Say Goodbye to Banking as We Know It

[Silberman]

Does anyone here believe that Bitcoin will be replace the centralised mode of banking? I am damn sure Government and centralised business entities will not a low decentralized market to capture the finance field.
Plenty of news leagues from 2015 to now like they were adopting cryptocurrency mode of payment in their banking system but 95% of the people doesn't go with the major and top most cryptocurrency also so far.

They are never going to allow it and I am not sure that most people will want it either since it is obvious humans have an instinct to want some sort of centralization, however I really expect that during the next years and decades bitcoin becomes accepted in the same way that PayPal is accepted all over the Internet, if that were to happen it will be a huge step forward for bitcoin and for us, because if you wanted to avoid using fiat at all you could do so if you wanted.

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[sana54210]

Already trade war is going on between china and usa and it already affect many companies globally. Block chain now need of every country to make proper progress in the stable economy of the country.
If china get success to launch official coin it will bring boom in crypto world,We all know the population of china dominant globally and the users f it coin will be in large number.May be it affect the BTC but till BTC users will be double and the halving also completed.

This is i say days are coming and the traditional banking system must think for next step to survive in the market otherwise  will payoff more than they think.

There is 100% possibility that china might launch their own cryptocurrency in order to support their in-boundary transactions. Also once china does so, they would gain maximum attention from the entire globe and it would actually make a immense price growth in their specific coin. Their coin might even posses the ability to overtake bitcoins in few coming years because of their over-populated nation.

If china itself trades with their coin actively, they would have the highest trading volume. China might itself create a high demand for their coin which would affect in the huge price growth with the limited supply. It might also boost other cryptocurrencies like bitcoins but we can't really know what china might think. Perhaps china might try to ruin each other cryptocurency just to make their currency the most powerful one?

[Polar91]

Already trade war is going on between china and usa and it already affect many companies globally. Block chain now need of every country to make proper progress in the stable economy of the country.
If china get success to launch official coin it will bring boom in crypto world,We all know the population of china dominant globally and the users f it coin will be in large number.May be it affect the BTC but till BTC users will be double and the halving also completed.

This is i say days are coming and the traditional banking system must think for next step to survive in the market otherwise  will payoff more than they think.

Here's the thing, if China will probably have their own cryptocurrency and strictly for their people only and people around the world isn't buying it, the effect will just remain to their vicinity, leaving the outside countries unaffected to the progress and development of their financial economy. But, if this cryptocurrency will be open for the world and the worldwide market, then people around the world including us will benefit and might consider it better than bitcoin and that's how huge Chinese population could impact the market.

[blckhawk]

China has been always known as an economy-centric country, and with such technology, they had seen its advantages, though they made it centralized to combat decentralized anonymity that might be used in illegal activites. It's just like a digital version of their fiat, only using a specialized blockchain of their own, which as far as I know, is called Xuperchain, announced already by Baidu, they're own version of Google.

[Sanitough]

China has been always known as an economy-centric country, and with such technology, they had seen its advantages, though they made it centralized to combat decentralized anonymity that might be used in illegal activites. It's just like a digital version of their fiat, only using a specialized blockchain of their own, which as far as I know, is called Xuperchain, announced already by Baidu, they're own version of Google.

They only improve the system but decentralized is more accurate and trustworthy IMO, but we can't change that government always means centralized.
Well, good for China, hopefully they'll be able to launch that successfully and soon I am hoping they will also be positive in crypto regulation.

[ololajulo]

Now many states plan to issue their national stable coin, even the figure is called that there are already about 70 percent of such states and this, of course, will change the world banking system. Stable coins of the states, which are their digitized national currency, combine the capabilities of cryptocurrency and ordinary currency. From this, the banking system will only get stronger.
Stable coins of the states, and first of all, a stable coin of the Chinese government, can become a serious competitor to a decentralized cryptocurrency as a means of payment. The Chinese government does not seek to create a second bitcoin. They create a fully controlled blockchain-based currency. Therefore, the global financial system will definitely change.

