Do you really think crypto stand a chance agaisnt the financial system

[odukoyaewatomi27]

Let's face the truth, it is only in theory that cryptocurrency is a threat to banks/financial system. In reality, the banking/financial system is so big that crypto's threat is not significant at all. Majority of cryptocurrency investors are not really interested in crypto replacing the traditional financial system, they are just interested in it creating enough hype for more people to get in so their investment can skyrocket.
Think of it, if crypto was really a huge threat, don't you think we would have enough regulation by now?? what is you opinion??

[NeuroticFish]

what is you opinion??

Most probably crypto will not replace traditional financial system, or at least not in our lifetime.
But it doesn't matter. Financial system is forced to evolve to something better because of crypto and that's already one step forward.
Then crypto starts being accepted more and more widely by this traditional system, hence they'll coexist and people will be able to choose whichever suits them best (and use any of them just as easy).

[tycsols]

Crypto is already a globally recognized thing and in most countries that have came up with crypto rules and regulations it is termed as digital asset which just adds to the value.
I do not know you are following all the right news or not but crypto is already regulated by law in many countries and a large number of countries are working to come up with regulations about crypto. I think in couple of years time crypto will be fully regulated worldwide and it will be mainstream and mass adopted.

[jossiel]

You've got points with what you've said.

But it isn't only about the hype. There's real-money flowing in crypto and the banks can't even ignore it. In terms of investment, the risk is much better taking in crypto. The talks about kicking the financial system were years ago until we start to see the institutions started to adopt it as well and a lot of changes happened and in favor of us.

It's a threat somehow that their customers will be withdrawing their money and having it in crypto as we're also our own bank. But what I see is they will eventually join.

[kingzpro]

Let's face the truth, it is only in theory that cryptocurrency is a threat to banks/financial system. In reality, the banking/financial system is so big that crypto's threat is not significant at all. Majority of cryptocurrency investors are not really interested in crypto replacing the traditional financial system, they are just interested in it creating enough hype for more people to get in so their investment can skyrocket.
Think of it, if crypto was really a huge threat, don't you think we would have enough regulation by now?? what is you opinion??

Traditional financial system is already too old and exploiter of the common man that it needed alternatives or competitors and i think crypto will soon grow big especially after worldwide compliance and regulation you will see crypto competing with traditional business and financial sector.

[Dragonfund]

It shouldn't be against the financial system but working together as we already see it's working

I often hear people say cryptocurrency especially bitcoin will replace bank but that's absolute.
I can't really say about altcoins in general but Bitcoin was never intentionally built to replace bank and it's not even feasible when you think bank will cease to exist because we want bitcoin.
Banks will operate on their and cryptocurrency is king on their lane, and will work together now and in the future, PayPal is one of the examples and the traction is about to explode in few years.
Imagine if Amazon integrate cryptocurrency as Payment on their platform, that will be a combo for all cryptocurrency investors.

[optimisticcm]

Let's face the truth, it is only in theory that cryptocurrency is a threat to banks/financial system. In reality, the banking/financial system is so big that crypto's threat is not significant at all. Majority of cryptocurrency investors are not really interested in crypto replacing the traditional financial system, they are just interested in it creating enough hype for more people to get in so their investment can skyrocket.
Think of it, if crypto was really a huge threat, don't you think we would have enough regulation by now?? what is you opinion??

Why cannot you find so many solutions that the crypto is providing, huge infrastructure comprising of coding, smart contracts and programming is being developed that will effectively deliver dozens of products like defi, AI, IOT, automation, banking and whole lot of innovation that will give direction to future digitalization drive as well.

[asriloni]

Crypto can't go even bigger if there's no help from the financial system to make the money will be able to enter the market. both must have worked together. In fact even if crypto already considered as a candidate to replace the traditional banking system and it still needs it to get the demand especially from the institutional investors.
Crypto has a chance against the financial system but it will never replace it. Crypto and traditional banking system could do a symbiosis mutualism.

Both need to be exist in the market.

[Psynthax]

Quite the opposite of being a financial threat against the banks but right now cryptocurrency is considered as form of investment. Heck, even most of crypto users are also bank users that when they cash out they save up their money in banks.
So, I doubt that crypto really gonna be a threat for the bank even in the future, crypto and bank right now coexisting each other and gonna be like that for many years to come.

