Bitcoin Forum

Bitcoin is a virtual currency that uses peer-to-peer technology to operate with no central authority or institutions like Banks. By its very own definition, Bitcoin sounds well positioned to kill central banks. Could it? This topic of central banks and their potential replacements are complex with a lot of valid arguments supporting it and against it.
The digital era may be against central banks, but it all not that easy as it has a strong foundation and six centuries of history. The first central banks, often helped nations in funding wars and other initiatives that are supported by the government. The British redefined the concept of central banking in 1844 with a legislative effort that laid the foundation for an institution that had the power to issue currency.
With the idea of a bank with that level of power could help stabilize the financial system in times of crisis and war. It is a concept that many experts agree helped stave off disaster during the 2007–2008 financial crisis and the Great Recession. Presently, modern central banks play a variety of roles like maintaining full employment and stables prices, ensuring the safety and soundness of the nation’s banking and financial system, stabilizing the financial system in times of crisis and helping oversee the nation’s payment systems.
Currently, central banks are the predominant structure nations use to manage their economies. They have a long history and monopoly power. Hence they are not going to give up that power without an intense fight. While Bitcoin and other digital currencies have created great interest, their adoption rates are very minimal and obviously, the government support for them is almost nonexistent.
Unless governments recognize and label Bitcoin as a real-time currency, Bitcoin has little less hope of killing off central banks any time soon. Having said that, central banks across the globe are very keenly watching and understanding what Bitcoin is doing. As we all know that metal coins are expensive to manufacture and most of the time their face value is kind of cheaper than their manufacturing cost, we shouldn’t be surprised if central banks one day issues digital currencies under their name.
That is the exact reason why they should adopt it sooner rather than later. The earlier banks adapt and adopt some or the other form of Blockchain the more relevant they will remain. Bitcoin has established a lot of partnerships with FinTech firms I order to develop the applications of Blockchains in their capital markets. That could explain why big banks have been eagerly warming up to Bitcoin and other major cryptocurrencies which use Blockchain.

The answer is simple - no, bitcoin will not kill banks!
Why? Because governments will never allow an uncontrolled entity to replace a government-controlled, formal payment mechanism. The only thing that bitcoin, as a technology, can influence, is to push banks to use part of blockchain technologies in banking technologies.

Bitcoin is a virtual currency that uses peer-to-peer technology to operate with no central authority or institutions like Banks. By its very own definition, Bitcoin sounds well positioned to kill central banks. Could it? This topic of central banks and their potential replacements are complex with a lot of valid arguments supporting it and against it.
The digital era may be against central banks, but it all not that easy as it has a strong foundation and six centuries of history. The first central banks, often helped nations in funding wars and other initiatives that are supported by the government. The British redefined the concept of central banking in 1844 with a legislative effort that laid the foundation for an institution that had the power to issue currency.
With the idea of a bank with that level of power could help stabilize the financial system in times of crisis and war.In the future it will be seen that Bitcoin is destroying the central bank...

I guess a Central Bank is part of government... meaning it has to be subjected to Just laws/principles that binds a Nation. As far as I can tell, no bank on earth has the right to stop people from accepting payment in any currency they choose to get paid in, except maybe the people are somehow enslaved to the bank. Free people should have the right to accept payments in any currency as long as that is helping them and their societies.
I suspect the banks feel they have the right to rule and control people at the expense of the people's laws, probably due to people's indebtedness to them. Well, I believe there are lot of people who don't own them a penny... So they need to be careful how they treat such people

This is the most plausible answer. At the moment governments hold all the power of the people. We are not ready for a regime change. But one day in the future this could happen. If enough people demand a change that the politicians need to react. While central banks who print money each year worked for many years, it doesn't mean it will be going to stay like this. We just need to work together to change the system.

Why would government give up a system where they can control and influence the economics on their country? That will be plain stupid. On top of that, the goal of Bitcoin is not to kill anything, but simply provide a way for people to transact digitally without relying on a centralized entity. It won't solve the problem of GDP, microeconomics, etc.

There is a repetition about bitcoin killing banks conversation, but it is not realistic at all. I will give you an illustration and i want you to find your answer by yourself.
You need to do a personal survey by yourself, how many locals in your country, state, or city you live in would trade their commodities in exchange for bitcoin with you ? Now you as a trader, or an investor or a bounty hunter or ambassador; when you get your profits from these crypto activities , do you keep them in your wallet to spend? or you convert them to your local currencies to spend ?

I believe you have your answer, bitcoin cannot kill central banks; it can only co exist with fiats currency to make the financial market, world a very better place.

The answer is no since first no one regulate bitcoin so there's no law can be implied to overcome the fiat system while government can easily erase out bitcoin in their financial system if they want ban the usage of it on their country, also this thoughts is so impossible so maybe lets not speculate about that since bitcoin needs fiat TBH. Maybe for now just use it according on how you can gain with it and don't listen to other that it will conquer the system since this is close to impossible for now.

Exactly, why would they go that route knowing that their power will be useless in a decentralized fashion. I also have to add that it will take years to really uproot the established system and bitcoin has a lot of things to fill in.

for what reason is Bitcoin killing banks? I think it doesn't need to be enforced, and it can't be as if it is a murderer. let bitcoin grow with all its systems and the bank will be the balance so that the resilience of the value of Bitcoin remains a top priority for bitcoiners. we as bitcoin holders don't have to be aggressive.

No, it won't. Central banks will remain. Bitcoin cannot take over any country's central bank's monetary and financial functions. A central bank's role in a country is more than just issuing money. I'm afraid Bitcoin is not a central bank's replacement. Bitcoin may not even be fiat's complete replacement. At best, it is a major alternative from which central banks may learn a lesson or two as regards monetary development. I think Bitcoin has played a significant role in several countries' plan to shift to CBDC.

I agree, I get that people can dream whatever scenario they may like but we need to be realistic here, the goal of bitcoin has never been to kill banks, the goal of bitcoin is just to offer a currency with a scarce supply that is permissionless, that is it, anything more than that is nothing but a dream.

Governments are never going to allow this to happen and banks instead of remaining static and accept defeat will just adapt to the new reality just as they have been doing for hundreds of years, so while a world without banks sounds like a good idea to some it is never going to happen.

We may be in the digital era but it's hard to be seen that bitcoin will kill the central banks. The government won't allow that to happen. The central banks can give the go signal for establishments to go and adopt bitcoin.

But they'll never allow it to replace the central banks and let it control its role in a country. Central banks have vital roles which they cannot hand over to bitcoin.

No, this is inevitably not the purpose of Bitcoin. And not all countries have announced Bitcoin legal. I have explained before that banks regulate all the financial activities of a country. In that trial, the government will not expect Bitcoin to be turned off. And banks are bound to a government in many paths, but since Bitcoin is virtual, it doesn't appear to be stricken. But Bitcoin will not be eligible to kill the bank.

Though bitcoin have so much popularity among people around the world and a huge number of people invest their money in Bitcoin but Bitcoin can never kill Central Banks. This is not possible. Because everyone believe banks because bank is centralized and Provide fiat. On the other hand bitcoin is a virtual coin. Not all the people in the world depends upon bitcoin. But most of the people like 80/90% people depends upon banks because they keep their money from banks. Bank give people loan. On the other hand bitcoin have no facility like loan. So bitcoin can't kill banks.

Honestly, I didn't have time to read the entire content of your topic, but I only aim for your question in the topic title.

For your answer, 99% of the answers are below.
Can Bitcoin Kill Central Banks? (https://www.investopedia.com/articles/investing/050715/can-bitcoin-kill-central-banks.asp)

That would be nigh impossible. Bitcoin does not and will not fulfill the roles of central banks. They are still vital for controlling the economy and stimulating it whether we like it or not. Also, why would the governments let that happen anyway? It would be hard for them to control the economy, the inflows and outflows of money, and everything in between if central banks aren't existing.

Why though? Why would bitcoin kill central banks? What would benefit bitcoin, and what would the society benefit from no more central banks? Do you really know what they are suppose to do and what they are there for?

Central banks are the places that take a look at a nations economy and make decisions based on that, and if you remove it all together it becomes the wild west and outlaws and there won't be anything that decides on what's going to happen, I am not saying that would be bad compared to now because I do not know, maybe a liberal economy without a central bank is the solution to all the economical problems we have but I can guarantee you the first few decades will be horrible because liberal economies allow rich to do whatever they want so instead of the Central bank it would be people like Elon or Jeff that decides the economy, I rather not deal with that.

Maybe it is better if bitcoin stay like this, for investment purpose or maybe what people use beside to replace fiat. Because Central Banks itself is really big power and can control anything, me who amateur maybe only think don't let they make bitcoin banned and we just not disrupt them if not any problem happened to bitcoin itself.

It is not going to happen. It's never going to happen (unless a huge revolution takes place after few decades and freedom is actually a thing). Think about it. A decentralized coin taking over the central bank. A coin that government has no control over. Can you imagine that? Nope, you can't. Because the government like to keep power and control its citizen. And with the help of central banks they are even able to indirectly control bitcoin. This has both bad and good bad sides. So no, bitcoin won't kill central banks, but maybe a centralized coin controlled by the government by change how a central bank works.

Even up into my dreams, this thing wont never happen because government aren't really that dumb for letting things that will totally be opposing their existence.

If they had able to control up bitcoin from the start then they had already done it a long time ago but it turns out that they wont able to do so but doesn't
mean that bitcoin could totally kill central banks but rather be staying up as an alternative and wouldn't become the mainstream.

Im not against with adoption or into its potential but we should really be practical and realistic on here.

Biden is now currently killing bitcoin, there are humors that the taxation will bombard us traders. Up to 20% in our commission returns. Years ago bitcoin killed the banks and still slaughtering more bigger institutions.

i dont know why people are thinking that bitcoin will kill the existence of central banks? do they have solid basis on why they think about this scenario? i do agree, bitcoin will just be an alternative option to people, the adoption may grow thru the years but as a replacement to fiat? i dont think so.
people should be realistic with the situation. not because you are now a crypto user, you think, btc will kill the usage of fiat??? wake up people!

