Altcoins Talks - Cryptocurrency Forum
Further Discussions => Banks & Cryptos => Topic started by: Mr. Allcrypto on February 20, 2024, 10:43:14 PM
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In our society today, global banking systems has played a crucial role in our interconnected world, enhancing economic transactions, providing quality financial services across borders.
The flow of money and the availability of services like wire transfers and foreign exchange has improved the rate of international trade and investment which tend to connect people and businesses from different parts of the world . Hence, global banking systems fosters economic growth and development.
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Well ordinary the banking system was trying their best before cryptocurrency came to and existence and because of the way cryptocurrency serve the world digitally and with it decentralized system everyone became to like it. But the disadvantages of the Banking system is much more higher than the advantages. And because of the central control of the financial institutions, the advance countries use it to oppressed the third world Nations. And if every economy has their power in their domain then every economy would gotten strength in their jurisdiction but because of the international economy structure, some countries economies are very weak but by the right it is not supposed to be like that.
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In our society today, global banking systems has played a crucial role in our interconnected world, enhancing economic transactions, providing quality financial services across borders.
The flow of money and the availability of services like wire transfers and foreign exchange has improved the rate of international trade and investment which tend to connect people and businesses from different parts of the world . Hence, global banking systems fosters economic growth and development.
All this were more relevant when we have not been introduced to cryptocurrencies, bit since ever then that things have now transpired into a digital world, we have been able to get the offers to use a decentralized digital network in cryptocurrency that is more faster, cheaper and reliable as well, the cross boarder fee is being too much with the traditional banking system until we discover the best in cryptocurrency more affordable.
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Coincidentally, the first thing I thought when reading OP was, He know if take a send SEPA-Swift transaction, it will have hight fees, the Banks have lived off the savings of humble people to lend money to the rich.
Yes, ok, Peoples they have benefited the mortgage growth for property acquisition, but it is not free... there is interest rates....
The paradigm shift is to accept the crypto system in its entirety, not half, there should not be a single "exchange" there should be thousands, regulated, but that would end the centralism of making exchange owners like Binance rich...
The banking system helped millions of Peoples, and then he made a few rich...... history repeats itself with crypto.
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The bank system were doing there best when it comes to money transactions and saving of money for people, it was seen as the best not until cryptocurrency came in, right now the system of crypto has become the best when it comes to money transactions and saving of money for people.
Cryptocurrency transaction is more faster than bank and can be operated in any country, a lot of people were finding it very hard when it comes to sending of money to some countries and the charges banks were collecting for such transactions were so high, but the coming of crypto system changed everything sending money to any country is now very easy with a very little charge.
When money was been saved in Banks for years there were very little profit but the coming of crypto system has made a lot of people millionaires, if one can invest his money in Bitcoin and be patient for some years he or she will gain a lot of profit, some people don't keep there life savings in Banks anymore I know of someone that has kept his life savings in Bitcoin and has made a lot of profit today.
I'm happy for the coming of cryptocurrency it has helped people far and wide to do business very easy and has also helped in raising world economy.
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In order to keep up with the current world, the role of strong currency is immense. The World Bank was created when Kipp did not come into the world. People have been using this banking service for a long time. But nowadays, as people have gained a lot of knowledge about crypto currency, bank transactions have reduced to a great extent. A little currency transaction is much more beneficial than a hassle-free bank transaction and that is why people are choosing from different types.
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But nowadays, as people have gained a lot of knowledge about crypto currency, bank transactions have reduced to a great extent. A little currency transaction is much more beneficial than a hassle-free bank transaction and that is why people are choosing from different types.
By "how much" is this? Any data you can share to support that claim? I'm surprised if such a niche market reduce bank transactions by a lot. I mean, if you're referring to crypto community then it's not surprising, but for the average joe I'd be surprised if they choose crypto over bank transaction. That being said, I do realize that more merchants start accepting crypto around my region (most of them are digital merchants though). Still a good progress compared although most of them use centralized payment processor afaik.
