It’s not a bad idea to believe that cryptocurrencies will take over fiat money someday. We've had a good start for sure but we are nowhere close to replacing fiat currency. I’m not saying it cannot happen over time, but just not in the immediate future. Expecting cryptocurrency to replace fiat in the near future is us just being naive.
However, we've managed to put these banks on the back foot, and that's as good as it can get for now. We cannot topple governments overnight with cryptocurrency. Certainly not in major countries without wreaking havoc on the economy. But we can push for the change; mass adoption and greater penetration.
The world is a huge place, and it isn't easy to replace a system of money that is backed by force-sometimes violent.
Recently, top Indian banks have been clamping down hard on Bitcoin exchanges, prevent deposits, slowing down withdrawals and eventually suspending their accounts. This has certainly disturbed the market slightly but it hasn’t slowed anything down at all.
If anything the users in India are looking suspiciously at banks-the supposed custodians of our money who are now preventing us to use our funds the way we want to. Seems rather hostile but there isn’t a lot that one can do against this kind of behaviour.
India is largely support by it’s rural economy. The greater percentage of our population live in rural areas. Banks in the past decade have aggressively tried to penetrate this market in hopes of providing banking facilities to the poor. Cryptocurrency is yet to anywhere close to solving some of these real issues.
Banks know this. They know that massive speculation aside many users don’t use cryptocurrencies as a mode of payment. The number of people who actually use cryptocurrencies to make payments are few compared to those who in this market for pure speculation.
For mass adoption of anything, the poorest of poor need to be able to use it anywhere, anytime. That’s why fiat money works very well even though it can be replaced overnight, like in the case of demonetisation in India. The governments will do whatever in its power to keep itself profitable.
We have every right to ask our governments to regulate this market and make it easier for us to trade. Governments have to comply but they simple don't because they know they can suppress us with force. Banks just work with them hand-in-glove.
Banks and heads of such organisation have to work very closely with government agencies and regulators. This prevents them to do anything beyond their protocols. Indian government is known for being corrupt and it comes as no surprise to anyone that the top banks have been arm-twisted into arm-twisting Indian cryptocurrency exchanges. Money that funds politics, exchanges hands in fiat currency after all doesn't it?
By adhering to fiat economy we put our futures in the hands of those we elect to work for us. However, they do anything but work for us but they work to keep their bureaucratic machinery well oiled to feed their agendas. Will we ever come out of this vicious circle? Only time can answer this question!
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If the people would know how fiat money works we would have tomorrow a revolution. This said Henry Ford (yes the man who founded Ford Motors Company) nearly hundred years ago. In 1694 the western fiat money system was invented by William Paterson. He founded the Bank of England (which still today exists) and his idea was to give the people worthless banknotes in exchange for their gold and silver coins. This was the first part of his famous paper trick. The second part was to receive the right from the Queen to print money. Before it was the right of the King or the State to print money. But now it was a privately owned bank that could print money and lend it to the State and not only to charge interests from the State but also receiving tax-secured treasuries in exchange for intrinsic worthless paper notes. The founders of the Bank of England had really nothing in value in their pockets. But with the right to print money they printed like crazy and became rich. But the British people became very poor quite soon. And if there were to much poor people in England they shipped them to their colonies. Quite soon afterwards every country in the world got a central bank. Today one country without a central bank is for example Iran. So think about why they want to conquer this country regularly. The world is run by central bankers and they became astronomical rich. Bill Gates is in reality not very rich compared with them.
Excellent comment, but do not see too far and I apologize to the Americans if my message is offensive. The United States of North America is the only country that buys the natural recuse of any part of the world with paper money that they produce and that is worth 100 thousand times less, simply and simply because they used to the world that the dollar has to be the main currency globally. the expense generated by a barrel of oil is not the same as that generated by the printing of a dollar.
I'm always relieved when someone is delivering a eulogy and I realise I'm listening to it.
a lots of learning! great
Its true that the banking cartel is the part of the evil that rules the world
All politicians make laws that helps the bankers who helped them rise to power
The IMF and the world Bank have caused a lot of problems in the world by trying to influence government policies
The biggest threat to the power of the illuminati and other such organisations is the decentralized blockchain technology and they are trying to stop the growth of crypto currency
Recently one of my friend told me that all crypto currency hype that we are witnessing is due to illuminati it belongs to them.
