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Author Topic: Does Central Bank really have impact on bitcoin?  (Read 200 times)
Rodon
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March 05, 2018, 01:56:12 PM
 #21

No, Central Bank doesn't have any control on Bitcoin. But I think that they can have some influence on it. For example, if they try to make people fear cryptos.
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March 05, 2018, 03:08:24 PM
 #22

There are no banks that have an impact in cryptocurrencies right now. Only people's mind and it's creator are the ones who can manipulate cryptocurrencies. Banks don't really advise cryptopcurrencies in their countries. Also cryptos has their own system and only them can influence their own.

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March 05, 2018, 04:02:00 PM
 #23

If bitcoin depend on Bank, it will broke decentralized paradigm as it being control by the bank

There are no banks that have an impact in cryptocurrencies right now. Only people's mind and it's creator are the ones who can manipulate cryptocurrencies. Banks don't really advise cryptopcurrencies in their countries. Also cryptos has their own system and only them can influence their own.

Yes, because bitcoin can't be control so government is afraid if they can't control bitcoin , how they can responsible for what happen on people if something bad happen on bitcoin usage.
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March 05, 2018, 05:46:15 PM
 #24

The advantage of bitcoin over fiat currency is that it is decentralized . It is not control by any body organisation or government of a country including central bank

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March 05, 2018, 06:32:55 PM
 #25

are the price movements related to those speeches of the central banks such as the BOE?



Any action by the CBN have a way to influence bitcoin price but the extent of that influence depends on what is being done. If its by speech of CBN reps, it won't have much effect or a temporary one and even in my country, the Central Bank has issued a memo warning everyone against bitcoin but still bitcoin and crypto generally is still popular and continue to generate influence among the  youth.

If they then decide to go with actions and willing to go the extreme among which would include, banning of exchange accounts, compelling banks to stop making international transfer as it relates to cryto, transfer between customers within the same country with any notation of crypto, that would have effect on bitcoin price but because whether we admit or not, the banking industry has been a propelling tool for crypto.

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March 05, 2018, 06:38:46 PM
 #26

Yes in some way, not by just the word released by the central banks of other countries, some banks put limit how much you withdraw per day per week or per month for everyone not to cash out at one time, haha the bank will be left empty, and some report other people who withdraw big money for money laundering to threaten others....

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March 05, 2018, 06:52:04 PM
 #27

They can definitely do something about the price with their announcements - and profit from it if they chose to. But short of these and regulations, they can't control it directly. It is after all, still heavily affected by demand and humans can be fairly unpredictable.
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March 05, 2018, 07:31:53 PM
 #28

The direct influence of the Central Bank on cryptocurrencies is difficult. That is why they try to do this by trying to regulate with governments, obstructing the use of cards or warning against the use of digital currencies.

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March 05, 2018, 08:16:52 PM
 #29

Probably not the speeches themselves, but the way the media portrays it and paints that picture has likely to do with impact on Bitcoin. It sucks that they have this much impact but because the average investor is public and retail and they read those sources it becomes a self-fulfilling prophecy.

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March 05, 2018, 09:38:15 PM
 #30

Central bank do not have control over crypto, thus it doesnt affect its price. Cryptos price is directly influenced by its supply and demand. But with their announcements about the upside and downsides of cryptos such as security and financial risk, it affects how crypto holders decide on how to use their cryptos, resulting to some changes on its supply and demand which has a direct effect on its price.
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March 05, 2018, 09:56:42 PM
 #31

No, Central Bank doesn't have any control on Bitcoin. But I think that they can have some influence on it. For example, if they try to make people fear cryptos.
The central bank might not have any control on the price of bicoin but you have to consider that the price of bitcoin move according to the news related to it and we have seen that in the past and that is literally going on now and that will be the case in the future too,when the price was on a big rally we did not hear any negative news but then the negative news starting coming in the price went down.

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March 07, 2018, 06:13:46 AM
 #32

No one is controlling the price of crypto currencies but people's minds can be manipulated by spreading positive and negative news about crypto currencies.So the price movement will also be according to their rumors.But banks don't have that much impact on the bitcoin price in my opinion.But if media spreads that news too much then it will have a big impact.
I agree to the fact that central banks don’t have much impact on crypto price. But government and specially media and newspapers have significant impact on the prices of cryptocurrencies. FUD spread by media usually is the reason for mass sell off caused by the people that causes massive drop in overall coin market cap. When the time comes where people are not so easily manipulated by the media or central bank, that day neither central bank nor media will have  hold on bitcoin and other cryptos prices.

