Bitcoin to trigger central bank collapse

[bits4books]

To provoke the "collapse of the central bank" you need something more powerful than a cryptocurrency that is used by very few people (on the scale of the planet and in the scale of the country), unless you are some kind of Venezuela (if so, then you are already good).
Let me tell you a secret-states and their systems know best the most important rule: if you can’t win, cooperate with them.
Today you say that BTC will bring down the Central Bank and tomorrow you will be happy to transfer ETH through the processing of PayPal and Visa cards with joy by issuing a multi-card in the bank of your city and providing passport data. Meanwhile, CB will launch their own cbdc. Full stop.
You can't beat something that grows two heads instead of one. And it works both ways.

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[shoreno]

I am surprised how some people mistakenly understand Bitcoin which was created as an alternative not to actually take over fiat currency not to take of collapse Central Bank

they think that btc had growned alot and its now starting to dominate every financial groups and in the fact that they are now avoiding banks and traditional currencies but thats them , there are still people left that continue use banks and fiats despite of using a btc

and if some companies now use it as their reserve currency it doesn't explain the true purpose of Bitcoin. However, the IMF has advised the government to limit printing of currency and they use integrate national digital currency why didn't they do that before some companies use Bitcoin as a reserve.
The government and the Central Bank officials are those that trigger Central Bank collapse, not Bitcoin.

reserve can also means that they have a plan for it . they can use it as a back up currency if printing money isnt allowed anymore . if they hodl it and make use of the volatility , that is still part of a use of bitcoin . bitcoin isnt the enemy on here but its a part of the solution

[South Park]

TL;DR. Anyway, this is next to impossible. The only reason that may cause central banks to collapse is when governments themselves collapse. Otherwise, central banks will always be there. For as long as money is designed, issued, and controlled by governments, central banks will stay relevant. For as long as monetary policies are crafted and subsequently implemented by governments, central banks will exist. There may be changes in the design of central banks but they remain essentially the same.

Now, Bitcoin is not created to bring down governments. If at all, it prefers that money is out of their control.

I think the same, bitcoin is improving and it is gaining more recognition every passing day but we must not deceive ourselves, governments always think that an external factor is going to make them fall, when historically you can see that most governments fall because of their own weight, if we see a crash in the economy it is going to be because of the horrible policies that have been passed during the last decades and not because of bitcoin or gold.

[DrBeer]

A huge delusion ... Bitcoin and cryptocurrency are now essentially "candy wrappers" that have neither the status of official means of payment nor real security. Saying that the blockchain will negatively affect the work of central banks is like printing out "my dollars" at my place now, and this will become a huge danger for the federal reserve system
The negative impact of cryptocurrencies on the banking system is greatly exaggerated. The total capitalization of cryptocurrencies is a "drop in the ocean" against the background of the capitalization of the financial market, therefore it cannot have any noticeable impact. And the most important thing is that the turnover of cryptocurrencies is crypto-exchanges. And their work is fully controlled and regulated by government agencies, including financial

[mersal]

Central banks will stay there as long as we have a fiat money system so banks are going to collapse when people stopped using them but it is actually not possible to happen or at least in this century because almost everyone is taking loans for their needs that is how fiat money got the significance level into everyone's life and we didn't evolve from the loan culture yet which will put the central bank at the top for sure.

[DrBeer]

Central banks will stay there as long as we have a fiat money system so banks are going to collapse when people stopped using them but it is actually not possible to happen or at least in this century because almost everyone is taking loans for their needs that is how fiat money got the significance level into everyone's life and we didn't evolve from the loan culture yet which will put the central bank at the top for sure.

It's a delusion  ! Cash is the solution that does not allow global control and, most importantly, control the masses. The transition to non-cash payments (card accounts), and possibly using blockchain technologies, will create a more controlled and manageable community, with a higher level of "automation" of the influence of banks on people

[Kakmakr]

Just remember one thing, Satoshi Nakamoto did not develop Bitcoin to solve all the problems in the world... it was created to serve as an alternative payment option for a Fiat system that was being destroyed by the Central Banks. Just look at the devaluation of the US Dollar and how it lost it's buying power over the years.

