Crypto to trigger a global bank run?

[awik p]

Cryptocurrency can replace FIAT in the future, Crypto cannot fake and cannot create more. This restricts frauds using counterfeit money, and inflation will not happen in any country that uses Cryptocurrency as currency. But it still has many disadvantages so it should develop in the future.

I agree, by looking at the future, I think crypto is a proportional currency to use later. but indeed it happened after many governments sincerely used a decentralized system that contradicted the current system

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[wuvdoll]

Banks have their purposes. I know we here all hate banks and want to talk about how it is horrible that banks make money without producing anything and so forth but in the end banks do have their purposes as well. For example interests for people who have money is alright, because in the end not everyone would want to invest their money into a business or a real estate so they just collect interest.

Also, the loans for people who need it, it shouldn't be given to people who look like they can't pay but nowadays they are giving it to everyone and if they pay then it is okay if they can't bank just seizes their stuff, bank gets their moneys worth no matter what. So there are few other stuff as well like making the cash turn into debit card and so forth but they are abused, normally a bank could be something very decent.

[indrakusumaindra]

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

Well i believe bank are still essential instrument in our economy and many businesses are depends on it. I do agree that crypto seems to be a breakthrough for many case of economy but still i do think its still to early to say that we dont need bank, but who knows in future when so many fintech that developing many things i do think there is a chance that we dont need bank anymore.

[jonaire99]

Cryptocurrencies will not trigger a global bank run because cryptocurrencies are not widely used globally. Central banks or federal reserve has adopted some financial measures to avoid bank run in tge future. Banks are essesntial to any nation's economy and one of the growth factors. Both fiat and cryptocurrencies can coexist and help people and the merchants in their financial needs. Fiat can also converted into virtual currency if the government decides to make their own cryptocurency.

[_Django05_]

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

The crazy volatility of cryptocurrencies constitute one primary reason why they can never replace fiat currencies, but there are more pressing factors such as internet usage. Cryptocurrencies existence is mainly made possible by technology and the internet. With a device and access to the internet, almost anyone can get into the cryptocurrency game.

[sempak]

Cryptocurrency can replace FIAT in the future, Crypto cannot fake and cannot create more. This restricts frauds using counterfeit money, and inflation will not happen in any country that uses Cryptocurrency as currency. But it still has many disadvantages so it should develop in the future.

I agree, by looking at the future, I think crypto is a proportional currency to use later. but indeed it happened after many governments sincerely used a decentralized system that contradicted the current system

Isn't that also returning to the regulators of each government? whereas currently the government runs a centralized bank system. and the bank itself condemned the existence of decentralization or bitcoin. to be able to enter in these points requires time and permission that is not easy.

[1Referee]

The crazy volatility of cryptocurrencies constitute one primary reason why they can never replace fiat currencies,

Volatility is a short term concern. Most people don't use crypto for payments anyway, which is actually a good thing because it will allow Bitcoin to mature and become stable the bigger and more liquid it becomes.

In Venezuela people were better off buying Bitcoin at $20,000 and ride it down than hold their own fiat currency. Bitcoin despite its 85% correction from top to bottom still did better than their fiat currency.

but there are more pressing factors such as internet usage. Cryptocurrencies existence is mainly made possible by technology and the internet. With a device and access to the internet, almost anyone can get into the cryptocurrency game.

I'm not sure if you're up to date with the age of digital payments, but in most well developed countries people use their smartphones to pay for goods and services. In this case if your internet doesn't work, you can't spend the money you have in your bank account. Not much different from when you don't have internet and try to pay using crypto.

[Betwrong]

Crypto is a good alternative but will only remain as an alternative since the main money in this world will always be fiat.
There are people who believe on the possibility that crypto will replace fiat, but are we big enough to replace them or do we have the support from the government to make it happen, whether we like it or not, we are all under the control of the government.