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Cryptocurrency has a better return on investment in comparison to the traditional banking system. The ability to transfer to anyone Anywhere in the world has an impact in terms of how money is being used and transferred and it is somewhat beneficial but of course, we all know if it is illegal it shouldn’t be done Anywhere.
I think soon it would be more leaning towards the cryptocurrency applications compared to the traditional ones.
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We may not have to do without the influence of the traditional banking system for now since we have to let the massive adoption of the use of bitcoin in cryptocurrency submerged in the economy, while both the fiat currency and cryptocurrency can still both coexist in meeting up with the peoples demand till everything gets balance on on direction, but there are many errors in which the banking system is now becoming a threat for the people to trust and use under the government regulations.
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We may not have to do without the influence of the traditional banking system for now since we have to let the massive adoption of the use of bitcoin in cryptocurrency submerged in the economy, while both the fiat currency and cryptocurrency can still both coexist in meeting up with the peoples demand till everything gets balance on on direction, but there are many errors in which the banking system is now becoming a threat for the people to trust and use under the government regulations.
We must all understand that Bitcoin, cryptocurrencies at large and the Blockchain Technology are still relatively new technologies that's only been in the market for a couple of years, compared to the traditional financial systems that's currently in place. And it'll take more years of innovation and technological advancement to be able to catapult cryptocurrencies to the point where they can dependently stand or substitute the traditional fiat system, many countries and jurisdictions are yet to hear about Bitcoin, let alone adopt it, many see it as a scam due to their previous experiences or testimonies they see online.
Indeed, the traditional banking system has so many flaws and are even getting worse by the day, but that doesn't change the fact that they have been able to win and maintain the trust and confidence of the mass despite their flaws and it'll take some time for crypto to reach this extent and until then, crypto would be left with no other option than to coexist with the traditional fiat system. Again, for the reason that the most popular way to obtain bitcoin and other digital currencies now is via fiat payment makes it even harder for crypto to do without the traditional fiat system.
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But the disadvantages of the Banking system is much more higher than the advantages. And because of the central control of the financial institutions, the advance countries use it to oppressed the third world Nations.
Yeah, yeah, the evil Westerners and their banks!
How about a bit of trivia for you, western banks were already established in 1400, raids of of African pirates that enslaved Europeans from the Mediterranean continued 3 centuries after. And further trivia, the term 3 world countries is a modern term, that is just half a century old and comes from being non-aligned with the two major factions, Finland was a 3rd world country for example.
Indeed, the traditional banking system has so many flaws and are even getting worse by the day, but that doesn't change the fact that they have been able to win and maintain the trust and confidence of the mass despite their flaws and it'll take some time for crypto to reach this extent and until then, crypto would be left with no other option than to coexist with the traditional fiat system.
Banks have become faster, payments that sometimes took months can now be instant, they offer cheap transactions and even free ones, you have someone to talk to when you're in trouble, and they have a guaranteed sum for your deposits, crypto comes in by storm with all the advantages it has but it has not progressed one bit from that. Sad truth is that banks are not getting worse, their services are actually way better than a decade ago, and if you think the opposite this is just because you want to think that.
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Banks have become faster, payments that sometimes took months can now be instant, they offer cheap transactions and even free ones, you have someone to talk to when you're in trouble, and they have a guaranteed sum for your deposits, crypto comes in by storm with all the advantages it has but it has not progressed one bit from that. Sad truth is that banks are not getting worse, their services are actually way better than a decade ago, and if you think the opposite this is just because you want to think that.
You're not entirely wrong by saying they've made certain improvements, yes transactions that took longer time in the past to process is now almost instant, and this is indeed an improvement but this hasn't completely gotten rid of certain vulnerabilities that's associated with traditional banking system. Security and Safety of people's asset should be the first things to be considered before even mentioning transaction speed ( which is also a good thing). If you ask me, no better or much measures are taking in regards to security because people's funds still disappear from their accounts without trace, I don't know how the banking system in your country works but over here and I believe in some other countries, this is still happening and now even getting worse because scammers can easily device methods to break in and breach the bank's security system, this has been happening in the past, and I still happening today, so would you still say its getting better?
