Cryptocurrency: The Future of Finance in a New World Order?

[Ozero]

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

Agreed specially now that the printing spree is making inflation great. I believe it might takes time to be fully implemented but I can see a bright future for it. A future where fiat isn't a thing anymore and all transactions are being done through phones. Where banks isn't popular anymore and DeFi replaced it.

I do not yet see the technical and organizational possibility to switch from physical to digital currency. In order for this to happen, it is necessary to have a high level of citizens' income. Therefore, this path is not for economically weak states. In addition, in any state there are groups of people who do not want to switch to digital currency for various reasons. This is a long process because finances don't like rushing.

[Semar Mesem]

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

Agreed specially now that the printing spree is making inflation great. I believe it might takes time to be fully implemented but I can see a bright future for it. A future where fiat isn't a thing anymore and all transactions are being done through phones. Where banks isn't popular anymore and DeFi replaced it.

Our hope is to be able to control assets without having to rely on third parties and have to wait for the process, as is the case in banks today to open or close an account it takes time and money, the presence of a bitcoin wallet or cryptocurrencies is the most appropriate answer to eliminate dependence on banks and high cost.

[imstillthebest]

the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era.

helpless ? no way but governments are powerful than cryptos and infact they always plan to control or regulate cryptocrrencies and for the banks , not all banks are joining here but covid surely helped a lot to push the adoption of cryptocurrencies .
this  can continue to grow but i am not sure if cryptos will rule both government and bankking system but even if it doesnt , that still not a bad achievement for cryptos .

[goldade]

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

It is actually that with the trend of things that the world is moving towards the point of financial digitisation. Eventually, we'll get to that point when money would no longer be physical and we would no longer need the banks.
However, you should know that this will not happen anytime soon. Bitcoin and cryptocurrencies at large still have a long way to go in making this happen. We still have to deal with the problem of total adoption in the mainstream world and the problem of high translation fees before this can be effective.

[anti-dot]

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

It is actually that with the trend of things that the world is moving towards the point of financial digitisation. Eventually, we'll get to that point when money would no longer be physical and we would no longer need the banks.
However, you should know that this will not happen anytime soon. Bitcoin and cryptocurrencies at large still have a long way to go in making this happen. We still have to deal with the problem of total adoption in the mainstream world and the problem of high translation fees before this can be effective.

You will definitely need banks because they are not only acting as financial intermediaries but also as law enforcement and regulatory intermediaries. The governments want banks even in times of digital money to collect data about transactions and the people involved in order to have a reasonable chance to fight money laundering and tax evasion. Without banks there would be no single institution as of now that could be able to handle the financial traffic of a country with both domestic and foreign transactions.

[Caldear]

Money will be removed and replaced with a digital currency system.

Fiat currency will not be replaced by encrypted currency, and the national government will launch its own digital currency.
Although cryptocurrency brings a lot of value benefits and freedom to people, its decentralization makes it impossible for the government to control it, and the use of cryptocurrency is detrimental to their own interests. And the price of cryptocurrency is unstable, and it is not yet fully applicable to daily transactions. Its anonymity is also not conducive to tracking the scope of transaction use, and it is easy to be used as a criminal method. Some countries also ban the use of bitcoin.

[Rahman11]

Definitely it’s not short time process for replacing traditional money to cryptocurrency, here below is a great article about this topics.
https://www.worldfinance.com/markets/cryptocurrencies-a-new-financial-world-order

[Kiley33]

OP,you sound way too dramatic.
The global financial system will change,but the changes will come slowly and in a more evolutionary way,rather than creating a "financial revolution" that will destroy traditional banking and finance.
The pandemic changed the financial landscape a little bit,but there's nothing groundbreaking.
The fiat system will continue to exist in the future decades.CBDCs might become a thing or they might be a failure.Nobody knows what will happen.
Cashless society will become the norm after several decades.

May reduce the frequency of using cash.
There are still many blind people. Will there be a technology to help them pay?
When a few decades later, mobile phones have become a necessity. Everyone knows how to use a mobile phone. Mobile payment will become a trend. Cryptocurrency may become more and more popular.
But there will still be paper money.

[Kimonoe]

OP,you sound way too dramatic.
The global financial system will change,but the changes will come slowly and in a more evolutionary way,rather than creating a "financial revolution" that will destroy traditional banking and finance.
The pandemic changed the financial landscape a little bit,but there's nothing groundbreaking.
The fiat system will continue to exist in the future decades.CBDCs might become a thing or they might be a failure.Nobody knows what will happen.
Cashless society will become the norm after several decades.

May reduce the frequency of using cash.
There are still many blind people. Will there be a technology to help them pay?
When a few decades later, mobile phones have become a necessity. Everyone knows how to use a mobile phone. Mobile payment will become a trend. Cryptocurrency may become more and more popular.
But there will still be paper money.

nowadays blind people can operate computers let alone android phones. so I think this will be solved later, when digital payments have become a habit. Of course this requires a journey or process, from the internet network, cellphone needs, to other problems. I think one by one the problem will have a solution later

[Wong Gendheng]

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

Agreed specially now that the printing spree is making inflation great. I believe it might takes time to be fully implemented but I can see a bright future for it. A future where fiat isn't a thing anymore and all transactions are being done through phones. Where banks isn't popular anymore and DeFi replaced it.

Our hope is of course that crypto users will continue to increase, it doesn't matter even if the country is banned for bitcoin but with large users, this is like a community agreement and can pressure the government to immediately legalize bitcoin.

