Crypto Pay Could ‘Destroy the Financial System’

[Lucius]

At the moment i don't like to spend my btc, probably only after a pump but in a bear season I will never spend my crypto! Could be as stupid as the guy that spend his btc for 2 pizzas

I personally don't think it's stupid to use cryptocurrencies as a means of payment, BTC was originally intended for just that, but over time it turned into something else. I understand that most are in this game after all for profit, but I like to pay with BTC regardless of its value relative to fiat.

That guy is become legend, despite probably paying for the most expensive pizza in the world - but has shown people that BTC can be used effectively as a payment currency, not just as a store of value. I just feel good when I pay something with BTC because not everyone has the privilege of being their own bank

[Ucy]

Well, as long as people from the country are not penalized for using cryptocurrency in the right or moral way. The government can decide not to accept/promote cryptocurrency, but shouldn't stop people from using the good ones, even for "trading".    That'll be dangerous to "freedom to do what is right", I think.

I think governments should be more concerned about making sure citizens & others do what is right/good, and not restricting people's freedom to what is right.
You can't insist that people use something if that thing is bad for them.
 What if cryptocurrency/decentralized tech would help make societies better for everyone? Would it still be avoided?

The government could even have its own decentralized crypto developed and get people from around the world use it, if the currency is good. You can also use existing decentralized cryptocurrencies (& the new ones) in ways that it contribute alot to your economies.

[imstillthebest]

At the moment i don't like to spend my btc, probably only after a pump but in a bear season I will never spend my crypto! Could be as stupid as the guy that spend his btc for 2 pizzas

I personally don't think it's stupid to use cryptocurrencies as a means of payment, BTC was originally intended for just that, but over time it turned into something else. I understand that most are in this game after all for profit, but I like to pay with BTC regardless of its value relative to fiat.

That guy is become legend, despite probably paying for the most expensive pizza in the world - but has shown people that BTC can be used effectively as a payment currency, not just as a store of value. I just feel good when I pay something with BTC because not everyone has the privilege of being their own bank

it only becomes stupid if you bought btc for investment and then you willingly spend it when the price dumped hard because you just killed the sense of investing that way but if we started to buy a btc for purchase use or for pay we wont care on its price . i salute you and the pizza guy because you both are two of the few people that uses thier btc for paying or spending .  if not because of the pizzza guy , btc will struggle to gain value .

[DoublerHunter]

Russian Lawmaker: Crypto Pay Could ‘Destroy the Financial System’

^ Is Russia in recession at the moment? if, it is maybe they think that Investors would rather choose cryptocurrency. However, they might not consider legalizing crypto payments since Crypto asset has a bigger value than their fiat, and anytime can change a value, doubled or tripled only in a certain amount of time. they hold the power in their fiat "ruble" they can think a way on how to circulate the growth for check and balance Accounting Purposes.
Moreover, Russia is one of the biggest country and Cryptocurrency could be their greatest asset if they think about the positive side.

[Spaffin]

Russian Lawmaker: Crypto Pay Could ‘Destroy the Financial System’

^ Is Russia in recession at the moment? if, it is maybe they think that Investors would rather choose cryptocurrency. However, they might not consider legalizing crypto payments since Crypto asset has a bigger value than their fiat, and anytime can change a value, doubled or tripled only in a certain amount of time. they hold the power in their fiat "ruble" they can think a way on how to circulate the growth for check and balance Accounting Purposes.
Moreover, Russia is one of the biggest country and Cryptocurrency could be their greatest asset if they think about the positive side.

The legislative initiative of the Russian Federation is proceeding in such a way that it is very difficult to explain it, especially if we take examples of what is happening from other countries, then in Russia everything happens quite the opposite. Today, the Russian government does not intend to legalize cryptocurrency, and the only thing that can happen is a complete ban on cryptocurrency for use by citizens, but the government can fully use cryptocurrency for its own purposes. one of the main whole, not to allow cryptocurrency for citizens of russia, is to control the finances of their citizens, and to prevent the financial independence of people.

[verita1]

Russia's legislators are looking to protect their hard currency, the Ruble. This bill will know the response of the Russian community as of January 1st, 2021, which will come into effect. The law also aims to stimulate businesses to create their own digital assets (stablecoins).

But not as an additional means of payment to the ruble, the law is very limited. Although I think a good path is being created for the Russians
take advantage of technology to solve problems in their financial system.

[arwin100]

The question is why? digital payments is not new and cryptocurrency is new to the scene so by this I don't really think it could destroy the financial system since we already have a online payments and other things but still it didn't hurt the system. The crypto pay could make the life easier of the people since they will have so many options regarding on payments especially if they want to transact online.

[Lucius]

i salute you and the pizza guy because you both are two of the few people that uses thier btc for paying or spending .  if not because of the pizzza guy , btc will struggle to gain value .

One of the most important features that Bitcoin has is that anyone in the world can use it to pay for goods and services, no matter what country it is - and that no permission is required for this. The greater the application in everyday life, the more sellers will accept Bitcoin as a means of payment, which actually gives it increasing credibility and an incentive for others to say, "Why wouldn't I offer such a payment option?"

I am happy to have the opportunity to buy practically all electronic goods with BTC in my country, but that there is even a hair salon that accepts cryptocurrencies. I have always been convinced that BTC should be used as a means of payment, but also as a store of value - because if it becomes digital gold that will be traded by speculators, then what will be left for us small users?