[pixie85]

Crypto is not there to remove fiat. It's to give people an alternative they never had.

Now you either use government money to trade or barter. There are no other currencies just one per country. It would have been fine if governments were not controling it, spying on you, deciding what you can and can't buy. Because of this we need some form of money that cannot be taken from us at the airport because the government decides that you can only take 10 thousand dollars with you in cash.

[target]

We are seeing collaboration from financial systems already like paypal getting involved in crypto. They were probably regretting not doing it as early as possible. Despite how their previous CEO spread negative things about BTC. Institutional Investors are also joining the wagon after Grayscale and MicroStrategy.

If it has to go against the financial system, it might just beat the old one but then I don't fiat to disappear anytime.

[Fakhrulenclix]

The banking/financial system is so big, Yes we can't deny the truth of this, because so big the banking system is easy to control our life, right??
I agree that crypto's threat is not significant at all can't win against the banking system but in cryptocurrency, we control our life, our money. For me this about freedom not about against

[samcrypto]

It shouldn't be against the financial system but working together as we already see it's working

This is what I see right now but for the government, cryptocurrency is a big threat for them so I don’t think if cryptocurrency can really work and help our financial system. We already heard many good projects that is working with the big private companies, blockchain make it possible and hopefully our financial system will also be open for this one and finally adopt cryptocurrency soon.

[Adreman23]

So far the traditional finacial system is too big so crypto is not a threat. This battle was like David and Goliath. But time will come people will start hating the bank/financial system, Our eyes will open to the fact that while we work hard to earn cash, the rich(goverment) are creating unlimited cash.  Whether we accept it or not crypto is the future currency because people want transparency and equality.

[poodle63]

So far the traditional finacial system is too big so crypto is not a threat. This battle was like David and Goliath. But time will come people will start hating the bank/financial system, Our eyes will open to the fact that while we work hard to earn cash, the rich(goverment) are creating unlimited cash.  Whether we accept it or not crypto is the future currency because people want transparency and equality.

Crypto needs a traditional financial system. it sounds very strange to say if crypto will be a threat for a traditional financial system just because it's decentralized by build in the blockchain system.
Im not sure people will be also hating the centralized financial system consider they able to join in the crypto by using the traditional financial system to deposit their money to be able to trade in crypto.
Both systems are equally but the only difference on the what kind of system is used to create a tx like blockchain and consensus.

[uray]

Let's face the truth, it is only in theory that cryptocurrency is a threat to banks/financial system.

Right now the fact is that cryptocurrency is not a treat to traditional banking system but it is a new concept that could be implemented by everyone. The cryptocurrency market is at best an alternative to the traditional banking system but the most attractive part is that it is decentralized and can be traded globally without any government interventions or policies.

[erikoy]

Yes, actually it did already for some establishment are already adapting to it making bitcoin as their reserve money from their company. Not a bad Idea though because that money is good for a long term hold and that can beat the inflation rate that fiat currency is vulnerable of getting hit with inflation rate. This is one of the best way to save money in my opinion and even myself had started to accumulate savings by earning few coins and store it for a while.

[southerngentuk]

I see this problem being talked about more because each country will have its own level of economic development and the access to technology of other countries is also different, not everywhere there is technology finance. The full way to use it all, the problem is that we will need time to make the process of accepting and using cryptocurrencies simpler.

[Twinkledoe]

Let's face the truth, it is only in theory that cryptocurrency is a threat to banks/financial system.

Right now the fact is that cryptocurrency is not a treat to traditional banking system but it is a new concept that could be implemented by everyone. The cryptocurrency market is at best an alternative to the traditional banking system but the most attractive part is that it is decentralized and can be traded globally without any government interventions or policies.

Not by any means a threat because it only covers a very small population and that population are still tied to their own banking platforms. Crypto right now is just an alternative means of payment or investment options but not their major financial option. But I can tell those crypto users are enjoying the benefits of what crypto is offering to them. And in the coming years, we will see more adoption among users and merchants.

[Psynthax]

I think it still stands a chance against our traditional financial system just if any cryptocurrency could only take some portion of the world that's gonna use crypto instead of our traditional financial system.
Not everyone willingly to switching from something they used to a new system like crypto or the whole blockchain so only minor of them gonna do the switch.