What are the likely problems that cryptocurrency poses to the financial sector in the future?

[Donolatunji]

Governments and banks around the globe are either investigating or applying the blockchain innovation right now. The significance of this innovation is verifiable. Be that as it may, Blockchain has a few kinds and not every one of them appreciate completely decentralized status. Subsequently, the ramifications may be distinctive dependent on the area applying the innovation.

A few nations are pushing ahead to embrace this innovation. The methodologies can differ from either giving their own digital money or applying blockchain innovation, for example, nigeria (blockchain technique 2022).

However، the main inquiry is : how much will these digital currencies and their blockchain be like their current structure?.

 

[Patrik]

i would say only the volatility, it's a lot of risk to put a lot of money on a volatile coin that can drop in value in no time, so people should take that on consideration, there are no jokes when it comes to big money

 

[Akinwale701]

Governments and banks around the globe are either investigating or applying the blockchain innovation right now. The significance of this innovation is verifiable. Be that as it may, Blockchain has a few kinds and not every one of them appreciate completely decentralized status. Subsequently, the ramifications may be distinctive dependent on the area applying the innovation.

A few nations are pushing ahead to embrace this innovation. The methodologies can differ from either giving their own digital money or applying blockchain innovation, for example, nigeria (blockchain technique 2022).

However، the main inquiry is : how much will these digital currencies and their blockchain be like their current structure?.

The problem I see that Cryptocurrency poses to financial sectors of every Cryptocurrency-accepted country is that it fluctuates very faster than the real value of money. Investors in bitcoin have more to worry about than people with their money saved and invested with financial institution.

Post automatically merged: Jan 28, 2021

Governments and banks around the globe are either investigating or applying the blockchain innovation right now. The significance of this innovation is verifiable. Be that as it may, Blockchain has a few kinds and not every one of them appreciate completely decentralized status. Subsequently, the ramifications may be distinctive dependent on the area applying the innovation.

A few nations are pushing ahead to embrace this innovation. The methodologies can differ from either giving their own digital money or applying blockchain innovation, for example, nigeria (blockchain technique 2022).

However، the main inquiry is : how much will these digital currencies and their blockchain be like their current structure?.

The problem I see that Cryptocurrency poses to financial sectors of every Cryptocurrency-accepted country is that it fluctuates very faster than the real value of money. Investors in bitcoin have more to worry about than people with their money saved and invested with financial institution.

 

[Ehizzy1]

I think the blockchain has posed a positive notation on financial institution like banks , , and others , so it really have a positive effect because most banks now make use of it to fasten the transaction rate because the blockchain network can make crypto transaction very fast , so it very useful and important as well i think

 

[Abibatabosede]

I do believe that the future can not be negatively affected much apart from the area of other economy sector as the upcoming generation tends to become lazy from the comfort of the investment without stress. Otherwise the crypto will keep dominating the world.

 

[GoldenLady]

I think the greatest risk the financial sector faces from cryptocurrency is it's decentralized nature. This makes it less controllable, which is in sharp contrast to the usual situation with fiat money.

 

[Ralphjoe]

The likely problems that cryptocurrencies are causing the financial sector is the problem of transaction untraceability, this problem has made fraud to be the order of the day on so many cryptocurrency platforms. this issue is being resolved by so many of these to the currency platform by the introduction of Kyc we stand for know your customer.

 

[Riniyke]

Although the cryptocurrency possess a positive change in the financial market Some problems that cryptocurrency may have to the financial sector in the future is problem of transaction untraceability

 

[Nurudeen]

The likely problem crypto currency exchange platform will face in the finanacial Institution in any government is that crypto currency is very easy to use and launder money into other countries. If for example there is a money laundering case with crypto currency exchange Business it wont be easy to trace it

 

[Eodine]

Crypto currency is fast becoming a general acceptable form of money but one area it might affect is the credit score of some finances because crypto currency was developed to be secure so it might be difficult getting financial information from people.

 

[Dowenship]

With the way things are going, some Countries that accepted cryptocurrency are now trying to ban crypto from there sector is be com in alarming. So therefore I see no problem crypto currency is posing to the financial sector in the future.

 

[Princeeffiong]

To my own observation, the regular currency of a country is some how stable to when compare to the digital currency. The problem I see that Cryptocurrency poses to financial sectors of every Cryptocurrency-accepted country is that it fluctuates very faster than the real value of money. Investors in bitcoin have more to worry about than people with their money saved and invested with financial institution.

 

[Mostee501]

Cryptocurrencies poses financial threats to the financial sectors like the banking sector,due to storage in paypal accounts,it deprives the banking sector of valuable payments revenues.The more awareness people get,the more the purchase cryptocurrencies instead of saving money in the bank.

 

[Ezzyoj]

Crytocurrency has no central control because of its volatility. It is advisable for people to invest with wisdom. It us highly risky to invest everything you have in a market that has no control. People should only invest what they can afford to lose. Not their life savings

 

[Cissé]

The problem cryptocurrency pose on financial sector is that some country have place a ban on it and they have send awarning to bank that they should not accepted any transaction that deals with cryptocurrency. So people that have invest in crypto currency will find it difficult to make more money apart from crypto currency.

 

[Mawome]

There is no problem that crypto currency in fact this issue does not arise all because crypto is a game changer most countries has actually embrace crypto currency becouse it's capability, crypto currency can change the country positively speaking, that is why you see people moving into crypto currency everyday.

 

[Cissé]

People may choose not to invest in cryptocurrency due to the ban place on it in some country if people keep on struggling to make profit from cryptocurrency they will choose noy to invest in It anymore and is going to affectthe world of cryptocurrency.

 

[GoldenLady]

The likely problems that cryptocurrencies are causing the financial sector is the problem of transaction untraceability, this problem has made fraud to be the order of the day on so many cryptocurrency platforms. this issue is being resolved by so many of these to the currency platform by the introduction of Kyc we stand for know your customer.

KYC has really helped with the lack of traceability of cryptocurrency, big many people kick and protest against it.

I think in the future, it will be compulsory for everyone dealing in cryptocurrency.

 

[FreshKaz11]

Governments and banks around the globe are either investigating or applying the blockchain innovation right now. The significance of this innovation is verifiable. Be that as it may, Blockchain has a few kinds and not every one of them appreciate completely decentralized status. Subsequently, the ramifications may be distinctive dependent on the area applying the innovation.

A few nations are pushing ahead to embrace this innovation. The methodologies can differ from either giving their own digital money or applying blockchain innovation, for example, nigeria (blockchain technique 2022).

However، the main inquiry is : how much will these digital currencies and their blockchain be like their current structure?.

Anytime I hear about bitcoin or any cryptocurrency I will be like they want to talk about risk taking again,because one thing that is so certain in cryptocurrency investment is either you lose or gain in it,so I will always advice to invest with a spare money that will never affect us in anyway. Although it might be better in the future,but for now it's not stable and reliable.

 

[Ralphjoe]

KYC has really helped with the lack of traceability of cryptocurrency, big many people kick and protest against it.

I think in the future, it will be compulsory for everyone dealing in cryptocurrency.

I think KYC will be the best method through which cryptocurrency can screen out fraudulent users of the platform so that government can actually begin to start regulating cryptocurrency usage thereby making cryptocurrency one of the best online payment method.