Please notice that the acceleration of changes our world is undergoing currently is higher than ever today. I would agree with you if the world was going forward with the same pace as before, but this is not the case. Through the whole history of humankind there were no such period of time as the last 30 years when so many unpredictable things have happened. I mean the appearance of the Internet that is currently used by 3.2 billion people and the appearance of smartphones (currently used by 2.7 billion people). I bet in 10 years most of the governments will be so unlike the current ones, we can't even imagine. And there is a chance that those new governments  will be preferring crypto over fiat.

[fauzan Ichsan]

Cryptocurrency can replace FIAT in the future, Crypto cannot fake and cannot create more. This restricts frauds using counterfeit money, and inflation will not happen in any country that uses Cryptocurrency as currency. But it still has many disadvantages so it should develop in the future.

I agree, by looking at the future, I think crypto is a proportional currency to use later. but indeed it happened after many governments sincerely used a decentralized system that contradicted the current system

Isn't that also returning to the regulators of each government? whereas currently the government runs a centralized bank system. and the bank itself condemned the existence of decentralization or bitcoin. to be able to enter in these points requires time and permission that is not easy.

right, now I think it is still difficult to implement the global bank. the government does not want to lose control of the economic circulation. on the other hand changing the economic order will have a bad effect on countries that are not ready

[Botnake]

Crypto is a good alternative but will only remain as an alternative since the main money in this world will always be fiat.
There are people who believe on the possibility that crypto will replace fiat, but are we big enough to replace them or do we have the support from the government to make it happen, whether we like it or not, we are all under the control of the government.

Please notice that the acceleration of changes our world is undergoing currently is higher than ever today. I would agree with you if the world was going forward with the same pace as before, but this is not the case. Through the whole history of humankind there were no such period of time as the last 30 years when so many unpredictable things have happened. I mean the appearance of the Internet that is currently used by 3.2 billion people and the appearance of smartphones (currently used by 2.7 billion people). I bet in 10 years most of the governments will be so unlike the current ones, we can't even imagine. And there is a chance that those new governments  will be preferring crypto over fiat.

That was really ambitious though but I don't really think it's possible.
Maybe I need to educate myself more to see its possibility, we the government changes their laws and policy but one hindrance is their interest.
If ever maybe we will have a clean government which is close to impossible, we might enjoy a transparent currency like bitcoin.
Bitcoin is not scalable according to some, but we have a good solution to that which is the lightning network and that makes it good for adoption.

My only concern which is the government in general, they want control and their control will be eliminated or will reduce as fiat will be replace with crypto.

[guoyu78]

Banks have their purposes. I know we here all hate banks and want to talk about how it is horrible that banks make money without producing anything and so forth but in the end banks do have their purposes as well. For example interests for people who have money is alright, because in the end not everyone would want to invest their money into a business or a real estate so they just collect interest.

Also, the loans for people who need it, it shouldn't be given to people who look like they can't pay but nowadays they are giving it to everyone and if they pay then it is okay if they can't bank just seizes their stuff, bank gets their moneys worth no matter what. So there are few other stuff as well like making the cash turn into debit card and so forth but they are abused, normally a bank could be something very decent.

I guess you really came from a country that their government has the interest of their people at heart. In my own country, bank will not willingly give any interest on your savings, in fact no bank does that, the only time you receive an alert from your bank is when they are debiting your account from a charge you know nothing about.

For loan aspect, banks gives loan, but in the end, they are still the one that will collect the interest on the loan back from you after stressing you before releasing it. The cheapest interest you pay back on any loan you take from my bank is 21%, is it all business you do that will give you more than that interest at the end of the year? So my dear, you must appreciate your government banks for making things easier for you guys.

[Betwrong]

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My only concern which is the government in general, they want control and their control will be eliminated or will reduce as fiat will be replace with crypto.

Actually, it's we, people who are supposed to be in control of the government, and not the vice versa. I know it is still not the case in most countries, but, as I said, the world is changing rapidly nowadays.

