Do we Need Central Banks?

[nebiki]

I think we do't need any central banks for the crypto currency and for the market regulations is 50 50 because if controlled then may be the price is stable and some people will prefer this and central banks are important because people trust it more.

Central banks are very necessary and influential on the financial sector. if without a central bank I think crypto would be difficult to disburse into a real currency that can be spent and the central bank also has many uses, so we really need a central bank.

[ivannalog814]

I can only say that the Central Bank is needed for public financial management, Bitcoin does not need a Central Bank because it has the whole world in its hands. I mean that the Internet is a repository of cryptocurrency at the same time we can say that the Internet is a Bank for bitcoin.

[Snyderfx2]

If you ask if we need central banks to function the economy of a country my answer would be no but a government need more than functioning because unlike a small company it hold responsibility for many people which is why they need economical stability and that is why they need central banks to stable there national currency and manage other resources that are relevant which plays a major role in a country so I think for a country of course central bank is need 

[Blocktopian88]

Well, just as what I have concerned, I think the existence of central bank could provide some benefits to cryptocurrency. If launched cryptocurrency could share account with central bank, then the effort for building infrastructure of cryptocurrency propoganda will be saved, that cannot say is easy.

[carlisle1]

I think we do't need any central banks for the crypto currency and for the market regulations is 50 50 because if controlled then may be the price is stable and some people will prefer this and central banks are important because people trust it more.

crypto is independent, so I don't think there is a need for a central bank. crypto has many features that allow it to be independent. even if crypto works with the bank and becomes more stable I feel the crypto characteristic disappears. because what I know, crypto is an investment that can be very profitable because of its unstable value.

We are decentralized and that is the concept we must allow,and having a centralized banking is a shit thing to consider.i dont know where did you get this idea but i hate having this one

We must remain decentralized and this is why we will be growing in future,without third party and will have privacy

[bitbunnny]

In current economic system that is more or less functioning on the same way in the whole world central banks are needed. They take care of monetar stability and legality of financial system. So in traditional economies, yes, they are needed.
When we talk about cryptocurrencies central banks don't have actually any influence. The only thing they could do are some recommendations and formal opinions regarding some cryptocurrency but as long as cryptocurrencies are not formal part of economic system, central banks don't have any power above them.

[gesdan]

the central bank is the important thing of the country, every country need have the central bank, currency need to be managed by the central banks, so if the country have their own local currency I think cental banks is very important

[Snaic]

If someone does not need central banks, he may not use their services. However, central banks will exist, as each state needs them. Central banks perform their specific functions. These are the development of a common monetary policy, an explanation to the country's banks of the procedure for regulating emerging issues of a general financial nature, maintaining the course of national money, financial support for the implementation of the country's budget, and many others. Therefore, whether we like it or not, central banks will exist as long as states exist.

[Phildo]

In a country, fiat is still needed. The government needs regulations to manage the circulation of money. If we don't have a central bank, there may be riot. Also fiat is needed to stabilize the price in the market. Imagine if people use cryptocurrencies in their country then the prices go skyrocket, while at that time the central bank and the government could not manage the circulation of economy. As I said earlier, fiat is still needed.

[jrrsparkles]

We don't need because they are controlling all our money not the governments and all the central banks were controlled by group of people which literally means someone kept us as their slaves by giving some printed paper called as money.But we need to think about do we need it?

[BitcoinMoses]

It depends what role the central banks should play.

[NeuroticFish]

We don't need because they are controlling all our money not the governments and all the central banks were controlled by group of people which literally means someone kept us as their slaves by giving some printed paper called as money.But we need to think about do we need it?

Actually from what I know the governments do control the central banks in many (most?) countries.

But is the same thing. Because governments are made of politicians, which in many cases don't decide based on what's best for their country, they decide based on their interests or the interest of the ones helping them get in the government. Imho we don't need politicians (we have to find a better way to chose the people govern the countries) and we don't need politically influenced inflationary money (in the way it's created today by the central banks). We have to find something better.

[Abiky]

crypto is independent, so I don't think there is a need for a central bank. crypto has many features that allow it to be independent. even if crypto works with the bank and becomes more stable I feel the crypto characteristic disappears. because what I know, crypto is an investment that can be very profitable because of its unstable value.