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If you ask me, no better or much measures are taking in regards to security because people's funds still disappear from their accounts without trace, I don't know how the banking system in your country works but over here and I believe in some other countries, this is still happening and now even getting worse because scammers can easily device methods to break in and breach the bank's security system, this has been happening in the past, and I still happening today, so would you still say its getting better?
No bank has been breached and have the user money taken this way, this is why you have insurance in bank accounts in the first place, if you talk about personal accounts where users download malware from shady websites or let scammers over the phone enter their account and authorize payments then that's not the fault of banks, besides it can easily happen with cryptos too, how many people have had their wallets drained by malware?
Also, don't forget the scale of which elderly users are into banks and in crypto, most of the victims are older people that have just come across the new tech unlike crypto users, what happens if we compare the same age group, and not forgetting there are billions of bank users out there while only a handful of millions of crypto.
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If you ask me, no better or much measures are taking in regards to security because people's funds still disappear from their accounts without trace, I don't know how the banking system in your country works but over here and I believe in some other countries, this is still happening and now even getting worse because scammers can easily device methods to break in and breach the bank's security system, this has been happening in the past, and I still happening today, so would you still say its getting better?
No bank has been breached and have the user money taken this way, this is why you have insurance in bank accounts in the first place, if you talk about personal accounts where users download malware from shady websites or let scammers over the phone enter their account and authorize payments then that's not the fault of banks, besides it can easily happen with cryptos too, how many people have had their wallets drained by malware?
Also, don't forget the scale of which elderly users are into banks and in crypto, most of the victims are older people that have just come across the new tech unlike crypto users, what happens if we compare the same age group, and not forgetting there are billions of bank users out there while only a handful of millions of crypto.
You make a fine point, I agree that banks do have robust security measures but that doesn't mean they cannot be breached or hacked without the help of the customer, or downloading of malwares, and besides, banks' insurances are limited and won't be able to cover all types of losses, let's say for example when a customer falls victim of a phishing scam and uses his own hands to transfer the money out, I don't think the customer would be eligible for a reimbursement .
And concerning the error, Inasmuch as it's true that downloading malwares or clicking on untrusted and suspicious links from some shady sites can happen in both banking and crypto, it's still crucial to always remember that the decentralized nature of crypto gives it an added advantage over traditional banking system because it makes it a lot more easier to track the destinations of stolen funds as well as increasing the chances of recovering the stolen funds, meanwhile this isn't the case in the traditional banking system
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You make a fine point, I agree that banks do have robust security measures but that doesn't mean they cannot be breached or hacked without the help of the customer, or downloading of malwares, and besides, banks' insurances are limited and won't be able to cover all types of losses, let's say for example when a customer falls victim of a phishing scam and uses his own hands to transfer the money out, I don't think the customer would be eligible for a reimbursement .
What bank or what system could save you from this?
Besides, how do you prove you have been the victim of a phishing attack and now that you have faked it?
Yes bank accounts, and payment solutions gateways get hacked but so do wallets, and nobody is going to refund you on those, pushing the limit I would say there is no way you could set up a fake bank account by mistake and have your wage wired there only to realize it's a fake one and someone else has access to it like those fake wallets.
For a guy with enough information an experience yes, self-banking on blockchain is safer, for your average Joe, I don't think it's that much of a difference, for the guys in their 60-70 who barely had contact 2-3 years before with a smartphone definitely not.
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It's true that now banking or digital currency is very important, but that's all only for people who know digital currency. Indeed, people know that digital currency is global, but not everyone in that country necessarily uses digital currency banking, it's just that digital currency banking has better quality than regular banking. In conditions like this, digital currency banking has many advantages compared to regular banking.
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Cryptocurrency has a better return on investment in comparison to the traditional banking system. The ability to transfer to anyone Anywhere in the world has an impact in terms of how money is being used and transferred and it is somewhat beneficial but of course, we all know if it is illegal it shouldn’t be done Anywhere.
I think soon it would be more leaning towards the cryptocurrency applications compared to the traditional ones.
As you are aware, it is very obvious that transferring money using the traditional banking system is quite expensive and time consuming, it can't be compared with transferring money using cryptocurrency wallets like Matamask, Trustwallet etc.