It's just that some people do not fully understand what normal and stable public administration is, what central banks are really needed for, and that's why they express such ideas ;) Some ideal world without state structures, which when necessary are engaged in the suppression of excessive freedom of citizens, of course, can take place on our planet, but in the end leads to bad results for the citizens themselves in the face of chaos and lawlessness. Therefore, central banks in any form will always have a place to control the financial system of the state and this is a sufficiently effective system for such management, tested by time and circumstances.

First of all, Bitcoin isn't created to kill these Central Banks. Bitcoin is created to have a peer to peer transaction. It is created to remove these third party establishments like banks but it doesn't mean that it will kill it.

One thing more is that, not all people have access to Bitcoin and there are some Bitcoin investors who are preferring banks when it comes to transferring money than using cryptos like Bitcoin. I don't think of any way that Bitcoin will kill these banks. I don't use Banks that often and I see them as a storage of funds for my future only but not for transaction purposes. Banks also plays a big role in the economy so it isn't that easy to eradicate these banks even though there are some problems with them with regards to charges, interest etc.

I don't think so, not all people can adapt the digitalization and not all people are willing to risk their money knowing bitcoin market is too volatile. Cashless transaction is possible but not tru bitcoin being the primary currency and removing fiat by circulation so bitcoin cant kill banks.

I don't think bitcoin shots can kill central banks currently use countries with dominant structures to manage their economies. They have the exclusive power and will not give up that power without a fight bitcoin and other digital currencies have generated significant interest but their acceptance rates are declining and government support for them is virtually nonexistent. Unless and until the government recognizes bitcoin as a legal tender soon it has little hope of killing central banks note that central banks around the world are watching and studying bitcoin based on this it is more likely that central banks will one day issue their own digital currency.

As old generation diminishes, I am sure that digitalization is going to be easier since the younger generations are more inclined in terms of technology, and it is only a matter of time before we can achieve that digitalization and even the all powerful banks are going to go to this point if they don't want to get left behind.

It is impossible for Bitcoin to kill the Central Banks and vice versa Central Banks may not kill Bitcoin. How could Bitcoin kill Central Banks if fiat is
still the official payment in all countries. After all, the government will do everything possible so that the system bank is not defeated by Bitcoin.
I don't think Bitcoin and Central Banks need to compete with each other, but why not complement each other. Not all regions can use Bitcoin as
a means of payment, because Bitcoin requires internet access and not all areas are covered by the internet. So fiat is still needed as a means of
payment, and Bitcoin can be used as an alternative payment.

I think central banks will live for a long time to come. Bitcoin will simply become part of the system. Already, Paypal has added cryptocurrency as a means of payment. Apple Pay and Google Pay also add cryptocurrency as a means of payment. It just stents another asset and will not displace central banks and fiat currencies.

This is the ideal thing to happen but in a way it deviates from the true purpose of bitcoin when it integrates with banks, if it integrates then what bitcoin aims to eliminate which is the middle man is going to become a part of it again.

Absolutely agree ! Fantasies and dreams are just fantasies and dreams that have nothing to do with reality. People cannot understand and accept in any way that there are axioms in the building of statehood. Each state has obligatory symbols of statehood - anthem, flag, constitution, CURRENCY, banking system.
Without the latter two, the state will be just someone's appendage. Or rather, an appendage of the state whose currency will be used and whose banking system will manage financial flows in the country. No, foreign banks can be in the country, this is normal, but the absence of a national bank and a "mint" is essentially an indicator of a colony.

Bitcoin can't kill banks as fiat currency will still be used since government likes to control the fiat. This is more like a centralized wallet or exchange which you don't have full control compared to decentralized wallet or exchange which you can export the private key which the bank is like a centralized wallet.

There will be only 1 answer and that is NO. The government will not allow Bitcoin to take over because they have no control over it. Bitcoin would never replace fiat. They could co-exist yes, but dethrone each other I don't think that will happen. Besides, we still need cash though because not all countries are not still ready to accept Crypto especially Bitcoin. Perhaps if the government will able to take control of the transaction on crypto (which is less likely to happen) then perhaps it can replace central banks. Moreover, for me, it is better for Bitcoin to stay this way.

Can central bank kill bitcoin? Probably yes, they can (and probably will) make it fully illigal. That would be a real tragedy

Well, what you have to know is that central banks cannot kill off Bitcoin, that’s not going to be easy, in fact it’s not possible for that to happen because when they break down the centralized wallets and exchanges that we all know, people then start to go for peer to peer and stop making use of centralized exchanges, and in a situation like this there would be no way for them to take down bitcoin. Then as for whether Bitcoin can kill off central banks? I doubt that too, it’s not going to happen, we are just going to have the both of them coexisting.

Despite being one of the best technology so far, it is quite unrealistic and hard to attain this so called killing the central banks. I believe due to the fact that most government will not allow the decentralisation at all due to the fact that it's not taxable. Governments will not have any funds at all.

bitcoin cant kill CB.

but it moves an entire generation of people.
it moves CB in their thoughtrealm.
it moves technology.
it changes banks.
it makes people think about fiat systems.
it is the first step into decentralized trust and  value networks.

enjoy...

although bitcoin is more valuable than real fiats,  it's still impossible to erase some bank even in third world countries.. Indeed government will not allow this thing to happen as well like for real.. Because we have some protocol to follow when it come real money wherein even making joke with it in public or you burn it still prohibited.  You will face a serious problem for it against government,  and will be in  prison for how many years.  For this reason its very impossible to replace crypto currency even in the future..

Whether we are in a poor or developed country, banks will be a fairly safe way of transporting money, complaints or refund requests due to errors, most of the problem is solved under their system while bitcoin in terms of value is probably quite high, but their system is relatively inflexible and quite difficult to handle losses. Before bitcoin wants to kill banks, bitcoin also needs to be responsible enough to handle the problems that arise, but perhaps it cannot, there's no need to talk about governments and their rules, Bitcoin is still hard to cooperate with users like banks are doing

It's not about Killing banks , it's more about " making sure that they integrate the banks along with the crypto market" the reason for this is Simple:-

Not everyone has the opportunity to use crypto as a currency Which does mean that they have to rely on the limited options available to them which does mean they need a working exchange which is instantly going to transfer your crypto to whatever currency you prefer in your bank account. Which is how I do use cryptos if needed at emergencies.

This is how it goes therefore what's needed is :
Government Willing to be more fluid and letting crypto and the normal economy Integrate themselves at a much deeper levels.

I do think Killing is not necessary at all. What's needed is proper integration. Proper regulation.

In the nearest future, Bitcoin or other cryptocurrencies will not be a threat to the central banks. It's not that easy to change the way the modern economy and markets function nowadays. Basically, all governmental operations and all large companies should function in accordance with the law, otherwise, it would be chaos, wouldn't you agree?
No one can abdicate central banks, that will be a suicide for the government for many reasons. One of them is taxation, where will the money come from if everything was done through blockchain? Another thing is control, can you imagine a functioning government, where all businesses are run indiscriminately?
There should be a system to make this work. As of today, I'm not aware of any sound solutions for resolving these problems. While it remains so - the central banks have nothing to worry about.

This answer pretty much sums up what I think. There's no chance governments are going to relinquish control over the monetary system. And as for bitcoin replacing it unwillingly, the economy was much choppier and less predictable on the gold standard, so it's really unlikely people will want to return to all the economic insecurity that accompanies a deflationary currency.

Agreed, That answer sums up the issue regarding Bitcoin and Banks. I don't see any opportunities that bitcoin and other crypto will be able to govern over banks. We may be able to progress with a stablecoin that the banks will produce which will probably the future currency that each and everyone will be using soon. A deflationary and unstable market price will not be able to considered as a mean of payment as price can change anytime from 100 to nothing.

Central banks can't kill bitcoin and bitcoin can't kill central banks, they just have to agree to live together without bothering each other too much. Sure I am all for regulations, regulations for central banks, regulations for private banks and regulations for crypto, there are way too many people who have lost money in crypto that could have been saved, let the crypto companies be registered and have a serious audit going on constantly like a regular company and you will see save a lot of people from losing money.

However most governments only take a look at the fiat accounting of those companies while those scam companies steal crypto which governments do not even look at, so when accounting audit happens for crypto and those regulations get better we are going to see governments, central banks and crypto all live happily together.

It's all about the money, and crypto is reshaping the understanding of it! I strongly believe that the end of central banks is near, they will not have the purpose in the way they exist now! Cryptocurrencies are level above, and it's just a question of time when the whole world will start using it! Yes, I believe in full adoption, which will come over time... and banks, if they don't change their operations, will be doomed to fail!
It's a war... central banks and a decentralized system! And people choose decentralized more and more, we want freedom without high fees, and we know how to use alternatives now!
In the end, we are evolving, and for something new to come, I guess something old has to die! Like in this case!

The dream of bitcoin killing the central banks is a dream that is seen by a small number of people who does not have any idea about economic and you will hear many asking these questions time and time again. Bitcoin is not created to compete with any other financial asset but as an alternative and we are still in the early stages and we might reach a scaling solution where you can send hundreds and millions of transaction per minute.

     Big NO. It's easily comprehendible with just a use of common sense. There ain't even a need for much effort. The wealthy always have control over almost everything. And following that logic, means banks control what happens along with the governments. I even see bitcoin being legalized in the future but also having big taxes in return for its users and holders. If not, the governments amd banks will proceed on making a similar thing but widely regulated so they do not lose control over everyone. That's just how things work in this world.