It is obvious that Bitcoin can be a good currency. Maybe not for small purchases yet, we can use other currencies for that, but for transferring amounts over $1,000 abroad BTC is a very good tool. If governments don't accept Bitcoin only because it would be disadvantageous for them personally, then I guess they are wrong governments, and they will be replaced sooner than they think.

[smyslov]

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

I don't think that's going to happen, cryptocurrency is not meant to disrupt the banking system remember Cryptocurrency is internet based and the banking system has been here with us for hundreds of years, they are two worlds apart they can co-exist but not beating each other that will render each one void.

[HELLOFF]

I think that at the world level there will be a discussion of the value of cryptocurrency and the solution of all the problems of users of cryptocurrency.  This has already been stated in the news, as there are certain plans for the next G20 Summit, where not only the economist, the head of state will be present, but also the World Bank, the IMF and other global financial structures, where they will discuss cryptocurrency and real implementation in everyday life  person

[oseikuf44]

Crypto usage will have no strange impact on the banks. As crypto is in its own league and the bank is also in another dimension. Though both perform similar functions but in fact crypto deposit and withdrawals even have to realize on banks to make it successful.

[coin-investor]

Firstly, come down to the ground because you are currently sitting on an imaginary issue which doesn't exist!

Understand the below facts,

1. crypto is not a magic wand.
2. Crypto is not created to bring economic overhaul
3. Crypto doesn't have the power to become global currency
4. Cryptos are literally a piece of code

Now, lets look at the possibilities,

1. Virtual currencies will take over the world economy which will be created and circulated by the central banks
2. Banks will have to bring in major technological changes in their operating structure to cope up with the changes
3. World will never move to "one world one currency" regime
4. Banks will still control the economy
5. The parallel economy created by cryptos, will get merged with mainstream economy after banks and governments realize that it's impossible to stop them
6. Crypto enthusiasts will keep the revolutionary ideas in heart but continue to live in reality

Constructive criticisms are welcome!

Good point and I don't see them working against each other because they don't have the same nature, they can co-exist for the betterment of society, honestly, we need banks it's been an integral part of our system for hundreds of years and without it there will be disruption of services from government and private companies.

[Rune]

Confidence in banks is nowhere near low enough to cause a panic bank run and I dont think crypto is doing that much to educate people to cause it to drop more.
People learn these things themselves about how the banking system is doomed and they assume once any other person sees crypto will have the same experience.
The world will change overnight lol

[FanEagle]

We need take it step by step we can't rush it towards no banks world right away. It may take decades before we can go without banks but at least for the first time in history since banks were created we have that option now. It has been decades since humanity turned into full on banking system and we never really had an alternative option but thanks to bitcoin we have that.

Just because, we have an alternative option doesn't mean we will use that right away and stop with the banks and we will be
using banks for a long time but if we can manage to make crypto more adopted and can be used anywhere in the world then there will be people who opt for that (Myself included) but in order turn the world a no bank zone we need to wait A LOT more years.

[Ranly123]

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

What do you think about bank run? Does this mean people will lose trust on bank because of crypto? I think this will not happen because cryptocurrency needs Fiat money to have value. So in other words, to materialize crypto we need banks to make cash out of cryptocurrency.

[Xampeuu]

I think everyday trust toward to the money is rapidly depleted, and people will finally realised how ignorant and gullible they’re to just earn the IOU garbage fake money, do you think crypto will trigger the complete bank run? Or any other delusional store of value that we don’t know yet?

What do you think about bank run? Does this mean people will lose trust on bank because of crypto? I think this will not happen because cryptocurrency needs Fiat money to have value. So in other words, to materialize crypto we need banks to make cash out of cryptocurrency.

I agree. conventional banks will always be there. with the number of employees in it, it will certainly disrupt the economy of a country if it is eliminated. and especially developing countries will object to that