Bitcoin Forum

10 years ago people were discussing..

https://bitcointalk.org/index.php?topic=27282.msg56581970#msg56581970

Now we're discussing 40000, 50000, 60000.

I do not think we are yet ready to let go of the  volatility.
Even though it is deserving such role but at the same time Volatility is what makes people more interested in the bitcoins and at the same time it does not only gives us fair chances to buy / hold / win big but it also gives the currency a non traditional touch enabling people to work with it differently with different ideas. I do not know how a bank would function with the volatility and how would it even control everything when the apparent price would be down. Everyone would go bankrupt in a day or might be millionaires the next , does not seem fit for a bank.
Right now I think we should not put down a competition between Bitcoins and banks , they both are very much needed and they both are really important to the society. They both are not only coexisting but at the same time doing a wonderful job till Government comes in between.

I don't think it's simply a question of price. The value that central banks destroy is acquired by Bitcoin. More and more.

Neither I think it will happen as Max Kaiser said that "one of the major Central Banks will close in 2021-2022, utterly and completely". (https://bitcointalk.org/index.php?topic=5307103.msg56028439#msg56028439) But what I think is they are going to realize that they can't fight Bitcoin so they have to buy it.

Beyond any doubt Bitcoin has made a massive progress in last ten years and still making progress. In coming 10 years, bitcoin may reach new heights. We also need to be aware of the fact that this Bull Run will not continue forever it will come down one day.

Yes, things have changed at a high rate for Bitcoin price and its adoption process. But it is a very big claim that 'Bitcoin can be the central bank of all other central banks'. We shouldn't forget that Bitcoin is a VOLATILE cryptocurrency. It is not a stable coin or something like that.

Ark Invest CEO: “$1 trillion is nothing” compared to where Bitcoin is going
“If we add all of the potential demand relative to the limited supply, we come up with incredible numbers over the long term. We have just begun. One trillion dollars is nothing compared to where this ultimately will be.”
https://cryptoslate.com/ark-invest-ceo-1-trillion-is-nothing-compared-to-where-bitcoin-is-going/amp/


Once we reach this level, the volatility will disappear.

More like bitcoin has the potential to be the reserve asset of central banks, replacing gold. A central bank is a central entity, while Bitcoin is a decentralized asset/protocol.

Check out how much gold they're holding, and how bitcoin could potentially be once they decide to hold some: https://www.gold.org/goldhub/data/monthly-central-bank-statistics

does not rule out if in the next 10 years all institutional institutions will agree on bitcoin as the only agency that will be responsible for an economic monetary policy in a certain country. however, to achieve all of this, we have to go through several stages and obstacles, while the central bank is currently not fully supportive. because fiat money remains the sole symbol in carrying out a legal payment transaction system, and also as a symbol of state.

Oh yeah, imagine banks suddenly switching from having to store tonnes of gold in extremely safe deposit boxes to having everything on a little cold storage device that could be not only moved in an instant but also replicated from bank to bank, recovering any of the funds in case of any kind of emergency.

No more trucks and planes filled up with tonnes of gold. All within a single click. It's all a matter of time before it happens.

You can only store a digital gold in a little cold storage device and not physical gold, between I don't think digital gold can be compared to having a physical gold at all,
Still don't make sense because there must be an actual gold somewhere to match with the ones on the little cold storage otherwise it will remain digital and can not be useful in the real world except online, so in essence,  having having those tonnes of gold bars is still very important.

A lot of things have changed in the world in these 10 years. So why not Bitcoin price? The world moving to digitalization day by day and people realizing the value of digital assets like Bitcoin. Since Bitcoin is backed by the community and is a decentralized asset, I don't think central banks will consider it as a reserve asset. Due to high volatility, it would quite complicated for central banks. Perhaps they would use blockchain technology instead for their users. But I don't expect they will consider Bitcoin as a currency. Anyway, I hope bank would make easier to buy sell and hold bitcoin for citizens by allowing their users to buy and sell through banks. This way they would raise their revenue and the government would get tax as well.

The price has grown unbelievably, that's true. But why the central bank of central banks phrase, what does it mean? I'm not sure how I feel about such a comparison because Bitcoin is nothing like a central bank. It's decentralized, the supply is limited, there's no single entity in control of the distribution of money, the price is not regulated by anyone. I just don't understand how a type of money can be compared to an institution. And if you mean that Bitcoin will beat the central banks, I also have to disagree with you because while Bitcoin is very impressive and massive in its own way, the reliance of people on fiat and banks is IMO too strong for Bitcoin to be able to replace them.