[Salauddin1994]

Crypto pay can ‘destroy’ the financial system because it does not allow transactions everywhere. That is why many traders are financially disadvantaged. if crypto allows cash payments Crypto Pay Could will improve a lot financially. Many countries around the world do not legalize crypto so traders may be exploited in various ways for it not to be legally effective. I think as the demand for crypto increases, so will the speed of cash transactions.

[Harlot]

You should take note that there new law about holding crypto is about that alone only they are also planning to have a different law with regards to mining crypto as well as trading it in an exchange which they have said on a previous statement. This might just mean that they are really planning to have a less crypto friendly law when it comes to the crypto industry country. Even if it is something bad I still think this kind of adjustment from the Russian government to officially allow crypto in the country is a huge improvement and there is still a chance that these laws they will introduce will change overtime.

[el kaka22]

Obviously people who love the financial system and take advantage of it would say that crypto would destroy it, in reality crypto is not destroying anybody or anyone's money, it is actually making you richer by making sure that wealthy people could not bribe their way into making more money. When a dude has 1 billion and you have 100k, even if government prints out money they give you 600 dollars while giving him 10 million dollars, the more you have the more you get, in bitcoin things do not work that way and that is why wealthy and poor are all the same to blockchain.

This means people who are taking advantage of this current financial system will say that crypto will destroy the way we are right now, well there are so many people poor and starving, maybe the financial system should be destroyed all along?

[ampu]

Bitcoin should be seen as an asset and should not be paid for it will obscure the role and value of fiat money. Not to mention that the volatile bitcoin's exchange rate can be detrimental to both the owner and the buyer.
Every country has a central bank, and the government won't let crypto try to replace fiat money.

[davis196]

Was actually not surprised that the Russians are back at it again with their anti-crypto stance. They wanted to be as Ruble-centric as possible and do not want foreign or other currencies to be used by their people for better tracking and for stimulating the growth of their own currency. Honestly, crypto-payments amount to only a small percentage of their economy, and I do not see it as a threat on its own against the Ruble. In fact, this might even stimulate the playing ground on Russia and attract services and companies to start their own outlet in the Russian side of things.

The opinion of one guy doesn't mean that all the Russians are anti-crypto or pro-crypto.
However,I assume that most of the politicians and government clerks in Russia share the same opinions.
"Crypto is bad for the economy and financial system of Russia,but it might come handy for avoiding international sanctions".This means that cryptocurrencies will never be fully adopted in Russia,but all the government controlled Russian banks and companies might use cryptocurrencies to trade overseas(which isn't that bad).

[startselect]

I don't think so. The financial system has people behind them, and such people have a lot of power on dictating, manipulating things. Manipulating the average person. Crypto could be 1000x better, but that won't do it any good.

[erikoy]

I don't think so. The financial system has people behind them, and such people have a lot of power on dictating, manipulating things. Manipulating the average person. Crypto could be 1000x better, but that won't do it any good.

No, crypto may be useful in payments but I am pretty sure it could not destroy the financial system or the banking payment system. Banks had establish already and are way too secure but the disadvantage are those high transaction fees being deducted to every transactions especially if huge money were involve.

However, it is still best to make choices, either to use crypto pay or the financial.system that are establish and secured too.

[Kong Hey Pakboy]

I don't think so. The financial system has people behind them, and such people have a lot of power on dictating, manipulating things. Manipulating the average person. Crypto could be 1000x better, but that won't do it any good.

No, crypto may be useful in payments but I am pretty sure it could not destroy the financial system or the banking payment system. Banks had establish already and are way too secure but the disadvantage are those high transaction fees being deducted to every transactions especially if huge money were involve.

However, it is still best to make choices, either to use crypto pay or the financial.system that are establish and secured too.

Cryptocurrency is the best solution as an alternative financial system, so I don't know how crypto could destroy the financial system because it is more secure, fast, and low-cost fee. It also already proves that cryptocurrency doesn't get affected in any economic crisis, especially the Coronavirus crisis, that only stocks and banks have only suffered from it.

[audaciousbeing]

I actually see it as simply as expression of opinion and his reasons are valid except we all wanted to shy away from the truth. However, with the challenges around, it brings up the room for improvement and innovations which I believe its something that the country should be harnessing. Its even an insulting things that a country like Russia should be bother about this when they can mandate their world class engineers to find away to protect them and also harness the underlying advantage of the technology.

[wiss19]

Some countries are really confused when it comes to cryptocurrency. The next thing they will say that cryptocurrency is good and that they are not against it, before you know what’s happening again they have changed their mind and started saying something else. I just don’t get them , really.

Although right from time I have always had this thought that the government in some countries might be against cryptocurrency, since people will be using it to bypass a lot of things, and even banks in some ways will not be happy about it if they should notice a decrease in what they are getting in some areas, although we have not gotten to that yet. But I do hope that we fix things up.

[cryptoperkele]

...

Well it's a big country with lots of governement officials, there are bound to be different views on this. They will probably go back and forth with this few generations until they give up. Meanwhile bank in Russia backed a loan with an altcoin.

[FlightyPouch]

It can be a good point that many countries already legalized the BTC officially and there are some big economy based country also. There economy is running successfully and BTC doesn't hamper their existing economy. So, many countries whom has confused about their economy can follow those countries.

I don't know why Russia are stopping the usage of crypto currencies mainly bitcoin in their country. They might think that these can bypass their taxations and might evade as they can but they didn't know most of those people will just hold those and pay just in small amount. Atleast let some local exchanges to run for them to convert their btcs.