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

[Prettybabe]

The financial sectors might be scared that more people might no longer want to have their money saved in the bank in the future. When this happens, it's going to pose a serious financial threat to the economy I presume.

But I believe there's a way to work things out.

 

[Dowenship]

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?.

Hmm.... We should just hope that the favoring Crypto currency of today keeps favoring us in the future! Because some Governmental bodies in some maria where Crypto currency is accepted before are now banned from using it..

 

[Peterlight]

The only threat I think cryptocurrency poses to the economy of the world is that a lot of people would withdraw their funds from the bank and use it to purchase crypto and that will make the finance and economy crumble which will force the government to ban crypto currency from their nation ( I hope am on point)

 

[Shivay]

As if it gets adopted then definitely it will create many problems but still i think that there can be some transactional issues and hacking in the cryptocurrencies . Hacking could really affect it.

 

[Samuel77]

There are many problem crypto currency propose to financial sector , one of these problem is that cryptocurrency might course inflation of money or lost of value of money.

 

[Muhammadawais]

Another question that Bitcoin faces is taxation. Bitcoins and other digital currencies are classified as "intangible assets" by the IRS, which means they are subject to capital gains tax.
If you buy bitcoin and then sell it for a higher price, you must record the difference in taxes. Whenever you buy something with Bitcoin, you can be subject to taxation. For instance, if you pay $ 4 for a pair of shoes,

 

[Grant]

It's a risk, because cryptocurrency is unpredictable. One day it can be worth tons, and the next, nearly nothing. It's a risk to invest in. Some currency dies out also, and that will then result in an investment lost.

With actual cash, you know what you're getting, it's there and likely won't be going anywhere unless it's stolen from someone or something. With cryptocurrency, you risk things everytime you invest and not collect your profits.

It's a bit risk, even if it's a currency worth a lot. Invest, and get out as soon as you can is my thinking.

 

[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?.

It kind of pains them that less funds will be in their vaults because people would use all their funds to buy cryptocurrency instead of keeping them in banks.

 

[Justin]

Crypto currency does not pose any threat to the existing financial system. That's my firm believe. Since cryptocurrencies allow you to create wealth on your own, it is very helpful to the government

 

[Kelly5]

The problems in the economy faced using the fiat currency as of today is no different form that to be faced using the cryptocurrency in the future and at present

 

[Sotherefore]

It can affect the economy of a country because when a large number of people invest in cryptocurrency there is likely to be a shortage of money in the economy of a country which can personally affects the economy of the country negatively

 

[Chibson]

Cryptocurrency may have a negative effect on the financial sector of some countries especially developing countries. This is why some countries ban it.

 

[eLdavis]

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.

True, this is a major issue as it has made it easy for people to send and receive illegal money, without going through the stress of going to the bank and be questioned, it has also made it very easy to send stolen funds without it being traced.

 

[Stylex]

Yes considering the fact crypto currency has Brought positive change in most countries in different sectors and there is a high possible of it brining negative change,one if them is the country how it handles such crypto currencies

 

[Josemendez]

Well with cryptocurrency , there is possibility of inflation especially when people tend to save more in Cryptocurrency than Fiat currency

 

[akinlolu99]

Governments and banks all throughout the planet are either examining or applying the blockchain development at this moment. The meaning of this advancement is undeniable. In any case, Blockchain has a couple of sorts and few out of every odd one of them like totally decentralized status. Along these lines, the implications might be particular ward on the space applying the advancement.

A couple of countries are pushing ahead to accept this advancement. The philosophies can vary from either giving their own advanced cash or applying blockchain development, for instance, nigeria (blockchain strategy 2022).

However، the principle request is : what amount will these computerized monetary forms and their blockchain resemble their present construction?.

 

[Ralphjoe]

True, this is a major issue as it has made it easy for people to send and receive illegal money, without going through the stress of going to the bank and be questioned, it has also made it very easy to send stolen funds without it being traced.

The most funniest aspect of this all is that most people I'm making use of cryptocurrency because of this feature that it has they want to be able to make transactions online without this transaction being traceable to them. The anonymity that people currently provides is an attractive feature to most people.

 

[Kunkun]

Other than because of its ease of usage and untraceable status it could play an important role concerning scams but other than that I see no threat towards the future

 

[gammarays]

It will disrupt the banking system as people are now storing their money in crypto using exchanges and wallets instead of paper cash in banks. The savings interest rate is also better in crypto.

 

[jeff87]

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 accumulated money invested for cryptocurrency today is almost $2 trillion dollars. That is how much the banks should have if there is no cryptocurrency. But because of the existence of cryptocurrency, banks are losing expected investments and profit. That is why cryptocurrency is banned in some countries.