The collapse of central banks...Inevitable?

[Peanutswar]

~ In such a scenario, do you think Bitcoin will become the currency of the world?
What's your opinion? Your input would be greatly appreciated. Thanks.

I guess we're far with this because most of the people are not knowledgeable with the bitcoin and its additional struggle to them to know this more and of course join to the different platform just to convert their assets into fiat currency, lets accept the fact that there's lack of education in different country and they know only the form of payment is cash as possible because its tangible. If you check the current state I guess people who have background with the crypto will glad to have this kind of payment but for now its not widely acceptable yet.

[fuguebtc]

~ In such a scenario, do you think Bitcoin will become the currency of the world?
What's your opinion? Your input would be greatly appreciated. Thanks.

I guess we're far with this because most of the people are not knowledgeable with the bitcoin and its additional struggle to them to know this more and of course join to the different platform just to convert their assets into fiat currency, lets accept the fact that there's lack of education in different country and they know only the form of payment is cash as possible because its tangible. If you check the current state I guess people who have background with the crypto will glad to have this kind of payment but for now its not widely acceptable yet.

But I think that even if everyone has knowledge about bitcoin and uses bitcoin fluently , it will be difficult for bitcoin to become the world's currency. The barrier preventing bitcoin from being used as a world currency is the government, not people's ignorance . The government doesn't want that to happen because if bitcoin becomes a currency and people stop using fiat, the government will fall into crisis because it will lose control over the people and even collapse.

I think this will never happen , and the prospect of central banks collapsing will never happen as long as the government still exists . The government is the one who controls this world, they are the ones who have the right to decide what to do and what not to do , not us.

[jaberwock]

My thoughts fully support your opinion that Bitcoin will work as an alternative currency to fiat currency as we are not comfortable carrying cash these days as it is not convenient and it also threatens us sometimes. If the central banking system was not a worldwide system the central banking system might have collapsed. Since the central banking system is a global economic management system it cannot be overthrown.

We should have in mind that Bitcoin cannot over throw banks in the country or become the main currency as specified by the government to aid daily transactions and exchange of services. Bitcoin can only be widely accepted as payment options in various arms and official business but the countries currency will always remain superior in importance to users in the country. People sees Bitcoin as an investment not at most a currency.

Most of us knows this because BTC is only just a simple third-party currency but banks and fiats are already there, established for a long time now. Only some people who are so optimistic about BTC can think of that impossible thing.

With what I said earlier about BTC, actually BTC is more accepted in non-official business. Local currency plays a major role in the economy, so it's also important for us to support them as much as how we support other currencies like BTC. The good thing is that you said, BTC is being treated by the majority like an asset for investment and not really as a currency. There are still BTC users who think it's a bad thing and they like the opposite for BTC to happen.

[Fortify]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

If central banks were to collapse anywhere in the near future, like the 20-50 year range, then you will have much bigger problems going on than deciding which cryptocurrency you will lose. If you consider they control the trillions of debt that countries trade between each other and monetary policy, it's not something to aspire to that they disappear. They serve a very useful and valuable role, plus if they are set up correct then they will be making decisions that are independent of the government. They might listen and take hints from politicians, but their main role should be to think and act freely for the optimum stability of the financial system in each country - plus working in tandem with other major economies to avert economic disasters.

[STT]

At least some central banks will collapse in decades for sure but it wont be all of them, I think it just becomes a requirement for some backing from their assets to the money issued.   Up until the 1970s all banks were related to the dollar standard and that had a backing or idea of backing.  Since then all banks have dropped that idea altogether, what we will see if not collapse exactly but the end of purely paper money with politics saying its worth something.

The reason why that collapse or systemic change to global markets seems fairly certain to happen is the present system is making workers poor and the speculators rich who benefit from cheap debt and asset price rises.  It leads to dysfunctional markets such as housing where buyers can no longer afford their own houses, they dont earn enough and the asset has become beyond the reach of people who merely work for a living even in good jobs.  

[WillyAp]

At least some central banks will collapse in decades for sure

That would be a 1st. No Central bank has collapsed so far or your definition of collapse is not the same as mine.
Currencies have collapsed, or lost trust, i.e. Germany 1923 


Banks have collapsed:
https://www.bankrate.com/banking/list-of-failed-banks/