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How long?

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How long before the world switches to crypto currency?

We have personal computers

We switched from land line to cell phones

We switched from using cash to cards (at least most of the younger gen).

We can photo our cards and have them on our cell phones so we don't need to carry cards.

 

Why do we still need banks

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I'll start by saying "fuck you" for asking a question that mandated firing up the PC to answer. :angry:

 

It may never happen.

 

Not because e-currency won't last.  It's because the central banks don't control it.  Truly the world's been on an electronic currency system for a few decades now.  Well over 90% of all "currency in circulation" only exists digitally on bank ledgers, and the "currency" is effectively worthless...only backed by a promise that it will be redeemable for the payment of goods and services.  The "value" of the "currency", however, is not tied to anything tangible.  So, the paper and coins are a hold back more than anything else at this point.

 

However, the central banks (Federal Reserve in the USA), control monetary policy.  Unless they can gain control over cryptocurrencies, they will never be allowed to replace the existing system.

 

Also, if cyptocurrencies were to catch on, it wouldn't really change anything.  It's still a currency exchange backed by nothing but a promise to honor it as payment for goods and services.  The value is subjective and constantly in flux.  While right now it's hard to "counterfeit" crypocurrencies, in reality, someone will find a way.  The central banks have stolen the world's wealth by how they work the monetary system...pretty much creating "money" from nothing (this is a very involved topic by itself).  Even if you were to tear down the federal reserve banks and go to cryptocurrenies, you'd just create a new group of elite bankers who inevitably will find a way to self-deal from the system they control and manage.

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On 4/14/2018 at 11:56 AM, OMG said:

Why do we still need banks

 

Because too many old people, companies, etc insist on doing things old ways with old methods.

 

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