I don't just understand why every new innovation that human makes is been divided into two theories thats pro illuminati and anti-illuminati.
I agree with you these days banks are becoming villians of society may be because of NPA's they bear.
Well spoken
And they are managing it. Everytime the crypto market cap approaches 600B you magically see the top 100 coins (or possible even more) start to dip in value. Obvious market manipulation by big money because it happens AT THE SAME time. Once you see it you can't unsee it.
If the crypto exchanges follow the law of the land properly and pay the appropriate taxes then it is not at all difficult to run a crypto exchange in any country.....As far as crypto-currency adoption is concerned, banks may very soon issue crypto-currency that is based on their own private blockchain and hold crypto-currency values like how banks from different countries hold each others fiat currencies...I can clearly see that once the government and the banks understand how much money can be saved by implementing this blockchain technology, then i dont' think it wont take much time to replace fiat with crypto-currencies. I am very optimistic on it.....
I think it is the banks who are at the biggest loss because with cryptos adoption we don't need banks and that is how they go out of business. I learned about the bank industry from a 3 hours long documentary about central banks titled " the money masters."
On the other hand, Govts will be at benefit if they use blockchain for reducing the governance costs or doing the businesses.
The only reason why banks are against crytocurrencies is because they do not have control over it unlike other currencies.
The control the banking system has allows for exploitation of its customers and this has been on for years.
Hallelujah 🙌, crytocurrencies saved us.
However, I fear the crypto system too.
I still wonder why there's being an increase in the blockchain transaction charges recently...
Let's see how it goes.
In Poland, local banks terminated contracts with clients for trading in cryptocurrencies
@firepower I know this comment its not about your thread but i want to ask you because you look very influencer here in this network, Its recomended to upvote myself?
You can upvote your posts. But for comments keep it to those times you want it move it up the comment chain. Else, it's not a great practice to upvote your own comments but no one can stop you from doing it as well. Unless ofcourse someone decides to flag it. :)
thanks @Firepower
Yes. The banks have turned humanity into financial slavery. The banks iron fist rule on humanity will come to an end with the invention of cryptocurrency and the blockchain, whos birth came due to the 2008 trillion dollar tax payer heist by guess who?
a very great post, @firepower
good formation
Its tough to say at times like this. Yeah banks are on the backfoot now, but as I always say, when there is money being made, you can be sure the top authorities are going to want in.
they are complicit in those actions however we look at it.
great post though
great post. very informative but hoping it will take over sooner than later
Banks are the worst they always want to take advantage of the people. Great post @firepower. Have a great day
This is true, banks are scared for their future, they have over time used the media strongly to put down cryptocurrency from rising, but they are gradually failing.
Though, much more people don't know fully what cryptocurrency is all about but steadily with people like you @firepower, me and other we will transform the world.
Thanks for this awesome post, keep the good work
please share my post ok..help each othera very good post @ferepower
good post vary vary good
Hahaha, it's like hand up give your money .
In india many caused for confuse we are intelligent 😂😂😂😂 or over smart .
After some time we know that's all condition are back goverment .
Goverment say stop black money but actully black money is the goverment .
I'm very disappoint all that's .
Thanks to brother share it .
Namaste
follow me
@firepower I am from India, Wanted to know about how I can be the part of Steemit India community? so I may join you guys in next meetups.
You are already part of it. :) You can join the discussion in the #India channel on Steemit.Chat- use the same username as on Steemit.
Thanks a lot sir, #respect
just saw your post in busy , nice to see you that Indian brother is doing great work here, proud moment
Corruption doesn't only lies within the indian government alone it also spread down to my country Nigeria. The banking system has not being of help to the vast majority using it though there hasn't be a law to endanger crytocurrency yet in my country because the political class still has enough resources to still.
good news ,, thanks for sharing @firepower
bereh bereh .....@rajabakoi upvote me
Yes they are part
I have to agree with this statement:
The world is a huge place, and it isn't easy to replace a system of money that is backed by force-sometimes violent.