On the investment perspectives, earning through crypto investment is also very attractive with batter APY rates especially using some of the crypto CEX exchange's flexible or fixed savings plans.
whichever ways we look at the traditional banking system with the crypto economy, I think the crypto sector is better and will lead the global financial system in near future.
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The local bank had played a very vital role and are still trying their best to find it more affordable for customers but I think it's too late to do that it's too late to steal the heart of customers who already fell in love with what cryptocurrency has been doing, since the introduction of crypto currencies people no longer confined in banks anymore especially those involved in online business.
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In our society today, global banking systems has played a crucial role in our interconnected world, enhancing economic transactions, providing quality financial services across borders.
The flow of money and the availability of services like wire transfers and foreign exchange has improved the rate of international trade and investment which tend to connect people and businesses from different parts of the world . Hence, global banking systems fosters economic growth and development.
Well, banks has been the oldest form in which man stores their money. They have played to many roles in shaping our society since the early men. What we actually should know is that the banks will most likely remain as without them the monetary system might collapse. Even with the invent of cryptocurrency where everyone can be their own bank, we still have some flaws that's involved. Not everyone is able to properly keep their coins safe and so they will still have to fall back to the banks for help.
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In our society today, global banking systems has played a crucial role in our interconnected world, enhancing economic transactions, providing quality financial services across borders.
The flow of money and the availability of services like wire transfers and foreign exchange has improved the rate of international trade and investment which tend to connect people and businesses from different parts of the world . Hence, global banking systems fosters economic growth and development.
Well, banks has been the oldest form in which man stores their money. They have played to many roles in shaping our society since the early men. What we actually should know is that the banks will most likely remain as without them the monetary system might collapse. Even with the invent of cryptocurrency where everyone can be their own bank, we still have some flaws that's involved. Not everyone is able to properly keep their coins safe and so they will still have to fall back to the banks for help.
Banks are necessary only to have loans and it's pretty much inevitable that every running business has debt that keep the money circulating in the economy which looks like a good thing but in the long stretch the loan is what causing the banks to print more money that result in the inflation so at the last only users are affected due to the system.
Even though banks helped people to connect and do international trades even for retail now we have bitcoin that is far better and almost no restrictions for cross border transfer while bank transfer still take days and some TXs can be blocked for multiple reasons.
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In our society today, global banking systems has played a crucial role in our interconnected world, enhancing economic transactions, providing quality financial services across borders.
This was a thing of the past, people no longer have interest in all these, we are tired of running under a centralized system, that is why ever since the introduction of crypto and bitcoin to be precise, things have always changed from the norms, because they people realized the way it could help them have control over their finances, that is why it has turned a blooming development and invention every since 2009, the banks may exist and always remained, but the people knows what they want and how they can acheive it.
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In our society today, global banking systems has played a crucial role in our interconnected world, enhancing economic transactions, providing quality financial services across borders.
In 2020, I wanted to pay for a Journal publication in India from Nigeria and I couldn't do it because there was no option for Nigerian Currency and I went to bank and the bank told me that I need to open dollar account and the process was combersome so I left the publication. So I didn't see any good for the Global Banking system. And that is service across board is not well implemented and the only boarderlesss transaction system is cryptocurrency.
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In our society today, global banking systems has played a crucial role in our interconnected world, enhancing economic transactions, providing quality financial services across borders.
The flow of money and the availability of services like wire transfers and foreign exchange has improved the rate of international trade and investment which tend to connect people and businesses from different parts of the world . Hence, global banking systems fosters economic growth and development.
I think the global banking system has played its role in time past, and now is trying to catch up with the digitalized nature of the current day market system. Digital currencies has brought forth a new view for the banking industry, and now, their services (though cannot be underemphasized) is still needed, cause not everyone has fully switched to the crypto market, and even if that happens, the need for banking system will remain.
As much as the banking system is needed, it now has a low return when it comes to investments. The crypto industry has overtaken that part, banks in almost every way take and doesn't give back, but in this industry of digital currency, it takes and give multiples in return. Digital investment is more profitable compared to investing in bank shares.