NO but central banks can kill Bitcoin instantly if all the country will agree to ban bitcoin. Central bank is the one who setup rules and regulations with regards to fiat currency and that’s where the funds of the country goes to so I don’t think bitcoin can do this thing. We have to accept that fiat currency will stay and bitcoin can’t replace that old system, we should be more thankful if you can still own Bitcoin and let’s not push this market to kill central banks.

I think Bitcoin can, but only if governments let it. But they won't, because governments are addicted to regulations. They think nothing that doesn't require regulations works. To them, if you can't control something, it means it's dangerous. But for the longest time, human beings have been afraid of what they don't understand. If only the government would delve deeper and understand how Bitcoin works and how they can use it to benefit the people's advantage, I bet their misplaced fear will go away.      

Bitcoin will not kill the Central Banks, rather I think they will adopt bitcoin. Perhaps not so soon but in due course when they see no other way out than to join or we will continue to see it as we have done now.
Centralization has had so much power that they cannot bend to decentralization. There are also the great elites that have their great tentacles and love absolute control.

Bitcoin won't kill central banks. It makes a transition in the way banks operate. For now the process involved with banking is very big and it is a headache. Myself stating from personal experience. When everything tied to the blockchain things can be made easier and faster.

A small experience of mine. My uncle died around six months back and he has got some deposits on the bank. He hasn't added a nominee to the account. Now to withdraw the funds my aunt is going to the Bank for the past three months. Several procedures were involved and it hasn't got withdrawn yet. These things need to change, when we show the proper authorised identity the bank should be ready to process it in a day.

Nah, central banks won't adopt bitcoin. Central banks are literally charged with controlling the money supply. They would never adopt a currency they had no control over. The closest you'll get is a central bank-backed crypto, and even that is unlikely. It's more likely they'll just digitize fiat.

The loss of control is essentially equal to the death of the state. In addition, given the factor of influence of monopolized miners on the volatility / rate of bitcoin, such a "currency" can simply kill the economy from deliberate or unintentional actions of monopolistic miners.
And finally, the use of a deflationary currency in the economy, from the point of view of economic competitive advantages, loses to the deflationary model.

I don't think it's gonna happen. Tbh bitcoin doesn't need to kill any government's institutions to prove its existence. Bitcoin can't be treat like fiat money due to its high transaction fee and delay transfer time. It will only worth it if we transfer high amount of money via bitcoin.
So, instead of killing central bank, I am imagine if someday in the future the government admit bitcoin as a digital asset and have clear regulations in government's side in any countries.

Bitcoin and central bank are never related in philosophy and tech wise. Bitcoin has no central authority while central controls paper money that's highly inflated as time pass by.
Central action may effect bitcoin value on short term but will become negligible as more and more people knows the real meaning and value of bitcoin.
One thing is unique about bitcoin, inflation is never an antigrowth and its acceptable worldwide. Bitcoin will always be the people's choice.

and if as a world currency for me it is very ineffective, considering the stability of Bitcoin will be threatened. and it is true that it is sufficient as an investment. let fiat money and bitcoin side by side with each other.

You are right, there is a misconception about Bitcoin and the central bank. they always bumped into them both as if they were enemies. We must straighten out an understanding like this, that both are important foundations in running the world economy. Banks and Bitcoin have their respective functions and benefits, both for people who are not familiar with Bitcoin, or for us bitcoin users. We live side by side and don't like to be pitted against each other by the OP speculation above.

I don't think so. Because, when people are finding their comfort level more with bitcoin payment system then they will slowly stop using traditional banking system. This will happen in decades and not immediately, I mean. So, there are plenty of chances are there for traditional banking system to disappear from other day to day life.

I'm just referring the potential of bitcoin to support our day-to-day life without traditional bank. Yeah, there will be no point of continuing with traditional banking when we are having all solutions for our banking needs with bitcoin ecosystem.

It was a old question and answer will be no. Because bank process is needed in a day to day life.Even if you get a vehicle loan, it was easily happened by the mean of bank.When US and developed country agreed on a concept of bitcoin to replace the bank. Surely it take a decade time to happen.Banking system had a huge process and everything should replaced by bitcoin.

I believe governments can use this to their advantage as well, but they seem to be not doing something like that. Contact the biggest miners, get them to a room, talk to them about how much they can save, like get over 10 billion dollars of bitcoin saved, pay their costs, then when they have 10 billion dollars worth of bitcoin, tell them to all dump them at the very same time all over the crypto markets, just keep dumping more and more in top 10 exchanges constantly until the price is very low, then cover their loss from what the start price was and what the end price will be.

This will be at most few billion dollars, big governments call it a half a day worth cost, USA printed over 5 trillion dollars just in the last year, few billion dollars is nothing. So, we can't just come out and say "can bitcoin kill central banks", if central banks wanted it, they would have killed bitcoin in a day.

If enough people use bitcoin for their daily transactions, then central banks with their fiat currencies will lose their power over the economy. Soon after that people will be flocking in to buy cryptocurrencies because FOMO will be too much for them to take in. Banks will collapse as they won't have any relevance and fight if the enemy is literally decentralized currency. This will also boost the price of bitcoin, but at the same time will amp the transaction time and fee. So there are pros and cons in this kind of scenario coming into fruition.

indeed there are many advantages of bitcoin compared to central banks. But we need to remember that the central bank is controlled by the state, so I don't think it's that easy to tear down bitcoin, we can see until now where the fame of bitcoin has soared, but the government doesn't seem to be going to legalize it globally

I believe bitcoin and fiat both got their own ways and you can not say bitcoin is going to kill central banks and fiat currencies because bitcoin has some benefits and fiat has some other benefits and you ca not compare these two. Regarding the central banks, some people withdraw their money from the banks and buy bitcoin to save themselves from the inflection rate and sure the governments will try to do anything to make people hold their money in banks because the decentralization of bitcoin can make everything harder for the banks and governments because they can not control anything here.

And what is the point of such steps? Banks can simply prohibit operations with exchange accounts, thereby effectively stopping the operation of converting crypto to fiat. This means that the majority of crypto users will not be able to make purchases for fiat. There are very few points of sale for crypto now, and they definitely do not cover even 1% of the needs of the population.
Ninado no spending, no negotiation. Just blocking accounts. Or they will make an even more interesting option - withdrawal to fiat will be possible through trusted banks, which will preemptively remove tax from the withdrawn amount :)
Well, the question about the Chinese miners, who are monopolists today - do you think they will actually negotiate, where the result will be a drop in the price of the cue ball? Moreover, this is China - a country with a rather specific policy, and its own interests

If we are going to take consideration on what's best for a certain country, regardless if it is possible that bitcoin may take down central banks or not, it would be best if central banks would remain dominant over bitcoin. If ever bitcoin managed to collapse central banks and take over its place, a lot of detrimental effects towards the nations economy will surely follow afterwards. Also, central banks are capable enough of restricting cryptocurrency use or decreasing it since the government is at the top of their heads that's why I think there's no chance bitcoin will be able to eliminate central banks anytime soon.

I believe only in an anarchy society model bitcoin could kill central banks. But since we live in a centralized society the central authority will always exist and rule all its elements, including the economical life of the country through the central bank. Even crypto businesses aren't disposed to *kill* central banks and the traditional economical model, otherwise we wouldn't see an increasement in interest for stable coins, backed by fiat.
In fact, central banks are going to be integrated in crypto universe and there is some chance they are going to dominate it on long run, overcoming the first decentralization purpose brought up by bitcoin philosophy.

Bitcoin is a digital asset controlled by a decentralized economy. On the contrary fiats controlled by the central banks are centralized. Both are running two parallel economy with different mode of operation so in that vibe I don't believe bitcoin can kill central banks block chain gets its value from fiat currency whioe fiat doesn't need crypto to maintain its value although its price can be slightly affected by cryptocurrency.

On this note, I agree so well, bitcoin can never replace banks which is centralised and easily taxable by government for revenue generation.  No matter what truth or advantage it brings,  the government would always be blind to those deliberately.
I don't agree so well with this one. There is no way the banks are going away so long as we are still governed by a political body. They benefit from the system and as such, they have it to exploit.

On the part of the government holding all the power, I seriously doubt that. In this system of decentralisation even as it is not accepted by governments of the world, the power is clearly with the community as it should. This is observed in the nations that outlawed cryptos, citizens still traded it individually and government had little or nothing to do about it.

Your points are valid and I don't think even the community will totally accept crypto in replacement of fiat.
It has been this way for centuries, and changing the current system will not be too easy.
Crypto can co-exist but will not replace the fiat system, even in the years to come.
Why is it that some people really think that crypto can totally replace Central Banks?
Do they have some rationale why they are thinking that way? Or just a wishful thinking?

I don’t know about this, but can’t really imagine there would be a  time that people will switch fully from making use of fiat to making use of BITCOIN. That’s not going to happen, the only thing that will happen to bitcoin is having a huge rate of adoption and for sure it will be used for a lot of transactions more than it’s being done (and I pray it is able to handle a high level of usage than now), but as for replacing central banks, I don’t think that’s going to happen, you’re still going to have so many needs to make use of fiat. They are both going to be playing their part.

I do not mean that they will do it, or they should, I just mean that if they wanted to, they could have done that. If anything this is a good example, banks not allowing exchanges, governments working with miners, I am sure if we wanted to find a way, we could find a way to make sure bitcoin is under 1000 dollars again given the proper power to us, and we could make it 1+ million dollars as well, all depends on who is in charge and what type of laws they do in regards to crypto.

But nothing bad came out yet, sure china keeps banning crypto in talks, there were few other nations like Nigeria and India as the biggest examples but the reality is that most of the world is keep going into crypto more and more all the time and that is why I think it is obvious nobody is doing anything bad for crypto, they could but they are not doing it which is a good news.

