Bitcoin to trigger central bank collapse

[(o)(o)ilikeboobs(o)(o)]

Businesses need to have a country to register a company, they are required to pay taxes in that country's currency. It is not a big deal for businesses and citizens to accept Bitcoin and use it because central banks will have regulations for Bitcoin and cryptocurrencies. Banks are on the side of the government, so they will find a way to put Bitcoin on their side. Take a look at Goldman Sachs, Paypal, Visa, they are integrating cryptocurrency and making it a tool that benefits their business.

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[Spaffin]

Businesses need to have a country to register a company, they are required to pay taxes in that country's currency. It is not a big deal for businesses and citizens to accept Bitcoin and use it because central banks will have regulations for Bitcoin and cryptocurrencies. Banks are on the side of the government, so they will find a way to put Bitcoin on their side. Take a look at Goldman Sachs, Paypal, Visa, they are integrating cryptocurrency and making it a tool that benefits their business.

The fact is that the banking system is primarily aimed at providing certain services to individuals and legal entities. The banking system can use any currency, that is, not only fiat money, but also cryptocurrencies. Moreover, everyone knows that banks use assets such as securities and gold too. Proceeding from this, Bitcoin will not destroy the banking system, because banks are already starting to adjust to the current trend in order to use cryptocurrencies in the future.

[(o)(o)ilikeboobs(o)(o)]

Businesses need to have a country to register a company, they are required to pay taxes in that country's currency. It is not a big deal for businesses and citizens to accept Bitcoin and use it because central banks will have regulations for Bitcoin and cryptocurrencies. Banks are on the side of the government, so they will find a way to put Bitcoin on their side. Take a look at Goldman Sachs, Paypal, Visa, they are integrating cryptocurrency and making it a tool that benefits their business.

The fact is that the banking system is primarily aimed at providing certain services to individuals and legal entities. The banking system can use any currency, that is, not only fiat money, but also cryptocurrencies. Moreover, everyone knows that banks use assets such as securities and gold too. Proceeding from this, Bitcoin will not destroy the banking system, because banks are already starting to adjust to the current trend in order to use cryptocurrencies in the future.

They cannot go against Bitcoin because of its decentralization. They are adopting cryptocurrencies or whatever is profitable for them. I firmly believe that the brokerage fee for Bitcoin is a great deal.
They are forced to accept cryptocurrencies because if they do not, they will kill their own business.

[conected]

Businesses need to have a country to register a company, they are required to pay taxes in that country's currency. It is not a big deal for businesses and citizens to accept Bitcoin and use it because central banks will have regulations for Bitcoin and cryptocurrencies. Banks are on the side of the government, so they will find a way to put Bitcoin on their side. Take a look at Goldman Sachs, Paypal, Visa, they are integrating cryptocurrency and making it a tool that benefits their business.

The fact is that the banking system is primarily aimed at providing certain services to individuals and legal entities. The banking system can use any currency, that is, not only fiat money, but also cryptocurrencies. Moreover, everyone knows that banks use assets such as securities and gold too. Proceeding from this, Bitcoin will not destroy the banking system, because banks are already starting to adjust to the current trend in order to use cryptocurrencies in the future.

They cannot go against Bitcoin because of its decentralization. They are adopting cryptocurrencies or whatever is profitable for them. I firmly believe that the brokerage fee for Bitcoin is a great deal.
They are forced to accept cryptocurrencies because if they do not, they will kill their own business.

- Disapproval only creates a small impact on banks when they lack some convenient services that can cater to some special customers and one factor that should be noted is that bitcoin is not at the monetary level of the world, people have an interest but overall, their attitude towards banks and national currencies is still predominant. Banks are a huge and unbreakable existence in every country, bitcoin can only share a portion of the service with the bank but is incapable of causing it to collapse.

[Kamarah]

Bitcoin can trigger the collapse of the central bank. This can happen. If Bitcoin is widely used by everyone and accepts payment by Bitcoin. Bitcoin has outstanding advantages compared to other currencies that do not need a central bank because Bitcoin is an equal dispersion system, so there is no central server or a control point.