The Central Banks will not change.. it will adapt and it will steal the Blockchain technology and create something like Ripple that are centralized and then use that as a replacement for the collapsing Fiat currencies. 

[nrvasquez]

In the current realities, bitcoin cannot become a global currency in any way. After all, all prices are calculated in dollars and other currencies.
At the same time, bitcoin itself is pegged to the dollar and is valued in dollars. For this to work, it is necessary that all prices are in cryptocurrencies, but then the question of determining the value, on what basis, will remain open.

True, I'm not really sure what the OP has said so far, but it's still too far. If this is a matter of value, then bitcoin is still not close to the USD value which is actually backed by "original assets" and also investments made by many parties and also the government.

[mersal]

Central banks will stay there as long as we have a fiat money system so banks are going to collapse when people stopped using them but it is actually not possible to happen or at least in this century because almost everyone is taking loans for their needs that is how fiat money got the significance level into everyone's life and we didn't evolve from the loan culture yet which will put the central bank at the top for sure.

It's a delusion  ! Cash is the solution that does not allow global control and, most importantly, control the masses. The transition to non-cash payments (card accounts), and possibly using blockchain technologies, will create a more controlled and manageable community, with a higher level of "automation" of the influence of banks on people

In 2020, almost 90% of the fiat money is in digital format so we are going to transfer the money via bank accounts for anything when the amount is higher so I am not talking about paper money and digitized paper money. Talking about fiat money, in general, comparing with the decentralized cryptocurrencies then central banks don't have any alternative when it comes to taking loans.

[Phoenix_PROG]

Central banks will rather adopt blockchain and evolve. Bitcoin solely is not enough to solve global problems

True, bitcoin isn't just enough to solve economy problem globally but one thing can make things better than what it is right now, having more than one great digital currency like Bitcoin, we don't have to rely on bitcoin only but many more strong coins will be better

[GeorgeJohn]

Government would simply not allow Bitcoin to replace fiat. They tolerate it for now because there's no consumer adoption. If they saw that people actually use it and it comes together with tax evasion, money laundering or just hiding your transactions, they would just ban it. Without centralized exchages, Bitcoin will trade for 1-3% of the current price. It's also naive to think that just because Bitcoin is rising, it would keep rising forever. Even now a lot of investors understand that this is a bubble.

Yeah i agree with you irrespective the level of cryptocurrency in the world I don't think government would give bitcoin Chance to dominates over fiat, because from views I found out that government don't don't really like the growth of bitcoin in society

[suzanne5223]

I am surprised how some people mistakenly understand Bitcoin which was created as an alternative not to actually take over fiat currency not to take of collapse Central Bank

they think that btc had growned alot and its now starting to dominate every financial groups and in the fact that they are now avoiding banks and traditional currencies but thats them , there are still people left that continue use banks and fiats despite of using a btc

You maybe correct but I dont think domination or growth was their true intention cause the number one reason they dont like or want to support Bitcoin is because of it decentralization which they speculate could be a threat to their position.

and if some companies now use it as their reserve currency it doesn't explain the true purpose of Bitcoin. However, the IMF has advised the government to limit printing of currency and they use integrate national digital currency why didn't they do that before some companies use Bitcoin as a reserve.
The government and the Central Bank officials are those that trigger Central Bank collapse, not Bitcoin.

reserve can also means that they have a plan for it . they can use it as a back up currency if printing money isnt allowed anymore . if they hodl it and make use of the volatility , that is still part of a use of bitcoin .

They did plan to use Bitcoin as a backup plan for I dont see printing of new fiat not to be allow.

bitcoin isnt the enemy on here but its a part of the solution

Absolutely and I dont know why some governments and people see Bitcoin as the enemy rather than an inspiration.

[AndySt]

Government would simply not allow Bitcoin to replace fiat. They tolerate it for now because there's no consumer adoption. If they saw that people actually use it and it comes together with tax evasion, money laundering or just hiding your transactions, they would just ban it. Without centralized exchages, Bitcoin will trade for 1-3% of the current price. It's also naive to think that just because Bitcoin is rising, it would keep rising forever. Even now a lot of investors understand that this is a bubble.