Exactly. With cryptocurrencies, we don't need to depend on central banks at all. The only reason we've been accustomed to central banks, is simply because they provide a gateway or bridge between crypto and Fiat. Other than that, crypto does well without a central authority, which makes many banks envious. If cryptocurrencies like Bitcoin and Ethereum continue to grow at an unprecedented rate, then they would threaten the mere existence of banks worldwide.

However, if banks start adopting Blockchain technology for their own benefit, then we would be depending on central banks for a long time. Despite this, I believe that both Fiat and crypto would co-exist for years to come because none can replace one another.

Therefore, we may still depend on central banks in the future just to get access to Fiat. Just my thoughts

[arnelandvik]

I believe that Central banks will continue to control the economy for decades to come, whether it would be cryptocurrency or the monetary equivalent.

[Futureglory]

This is a very delicate issue we must consider and have we also asked ourselves the question how the people of old exited and function in a conducive economy without any central banks. Any clue to this should reminds us of the fact that the issue of central banks in our generation could be as a result of our paper currencies of which per reason of that they have to make all decision about our economy. The presence of cryptocurrencies has been an eye opener for us to know that we can handle the issue of economy without central bank and to me that has been the burden of most government leading to the hatred to the cryptocurrency.

[Bonsaiav]

The truth of the matter is: We don’t need central banks.

Because central banks can flaw the true nature of bitcoin, besides that also makes it easier for the government to carry out suppression/intimidation against the people involved, for example by making unilateral regulations, enforcing taxes and so on, which in essence might hurt especially for investors. IMO, bitcoin will be better if it runs without the Central Bank so bitcoin can move more freely. And what bitcoin needs is the presence of cold hands from the government to help and oversee its development, so that the positive benefits of bitcoin become more focused.

[Abiky]

Because central banks can flaw the true nature of bitcoin, besides that also makes it easier for the government to carry out suppression/intimidation against the people involved, for example by making unilateral regulations, enforcing taxes and so on, which in essence might hurt especially for investors. IMO, bitcoin will be better if it runs without the Central Bank so bitcoin can move more freely. And what bitcoin needs is the presence of cold hands from the government to help and oversee its development, so that the positive benefits of bitcoin become more focused.

Bitcoin already runs without a central bank. There's no single entity in charge of the issuance of new coins or the total supply of the cryptocurrency. Anybody can contribute to its development, meaning that Bitcoin is a free (free as in freedom) cryptocurrency for anyone around the world. In the case of central banks, we still depend on them because they serve as gateways between Fiat and Crypto. Also, many merchants and businesses accept Fiat at a greater level than Bitcoin.

Because Fiat is still largely used in many regions of the world (whenever it's USD, RUB, EUR, etc), we need to interact with a bank one way or another. Credit/Debit cards are all dependent on banks, unfortunately. However, if cryptocurrencies were to become the only medium of exchange (which is highly unlikely), then there would be no need for central banks as we can be our own bank. After all, Bitcoin was designed from the ground up to eliminate the middleman. Therefore, this enables us to store and interact with our Bitcoin without the need to trust a third party (central bank or government) at all. Just my thoughts

[South Park]

Actually from what I know the governments do control the central banks in many (most?) countries.

But is the same thing. Because governments are made of politicians, which in many cases don't decide based on what's best for their country, they decide based on their interests or the interest of the ones helping them get in the government. Imho we don't need politicians (we have to find a better way to chose the people govern the countries) and we don't need politically influenced inflationary money (in the way it's created today by the central banks). We have to find something better.

Many governments in theory control their central banks, but if you begin to research about them you will see that most of the time the central bank can take decisions without consulting the government, so the reality is that even those central banks can do whatever they want and they cannot be stopped and when you add that the most important central bank around the world cannot be controlled by their government then you have an economy that is completely controlled by the banks and in which they are only looking to benefit themselves.

[jcarlo]

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.

[mweezy]

There are two way about it, it always necessary to have a go thought before conclusion. To you and I we meant think we don't need central bank because we are using bitcoin which is operating in a decentralized platform, what about the rest citizens that doesn't know how to use bitcoin or any crypto currency, what will happen to our fiat currencies as well.
To me I think there is for central bank if not for and you but for the common man who don't his to use bitcoin.