[cryptomaniac_xxx]

Bitcoin can trigger the collapse of the central bank. This can happen. If Bitcoin is widely used by everyone and accepts payment by Bitcoin. Bitcoin has outstanding advantages compared to other currencies that do not need a central bank because Bitcoin is an equal dispersion system, so there is no central server or a control point.

Central banks have it's own CBCD, so I don't think that it can trigger the collapse just like that. They are established entity, with hundreds of years and with people that has a lot of vested interest on banks. So I would say that this will not happen in the next 10-50 years, bitcoin will be bitcoin and banks will just continue what they have been doing.

[Abiky]

To understand how far away Bitcoin is from triggering anything: Gold has a market cap of around $10 trillion. Bitcoin has just one tenth of that. That means one Bitcoin would have to rise to around $500k to even begin to reach the value of all gold. And even then, it would have to rise much much further to even come close to all fiat money. Because only then would it be able to harm the monetary system.

Exactly. Bitcoin is nowhere near close to replacing Fiat anytime soon. As long as this is the case, banks won't be going anywhere. These financial institutions will eventually adapt themselves to the latest trends in technology. The announcement of CBDCs tells us that banks will remain relevant in the mainstream world even with crypto/Blockchain tech in play. For banks to collapse in their entirety, something catastrophic must happen in the mainstream world. Maybe COVID-19 will make this a reality soon?

Nonetheless, we should face the fact that governments aren't willing to let go of banks no matter what. They rely on them for the issuance and distribution of Fiat. Expect to see both Fiat currencies and crypto live alongside each other for many generations. As long as Bitcoin remains decentralized and censorship-resistant, nothing else matters. Who knows what will happen in the future as Bitcoin becomes more popular in the mainstream world? Just my thoughts

[SquallLeonhart]

If Bitcoin is widely used by everyone and accepts payment by Bitcoin. Bitcoin has outstanding advantages compared to other currencies that do not need a central bank because Bitcoin is an equal dispersion system, so there is no central server or a control point.

Those advantages are easier to be copied by central banks except the decentralization. I mean central banks may remain as it is, but the percentage of people who are depending on it may get reduced drastically as people may opt for their privacy and freedom. Overall, I am not expecting central banks to collapse completely but it may lose its dominance on common people as bitcoin may help people on ensuring their privacy and freedom.

[Abiky]

Those advantages are easier to be copied by central banks except the decentralization. I mean central banks may remain as it is, but the percentage of people who are depending on it may get reduced drastically as people may opt for their privacy and freedom. Overall, I am not expecting central banks to collapse completely but it may lose its dominance on common people as bitcoin may help people on ensuring their privacy and freedom.

Well, most people don't care about their privacy since they have nothing to hide. They might as well continue to patronize banks before joining the crypto/Blockchain bandwagon. I doubt central banks will collapse anytime soon since they still dominate the global economy. Governments rely on these financial institutions for the circulation of Fiat. As long as this is the case, Bitcoin will remain as an alternative to the current monetary system than a replacement.

At least, people have an escape route from banks. Bitcoin and other cryptocurrencies bring privacy and freedom to all. Given how banks are still relevant even with crypto/Blockchain tech in play, it looks like both crypto and Fiat will co-exist for many generations. Ultimately, Bitcoin will stand the test of time because of its battle-tested blockchain network. Banks are already recognizing how powerful Bitcoin is, leading them to explore the possibility of launching digital Fiat currencies to the world. With CBDCs (Central Bank Digital Currencies) bound to become a reality soon, banks will be here to stay for a long, long time. Just my thoughts

[King Khaizan]

Bank and financial services provider from the United States, Citi, said bitcoin is currently taking steps to become one of the currencies in international trade.

this is based on the number of companies that have begun to state that they will use bitcoin as a transaction tool, such as Tesla and PayPal. On the other hand, the United States central bank, The Federal Reserve, has also just made a statement that it will issue digital currency.