Thanks for the clarification, perhaps I missed the emphasis of the idea expressed by you. In this context, I agree with you!
But if we talk about China - on the one hand, they prohibit cryptocurrencies, on the other hand, they have in their hands, in fact, monopoly ownership of the world's bitcoin mining, and I suppose - not just like that, but for certain, controlled, processes, influence

Excuse me, but please let's not confuse "going into crypto" and " use crypto more and more" ;) Otherwise, we really go to verbal constructions like "bitcoin kills central banks", which have nothing to do with reality. I think that after some time, even those countries that are now trying to ban cryptocurrencies will change their attitude to a more favorable one when they see how other countries successfully interact with bitcoin for the benefit of their economy, but there is no question of any "killing" of central banks by bitcoin, because this is a matter of state management of the economy and central banks are an important part for this.

Crypto may agitate for change but its not the cause or weapon used to end anything, I dont see it as violent or aggressive as that.   There is still much development and usage that must occur, the majority of people still dont have a clue I reckon and you can fault the system for that or the people perhaps but not everyone grew up with a computer so I blame ease of use as still being not good enough but its a shared problem.
   Central banks have been rotting inside out from before the 70's  we are well past half a century of failure at this point and its not crypto's fault or the internet or any persons.   Most systems will fail, if anything crypto is the saviour for what is inevitable anyway; it is the life raft not the torpedo.

Bitcoin is still viable in my opinion, as it has undermined old and outdated central banking technologies.  Bitcoin is not stagnant, unregulated, has no symptoms of system maintenance, no complicated voting papers, payment authorization, sec, collection authorization ... etc, cumbersome,  lax control, not clear.  No one can deny, the birth and existence of bitcoin is a threat to the rudimentary technology of banks.  When asked, where would you choose to preserve your assets, gold, bank or bitcoin?  As a loyal citizen, I will choose bitcoin!

Bitcoin does not die because the central banks because the right to print money are theirs, and they are responsible for regulating their own economy. If we look closely, we only see that Bitcoin serves only a small part of the exchange, circulation of money and goods. So it can be said that Bitcoin cannot kill banks.
Bitcoin is simply changing economists' minds about money. Currently, countries like China, the US or the UK are researching blockchain, cryptocurrencies, and in the future they will create their own cryptocurrencies.
Banks have many functions such as lending, saving money, paying, extending, paying taxes, ... Cryptocurrencies are just trying to create financial products like a bank. Cryptocurrencies are fast-paced, but they won't be widely recognized or circulated more often than banks.

Yeah, banks are slowly turning as old technology as they are not as competitive as what new payment systems are offering to ensure all the demands of common people. When something is outdated then we cannot expect that to survive, time will washout such things. This is what exactly going to happen with traditional banks but probably it may take centuries of time as bitcoin needs same kind of time to reach most people of this world's population.

Bitcoin may not kill banks but will make them outdated and noncompetitive. But in near future, both will co-exist and serve humankind.

Personally, I don't think so.  10% rate so that bitcoin can completely replace banks.  Central banks still win the people's confidence, in other aspects, banks also have certain advantages.  Banks need to exist in the world as a form to "balance" life, economy and society.  Anyway, the bank still has provisions on the authorization for the inheritance of assets.  Bitcoin will have a way of coexisting with banks to increase liquidity.
At least until the world has a common currency.  All internal currency will be deleted completely.

Central banks will remain for financial regulations, but the commercial banks that fail to adopt cryptocurrency in the future will be bought over by FINTECH firms that deals on cryptocurrencies. We need to understand that money is an evolution and that fiat has failed the world hence a clamor for a better money.

No, it can't occur. Bitcoin is in its position and the bank is in its position. Paper currency in banks and virtual currency in bitcoin. I don’t believe Bitcoin has appeared to kill the central bank. The setting of the central bank will not be competent to take it. The government is deeply engaged with the central bank, and the government is not legalizing bitcoin. So there is no explanation for this impression or term.

Governments can try to curb BTC p2p transactions but they won't fully limit it.

The best they can hope for is overload BTC with regulations (limiting trade directly, no anonymous trade, taxing BTC at a high rate). Even then, people would still trade.

https://www.reuters.com/technology/turkey-bans-use-cryptocurrencies-payments-sends-bitcoin-down-2021-04-16/

You see this a lot with authoritarian like governments. They view BTC as a threat and attempt to kill it. But does anyone really believe they succeeded?

The state will not play high-tech "races" to restrict the bitcoin protocol. Everything is simpler - withdrawal to cards - only at certified exchanges, certified exchanges have many regulations - from monitoring transactions to preventive tax withholding when withdrawing to a card, plus - creeps will not give the status of a means of payment. And that's it! You can't buy for the cue ball, if you want to buy, withdraw it through the exchange, pay taxes, no question.
Yes, there will be some "manual" deals or "black" schemes, but it will not be a mass product, well, at least because it will be illegal and it will be a criminal article. Neither the state nor the banks are interested in losing control over finances! And what is important - they have methods of influencing or regulating this issue.

It depends in some regions. I know of a region where dollar isn't sustainable for the economy. The importers need $$ to bring in goods from foreign countries but the central bank could not cater for its people, now its people need to sort for alternative and that's why they are all going to search for $$ in black market.

The above action has now led their fiat become useless and many has swap their assets into crypto as hedge against inflation. Now, you can see where Fiat depends on crypto.

At the initial stage both the central banks and Bitcoin will co-exists. This means that fiat and bitcoin will be used side by side. When people began to use more bitcoin and crypto, then the fiat transaction will become less and the role of banks at that time will become limited. Slowly the banks will began to shutdown and eventually there will be no banks and no fiat currencies.

The answer is definitely and absolutely, no. Bitcoin can never kill the banks because first of all, banks play a unique role that bitcoin can't offer. Banks existed long ago until today for a reason. It isn't something that you can just abolish because there's something that you see that has a potential to do almost same functions.

Secondly, banks are centralized. They are controlled and handled by the government. And knowing how the government works, it won't allow any other organization or institution to take over and ruin what they have already established.

Let's stop insisting war and competition between the two aforementioned organizations. They have their specific purposes. Both serve as an alternative option one way or another to the majority. Without the banks, economy will most likely suffer. Without the bitcoin community, people would lose platform/medium to generate income and/or to invest with.

Apart from being operated base on different framework. CBN is tasked with providing policies and regulations of financial operation in a country so I do not think CBN can be killed by crypto but rather the CBN will continue to make policies that guide and protect financial establishment and always fight to come combat the dominance of crypto. This is what is happening in many countries today e.g. Nigeria

I don't think Bitcoin will kill the banking system. Rather, Bitcoin helps you manage your wealth and allows you to transfer money without having a third party.

As every bitcoiner needs a bank account so that he can get his local currency by selling bitcoins.

But yes, here we should also remember that if bitcoin is accepted everywhere in the world, then it will be the end of the banking system.

To many people thinking that it can overcome something giant while we all know how strong the fiat system is for sure there will be no ending discussion about this but its easy to think why this overcoming a certain institution will never happen to bitcoins, maybe the global adoption and usage will spread but we will see only bitcoin as alternative since law makers will surely supports fiat(Central Banks) at any cost.

Perhaps the simplest and most not problematic way is to recognize the cryptocurrency as an asset, much like the stocks of companies, which are simply more accessible to the mass consumer and more convenient in transactions than classic stocks. But at the same time, the assets have a floating market value and can be sold for fiat money. The fight for the right to become a currency, or a means of payment, can, on the contrary, bring the time of the cryptoindustry if a tough confrontation arises between regulators, banks, financial institutions and the crypto market

I agree. It is very difficult to replace fiat money which seems to be fully supported by the government. Global adoption will really help bitcoin to gain strength and in the end the government can consider it as an alternative means of payment, I guess that's my highest hope.

however, the central bank has the full support of the central government, while bitcoin is the opposite.  bitcoin is indeed beneficial for those who like freedom, and it cannot be denied that bitcoin provides solutions to several problems that cannot be handled by the current financial system, it's just that bitcoin is controversial regarding the "freedom" it carries.  While the government is trying to anticipate bad things to put limits, so far I think it will be difficult for BTC to kill the bank, what for anyway?  so far btc still exist in its way

A bitcoin standard where individuals would reclaim their financial freedom can still be created. It takes a few small economies to start basing their new currency on it for a decentralized network of economies based on that to start popping up. That'd be my dream come true, where central banks cease to exist because they'd have nothing to do.

Of course, neither Bitcoin nor any other cryptocurrency can lead to the destruction of central banks. The banking system is part of the state, takes part in the maintenance and regulation of economic processes in the country and is actually under the protection of the state. States will destroy anyone who encroaches on their banking system. Therefore, cryptocurrency has absolutely no chance of crowding out banks. Cryptocurrency can exist only along with the banking system and together with the national currencies of states.

This was an interesting topic and roam in the forum often.It may happen in two decades.Because the central bank had his strong base among the people.Even they are getting more interest for the loans,we still approach the bank for it.Once bitcoin made it strong base among the people and it may happen.But the process already started.

central bank not gonna shut down, that's why they also trying to create CBDC that is to compete with cryptocurrency that are decentralized, then maybe in the future cryptocurrency will act like more of digital store of value and stock while the money still controlled by bank through CBDC and I think thats the most realistic future I can see. Of course implementation of CBDC will take a long time as always with the bureaucracy of the government and maybe in the future traditional stocks will get tokenized as well allowing it for trading 24/7

The fact is that while the existing financial system operates, no one and nothing threatens banks, not even Bitcoin. In order for banks to disappear, a new global financial system is needed, but since it does not exist yet, the banks will continue to work. However, the emergence of Bitcoin and other cryptocurrencies gave rise to thinking, are they not one of the elements of the future new global financial system? I believe that this is probably the case, and when the time comes for a new financial system, then Bitcoin will probably be able to occupy a niche of banks and become something more than just a top cryptocurrency.