Stable coin are likely to always thrive and it is not expected to be a difficult coin to get to market, we rarely see ICO or IEO for stable coin which indicate it always have financial backing. Most times the financial backing is lower than the publicized figure but have found them being tolerable if the amount is still close. Most Government going there this time may have no physical fund to back it or it may not be traced, will SEC verify china financial backing if they are not looking for trouble.

[BChydro]

China has been always known as an economy-centric country, and with such technology, they had seen its advantages, though they made it centralized to combat decentralized anonymity that might be used in illegal activites.

Decentralized does not mean anonymity, if you are connecting to a peer you are going to give out your IP details and the advantage of adding blockchain is that it cannot be rewritten or altered and the record will be there forever and if you are living in a country like China or any third world country then you need to worry if they are planning to implement blockchain technology as the government will have complete control over your finance.

[3la9l_kolbaCa]

Does anyone here believe that Bitcoin will be replace the centralised mode of banking? I am damn sure Government and centralised business entities will not a low decentralized market to capture the finance field.
Plenty of news leagues from 2015 to now like they were adopting cryptocurrency mode of payment in their banking system but 95% of the people doesn't go with the major and top most cryptocurrency also so far.

They are never going to allow it and I am not sure that most people will want it either since it is obvious humans have an instinct to want some sort of centralization, however I really expect that during the next years and decades bitcoin becomes accepted in the same way that PayPal is accepted all over the Internet, if that were to happen it will be a huge step forward for bitcoin and for us, because if you wanted to avoid using fiat at all you could do so if you wanted.

Digitalization of online transaction is one way of avoiding fiat encashment, in which diverting your physical payment towards the digital form of transactions can be done in virtual form. Banks since the traditional times, only capable of managing our assets in physical form. That's why they're only focused on fiat cash processing, and unlike with blockchain technology on bitcoin; those process will be eliminated once digital currency will be fully implemented on different parts of the world.

[darewaller]

China has always been a country with their own commodities. I would rather say China is the most developed country which tries to replicate any other commodity which the world announces. They have their own youtube, google, etc so why can't we expect them having their own bitcoin(bitcoin in-the-sense their own coin).

China has the most largest population in the world and any service or commodity they launches has their own users from their country. China is actually not in need of any other users from other respective nations and hence they keep on building their own products and use that individually. China might also improve their banking skills by launching cryptocurrencies in their banking systems. This might bring an revolution in the banking sector.

[Wexlike]

China has always been a country with their own commodities. I would rather say China is the most developed country which tries to replicate any other commodity which the world announces. They have their own youtube, google, etc so why can't we expect them having their own bitcoin(bitcoin in-the-sense their own coin).

China has the most largest population in the world and any service or commodity they launches has their own users from their country. China is actually not in need of any other users from other respective nations and hence they keep on building their own products and use that individually. China might also improve their banking skills by launching cryptocurrencies in their banking systems. This might bring an revolution in the banking sector.

China is a big pile of a closed community. It is fascinating how well they manage to close the gates of the internet when it comes to their borders. I'm going next month to travel and am already very curious how my regular western apps will function there.

They might start with their own "fiat" digital currency with some form of blockchain. But I almost don't believe it will be decentralized. No sane central bank would give away the power of control and money creation.

[carlzec]

Classic banking isn't going too well. Bitcoin and its derivatives push the limits of banking. Because not everyone has a bank account. Smart phones have entered our lives. Each phone can now be considered a bank. Banks will continue in smaller units. Banking is obliged to change.

[bdivrik]

The banking system has long emerged. In fact, Zigurats can be an example in historical ages. I don't think they're gonna disappear now. They will probably undergo a technological shift. I think classical banking will undergo change.

[Edraket31]

The banking system has long emerged. In fact, Zigurats can be an example in historical ages. I don't think they're gonna disappear now. They will probably undergo a technological shift. I think classical banking will undergo change.

For sure Banks will adapt the changes and will add crypto in their option, I don't think that banks will just disappear as we all know how they play in our economy, they are controlling our financial system and once they found out how many people and how much money in the crypto market for sure they will do something for it.

[drlukacs]

there will be many changes from the global banking system if PBoC succeeds with CBDC and DCEP. In general this will change the direction of using e-money technically even though it is in a centralized system. If in the end this type of currency is more advanced and transparent, and on the other hand there are no technical things done by the US and EU at the same level, then the world economic system is possible to change direction, and Asia will begin to unite its vision in one economic zone.

