Do we Need Central Banks?

[mersal]

We are just familiar to the current banking system since we are using it for long timr and the paper money is the trust of every people and we are just working to get that so it is difficult to break that tust to make the people go for bitcoin but if this happens then the future will be more ease and no pain of making money.

[StephenJH]

Central banks have two tools for conrolling money circle in economy. Intervene is one of this tool in order to control but it has both advantage and disadvantage. Money flow to cryptocurrencies disturbs central banks and governments because they have not direct access for emergency cases.

[Distinctin]

There not being central banks would mean that there would be quite a different monetary system. The economy would be quite different, and the question is, would people want that.

As long as we are living in fiat system, where paper money is still here, we need central bank.
If we think of replacing the current system, it will not gonna happen easily because we are battling the government here and they
have big interest on the current system. Though we never know what would take place in the future, the chance is still very slim to eliminate central bank.

[Cherylstar86]

There not being central banks would mean that there would be quite a different monetary system. The economy would be quite different, and the question is, would people want that.

As long as we are living in fiat system, where paper money is still here, we need central bank.
If we think of replacing the current system, it will not gonna happen easily because we are battling the government here and they
have big interest on the current system. Though we never know what would take place in the future, the chance is still very slim to eliminate central bank.

Indeed! Blockchain is still in its infancy, and it will take a bit of time before we get there. Cryptocurrency is a new form of innovation and people may find it complicated as it is not what they were used to. Central banking can hardly become obsolete because this has been in the industry in the making for hundred of years and a large percentage of region has been accustomed using fiat currency as a medium of exchange, store of value, and some of its other vital functionalities.

[akram143]

There not being central banks would mean that there would be quite a different monetary system. The economy would be quite different, and the question is, would people want that.

As long as we are living in fiat system, where paper money is still here, we need central bank.
If we think of replacing the current system, it will not gonna happen easily because we are battling the government here and they
have big interest on the current system. Though we never know what would take place in the future, the chance is still very slim to eliminate central bank.

The banks are always profitable by the people because if we need money then we can definitely need banks CEO banks are important but not so important it is one of the way of economical development usage think otherwise it is also one of the corporate where making money and also they are making our money more profitable for them.

[sieemma]

Just not to disrupt the intentions of Satoshi Nakamoto, I think we should continue with the use of crypto without any central banks. I don't think central banks just emerge that easily. In every business that involves people investing their assets, there may be this sort of issues of trust. We just have to proof to the whole world that we can be in the world of anonymity without any issues.

[cuenzy]

I think central banks are redundancy to the govt and its financial branch. They can welll manage the monetary sysyetm that sometimes they also control in many instances. Though it will corrupt the system, it still cant avoid corruption unless shift to crypto.

[bitfocus]

if we go deep into crypto, I mean as a currency, we don't need any system like central banking system.

[Genosx]

Yes,  there is a big role that the bank plays in this world. They are also regulating the current value of money abd the supply of it. 
Therefore as long as there is a fiat money then there should be a bank also.

[Abiky]

If cryptocurrency already used for payment, i think we dont need central banks because bitcoin is peer to peer transaction and no need third party to process our transaction. Bitcoin is decentralized cryptocurrency and no one can control the supply or transaction data.

Exactly. That's the point. There's no need for central banks at all, after the introduction of Bitcoin back in 2009. Satoshi knew that trusting centralized institutions subject to corruption, fraud, and manipulation, was not ideal for the economy. Which is why, he created Bitcoin with the purpose to eliminate the middleman and bring back the power to the people themselves. This way, people can be their own bank without the need for a centralized third party or financial institution (central banks, governments, etc).

The only reason we're still using central banks nowadays, is because Fiat money is largely used as the main source of income/medium of exchange within all countries of the world. Bitcoin and other cryptocurrencies have been unable to replace Fiat in its entirety, because Fiat is backed and promoted by banks and governments as the primary form of payment. However, when people become aware that it's not safe to use Fiat anymore (due to inflation, etc) then they would use crypto at a large-scale rending central banks completely useless and obsolete.