[Kong Hey Pakboy]

If they still hold the old opinion that BTC is an unreliable currency, why don't they think that their money has become old and boring, cryptocurrency is the future of finance in the future?.

They don't think that way with fiat and they have that kind of opinion against cryptocurrency because they don't have interest that will benefit if they support cryptocurrency, and they can't control cryptocurrency like they control fiat so why would they relinquish that power.

[Samandra]

The traditional financial economy needs to adapt to the ever-changing trends under the digital form.
Replacing traditional financial currencies is not the purpose of cryptocurrency, but to introduce a new technology like blockchain into it, this may take a long time.
Cryptocurrency has brought a lot of freedom and convenience to people, and it may involve more fields in the future.

[Abiky]

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

Sadly, governments and central banks will have greater control over people's lives as they make use of crypto/Blockchain tech for their own benefit. The advent of Bitcoin has encouraged banks to launch digital currencies of their own. Without paper money, governments can easily track and trace every transaction performed by everyday people. This means greater surveillance, and the end of the "privacy era". COVID-19 has accelerated the adoption of digital payments, making us one step closer towards a "New World Order".

The longer it takes to end the pandemic, the closer we'll be towards a cashless society. Our economy will never look the same as it was before COVID-19. Crypto will survive because of its decentralized and censorship-resistant design. But adoption will decline as governments prevent people from using it as much as possible. We should enjoy our privacy while it lasts before it's too late. Who knows how the world will look like in the future? Just my opinion

[AndySt]

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

Sadly, governments and central banks will have greater control over people's lives as they make use of crypto/Blockchain tech for their own benefit. The advent of Bitcoin has encouraged banks to launch digital currencies of their own. Without paper money, governments can easily track and trace every transaction performed by everyday people. This means greater surveillance, and the end of the "privacy era". COVID-19 has accelerated the adoption of digital payments, making us one step closer towards a "New World Order".
The longer it takes to end the pandemic, the closer we'll be towards a cashless society. Our economy will never look the same as it was before COVID-19. Crypto will survive because of its decentralized and censorship-resistant design. But adoption will decline as governments prevent people from using it as much as possible. We should enjoy our privacy while it lasts before it's too late. Who knows how the world will look like in the future? Just my opinion

Yes, unfortunately, such a view of the near future is close to the truth and has every right to be fulfilled. These are the costs of the emerging high-tech society, and for some time people will really have to live under the pressure of increasing state control. Let's hope that this will not last long enough and humanity will develop its own mechanisms to resist the emerging total control and even some form of digital slavery. No matter what good intentions and wishes are given by interested parties, but still every person should have elementary rights, including to privacy. Therefore, the digital future is not so blissful and some things will have to be fought for in order not to be buried by this future. The most important thing is that all this should take place in civilized forms both on the part of the state and on the part of ordinary citizens.

[CaVO32]

The traditional financial economy needs to adapt to the ever-changing trends under the digital form.
Replacing traditional financial currencies is not the purpose of cryptocurrency, but to introduce a new technology like blockchain into it, this may take a long time.
Cryptocurrency has brought a lot of freedom and convenience to people, and it may involve more fields in the future.

We have seen a lot of benefits brought by blockchain technology. But this is not an easy task to replace the traditional ways as people will stick to their old ways as long as they can. But once they experienced the benefit of this technology, I am certain, they will change their perspective on things.

[Koro-Sensei]

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

I agree. This Covid-19 enhanced the adoption of digitalization due to fear of the Virus getting passed. DeFi sector will most probably be replacing the old banking system that is rotten by greed and personal gains. Freedom by which you control your funds through these protocol is what humanity drives into this evolution. It would be hard to replace the current system due to the fact that Governments are in to it thats why projects like TheStandard.io is really promising.

[Rajamuda]

I don't think that cryptocurrencies will really replace physical currencies. Its role is indeed potentially stronger and has succeeded in improving the financial situation of citizens in relation to current conditions, but it doesn't mean that the government will easily remove the money and replace it with digital currency as a new era, the ordinary currency has become an absolute requirement for each country, cryptocurrency would be as a complementary only.

[Charot12345]

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

I don't think it is possible to remove and replaced current money with digital currency. Even though the adoption of crypto or digital currency is increasing every day especially when the pandemic hits, it will not replace fiat. As long as there are people who want to use the current money it will never be replaced and the government will never let it happen. It is possible that crypto and current money will co-exist forever but will not replace the current.

[BITCOIN4X]

I don't think that nothing is impossible in the future for crypto adoption. In fact, many countries are increasingly interested in further researching the extent to which this crypto can be useful as a new financial system in the future and they are starting to think that creating their own crypto is an idea to anticipate the surge in demand for crypto-based digital payment systems.

So far, Indonesia has started thinking about creating its own cryptocurrency which is fully controlled by the financial authorities under Bank Indonesia. Their interest in crypto is expected to influence users' interest in knowing a lot about bitcoin and other cryptocurrencies before adoption can take place. As far as I know, Indonesia has not legalized payments with cryptocurrencies but trading and investment are allowed as long as users comply with the applicable rules.

[zanezane]

I don't think that cryptocurrencies will really replace physical currencies. Its role is indeed potentially stronger and has succeeded in improving the financial situation of citizens in relation to current conditions, but it doesn't mean that the government will easily remove the money and replace it with digital currency as a new era, the ordinary currency has become an absolute requirement for each country, cryptocurrency would be as a complementary only.

It can replace fiat but right now, it seems impossible to do so because there's some things that needs to fill up when we want to remove something old, we will definitely be having problem when we abruptly remove the foundations of our economy.