Yeah i agree with you irrespective the level of cryptocurrency in the world I don't think government would give bitcoin Chance to dominates over fiat, because from views I found out that government don't don't really like the growth of bitcoin in society

There are just some pillars in the management of the economy and, accordingly, the state, the destruction of which leads to the destruction of the state itself and the Fiat currency, including digital format, is among these fundamental pillars. The state may allow some experiments in this area in the form of decentralized cryptocurrencies, but it will never be able to allow these cryptocurrencies to become the dominant means of payment within the economy.

[philipma1957]

Central banks will rather adopt blockchain and evolve. Bitcoin solely is not enough to solve global problems

You got it.

Norway has started this by buying 2 usd worth of btc for all of its citizens for retirement purpose.

So what happens if many countries copy this. They simply absorbed btc into central banks.

[exstasie]

Norway has started this by buying 2 usd worth of btc for all of its citizens for retirement purpose.

So what happens if many countries copy this. They simply absorbed btc into central banks.

You mean the Norwegian Oil Fund? They aren't directly investing in BTC or BTC instruments. They own a stake in Microstrategy, so there was a big story circulating in September about their indirect investment in Bitcoin.

Microstrategy has actually bought more BTC since then (and the price has gone up) so the Oil Fund's investment is probably significantly larger than $2 per citizen now.

Regardless, I do think you're onto something. I also expect that central banks will eventually be holding BTC reserves just like they hold gold reserves today. We could still be decades away from that, but it's coming.

[MCobian]

The development of Bitcoin has continued to increase, moreover, the price of Bitcoin continues to rise, making many people interested
in buying Bitcoin. But that doesn't mean Bitcoin has triggered a central bank collapse, because there are still a few merchants that accept
Bitcoin payments and there are still a few countries that allow Bitcoin as payment. This means that Bitcoin is still not optimally used as
a currency, the conclusion is that fiat is still needed to buy the necessities of our life and may not collapse.

[Ken_terrance]

I'm dreamt about a world where by all useful digital currencies will co exist with fiat and banks at the same time, one don't need to kill other off to stay alive, all these can all work together, bitcoin can't do shit alone, it's just like trying to eradicate every centralized projects in crypto space when we know how helpful is the existence of USDT is in crypto space

[SamTheRecordMan]

Bitcoin will not destroy central banks anymore than gold or penny stocks have destroyed central banks.

Lets not forget that governments control the gateways into and out of bitcoin and if bitcoin was a real threat they would have choked it to death already.

If bitcoin is the future then central banks will simply create their own version of bitcoin (ie a national digital currency with limited supply) or use bitcoin itself to back their currency (perhaps this is what smaller nations will do).

I don't think central banks are evil but they do tend to take the path of least resistance unfortunately.

[OpenCryptoSystem]

Bitcoin will not destroy central banks anymore than gold or penny stocks have destroyed central banks.

Lets not forget that governments control the gateways into and out of bitcoin and if bitcoin was a real threat they would have choked it to death already.

If bitcoin is the future then central banks will simply create their own version of bitcoin (ie a national digital currency with limited supply) or use bitcoin itself to back their currency (perhaps this is what smaller nations will do).

I don't think central banks are evil but they do tend to take the path of least resistance unfortunately.

Everybody knows central banks created btc.

[AmoreJaz]

The development of Bitcoin has continued to increase, moreover, the price of Bitcoin continues to rise, making many people interested
in buying Bitcoin. But that doesn't mean Bitcoin has triggered a central bank collapse, because there are still a few merchants that accept
Bitcoin payments and there are still a few countries that allow Bitcoin as payment. This means that Bitcoin is still not optimally used as
a currency, the conclusion is that fiat is still needed to buy the necessities of our life and may not collapse.

and in the first place, the govt will not allow such thing to happen. also, consider the percentage of population who are into crypto, still very small as compared to global population. and most of these crypto users are still relying on their banks. crypto is one alternative, but will not really create a situation for the collapse of central bank. not gonna happen in our lifetime. as crypto usage cant be fully controlled by the govt, they will just make a regulation when it comes to crypto.