The plan to create a CBDC is indeed clear evidence that the government is adapting to technology. where now many people do financial transactions
done digitally. I believe central banks will never die, because that is the only way the government can control the finances of its citizens. Because if
the government agrees to switch to using Bitcoin, it will be difficult for the government to control the finances of its residents. It is most likely that
Bitcoin will only be a payment alternative to fiat, so Bitcoin and fiat will co-exist.

Banks are too deep rooted in our society and government that if we try to remove it totally, the countries won't survive for long and any replacement is always going to be too late. Banks are like the zombie ant spores, they are the reason why the ants still move and if we completely remove it, the ant will finally die. So to answer your question: No, banks can't be killed or not worth to kill.

banks in government control, and sustaining a country's economy, can crypto easily overtake them? I don't think it's that easy, of course the government doesn't want to lose control, let alone let go of the central bank before finding something that can benefit the government

Do not listen to anyone who says that fiat will no longer be available. That is a pipe dream that will never happen because fiat will always be there, if you think that CBDC is not "fiat" then you are wrong because it is still governments money and they are controlling it so it is still fiat, just because it is digital doesn't mean that it is not fiat

You have a bank account and you have money in there, is it not still fiat, it doesn't have to be a cash in your hand to consider it fiat, even digital can be fiat. What is called fiat is the governments money and even if it is blockchain based it will still be considered fiat because of how much government can control it, USA could have their own stablecoin and as long as they have control over it, that will be fiat. What we need to realize is the power of decentralization when the CBDC things come out.

Banks is partner of our states thats why its not easy to replace central banks with only bitcoins. This is not happen anymore , because we know that the states is very strong about financial need. But can accept bitcoin as a partner in more transaction also this time that we need more in this pandemic.

It is really stupid to say these outlandish claims, with the limited user base we have. Central banks will exist as long as fiat currencies exist. And fiat currencies will exist as long as governments exist. Bitcoin can replace fiat currencies only in a scenario where the entire planet comes under a single regime, and that too if the regime opts for a decentralized currency. Such a scenario is not possible now. First of all, Bitcoin is not a replacement for fiat currency. A payment method which takes 10-20 minutes to confirm and having a transaction fee of $5-$10 without scalability can never replace fiat.

Bitcoin is just a solution for individuals who don't like banking so it's used by a certain group of people. Central banks around the world provide services to billions of different individuals and organizations so it can be said that Bitcoin does not affect banks. It is the hype of the Bitcoin community that misleads us.

I agree with what you're saying, and I think it's going to be difficult because until now the government support in my own country for bitcoin and crypto is almost non-existent. but if the government is willing to recognize bitcoin as a legitimate transaction currency, it's likely that bitcoin could kill the central bank.

I think its possible but in recent not possible to overcome the central Banks.The reason behind government won't let this thing happen, they won't permit any decentralized framework take over the banks and other than central banks is much imperative since we still require it to cash out our cryptocurrency, imagine if there's now not a bank at that point for beyond any doubt no one can change over their bitcoin or any altcoin into fiaJust think for a moment  if BTC overcome so fast how will manage the variable rates and retailers will not accept to early till they well trained and aware about Bitcoin.

actually a question like this is not the first, the answer; it is definitely difficult to happen because of the many reasons that digital decentralization cannot fulfill for the people of the countries of the world and the government will not provide opportunities for that...?! ::)

It would be hard for bitcoin to simply abolish central bank because it's been there ever since, its like a government instituted and been part of one's country and the government is working hand in hand with them. And because bank and bitcoin are different bitcoin is giving people and country a chance to make transaction better than what they usually does or have normally.

We know that no matter how good the system is, if it is not legalized by the government, it will only be in vain, we cannot fight it, so we must obey the government regulations. Therefore, I think that in the near future, the central bank will remain the government's trust for legal transactions.

Central bank always has a rules and well Regulation  based.In the country Economy rise or drop and country create such a huge improvements.Its all because of Economy than anything can happend.Any country will renowned with the name of Economic Value.which country has a Good Economy it affects lots of things.Government has all of Power and can control it.If Central Bank was vanish Than Start a new days of sorrow and troubled .If I will give an example that If there is any country where you can do whatever you want there is no punishment at all.So what should you do if in this situation you are in?Or i could say if there is any crime which is increase and government can not punished or can not Find by police Authority that crime make people suffer in a long run.

It is not the government regulations that are the problem, it is the unfairness of the government regulations that are the main problem. There are so many super wealthy companies that does whatever works for them and there are people who do not get anything when they need it the most. Think about this for a second, there has been a horrible pandemic period in the world right? USA had to print out trillions of dollars to help people, unemployment skyrocketed the historical high for a while, dropped to a bit over average, and people failed to pay rent for so many months, the debt increased insanely.

Government failed to cancel any student debt during this period, plus no rent help neither, so the debt will just be another problem in the future. What did they do instead? Gave Jeff Bezos who got 100+ billion dollars richer during pandemic, another 10 billion dollars to bail out his space company...

The government will always go with the central bank so it's quite impossible that bitcoin can kill a central bank because it's not even legalized as a currency by the government itself. And i really don't think that bitcoin will kill a central bank intentionally.

Bitcoin is here not to compete with our fiat in the first place but to serve as an option from the existing currencies we already have. If people prefer to use bitcoin rather than the existing currencies, then maybe its where they feel comfortable and convenient to use it.

A government will never choose a decentralized monetary system, not even a single planetary government. Decentralized monetary system is the absence of control and GOVERNANCE on the part of the state / authority, which means anarchy or anarchy. To put it simply, a decentralized monetary system is the opposite of the word "power"

It's still possible we don't know what will happen in the future, there are still people that need to transact thru banks especially those people who don't like cryptocurrency. Rich people and even the government itself don't allow it due to the bank fees and other fees that will go to the government. If bitcoin along with other digital currency will continue to accept with the existing financial institutions and collaborate we will see the next couple of years that some countries will recognize bitcoin. I don't think government central banks will allow it to replace them. Government will surely make action regarding this matter.

"killing" central banks is not really the aim of bitcoin. Central banks have a role in the economy and the states around the world are  going to protect them as a tool of managing modern countries.

Bitcoin is intended to protect you from irresponsible monetary policies. As long as a country and a CB have a responsible policy that does not use massive debt or massive currency issuance, bitcoin will not be much of a concern and the opposite is also true - be aware of bitcoin if you try to fiddle with peoples savings. Just look at the countries than ban bitcoin and you will see an irresponsible government that is not truly answerable to the people.

Bitcoin killing central banks? Impossible because in the very first place as we all know that the purpose of bitcoin is not to kill the central banks so obviously, it will not kill the central banks. Another thing is that central banks are one of the exchanges wherein we can deposit and withdraw our money and the banks that are issued in each country are trusted by the local government so it is impossible for the bitcoin to do such a thing just like killing the central banks itself.

- The purpose of bitcoin has been cut, then added, and refreshed many times over in the past, from the purposes of being an online currency, the market and investors suddenly pushed it to become an investment store with many other products and not only that, it also becomes a storage place, each time bitcoin will have a few new roles to advertise. Overall, it's multifaceted and serves quite a bit but the basics are too fickle and won't convince people to think it's a bank when banks need to be more persuasive and secure, the focus of a country cannot be like bitcoin

I don't think bitcoin can kill central banks and is that even a feasible argument to discuss?
See, central bank is dominated by half of the world because they all depend on its working system all the way from federal government, state government and the local government all depends on allocation from central bank and this yearly budget are been signed and approved by the government. Now tell me how bitcoin tends to replace such a movement.
It will be very hard to overcome that crook system especially that bitcoin is always hated by the masses.

There is also another reason that if you kill central banks then who takes care of fiat? If there is no fiat then what do we base bitcoin on? If there is only crypto that we give price of everything like "one apple is 200 satoshi" type of deal, then how could the world change SO much when even smart phones are not a thing in many places and even very high end nations elderly can't use it?

I mean let's be honest with each other crypto is nowhere remotely near the level of being the only currency, we need fiat for now, and that means we need central banks because without central banks we do not have fiat and that is why bitcoin is not out to kill central banks, since it would not help bitcoin at all, in fact it would hurt it instead of helping it. This is why we should not be worried about something like this at all, this is not a cultural revolution, this is financial freedom.

I think they can, but not today...
Actually the technology which stands behind crypto is super-cool. More than that, block chain is already widely used by several countries in election, which is logical. The main problem for crypto to become popular and legal is the reluctancy of the richest people on our planet. This whole thing is relatively new and it makes fat wallets be afraid of it. Also, the governments have no idea how to control this market. There are plenty of opportunities for money laundry and illegal transactions, without mentioning huge amount of scam.
However, I think that with the passage of time people will get used to virtual money and understand this concept.

There is no any possibility that bitcoin can kill central banks because it's not even fully legalized by the government to be a  currency because it's a decentralized one. And there is no way that a centralized one could ever be replaced by just an uncontrolled virtual currency.

Bitcoin may considered the best investment in the crypto world but it won't come to the extent that people will eventually leave fiat behind just because of bitcoin. Central banks and its fiat are the only approved by the state and bitcoin will only be considered an option if ever it will be accepted by the government in the future.

Take Nigeria for example, with the bitcoin users either one time users or holder I think it should be past a million, the central bank still abuse our right and placed a ban on crypto-currency Transaction to bank, if this is an arena game I think the central bank of Nigeria is up again bitcoin. Why so because the central bank of Nigeria and many countries own the Financial system. And lie my country they can be Petty enough to lie about crypto-currency just so they can take their pound of flesh on it. Not in five years atleast, bitcoin can't go up against the central bank, and as a Bitcoin-er in my country I don't want it to, all I want is what ever ban on it to be disengaged.

I also don't think Bitcoin can replace fiat, let alone killing the central bank that will never happen. Because the government will not let that happen,
even though Bitcoin has proven to be beneficial for human life. However, the government will not allow something uncontrollable like Bitcoin to replace
fiat. In the end Bitcoin will only be an alternative to fiat.