But, im hoping that cryptocurrencies will take place fiat without any conflicts.
Interesting post @firepower full of information, thank you for the share and have a great day ahead!
Youre worth to be followed! Looking forward for more informative post from you.
good job @firepower dont forget upvote me
Banks are a source of evil in my opinion, well mostly the big banks such as JP Morgan and so on. This decentralize upcoming will fuel problems for the current world leaders
I'm just glad that BTC and other cryptocurrencies exists. I agree that they can suppress us with force, but its only temporarily solution. Crypto's are the future, and they will need to accept that :)
Cryptocurrency have come and to stay. But in a few years to come government will be hard bent over ability to regulate the cryptocurrency market. Already, they are news of south Korean banks glamouring on control and regulations.
India's Government wants to ban crypto currency, I do not understand what the government wants to ban: Crypto talks to the Indian in the form of a digital India
Sometimes it's not the fault of the banks or banking organization, rather as you said it is mainly by the government. The governmental power over these bank sectors is so high, but I believe with time things will be right. Firepower thanks for this extensive post it really shows how you feel about the corrupt government, because they are the main cause of this issue.
One must not be naive enough to think that the bankers will easily give up the undeserved power and yield to the freedom offered by the blockchain technology. Lots of dead bodies to step over...
Banks are in the middle of this mess. They won't give up easily but they will have no chance once people's brain is unlocked.
Put Banks on the back foot sorry no If banks cant control something they will just block all your exits to fiat or just put pressure on governments to make it illegal.its very easy for them to do this. Bitcoin is like a pile of feed in the middle of a field and No one knows how it got there, but the hunger and greed overwhelms the animals. Maybe a few realize this and grab a bite to go,Wake up they are covering bitcoin in the mainstream media that they own coinbase- bitcoin is your crypto central bank no point having a decentralize anything if you centralize all the wealth to the few. We are just repeating the same mistake again but even worse in a unregulated market. Blockchain is the future no doubt about that but not in its current form
of course, and by nature. They are a business and put margins before people like any business. how ever they aren't just dealing with product. they are dealing with wealth. so the more they screw your wealth the wealthier the bank. its the same as shrinking the water bottle and paying the same price. that and beyond the fee's they charge interest, since after all it is capitalist. so no matter what, when using a bank, you can expect huge detriment on your part, and massive gains on theirs. the bank owns more houses than people do
Decentralized systems will eventually displace a significant portion of the banking elites power. Their minnows got greedy leading up to 2008 and inspired Satoshi to create bitcoin. Nakamoto had the foresight to remain anonymous. These bankers will not give up power that easily.
Some times, we regreat with our actions. Yes friend, if we look forward to our elected members and their abilities ,we regret with our deeds. We are the citizens of such a country where corruption and conspiracy prevail everywhere, so what should we expect from such a systems.Thanks for your great post, have a great time friend happy steeming.
A lot of things to learn.
thanks a lot @firepower.
One of the greatest and most harmful thefts in history was the demonetizing of the silver rupee.
I am in bangladesh here no crypto currency is allowed.
yeh exactly Banks rules on us.
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Amazing article...
I totaly agree with you @firepower. You are absolutely right. Banks are governing the world. This is sad truth. We all are slaves. In the past people manipulated with physical tools, now they are governing people with money, credits and with a help of bank system. Does not matter, I belive we have to do something, in order not to be a slave.
Here in Australia, the banks are getting very shifty. I'm now onto my third bank and I have friends who are now completely de-banked, but not by choice.
I believe the main concern for the Indian government is the outflow of funds through cryptocurrencies. These transfers could be for legitimate transactions; but could also be used to hide illicit and untaxed transactions arising from fraud and corruption. When governments don't really understand what is happening and can't figure it out fast enough, their knee-jerk reaction is to ban it. Then they relent when they realise that banning it is futile and may severely affect their projected growth rates and economic liberalisation. India is not the only country that is grappling with this issue.
Cool photo@firpower