Why should central banks buy something that is shit? The crypto cartel with people including Elon Musk and Michael Saylor investing billions causing a world wide news coverage to make BTC a "ruler" like asset for the 1%.
Central banks are not some dumb social media users or house wifes who fall for that.

Let's be serious.. at this point, any internet connection disruption would cause HUGE trouble for the entire planet. Almost everything depends nowadays on an internet connection.

Banks want to go digital anyway. I don't think a plan to move their reserves into BTC rather than gold would be a far stretch. In fact, it'd be easier for them to store & move money this way.

I don't think there was a connection with the market price in becoming a central bank itself in the case of bitcoin, I don't really think it is possible at all. Maybe if the government can control bitcoin.

Bitcoin will not become the central bank because bitcoin is decentralized and central banks are centralized, maybe what it means is becoming your own bank where you have the control on your own.

But most of the people actually are just stick with banks because they just don't want the responsibility, like if you lose your private key you lose your bitcoin as well, in a bank you could just request another password if that happened.

No doubt about bitcoin's bullish rally and bullish rally won't be happened until there is a bear market. So, enjoy bull market without being into fomo and buy on every dip or get ready for bear market to fill portfolio with bitcoin. It's now becoming one kind of cycle of bull and bear to teach us what to do and what not to do in every conditions. Within next 10 years, bitcoin might get closer to millions if we get more than 3-4 bull runs, IMHO.

I mean a decentralized bank because of the nature of bitcoin. If bitcoin makes that centralisation there will be a lot of inflation in bitcoin, controlled by the elites, in contrast to bitcoin where everyone can have it - it can store itself without having to bang. There is nothing to be trusted in cryptocurrency except code.

I think in this decade Bitcoin will be a used as a reserve asset by some central banks, but it will not replace gold right away, it will start slow and as Bitcoin becomes more adopted and more stable, they will be holding more of it. Before Bitcoin will have a chance at replacing gold or US dollar or whatever other asset, there will be a long phase of slow and gradual adoption.

Bitcoin being decentralized is the main issue why banks don't use nor acknowledge it. Also I don't think that we'll ever accept giving up on the volatility of this coin where most of us take advantage to earn some profits. I would like it to remain as is.

When it comes to price then its always be changing and always be volatile but instances or words like this would be changing off since we dont know on what would be the future looks like.

Good thing for those who had risk out earlier since they are making tons of money as of this moment and with the talks of becoming a central bank of the central banks

then this isnt something that most people in the community would disagree on.Why it would needed to be a central bank? Also, do you really believe that these institutions would be
just simply put themselves into that situation?

No governing bodies are handling out btc.You can always differentiate whats a heavily centralized stuff into a decentralized one.

^ There is no need for that bank will accept BTC for the central banks, BTC will not change and it will remain decentralized and the bank is centralized they are very in conflict with each other. Let say BTC adoption by most central banks, but that is it, they just adopted and that is all because of the fact they can manipulate and control it because as we know it is decentralized. Nevertheless, when we are talking about a global currency, it will probably happen but not replace its national currency and probably it is reserve for a global currency that baked by the government. However, who knows, the next 10 years id very far behind to predict.

The institutions will not agree that for bitcoin to be the only means of financial transactions because that will even be against the purpose of bitcoin,  the freedom of choice will be overcome if that happens


No, fiat money has not been the only symbol in carrying out legal payment transaction, at least in, I have seen that government mention PayPal and more others as payment means.

It is also not clear to me what comparing bitcoin with the central bank means, and even among the central banks of states.
The nature of bitcoin is completely different from banks and their currency. Banks may provide some services in cryptocurrency, however, cryptocurrency will always occupy a special place among other currencies in the world. Banks always tightly control the circulation of currency and their owners. Cryptocurrency is distinguished by decentralization and relative anonymity of their owners. Therefore, banks and cryptocurrency should not work closely together.

As time goes by, changes always happen, a lot of things are now being innovated and advanced, we also have seen a huge change with cryptocurrency especially the bitcoin, 10 years ago bitcoin is not that really interesting asset because of its value but now we can see how it changes and a lot of people are now being more interested in it. Bitcoin will not become the central banks of the central banks instead it could be the reserve assets just like Gold.

Imagine how far less resource intensive it would be for banks and central banks worldwide, not needing to move metric tons of heavy metal. And people like to cry about Bitcoin using too much energy(that's actually mostly renewable energy) lol.

Bitcoin protocol describes it is a decentralized network and the network operation so far proves that it is truly decentralized.

The topic as a consequence of this fact, is a wrong topic. How OP thought that a decentralized cryptocurrency can become a centralized asset for central banks? It is impossible.

Bitcoin won't replace fiats, won't kill fiats. Bitcoin won't kill altcoins.

