Kakashi2020 Posted December 9, 2018 Share Posted December 9, 2018 Why does Cryptocurrencies exist? Is it really necessary? Albeit, if it didn't exist, the world would still be the same right? Fiat money will still be used in digital platforms through third party payment processors like PayPal. So what drives Cryptocurrencies existence? Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/ Share on other sites More sharing options...
Alania Posted December 9, 2018 Share Posted December 9, 2018 Anything is necessary to save our world's economy, because it's going to hell. I believe cryptocurrencies had the effort to avoid the monopoly and create their own economical stability, but I think it has failed to this day, unless a miracle happens. Cryptocurrencies are way too random and unstable. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3362 Share on other sites More sharing options...
Martinsx Posted December 9, 2018 Share Posted December 9, 2018 The world is heading more towards digitalization and it's probably the reason why cryptocurrency existence was ushered in. So, as long as our technological advancements keeps improving, cryptocurrency will keep pushing up. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3365 Share on other sites More sharing options...
NerdIndeed Posted December 10, 2018 Share Posted December 10, 2018 On 12/9/2018 at 6:42 PM, Martinsx said: The world is heading more towards digitalization and it's probably the reason why cryptocurrency existence was ushered in. So, as long as our technological advancements keeps improving, cryptocurrency will keep pushing up. I agree digitalization is increasing at an incredible pace. The only worry I have with cryptocurrency is that governments do not want to acknowledge it, yet. But I saw a video clip before about a vending machine that accepts Bitcoin payments. I just forgot what country it is from so there's hope it might be adapted in the future worldwide. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3420 Share on other sites More sharing options...
Alymae Posted December 10, 2018 Share Posted December 10, 2018 On 12/9/2018 at 6:42 PM, Martinsx said: The world is heading more towards digitalization and it's probably the reason why cryptocurrency existence was ushered in. So, as long as our technological advancements keeps improving, cryptocurrency will keep pushing up. I believe that you do have a point. We are now in a digital age, so, digital money existed. Humans find ways to improve and cryptocurrency is one of those improvements. As for necessary in our lives, I cannot say yet that it is. Because some people live without the knowledge and the use of cryptocurrency. They are able to live happy and simple. I also believe that in the future it will become an irreplaceable tool. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3422 Share on other sites More sharing options...
Kakashi2020 Posted December 10, 2018 Author Share Posted December 10, 2018 On 12/9/2018 at 6:22 PM, Alania said: Anything is necessary to save our world's economy, because it's going to hell. I believe cryptocurrencies had the effort to avoid the monopoly and create their own economical stability, but I think it has failed to this day, unless a miracle happens. Cryptocurrencies are way too random and unstable. That's the downside of a decentralized currency, it has no safe guards and it can be used to topple economies. That's why Cryptocurrencies has a problem gaining the trust of the masses. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3425 Share on other sites More sharing options...
JPK0007 Posted December 10, 2018 Share Posted December 10, 2018 Well, I think the main motivation for people getting attracted to cryptocurrency, especially Bitcoin is obviously the potential of making huge profits in a less amount of time. People who have invested in Bitcoin have made huge profits with there investment. Honestly World economy wont have any problems if Cryptocurrency ceast to exist. However, i still feel that there is hope and optimism with regard to a product like Bitcoin and it will recover in the coming days. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3451 Share on other sites More sharing options...
janie1984 Posted December 11, 2018 Share Posted December 11, 2018 I think cryptocurrencies work best in a globalized society, which is what the world is becoming. It's easier to spend money around the world when you don't have to worry about being hit with foreign transaction fees and other nonsense. Plus, you don't have to worry about switching between currencies. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3460 Share on other sites More sharing options...
Kakashi2020 Posted December 11, 2018 Author Share Posted December 11, 2018 On 12/9/2018 at 6:42 PM, Martinsx said: The world is heading more towards digitalization and it's probably the reason why cryptocurrency existence was ushered in. So, as long as our technological advancements keeps improving, cryptocurrency will keep pushing up. Central Banks, Banks or even governments can make their own digital currency based on Fiat money, so why make Bitcoin? I've been thinking about this a lot. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3470 Share on other sites More sharing options...
Alania Posted December 11, 2018 Share Posted December 11, 2018 54 minutes ago, Kakashi2020 said: Central Banks, Banks or even governments can make their own digital currency based on Fiat money, so why make Bitcoin? I've been thinking about this a lot. Maybe perhaps to capture the cash of the audience and then suddenly collapse it. It's obviously a conspiracy theory, but anything could be possible. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3479 Share on other sites More sharing options...
Martinsx Posted December 11, 2018 Share Posted December 11, 2018 1 hour ago, Kakashi2020 said: Central Banks, Banks or even governments can make their own digital currency based on Fiat money, so why make Bitcoin? I've been thinking about this a lot. Are sure it's possible for them to achieve that project? If it's something they could do, I'm pretty sure they would have done it by now. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3488 Share on other sites More sharing options...
NerdIndeed Posted December 29, 2018 Share Posted December 29, 2018 I believe cryptocurrencies exist to address the weaknesses of conventional methods or currencies, which are, of course, backed by governments and central banks. The only thing worrisome about it is there's no governing body for it, so it's not subjected to a lot of things which may result in problems in the future. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3564 Share on other sites More sharing options...
Kakashi2020 Posted January 4, 2019 Author Share Posted January 4, 2019 On 12/29/2018 at 8:53 AM, NerdIndeed said: I believe cryptocurrencies exist to address the weaknesses of conventional methods or currencies, which are, of course, backed by governments and central banks. The only thing worrisome about it is there's no governing body for it, so it's not subjected to a lot of things which may result in problems in the future. That's why a lot of people specially financial people are wary in investing in Cryptocurrencies like Bitcoin because they feel that it's not secured and posts a lot of uncertainty and dangers. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3802 Share on other sites More sharing options...
Rathiel Posted January 11, 2019 Share Posted January 11, 2019 On 1/4/2019 at 12:54 PM, Kakashi2020 said: That's why a lot of people specially financial people are wary in investing in Cryptocurrencies like Bitcoin because they feel that it's not secured and posts a lot of uncertainty and dangers. I think people are also very reluctant to invest because of the fear that they'd have no tangible thing to hold onto. If something happens to our electrical grids, or something affects the internet as a whole, the access to our cryptocurrency is effectively limited. Since cryptocurrency only exists in virtual space, proving ownership without access to a computer or some device would be difficult. Also, there's the issue of accessibility to the masses. People who can barely afford basic necessities would not likely have even a phone suitable for crypto transactions, effectively limiting the reach of cryptocurrency. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3916 Share on other sites More sharing options...
Alania Posted January 11, 2019 Share Posted January 11, 2019 On 12/9/2018 at 12:42 PM, Martinsx said: The world is heading more towards digitalization and it's probably the reason why cryptocurrency existence was ushered in. So, as long as our technological advancements keeps improving, cryptocurrency will keep pushing up. I don't think real paper money will disappear, heck even gold didn't, and it's still very valuable, but overall BTC and cryptocurrency will have indeed an important role to play in our lives and worldly economy. I think by 2050 the societies will tolerate BTC and other cryptocurrencies on a more trusted level. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-3918 Share on other sites More sharing options...
axel Posted January 8, 2021 Share Posted January 8, 2021 Cryptocurrencies are like Paypal now where you can encash money to your local debit card. Banks still don't accept cryptocurrencies as of now, but at least they can be used for paying bills. Quote Link to comment https://slingbank.com/forums/topic/1895-are-cryptocurrencies-really-necessary/#findComment-12525 Share on other sites More sharing options...
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