on the ground can be different. The massive adoption for cryptocurrency is still to come and this can't happen within just years or even just a decade...as we are actually dealing here with real people and not machines that can be easily program. There are many places in this world where cash is always the prime way of exchange so I guess we should be looking at the accelerate use of non-cash based transactions but not expect that cash can totally be eliminated. When credit cards became so popular in the 80s and 90s people were predicting that we are going to become the cashless society...well credit and debit cards are so popular today but so does fiat money. I am then seeing a world where people can have many choices they can opt according to different situations and locations.

[SiDtHeBeSt]

Where difficult to predict whether Bitcoin can change financial institutions or not because as of yet bitcoin hasn't changed any financial institutions majorly as of such in so many years of its existence even when bitcoin values were somehwe 19k and had good market value it didn't turn out to be that influential on financial institutions majorly so as of now with cureent market I don't think bitcoin would change any financial institutions.

[avikz]

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?

Getting rid of cash - Yes it is an imminent future!

Decentralized Cryptos to replace cash - Daydreaming!

When you say, getting rid of cash, what do you exactly mean? The way digital economy is moving forward, I am sure Banks and governments will start issuing digital currencies very soon! But those digital currencies will be strictly the digital form of the existing fiat currencies and certainly not bitcoin or any other cryptos. So we will probably see Digital Dollars and Digital Euros circulating in the market. But we won't see NEO/bitcoin to replace them! These are two different thing!

[Lagonda]

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...

I don't think "get rid of all the cash" is a long way to go. Using QR, China successfully built its own cashless society[/url] with 1/7 of the world's population: https://www.bloomberg.com/news/videos/2018-08-23/china-s-cashless-society-video

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?

Utilizing blockchain to carry out cashless transactions is highly possible but that would be digitized banking with USD-backed or GBP-backed cryptocurrency instead of BTC, ETH or NEO. It's very difficult to reach something we call "decentralized".

[Dexion]

I think that is a discussion that will have a positive effect on the crypto world. but the negative impact of this plan is for some primitive people. they will be difficult to adapt to a decentralized system. so. in my opinion classic transactions must also be maintained to serve primitive people.

[naufals4]

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?

yes blockchain is the best technology for saving money or transaction. By Get rid of cash and unite the entire global economy. i think it's a good idea because with blockchain your identity will be safe and can keep track about your transaction

[HODL2090]

No government is planning on getting rid of cash, nor is that a practical suggestion at the time.
A global currency would emerge and grow slowly over the next century not at an instant.
Both fiat and bitcoin can coexist for a while together as financial tools.

[n0ne]

Cryptocurrency will serve as an alternate to the traditional fiat. As of now financial institutions have begun to adopt the blockchain technology, but this will enlighten the future growth of blockchain technology and the same won't make the cryptocurrency network go mainstream. However financial institutions will focus on centralized crypto development. This will let the decentralized network flourish big.

[Bitinity]

Completely? Nope it wont happen till the end of this world. At least it wont happen globally, perhaps some countries may burn all their paper cash and change it with digital money in the future but it wont apply for all countries in this world. Regulation and economical condition are some of the reasons why it wont happen globally.

[mrdeposit]

In my opinion it has this power. Its acceptance will cause us to easily monitor what everyone is doing. Even the states will have a wallet like you, so you can see how much they spend or gain. In addition, limited supply will go against by additional money production.

[plvbob0070]

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 you mean completely getting rid of cash and adopting digital currency, it's a great development yet I don't think it'll be as easy as it is since not everyone are that good when it comes to technology. And it will be also hard to replace traditional currency since most people were already used to this type of currency.
The government will probably be strict when applying digital currency and it might be hard for bitcoin since of course, the government wants it to be centralized.

[Wasimalik]

Crypto currency has the potential to the entire financial system comfortably all it needs is a general adoption and all sectors will have crypto currency integrated in their day to day activities

Cryptocurrency can not solve all financial institutions let down completely.
Cryptocurrency would definitely be a major player in the financial sector in the coming years

I must agree with your opinion that for now cryptocurrenices can't solve all financial problems but yeah these can be major players for sure.

[Teawhalee]

Even though am not a developer but I am a crypto user and lover. I believe one day the world will be united with cryptocurrency but this won't mean the traditional financial institutions won't function again. Its just going to die down slowly as the worldwide adoption of crptocurrency increases. Financial institutions might are already bothered now about cryptocurrency which is why many don't want it to survive because they know its going to change things and they will be forced to make changes in the trending direction which will be difficult for them.