Central banks cant kill Bitcoin I hope, that's the first question I'd ask as certainly we'd expect that at some point.  Its not uncommon for countries to ban all alternatives to government tax revenue routes.   I don't think vice versa is true either, we aren't looking at that situation more like central banks crash their own worth by endless cycle of debt and new money tied to a downward spiral in value.   It becomes inefficient to use and hold plain currency at some point and people have to trade using alternatives, I've heard of copper inventories being used as proxy cash and all kinds of commodities.  The idea that BTC by itself represents the opposition I don't agree with to begin with.

   They are fighting their own shadow in the end, if BTC cast the light which made their failures visible it's nothing we can do to prevent the obvious occurring as its by their own design to take these actions that are so negative and self destructive.   Politics should not dominate an economy, its the people who are the wealth of a nation something known true for centuries; its not then technology which is the problem apparent.

Impossible, even though it's legalized..it's only as a complement as a medium of payment and matters relating to income with certain projects that are separate from the bank.  Well basically this is as a human assistant in terms of transactions and improving finances/income.

This is just an elusion, there's no way the central bank will be eliminated or abolished because of bitcoin. When bitcoin was introduced, it was introduced as an alternative mode of payment, therefore it's very obvious that we have the main payment method and that is the FIAT created by the central bank.

We know that we love bitcoin to succeed, but it always has a limitation because the world we are living in is centralized.

Rather, it is worth asking the question - will the central banks, through their regulators and other state restrictive structures, cryptocurrencies and the crypto market be killed? Banks (included in the financial systems of states) have much more leverage on the crypto market than the crypt on banks. It is enough for banks to prohibit any interaction of banks with crypto-exchanges, and that's it - the value of the crypt will collapse instantly, because it will no longer be possible to convert tokens to fiat for which you can buy something

Very well said, banks will always stay and they will grow, we can never replace fiat with crypto when it's the currency that everyone is trusting. Crypto just came into the picture, and we are even begging crypto to be regulated so it will be accepted by everyone, but thinking one day it will kill the central bank, that's being unrelistic.

The most expected scenario is that the crypt will have a certain status of a "limited asset", but the technology itself will be used both in the financial and, of course, in the banking sector, though with one caveat - all state financial systems are CENTRALIZED and nothing else! Decentralization in the financial system of the state = lack of state power, anarchy, and most likely the collapse of the state or its degradation.

I very much agree with your point of view. Because of China’s recent anti-bitcoin policies, we can understand that sovereign states will not allow such decentralized institutions to replace our fiat currency banks. At least for now, it’s not possible. We Someone needs supervision to maintain the normal operation of the country. After all, Bitcoin is not able to replace legal currency. There are still some problems in payment. Of course, these problems may be solved technically or gradually in the future.

As long as banks keep up with digital currencies, I don't think that Bitcoin or this market in general can kill central banks. I've heard already that there are some banks which have started accepting cryptocurrencies also. And that's the right thing to do for them to survive in the future.

Central banks will still be good and bitcoin is still good, I am very much looking forward to the adoption and consolidation of the sector. Central bank is one of the keywords that many people still wonder about its feasibility, in my opinion, the impact and application on the Central Bank is only sooner or later and there will be clear information for it. But it's probably too early to discuss this, I don't see many concrete factors for this trend to play out right now, and I would coin the future rather than the trend.

We all know that the central bank serves as the economic key to a country. It performs various functions on behalf of the government and assists in the running of the country by implementing various government projects and providing loan assistance. Moreover, the central bank plays an important role in controlling the monetary system of a country. Bitcoin, on the other hand, has become known as a decentralized cryptocurrency and its use is increasing day by day. Although people around the world are investing in Bitcoin and its use is increasing, it is unlikely that the central banks of many countries will go bankrupt. Central banks can work with other cryptocurrencies, including Bitcoin. Central Banks will not shut down.

Crypto should be a new program from a bank that is willing to accept Crypto. So if people go to the bank they will have two different investment options than the rest. but I haven't seen any such bank. maybe in the next few years we will find it.

First of all I do not believe that just because one nation decides to have a decentralized currency doesn't mean that it will be suddenly anancy, things are not as simple as that and I believe it is not going to be whole chaos that crashes the whole nation.

However even with that in mind, we do not have to have decentralization as a whole, think about having your own fiat currency as a nation but also allowing bitcoin to be a currency that everywhere can accept. Look at El Salvador and you can see how it can be done, or look at Germany and how they are allowing banks to handle it as well. Just be supportive and turn crypto into alternative method of payment. Think about how you either pay with a card or cash when you pay somewhere, well add in crypto to that and it would be enough to shake up any nation and it will suddenly make things easier for crypto people in that nation as well.

OP is talking about Central Bank which is printing the paper money whenever the government wants them to do, so if limited amount of Bitcoin becomes adopted as payment mode then the need of paper money will be obsolete so they will never let the Bitcoin to become legal tender in their country.

The increasing adoption of cryptocurrencies all around the globe have made more countries to develop their own cryptocurrencies. This will give some visibility to cryptocurrency, but the government backed cryptocurrency is just as the digital form of traditional fiat. The change happens when people get used to it, and we're at the very beginning stage of such transition. However the ultimate aim of Central Banks is to keep the people's money under their control.

I already wrote above - my assumption is that a place will be found for cryptocurrencies in the market, but they will not become full-fledged payment instruments and will not replace fiat. Perhaps even some groups of goods / services will allow you to pay with crypto, and withdrawal to fiat - only through banks admitted to this procedure and adopted by the rules issued by the regulator. Those. it will be a highly limited, isolated and fully controlled market for specialized assets

This is why bitcoin will not replace the money that Central Banks are releasing. Because they have no full control when it comes to bitcoin. CBs may just create their own digital currencies but it will not go to the option of using bitcoin as their sole currency. So nope, bitcoin will not kill Central Banks. The usage of bitcoin may increase but it will never replace the money produced by CBs.

Until now no government is succeeded with creating their own digital currency and sell it to their people in the name of cryptocurrency, anyway more and more government is trying to do it. But as a cryptocurrency enthusiast we should let the people to realize what is the actual cryptocurrency and decentralization so we should never support the government backed centralized projects.

May not depend on Bitcoin alone and maybe the Bank makes a new coin that might generate big profits later. but I didn't find it in my country so this is just a small picture that can't be sure what will happen in the future. All the people's picture of what they want might be realized from the thousands of people who think about crypto in the bank.

Profits for the people or the bank itself? Decentralized projects are not controlled by anyone so user itself make a profit but if a bank creates a project then it is going to be like the same old fiat system in the new technology called blockchain while government is keep printing the money or token and the holders are going to face the inflation and everything that is what are the things existing now.

Bitcoin can never kill or affect a bank, before mentioning a whole central bank which is impossible. Banks don't have their own money, people like myself owns the money in the bank so, we can only kill a bank if we decided to withdraw all our money from the bank which is very much hard.
I don't think their is any correlation between bank and Bitcoin. Even most banks are now investing in Cryptocurrency just to be stable and versatile. Bitcoin can not kill a bank not matter it's price.

Sorry, but if your theory is correct - casino chips and promotions can also kill banks ?! Cryptocurrencies are now no different from them. You can also pay with chips on the territory of the casino, and trade and speculate with shares. But it is the banking sector that essentially sets the rules of the game for both casinos and exchanges. I'll clarify - I'm talking about central banks. Therefore, I would like to hear quality arguments :)

Bitcoin has to kill the fiat system in order to kill the central bank, which I think is impossible.

Regulators are more powerful than the decentralized system we are trying to invest and promote, and we are wrong to think that it could replace fiat because whether we like it or not, it will just stay as a substitute currency or alternative.

Did we know how a negative action from the regulators against crypto would result in the market?
I'm sure we are all familiar with the China banning bitcoin, especially the crypto mining business and we are experiencing the effect now.

Lol, surprisingly your actually correct on the casino chips. How come I never imagined that becuase, in a way, they represent currency. A currency that is only accepted in the casino fir which its used and you spelt that out 8n the territory. Its so true but then, nothing Is ever killing the banks or fiats. These agencies does more than print and hold notes or fiats. Besides, if it gokes to the worst, they could find a way to incorporate cryptocurrencies in there operations and still be in business along side with the fiats too.
Come to think of it, a currency note serves a purpose more than being a currency, a purpose bitcoin cannot serve and that is, being a unique trade mark. So, how does this go away? It's just not going to happen.

I know it was a sort of market competition and bank owners will think negatively with the existence of Bitcoin as it will slow down their business or even thinking it will be their end. Well, that they are too naive to think that way and that is because they don't know about Bitcoin, about cryptocurrency yet. I can blame them neither as that is business but hopefully, they also understand the situation. And besides, not all are in crypto so they still have clients and they could still able to survive.

Do you think that states and their governments are so defenseless as to allow cryptocurrency to destroy central banks, that is, the world financial system that has been created for centuries, and thus destroy the normal functioning of the states themselves? It is very foolish to hope so. States and their governments are still allowing cryptocurrency to actively proliferate, since they do not consider it a threat to the stability of the global financial system. They will use cryptocurrency and provide services with the participation of cryptocurrency only to the extent that it is beneficial for them. It is true that states cannot fully control the cryptocurrency, however, in order to significantly influence it, they have enough appropriate leverage for this. Therefore, the banking system will not go anywhere, it will continue to exist under the protection of states.

impossible. Bitcoin cannot replace the position of banks. Different in nature. Banks are centralized and important to the government and the people. If there is no bank, I guess I can't buy bct. But if I choose where to put my money, I will choose btc :)

I think Bitcoin cannot kill the central bank and replace the fiat currency system, because it is impossible for the government to transfer the country’s fiscal power to a completely decentralized institution, so that the government cannot control the country’s economic system. If market conditions are good, People will not complain, but when the market is depressed, I think the state still needs to intervene to carry out macro-control to restore the market to normal, and the legal currency system provides service guarantee for our daily lives. It is impossible for Bitcoin to completely replace the legal currency system.The government would rather choose to issue digital currency than let Bitcoin kill the central bank.

