For me cryptocurrency is disruption at its finest. This is what cryptocurrency is doing and I do not see (with my modest knowledge) any overlaps of the fiat and cryptocurrency worlds. But as we look at it, for one to succeed, the other has to fail. Moreover, if cryptos win, the central banks are rendered useless. I feel that a usecase for the blockchain technology can be made for the banking sector. It will require complete overhaul of our current systems but it can be managed. Moreover, it will also document everything in its ecosystem. This is a huge plus for countries with corruption and money laundering issues.

In my opinion, l everaging blockchain can solve a lot of issues for the banking industry and a move towards it is very doable. My reason for this optimism is India's recent removal of notes from its system. As one-seventh of world's population worked towards arguablly the biggest fiat disruption of my lifetime, blockchain based fiat is possible.

Taking the discussion further, I am not asking for creation of a new token. I asking that the whole thing is built from the ground up with the ability to introduce applications that merge with the blockchain. A lot of things will need to be kept in mind.

For instance, the money supply cannot be held constant or it cannot increase on a routine basis. The central banking authority will need measures for monetary policy measures. On a similar note, lets take a look at how banks work. They use the money over and over again. The current crypto world is not answering this.

And things have to be rethought in light of the system. While transactions are straightforward on the blockchain, banking system does not work like that. I am no banker, but with the exception of simple intra-bank transactions, everything else requires numerous ledger entries to keep everything in check and balance.

This is just an idea that I have been mulling over and shared here for your point of view. I am not a coder (former Business Analyst in the development sector) but I am believer in the crytpocurrency revolution, hence my research on how money flows and how the banking sector.

I am not suggesting anything but want to discuss only. Thanks for your time and patience.

owaisted

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Merits