But this is really unlikely. This is all a proposal and is still in development. I find the future of this innovation very difficult as fiat money can now be exchanged for digital currency on your credit card and pay it very quickly. People are already familiar with this payment method and certainly don't need the cumbersome payment for new crypto. Besides, many people do not like holding coins because it is too unstable, so this plan I do not overestimate.

[Karmakid]

The banking system has long emerged. In fact, Zigurats can be an example in historical ages. I don't think they're gonna disappear now. They will probably undergo a technological shift. I think classical banking will undergo change.

For sure Banks will adapt the changes and will add crypto in their option, I don't think that banks will just disappear as we all know how they play in our economy, they are controlling our financial system and once they found out how many people and how much money in the crypto market for sure they will do something for it.

The banks are already moving and creating their action to the demand for cryptocurrencies or digital currencies. We can see from the news that they are creating their own cryptocurrency and implementing the blockchain technology. They don't want to get left behind and lose the game in the financial industry and in the next 5-10 years, all of the sectors in financial industry will be blockchain powered.

[Danne87]

The banking system has long emerged. In fact, Zigurats can be an example in historical ages. I don't think they're gonna disappear now. They will probably undergo a technological shift. I think classical banking will undergo change.

For sure Banks will adapt the changes and will add crypto in their option, I don't think that banks will just disappear as we all know how they play in our economy, they are controlling our financial system and once they found out how many people and how much money in the crypto market for sure they will do something for it.

The banks are already moving and creating their action to the demand for cryptocurrencies or digital currencies. We can see from the news that they are creating their own cryptocurrency and implementing the blockchain technology. They don't want to get left behind and lose the game in the financial industry and in the next 5-10 years, all of the sectors in financial industry will be blockchain powered.

and in fact, if large banks want to, then the value of their currencies will be much more reinforced than bitcoin.

[chaoscoinz]

Wow China seems to have the right idea, better to create it's own cryptocurrency than to have it's citizens steer off course and join Facebook's Libra project, that's if Libra ever gets off of the ground and is able to jump through all of those legal hurdles congress is throwing at it. I think it is smart to have a digital stable coin then a cryptocurrrency like Bitcoin whereas the volatility can be nightmarish with those violent swings it has sometimes.

[AicecreaME]

So we think that China, the government with the most oppression in the world which spys on its Citizens through the usage of a points system and biometrics on a daily basis, is going to lead the way on digital currency adoption? Hell no, that's bullshit.

China wants to use this to spy on their people even further. The ONLY current way that people are able to skirt the governments eye is by using cash, but you can't do that if the country forces you to use, then they're going to continue to spy on the people. They're going to push cash out of the economy because you can't spy on cash but you can SPY on digital cash.

If you are saying this because of the issue that is happening right now between China and Hongkong, then you should not worry. Even if the Chinese government will implement this just like what you have said, the Hongkong people will not be fazed because they do have their own Government, and they don't give a fuck about Chinese Government that is why they are opposing it for a long time.

However, for the people in China, I guess they wouldn't mind or won't even have doubts about it since they don't know that much when it comes to the government performing dirty little secrets even in fiat.

[Silberman]

Classic banking isn't going too well. Bitcoin and its derivatives push the limits of banking. Because not everyone has a bank account. Smart phones have entered our lives. Each phone can now be considered a bank. Banks will continue in smaller units. Banking is obliged to change.

Banks are already adapting, it is true that you can use your smart phone as your own bank, but are you using a banking application to do that? Then you're still using the bank, as this becomes more popular banks will find unnecessary to keep as many physical locations as they have now and they will reduce their costs that way, so make no mistake banks are going to remain competitive for a very long time and even if cryptocurrencies take over the world I'm sure that banks will continue to exist.

[sisule]

By the way how to make deposit and buy bitcoin with cash money without deposit by using bank, do you have other way look easy when you want transfer your cash money to bitcoin account and try to buy bitcoin with higher amount without use bank? I think bank look easy way how to want deposit our cash money and buy bitcoin, exactly when made withdrawing look easy with using bank.