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Author Topic: Many big powers agains crypto  (Read 1048 times)
atjiat
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February 01, 2020, 12:35:10 PM
 #81

I am not surprised. If Bitcoin gets worldwide acceptability, then the role of the middlemen in the financial sector will come to an end. When I mean middlemen, I am talking about the bankers, hedge fund managers, and those who operate money transfer and remittance services. Now Bitcoin is a direct competitor to these people and it pose an existential threat for them. Who will pay 10% for remittance service, if the same can be done with a Bitcoin-based system with just 1% fee? Also, who will keep the money in a bank account, if Bitcoin allows you to create your own wallet and store the money all by yourself?
I completely agree with your words, where you express the possibility of ending the detrimental influence of intermediaries on the world economy and on the quality of services for users.  But I would also like to mention the fact that if Bitcoin is legalized and recognized worldwide as an international cryptocurrency, means of payment and a valuable digital asset, this will lead to the completion of the state’s monopoly on increasing the amount of paper money that provokes huge inflation.
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SquallLeonhart
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February 01, 2020, 01:33:24 PM
 #82

I am not surprised. If Bitcoin gets worldwide acceptability, then the role of the middlemen in the financial sector will come to an end. When I mean middlemen, I am talking about the bankers, hedge fund managers, and those who operate money transfer and remittance services. Now Bitcoin is a direct competitor to these people and it pose an existential threat for them. Who will pay 10% for remittance service, if the same can be done with a Bitcoin-based system with just 1% fee? Also, who will keep the money in a bank account, if Bitcoin allows you to create your own wallet and store the money all by yourself?
You just mentioned two of the benefits of bitcoins but in reality there are several such benefits which makes bitcoins stand a way further than the normal currencies or the middlemen who perform international transactions by charging excess fees.

The emergence of bitcoins might ruin their businesses which would always be a threat to them as well as the governments of various nations because the government too charges a lot of tax for such transactions which would be transacted for minimum charges with bitcoins. Bitcoins would unlock the next level of payments if ever they are considered to enter the mainstream monetary system.
darewaller
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February 02, 2020, 03:16:03 AM
 #83

These so called "big boys" would never ever affect the growth and circulation of bitcoins. They might just make sure they ban the usage of such currencies from their end but they could never try to ban bitcoins or any other cryptocurrency onto a greater extend.

Youtube has been always deleting several videos from some most reputable traders or crypto influencers which might have violated any of their policy because bitcoins or the cryptocurrencies are not yet legalized which makes them stand under the commodities which are not allowed to trade freely. Youtube might just be supporting their rules and regulations but yes, there might be a need for us to create a youtube clone just like china did so that we could find most useful stuff about the cryptocurrencies over there.
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