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March 07, 2018, 06:31:31 AM
 #33

are the price movements related to those speeches of the central banks such as the BOE?


According to me central bank of countries have zero to very little impact on the prices of the cryptocurrencies cause cryptos are held by people worldwide and not controlled by some central bank or the government. As long as people hold firm grip on crypto and don’t get manipulated by the government or central bank there are usually no fluctuations in the price of a particular coin or the total market cap.

The speeches are being given by the central banks about cryptos past 3-5 years, but still crypto market has had steady and healthy growth which shows that there is no manipulation by them.

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March 07, 2018, 06:37:58 AM
 #34

Many central Banks are keeping a close eye on bitcoin.

In theory, Banks cannot stop bitcoin.

All the central Banks in the world do not support or refuse to use bitcoin in the country.
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March 08, 2018, 07:42:08 AM
 #35

Cryptocurrency going to ahead of it's own way as decentralized! bitcoin also! any government can't control bitcoin ahead of by their own power, they are just ban bitcoin for their own countries. not can control.
That’s true. Bitcoin cant be controlled by government, media, central bank or any large financial institution but it can be somewhat manipulated in price as these have major impact on the minds of the people. Decentralization is the main concept on which maximum cryptocurrencies are built. This makes the transactions more fast, more secure and reserves the privacy of the sender and the receiver. Bitcoin is a complete alternative that can replace banks whole system in near future therefore bank are scared of this and usually create FUD about crypto assets.

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March 08, 2018, 07:58:27 AM
 #36

I think that by now every central bank has its own opinion about crypto currencies and most of them are not too good.
But I think as well that their opinion does not influence the bitcoin price a lot.
Central banks are usually too far away from the peoples lifes so that a statement from them would really influence the buy/sell decision of a normal person.
Most people actually don't have a much sympathy for central banks themselves. So warning statements from these institutions could have the opposite effect they were intended to have.

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March 08, 2018, 08:27:36 AM
 #37

Banks can not influence the price of bitcoin in any way. But they can create big problems for all cryptocurrency users. In their power to prohibit the operation to exchange cryptocurrency for Fiat and back. Such actions can significantly reduce the popularity of the cryptocurrency. This will inevitably lead to a drop in the prices of this asset.

I agree that this is the main problem within some countries. When the bank closes the circulation and exchange of the Bitcoin to the FIAT some of the investors are being left desperate. They are then thinking about another solution of withdraws. In most cases, this kind of investors is depending on the Bitcoin because this is their income for their living habits. They are losing a trust in Bitcoin slowly after that situations and also thinking about other solution of earning money. Bitcoin doesn't fall in the eyes of the investors but the banks do and the anger that grows in every investor that is influenced with the bank movements is pointed towards the central banks and not the Bitcoin.
That is one of the problem that banks are creating nowadays for the people interested in bitcoins and other cryptocurrencies. Banks nowadays are blocking the access of their credit cards for any purchases made of cryptos. This has stopped many users from buying cryptos using fiat currency.

Banks sometimes even halt withdrawals and deposites on exchanges and sites involved in bitcoin and other cryptocurrencies. This creates problem for investors that are looking to trade in cryptos using fiat currencies.
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March 08, 2018, 09:25:40 AM
 #38

Central bank do not have control over crypto, thus it doesnt affect its price.

Not necessarily. Whales don't control Bitcoin and they can affect its price. That being said, there are plenty of things Central Banks can do to hurt Bitcoin if they wish. We've heard of banks closing exchange accounts and accounts associated with cryptocurrencies. Legality aside, if they were able to completely isolate crypto from the traditional banking system, we'd have a massive problem on our hands.

Words tend to affect crypto price too, so if they launch a serious enough tirade, they may be able to cause a small slide. Similarly, Good word such as future plans of integration could spark rallies. It's sad to admit, but Bitcoin isn't large enough to be free from central banks' influence.

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March 09, 2018, 01:18:48 AM
 #39

are the price movements related to those speeches of the central banks such as the BOE?



These speeches can cause mass manipulation of the certain group of investors. That group can be easily influenced by the media false rumors which are controlled by the government which on the other hand control the banks. Bitcoin cannot be controlled manually but with the smart manipulation people can be frustrated and the demand can lower itself for some time.
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March 09, 2018, 01:38:53 AM
 #40

The central bank is responsible for the country or the area (such as the European Union) monetary policy body, the central bank for Banks and other financial institutions also have supervision, to ensure that they don't rush or cheating.

If the central bank really prohibits the bitcoin platform from opening an account in a bank, then there is no way to trade digital money online, only in private transactions, and there will be a big crisis in the digital money market!

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