Is this the Bitcoin Ace ?
There’s no future for bitcoin if the current banking system system works. If it’s fair, efficient and works well then what reason is there for bitcoin to exist, to force change? There is none.
But for years it has been glaringly obvious from the huge and obscene bonus payments Bankers give themselves, that something is not right. Earned is the term they use. That's a laugh were it not so serious. Over-charging and Always & All ways - charging is more accurate.
The banks have only themselves to blame for the birth of Bitcoin. Necessity is the 'Mother of Invention' and competition was sorely needed as an alternative to the Greedy, Fat, Bloated, Inefficient Financial Bodies, and their 'You scratch my back and I'll scratch yours' cosy club.
On international transactions, things can be worse and even more inefficient. Banks use a system called Swift - Except it aint.Expensive, yes. Swift, NO
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the global system that helps facilitate the shuffling of money around the world.
Travel abroad and the banks rip you off on currency exchange rates. They take a cut of commission from your transactions . They charge you for using ATMs,or even just making a purchase that isn’t the currency of your bank account.
As happens with all who enjoy a monopoly position but abuse it, a competitive answer was needed and sought. It took much longer to find an alternative in this instance, but the final straw was the banking crisis in 2007.
It's surely no coincidence that Satoshi Nakamoto revealed Bitcoin and Blockchain technology to the world in 2008!
I think there is a place for existing but reformed national banking systems. With Cryptocurrencies as an alternative, the checks and balances that a healthy democratic system needs, is now there.
The people of the world – the average Joe and Jill – now have The Peoples Currency as an alternative money source, which will help to keep banks in check and costs down.
But for international transactions, it is obvious that -
A Cryptocurrency, decentralised, therefore independent of banks -
Borderless, therefore common to all countries -
Well said. Some days ago my sister transferred money into my account and when I checked my balance, it had already gone below 0 before the transfer which meant I was already owing the bank. For what? ATM card maintenance fees, SMS alert fees, OTP fees and a bunch of other stuff I don't know plus VAT for each fee charged.
It's just sad and ridiculous. I think Bitcoin will be around for a very long time
Hear Hear. Thank you. Banks have never faced real competition ever before. There are signs that they are waking up to the fact that Bitcoin is here to stay and poses a big challenge to their monopoly.I think it is inevitable that they will lose most if not all of foreign exchange transactions,for the reasons in my post.This will force them to concentrate hard on their domestic market, and offer service with a capital S to customers for the first time,and about time!
your post is very interesting. @ijavee
but I want to ask you, how do you think about the development of 2018 bitcoin price in the future?
I just want to survey some people
Thank you. I don't know where the price of Bitcoin is going in 2018.Up and down volatility is a certainty for some time. There are some astonishing forecasts being made as you know.$100,000 within 10 years I've seen.Also 1 Million ! Have you read the book by Sam Volkering.Very knowledgeable and with a few years experience of Bitcoin - A quote and a Bitly link to an article here - CRYPTO BOOK: why cryptocurrencies will replace the existing financial system
http://bit.ly/2BPZcFI
It’s either their worst nightmare or they created it to get everyone to go 100% digital. Just my .02.
Bitcoin isn’t goin anywhere, it is here to stay.
Thank you. Yes I think there will be much discussion in bank boardrooms about the looming dark,threatening shadow of Cryptocurrencies. Publicly they convey an air of indifference, as if it's a pesky pest they can swat away.But I doubt if there is much they can do, other than pressure government to ban or throttle it with legislation
Oh ya there will be legislation guaranteed!! They will throw the kitchen sink at this one, as it gets bigger and bigger they will feel the pressure.
Sorry jlsplatts. I seem to have missed replying to your excellent 'Throw the kitchen sink' comment. That, and 'Toys out of the pram',we are going to see in spades - Coming Soon!
Pretty sure Ripple is up for this task. It's centralized as i heard, but with the help of Ripple transactions will take a few seconds instead of a few hours (or days).
If banks want to stay in the game they'll have to adopt Ripple (or another cryptocurrency if a better one arises)
Thank you. I've heard a lot of good things about Ripple, and I need to look further into it. For me the outstanding reason for financial Cryptos to do well is because as I put in my post, their universal ability to speedily process foreign transactions.I like Ethereum because it is the Crypto for Business and is growing in popularity with both National and International companies for processing Contracts on the Blockchain.
OP’s post mentioned Bitcoin being born as an alternative to bank money. Yes and no... it’s really a apolitical money taking financial control fraud away from governments and their buddies in the revolving door of govt-corp-central bank. Bitcoin bypasses their favorite tool, the printing press.
Thank you.I agree about the common government practice of printing money. Quantative Easing is the name they give it I understand. Sounds better than Debt. As someone brought up to believe - Save a penny over income, result happiness - Spend a penny over income, result misery, I just can't fathom how US & UK national debt will ever be paid off ? Is a lot of misery waiting for future generations down the line ?
Their plan is to have all the boats sink simultaneously so that nobody can jump ship for another. They didn’t plan on the Internet and its cypherpunks coming up with an end-around.
The thing I most admire about this new science fiction paradigm called Bitcoin that we are building is that it has expanded the collective consciousness into contemplating new possibilities for the shape of our future. Until this happened, I think ‘the man’ was pretty comfortable with the power structure... but shit happens.
I'm not sure that Bitcoin will become the alternative finacial system.It seems there are too many issues grumbling away in the background -
Transaction charges too high - Processing too slow - Limited scope to scale to handle increasing demand. It's one of the drawbacks of being first.
Those coming after benefit from seeing the problems with the original.
The important invention in my view is the Blockchain.It provides ways and means to be independent of the financial institutions.
Bigger and better Cryptocurrencies will evolve.
Scaling any blockchain is hard. Scaling on-blockchain is impossible w/o massive centralization. I think the roadmap that Bitcoin is on will work... base layer for settlement, higher layers for fast txns, anonymity, different projects, etc. Bitcoin got too popular too fast this year, and that big price bump really incentivized some ridiculous stuff. Don’t forget to put the proper value on ‘censorship resistance’ when looking at alternatives. Pretty much every other altcoin could be torpedoed by a legal summons.
Thank you.I hope you are right about Bitcoin because I have transferred a small amount of my Steemit earnings into it.
You have much more practical knowledge than me.Am following you.
Much of my writing on Cryptos is from instinct.I just feel a latecomer will benefit from the problems that Bitcoin seems to have, and avoid them.
Bitcoin has the most decentralized and smartest devs. It’s a no brainer for the majority of you crypto portfolio... that’s not just my opinion either.
Very nice to see Steem crypto doing so well. I suspect it is largely Korean speculation and new users. Look how many ‘new’ posts are Korean.
Ripple and Stellar Lumens will probably play a large role in the inter-bank payment system. In the end, that is fine with overall costs of (international and national) payments decreasing.
For those that want to pay outside of the banking system, numerous crypto networks already exist (Bitcoin, Ethereum, dark coins like Sumokoin, DeepOnion and Monero) and will continue to exist. I also expect exchanges and/or crypto credit card providers to merge into or move towards becoming payment hubs, providing for Lightning Network type of payments between their users and - in the end - globally between those payment hubs.
Crypto is slowly merging into the existing world and the existing world is slowly (but slower than crypto) merging into the crypto world.
Thank you. It is good to hear that competition is already causing banking charges to decrease. Your description of the slowly melding of the Crypto and orthodox financial worlds already going on, is interesting. I did not expect it to be bloodless !
Congratulation
Today one year ago you joined SteemItThank you, for making SteemIt great and Steem on for more years to come!
(You are being celebrated here)