Bitcoin can't kill banks especially with the intervention of the government, banks will stay for a long time because they have the necessary protection and they have influence that is lynchpin to an economy.

the most severe, the central bank is under government control, so this will be more difficult considering that the government does not want to lose control, such as the decentralized system in bitcoin. but this time we are faced with the country of elsalvador which will legalize bitcoin, at least we have hope for it

Not only do they control it, but the government owns the central bank as they are the ones who created it, it's a public-owned agency. We might see more countries adopting bitcoin like what El Salvador just announce, but I'm sure big countries will not follow it as they always want in control and their fiat is valuable globally unlike small countries where their fiat has a small value in global exchange.

The state of El Salvador generally has a rather unique situation and currently does not have its own national currency at all and the US dollar is used as the national currency, so it is not quite correct to cite this small state as an example. Also, do not forget that when El Salvador asked international financial organizations such as the International Monetary Fund to implement bitcoin, El Salvador did not meet the approval of any of these organizations. Therefore, it is also too early to talk about implementation and it is not entirely clear how this will be implemented in the end, because so far all this looks like a conversation about intentions.

I totally agree with you. I still don't understand why people are still thinking the Bitcoin will replace Fiat or Kill Central Banks? This was not the idea behind Bitcoins development, to replace Fiats and Banks and it will not be. Yes, Bitcoin is beginning to serve as some form of transaction or purchase payments but you Understand what the Fiat currencies and Central Banks are to a Nation right? I have also noticed that because of what transpired in El Salvador, people think that ok this is how the rest of the Nations can go. 

Then bitcoin is just an investment that people like us invest into. Whereas banks on the other hand are the critical part of the economy that keeps the country running.

Also the amount that banks account for daily is beyond the reach of bitcoin and is far greater than the current market cap of all the cryptocurrencies combined. So bitcoin can't replace banks, but maybe we can see a future where everyone is using centralised digital currencies to transact in day to day life.

Ask an average person today who hold bitcoin who lacks it technicalities but only invest because he/she here about, the reply you would get will be because you can easily gain.
Majority in bitcoin today if not everyone is here because it's can double or triple their investments in short span of life which these banks cannot give, that's why you see most of them here. Get the bags and live a lavish life.
Only few like the CEO and developers are after the fundamental of bitcoin and that's what they have been struggling to achieve so that their name will be coin and remember for eternity.

Bitcoin was created to fight central banks but not destroy it.  banking is a business that has been around for hundreds of years and has become a pillar of the economy of many countries, while Bitcoin is just over 10 years old.  surely banks and governments will try hard not to die with the growth of Bitcoin.  i really believe that later when Bitcoin adoption gets stronger, the government will be friendly with Bitcoin and give up fighting it.

I have read the white paper and nowhere it says that it is created to fight the central banks but it is a narrative that everyone wants to believe. It is a payment system which is decentralized and you can expect them to the be an alternative assuming that the central banks will not allow any decentralized currency to overpower them and there is no point in fighting against the authority.

I am also expecting that the governments around the world will be friendly towards the market but i am sure the government will enforce mandatory KYC so that the market becomes transparent.

You could say one of the advantages of Bitcoin, or maybe a different cryptocurrency later down the road, is it might move us towards a global currency that is much more traceable than cash. If you really want to stamp or corruption and lower the amount of inequality within the world, the first step needs to be preventing the rich from hiding their money (or at least making it much much more difficult). If they only had a bitcoin-like object to use as currency then they would be forced to declare it and have it taxed fairly. You'd have a public ledger of how truly unbalanced the world is and it might force politicians globally to unite in disgust at the obscene quantities that just a few people currently reside over.

But the reality is that the technology behind Bitcoin is always compared to the technology adopted by banks. Bitcoin's decentralized nature is always compared to the centralized nature of all systems in the world, in the general sense that banking is included in one of the centralized systems.
The emergence of the term "Bitcoin to fight the bank" is what we created ourselves. Which is as if we want to prove that Bitcoin is better than banks in terms of security and transparency as well as the best win-win solution for customers and also the banking sector.

However, even if we prove that bitcoin is better than the banks, still large population will stick to traditional method of banking system. Their trust is different when it comes to new system like bitcoin. They are confident dealing with their banks, and I don't see any major change from the individuals who are relying with their banks. Just be grateful that bitcoin is really expanding its scope of service, but replacing traditional banks, not seeing this in our lifetime.

Absolute transparency does not mean the eradication of all the problems of the world, because social inequality and unfair distribution of income is much higher than any mechanistic aspirations to change the world. This comes from all sorts of processes that occur in the world around us, and I am not sure that there are normal solutions that would eventually suit all the inhabitants of such a huge planet as Earth. Capitalism has grown out of all the modern economic systems of the world and assumes a free market and competition between the players of this market. Are you sure that absolute transparency of transactions will lead to the solution of all problems, when there is one huge force in the face of the state and which can decide whether these transactions are legal in the opinion of this state? And the state sees everything perfectly and tracks everything. Oh, the naive ones...

Bitcoin was created not to fight the bank.
Bitcoin is a decentralized financial project.The purpose of bitcoin is cross-border payments, speed and cheap transaction fees.
If the government is bitcoin friendly then we have more options along with fiat. It would be great if bitcoin and fiat could support each other and co-exist.

If you are talking about ordinary banks, then I would have said that there is a possibility. But central banks are mentioned here and they are an essential part of the government system. If you kill the central bank, then you are destroying the government's control of the economy. I am not sure whether any of the regimes would allow that to happen. And in case that occurs, then there will be complete chaos and anarchy. This is like uncharted territory, and no one knows what the situation will be like without the central banks.

Therefore, this cannot even happen theoretically. Bitcoin and other decentralized cryptocurrencies are incapable of causing significant damage to the banking system. Cryptocurrency and the banking system as part of the system of state power must coexist, and this is primarily needed by the cryptocurrency itself. If we assume that the cryptocurrency will pose a threat to the existence of banks, then the states, of course, will not stand aside. They have very strong levers of persuasion and coercion, and in general, states are capable of destroying anyone who encroaches on their system of organization. Therefore, nothing threatens the banking system. It has existed and will continue to exist.

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Right, the presence of bitcoin and crypto is certainly a comparison for the public against the central bank, the fact is that the rapid development made many central banks afraid and asked the government to ban bitcoin.

- Central banks are also not small names that can be easily teased, they have the power to overturn this future outcome because they are having a very clear advantage over bitcoin, from the role of the system as well as relationships, its influence is extremely large while bitcoin is just a young guy and lacks time. On the battlefield, an enemy is baring its teeth at you and you think the central bank will allow bitcoin a chance to attack it like this crazy thinking, try to domesticate bitcoin or will directly abolish it, that is the power of central banks

Agreed. It will not kill banks. As long as the banks are not going to allow it to be the main currency it will not happen. It was decentralized so there's no way they can regulate it so they will never accept something that they can't control. Bitcoin adoption is getting stronger and bigger so it will not kill central banks but it is much better for central banks to plan or developed a system that will enable them to work with crypto or accept crypto in the future that can benefit everyone.

Yes I agree with this. There is no way bitcoin can replace banks, banks are services that have regulations and are controlled by the government. There is a clear audit bookkeeping. This is very different from free bitcoin. So I think being part of that complementarity is the best.

Without central banks, bitcoins won't exist. They are both in a different class of their own. None have to replace the other. Why should they? Irrespective of what we thing of the government and global financial institutions. I don't mean to sound pessimistic but if bitcoin "kills" central banks the world would experience chaos like never before besides I believe this was never the intention by Satoshi when he/they created bitcoin. We really have to chill and stop sounding like the group on Reddit Forum that want to see bitcoin die.

The trend of investing in digital currency assets is still on the rise. Although crypto movement is considered to have high volatility, crypto is predicted to be an investment instrument for the future.
Cryptocurrencies are not yet widespread and now only a few types are known by people, but people are currently trying to compete to get them and make crypto more famous like the dollar.

This makes the monetary authority, namely the central bank in a country, increasingly threatened due to the exploding prestige of digital currencies, so that inevitably the central bank must be active and follow the 'flow' of digital currency trends.










https://www.cnbcindonesia.com/market/20210504092224-17-242916/apa-benar-uang-kripto-ancaman-bagi-bank-sentral-di-dunia

Technology brings efficient and fair production capacity.

Bitcoin is currently present as an alternative currency, especially the digital currency. In terms of function, Bitcoin is considered to only be able to fulfill some of the functions of currency, namely the means of payment, commodities whose value is a general consensus of the results of the acceptance and trust of the public. Like gold, diamonds, banknotes, stocks in general. And Bitcoin has expensive values because there are real money stored by Exchange which is backups from Bitcoin prices. The Bank Cryptocurrency (Dex) model serves as an alternative. Bitcoin/Alt is the money.

Simply put, Bitcoin will never be able to replace the Central Bank because the Central Bank is fully government-sponsored. Bitcoin is also a currency that is a virtual document Existence is based on faith only. So the government will never allow Bitcoin to take a place above the Central Bank.

If central banks insist on resisting cryptocurrencies or digital currencies, I think that they can bankrupt and never be the same again. Digital currencies are our future. There will be stable digital currencies and governments by themselves will develop these currencies. Bitcoin will still be maintaing itself and central banks will start working with only digital currencies after a point.

Its a mistake to believe government is the most powerful force possible.   The largest factor in an economy will always be natural effect, the economy is a natural phenomena we might modify but not alter permanently.   Economics should not be taught or practiced as an extension of politics and by force as a norm.  We know in engineering, sciences all kinds of disciplines that humans are the pupil not the master vs natures forces, this too also applies even to human dynamics in economics and finance.   Sadly we have to learn the hard way and many like posters above believe government has perfect control and ability to turn tides when they can mitigate or delay at best.