They all together will exist in the crypto market but yes of course shit and scam altcoins will die. They die because of themselves and inactive developements, not because of bitcoin.

This is a real possibility, it was not long ago we could see how much gold content a paper currency was supposed to represent, this changed because it benefited the central banks but if for some reason things get out of control and central banks need to once again back their currencies with something they could choose a basket of assets instead of just backing their currency with gold, and if that is the case then bitcoin could without a doubt be one of the assets which will be used by central banks for this purpose.

I don't think so, centralized and decentralized are like oil and water, they don't mix well and there isn't any part of bitcoin that is going to be pleasing for central banks in the first place, I mean they don't like it in the first place so why get in bed with your enemy right, I would say that the best thing to happen for these two is to coexist and not combine because if that were so then central banks will eventually gain the upper hand because they are organized compared to bitcoin.

Central banks will not allow any uncontrolled entity above them, you know it

Agree 100% on the Millions target. The market has reach such a point, that you cant deny anything any more. I believe the conventional Central Banks will still stand and Bitcoin will be right there with them. Although the price is getting out of reach for the common man, there is still an opportunity to benefit in the long-term expect the BULL run to continue....

As the years goes by, there are more changes that left behind. The price is volatile and the people are looking for the better investment than banks. Bitcoin price before was let say $10, then people knew that Bitcoin was much better profit than banks although higher risk, they will seize the moment. Year after year, the popular grown until the world are almost aware of Bitcoin. The population growth, but Bitcoin supply remains strong at the same numbers. These days we are talking for 60k, 70k, or even up to 100k because the institutions are into Bitcoin. Banks should acknowledge the domain and potential of Bitcoin before Btc become the center of attraction.

We can still discuss whether bitcoin will go over 100k or not and when it will go over 100k. But in reality, bitcoin can never become the central bank of the central banks! I am not saying that it doesn't have the potential, but it won't happen because the governments and financial administrations won't let it happen.

Bitcoin great for parking temporary money for sure but to become a reserve asset, it must be less fluctuative than what it is now. Also the network is decentralized which is another risk areas for the government not to allow it. So play a speculative game but don't make assumptions like this!

A new fashion has emerged, with the same growth Pump that BitCoin had there in the beginning. The name of the currency is "REAU" and went viral in Brazil, there are several videos of it on Youtube. With just $ 15 I made over $ 3,700 in just 2 days!!

It's never for us to take entry into bitcoin whether it's bullish or bearish market because bitcoin is always surging from it's begining point and it'll continue this rally with bull and bear market which will be happened one after another.TBH, it's best for us to do DCA for bitcoin or buy when bearish market is going on or buy on every dips which is suitable to take entry.

Bitcoin for banks is now widely considered as almost a Shelter of Value, but they do not recognize it, banks rely on gold, but seeing that gold does not grow like Bitcoin, the time will come that they will buy as much as they can In order to maintain itself, the potential of bitcoin cannot be measured, supply and demand + volatility cannot control it, that is its bottleneck.Many will follow and bet on the fall of Bitcoin, which is a bubble, but the bubble seems to be FIAT money, the Dollar, Euro, which in times of crisis is when they most demonstrate their weakness unlike Bitcoin that becomes stronger.

So just because the price went up from $10 to $60,000, you now think that bitcoin can become the central bank of the central banks? How does this logically makes sense? You guys are being overly optimistic. Unfortunately, bitcoin is never going to take over central banks or replace them in anyway. At least this is what I think. First of all,  the price is volatile. Something extremely volatile can't take over the central bank. Secondly, there are some flaws that currently makes bitcoin less suitable to be used as a regular day to day currency.
Maybe one day the government all around the world comes up with a crypto currency of their own that will replace their own central bank system?

Bitcoin cannot be the central bank as decentralization is one of the solutions bitcoin has come to offer to centralized institutions. Banks have already expressed fear over the way and manner cryptocurrency is starving them of theri operations and liquidity, the truth is, this is just the begining.  more to come from the crypto space.

As the market value of Bitcoin increases and the audience increases, the stability of Bitcoin prices will gradually be established. At that time, Bitcoin will be expected to become a non-sovereign global reserve currency for central banks and a safe-haven asset for large financial institutions.

Not sure if such would be possibility even if it reaches $1 Trillion or more.
People would still think that Bitcoin would still be an unstable currency.
$1 Trillion would be hella dream for everyone.

Quite nostalgic post from the OP by the way.

'Bitcoin has the potential to become the central bank of the central banks'

or one could say:

Why Bitcoin may be the ‘base money’ of the future
https://ambcrypto.com/why-bitcoin-may-be-the-base-money-of-the-future/amp/