Nonetheless, time will tell us whenever Bitcoin's revolutionary technology (Blockchain) could eliminate the need for central banks or co-exist with existing payment solutions. Just my thoughts

[Elerntta]

I believe that everything related to centralization only hinders the development of truly decentralized technologies. People who previously ran centralized exchanges, companies, and businesses continue to stick to their line of trying to control.

[bayu7adi]

everyone knows more about the central bank than cryptocurrency, so the best economic holder at the moment is the central bank, and the cryptocurrency is not so powerful with all its uses
when compared to a decentralized system, the role of the central bank is very complex for all people's needs, also the lack of high trust in a decentralized system, makes the central bank feel high on the cloud and feels free to get rid of all existing bad potential
so the answer is, we still really need a central bank to be able to be a comparison as well as a basic benchmark of services

[BADecker]

Do we Need Central Banks?

Of course we do... a minimum of 7.4 billion of them worldwide.

[Memmon3]

I say yes..I think that every country should have a central bank. This leads to progress in the country. But if the central bank adopts Bitcoin, So it can be of great benefit to us and we can see a digital world

[maxamus]

I say yes..I think that every country should have a central bank. This leads to progress in the country. But if the central bank adopts Bitcoin, So it can be of great benefit to us and we can see a digital world

Yes i too agree on this. Central bank should be there in the country till the fiat currencies are there. Central bank plays good role in deciding the economy of country if they adopt Bitcoin this will be great benefit for making the country towards digital transformation and it will be good for crypto market.

[MULTIK888]

Central banks were created by States to draw money out of ordinary citizens, that's all. The interest that we receive from the contribution to the Bank is simply negligible, and the banks at this time invest the money in more profitable assets and multiply their profits.

[Ladyga]

It is believed that the Central Bank – the essence of the most important and integral part of a single state mechanism, representing the structural unit of the Executive branch of government. In fact, any Central Bank is a self-sufficient and Autonomous unit associated with the state only in the territorial and spatial aspect. Thus, despite the legally established principle that all the money that Central banks operate exclusively as state property, in fact, none of them can do without the participation of international capital. Capital of the same group of people operating in the market of national currencies since the middle of the century before last. The share of such participation in different time periods and under different political conditions may be different, but there was no case when it fell below fifty percent, otherwise it would mean the loss of control of the international syndicate of bankers over the world, or any part of it.

[Michal_open_source]

I say yes..I think that every country should have a central bank. This leads to progress in the country. But if the central bank adopts Bitcoin, So it can be of great benefit to us and we can see a digital world

Yes i too agree on this. Central bank should be there in the country till the fiat currencies are there. Central bank plays good role in deciding the economy of country if they adopt Bitcoin this will be great benefit for making the country towards digital transformation and it will be good for crypto market.

I don't really see a point why central bank would be needed if bitcoin becomes the main means of payment unless you are imagining the system similar to bretton woods where the fiat currency is pegged to bitcoin. Otherwise, we would be fine as in the period in history called free banking where banks were issuing their own currencies.

[Ntr..]

according to me there should be a central bank in every country bcoz to withdraw the  fiat money that we get from bitcoin. Requires a central bank because not all governments legalize bitcoin so that in using it for daily needs this central bank needs.

[wxa7115]

We have never needed central banks at all, banks were very smart because they were able to convince the public and the politicians that they were somehow needed when that was not the case, a country should be capable of issuing its own fiat currency if they wanted but in many cases those countries were convinced that it will be a better idea to let private bankers to own the central bank of a country and issuing the currency themselves.

This has caused a significant amount of problems because as we know those people do not have the best interests of their citizens in their minds when they do what they do, this is why cryptocurrencies are going to be successful because it is a currency created by people for the people.