For now, central banks are needed for us to convert our coins to fiat and use them while buying something etc.. Because not all places accept Bitcoin payment method for now. But in the future, this will definitely change. Because we will start using digital currencies only rather than fiat. Then, there will be no need to convert coins to fiat. But this time, central banks can still exist as long as they have digital currencies also in their system.

Bitcoin and central banks are two different systems.
Bitcoin is a decentralized financial system and users are solely responsible for all transaction risks.
The bank is a centralized system and users are guaranteed risk in transactions by the bank.
Large corporations will choose banks over Bitcoin because they have a lot of money and they need it to be safe.
Not everyone is willing to participate in Bitcoin as it is a currency with high exchange rate fluctuations.
I think Bitcoin and banks will exist side by side and in fact, we are seeing banks accepting Bitcoin in their system.

I dont think that bitcoins will replace banks. People dont like to leave what they are familiar with, and even then a good amount of people think that bitcoin is a 1337 mad haxxor currency and would never even touch it. People dont like change.

That was then, but now what? What do you think about Microstrategy and Tesla who have invested huge sums of money in bitcoin?

Bitcoin trading and investing will not force traders and investors to get involved especially for those who are not comfortable with market fluctuation. Bitcoin was not created to be stable because supply and demand will always affect its price to fluctuate. Anyone can choose to trade and invest if they are willing to accept the risk.

Not a mistake but a common perception on where people do really always believe that they are always on the top of the chain or simply in everything and when crypto or bitcoin did exist then

it isnt really intended for it to kill Central banks because even if its really intended to be created to be something like that then it isnt really still possible.

Bitcoin was never intended to kill central banks but people do really have this kind of impression or views because of its main properties which i cant really blame off.

A few billion dollars is still a pretty modest number when they have a lot of money. I mean to spend most or all. I highly recommend Microstrategy's active purchase because they've bought a lot, almost as much as most of the company's assets.
Smaller companies only invest a few million dollars to several tens of millions of dollars. That shows timidity because I know they want USDT more. After all, USDT is accepted quickly around the world.





A lot of people are not knowledgeable about trading. So they won't risk their money. Here we are in the minority to trade and take risks. It is very different from what you are talking about.

Bitcoin can't kill central banks bitcoin is a digital currency and central banks are considering using these digital currencies. The central bank is owned by the government and after bitcoin everyone owns these banks in times of crisis people can transfer their money from banks to the central bank creating bank runs that solve problems. Even in ordinary times, if a large number of bank deposits are transferred to the central bank will have easier access to cheap funds which will improve economic growth.

Yes, bitcoin is a digital system for economic zone and the central bank is a manual system of the economic zone so I think bitcoin will not kill banks. But I think bitcoin will lead to a digital currency system bitcoin will change the manual system as soon as possible.

The answer is of course no, because banks are subject to the government system in a country while bitcoin cannot be controlled by a person or government in any country, and of course the government will not allow bitcoin to replace the existing payment system in that country.

I'm not sure they really want USDT over bitcoin. USDT is not one of the assets that would make investing a large company like Microstrategy safe in the long term. USDT can still be frozen, but bitcoin cant be frozen because bitcoin is completely decentralized and is not controlled by anyone. Also, investing in a stablecoin like USDT will not benefit you in the long run due to its relatively stable price. If a large company wants a profitable investment with a good level of security and decentralization, then the choice is bitcoin.

Many people here argue that government wouldn't allow people migrating from the traditional financial system and use cryptocurrencies, but the question is: how would they stop this movement?

The creation of government-made digital currencies will only help people familiarize with cryptocurrencies.

With the development of technology and cryptography, the government will become more and more incapable of controlling the economy.

And yes, this may lead to the end of central banks (not all banking), which are useless and fraudulent institutions anyway. When people realize what central banks have been doing to their money, they will prefer cryptocurrencies.

In the situation right now, I see how Bitcoin and Central banks co-existed with each other; popular e-wallet might not be operated decentralized, but them being regulated by central banks while adopting crypto makes it reliable enough. It made crypto convertible to multiple goods and transferrable to multiple money systems and firms. It's safe; the downside is that the services are only available for verified accounts, which I understand.

This is what should happen. It would be much better for bitcoin to coexist with banks because that's how it should be. They complement each other. What bitcoin doesn't have can be done by banks and vice versa. They have their own function. so let them coexist and complement each other much better.

It's true that cryptocurrency and Banks are very different and of course the government will not be able to control it like you said,
and I think this is still an interesting discussion for the future about whether in the future bitcoin will be legalized as a means of payment or not,
let's just follow the progress

From my own perspective, I don't think bitcoin will kill central banks rather they'll keep working for each other, in the sense of exchanging one for the other for swift transactions to be perfectly executed.

Bitcoin has no chance to destroy the central banks of states. It is useless for cryptocurrencies to compete with states, of which central banks are a part. States with their repressive system of suppression and regulation will still be stronger. Therefore, cryptocurrency needs to learn how to coexist peacefully with banks and their currency. This is the only way cryptocurrencies can survive.

It is definitely difficult for crypto to replace the central bank,
so I think it's too naive to expect Bitcoin to destroy and replace central banks right now,
even so the possibility could happen because it's hard to predict so just see in the future

even if Bitcoin is legalised and centralized, do you think it can replace the central bank?? I don't think so, both Bitcoin and the central bank have their roles to play in an economy, it may be similar but I doubt one can replace the other.

 Banks could just easily take crypto instead of fiat (or with fiat) and they could do exactly what they are doing right now. Am I crazy to think that there is absolutely nothing that stops any bank in the world to start accepting crypto just like exchanges do? They may or may not do it under their bank name, but they could just start an exchange that is tied to the bank. Like HSBC is a bank and you may or may not deposit bitcoin into it, but even if you can't, they could do like HSBCex, type of thing and make it work there? You could withdraw to your bank account easily, or even connect the two so you could have a card where you could pay with crypto?

^ The fact that they think BTC is a big threat to the banks and the financial system probably is the reason.
There is a lot of talk about BTC destroying banks, but that is not feasible at all. Because no one has yet regulated BTC, no law can be enacted to overthrow the fiat system, and governments may easily wipe bitcoin from their financial systems if they chose to prohibit its use in their country. BTC will never kill central banks, and has no power of deleting or killing central banks and governments will never allow this to happen.

It was never created for that kind of intent or goal but rather giving us an option on making transactions without 3rd party involved which is only its main real use case and I don't know on why people do really end up on presuming that it could kill banks?

Even on my dreams it wouldn't really happen because government wouldn't really be dumb on making such step for it to happen and they could indeed easily impose bans and restrictions
which could really block out total adoption but lets not presume about replacing or something because it wouldn't happen no matter what.

I even thought the opposite, that the central bank was able to make bitcoin die. however, we know that the power of the central bank is enormous, so I don't think bitcoin will be able to replace that. even more so if the bank is a centralized thing, which is totally legal to cooperate with the state. i think that bitcoin can only be an alternative. when bitcoin beats the central bank, bitcoin will be the main payment, and that's very hard to happen.

Bitcoin is not a fiat killing innovation and can't kill Central banks both financial options is needed and we are gradually moving along with both gradually . So far Bitcoin is  just a technology that has proven double spending can be avoided using a well structured p2p network and nothing more. In as long has laws and order still exist the central banks still have full control of the financial institutions in the various countries

No, because government will never allow sure calamity to fall on central bank. Government can control and recontrol of fiat money in the country but they cannot control bitcoin because they don't have the power to control decentralized currency. Central Bank is one of the sources of government which it will be difficult for government to admit such thing to happen to centralized currency.
Bitcoin was not created to kill Centra bank than to help the government to eliminate delay and bring fast and safe transaction to people.

Bitcoin can neither kill or replace central banks!
Broadly, Bitcoin was created to facilitate payment transactions as a digital currency of choice. I think this is an option where we can choose fiat or bitcoin to make payments instead of replacing the central bank. However, when it comes to replacing fiat, bitcoin blockchain technology can be a smart choice. Where many central banks have researched and even plan to issue a CBDC. This is just my personal opinion regarding crypto especially bitcoin.

Just imagining it doesn't seem possible for Bitcoin to become a major currency and as you said that many people are against if it actually happens,
Banks will also not be that easy to be replaced by Bitcoin so for myself I'm not too worried about this

something impossible happens, I think the central bank will not be replaced by bitcoin. not everyone can accept bitcoin in their daily life.

Very impossible to happen and we couldnt really deny that fiat or government does have significant usage on where we get used too and just like others been saying
that even Bitcoin or crypto market progresses and able to emphasis that decentralization but still we need some authority to make things in order or organized.
It is really just people are way too optimistic on things and believing that bitcoin could kill central banks? This is something that couldnt happen even
on my own dreams because they wouldnt really just let it to happen.

We can't say impossible but as of the moment, there's no chance that bitcoin will replace the fiat system.
I understand people are being bullish with btc, but to the point of replacing the financial system is still a dream.
A very small fraction of the global population are into crypto, and most of them are still relying on their banks for other financial transactions.
Though the numbers are increasing, but the nature of bitcoin itself as decentralized is one major reason why most governments won't make it as legal tender.
So their respective Central Banks won't favor the deployment of bitcoin, in replacement of their local fiat.

Actually, we can. Whether bitcoin is about to kill the central banks, they won't allow that to happen. And that means that it is really impossible for bitcoin to remove the central banks.
It's one authority that can be removed just because of bitcoin although we know that it can both work together, that's better to assume that it'll work together than thinking that one should be killed just because the other is emerging.
That's better than we have to wait and see that central banks are no longer ignoring bitcoin and they're not going to ban it due to being decentralized. But, they'll be having no problem with it because it is going to help the economy to go up because of the many use that it can be.