Citi's statement shows a changing trend in the view of major financial institutions towards bitcoin. Many banks previously looked down on digital assets. According to them, digital assets have no definite value. In addition, the current trend is nothing but a bubble phenomenon or bubbles that are ready to burst at any time.

it is very interesting to see the existence of the dynamics of the presence of bitcoin, but in my opinion to bring down the central bank is very difficult to happen even though the opportunity still exists.

[LUCKMCFLY]

Bank and financial services provider from the United States, Citi, said bitcoin is currently taking steps to become one of the currencies in international trade.

this is based on the number of companies that have begun to state that they will use bitcoin as a transaction tool, such as Tesla and PayPal. On the other hand, the United States central bank, The Federal Reserve, has also just made a statement that it will issue digital currency.

Citi's statement shows a changing trend in the view of major financial institutions towards bitcoin. Many banks previously looked down on digital assets. According to them, digital assets have no definite value. In addition, the current trend is nothing but a bubble phenomenon or bubbles that are ready to burst at any time.

it is very interesting to see the existence of the dynamics of the presence of bitcoin, but in my opinion to bring down the central bank is very difficult to happen even though the opportunity still exists.

It is that BTC does represent a lot of instability for some banks, because if we take into account that the debt is what gives life to them is the greatest threat of all, this reminds me of JP Morgan that he had to make available in his banks to be able to acquire BTC even though they don't like it, and this is having acceptance by new technologies and in turn it is a door of salvation for every bank, because they cannot be denied and go against the current. For the most defenseless economies, BTC is the best of all solutions, such is the case of Venezuela, since it is a country where there is no mass adoption of BTC because the population does not know about BTC, but the few who know and take advantage of BTC can have more privileges over the other inhabitants, since the currency has an inflation of over 6000%.

[ampu]

The central banking system has existed for many years and it has great economic and political significance, so its collapse will have a huge impact on the whole world. Bitcoin is only a payment solution, so we should not exaggerate.
The central banking system would still function well without Bitcoin. Loans, mortgages, savings accounts to receive interest will continue to take place according to the Government's regulations. Bitcoin could infiltrate the banking system as part of the solution. That would probably be better than competing directly with the banking system.

[sapnu]

More likely, cryptocurrencies and central bank will collaborate and will be able to benefit from each other. Although it is not yet feasible for now due to the existence of cryptocurrencies and CBDCs, we can still expect that once crypto surpasses all the obstacles and gets legalized and declared as a recognized currency all over the world, central banks will surely be involved with the investments on it. There's a lot of things that will happen next to crypto and central banks, we can expect the worst or the best nevertheless, we should always prepare ourselves on either way.

[nakamura12]

Bitcoin can't trigger central bank but it can be adopted by the government to earn profit in bitcoin. As you can read in some reply here bitcoin is being adapted in some platforms like paypal and many more so I don't think bitcoin can trigger collapse since fiat is useful for those who can't use technology like phones and others.

[Alfreed]

such a scenario cannot be ruled out, China is very actively trying to stop the cryptocurrency rush for a reason, they have one of the strongest economies in the world and they see a threat to it. this anonymous payment method clearly causes irreparable damage to many economies, I believe that in the near future we will feel it

[Wong Gendheng]

such a scenario cannot be ruled out, China is very actively trying to stop the cryptocurrency rush for a reason, they have one of the strongest economies in the world and they see a threat to it. this anonymous payment method clearly causes irreparable damage to many economies, I believe that in the near future we will feel it

I think this is too much, I believe that crypto will be able to stop it, many countries are afraid of crypto which continues to skyrocket and become the best choice of many people and companies, this is certainly very dangerous for banks and centralized financial systems so that many countries are banned from crypto .

[suryana]

Businesses need to have a country to register a company, they are required to pay taxes in that country's currency. It is not a big deal for businesses and citizens to accept Bitcoin and use it because central banks will have regulations for Bitcoin and cryptocurrencies. Banks are on the side of the government, so they will find a way to put Bitcoin on their side. Take a look at Goldman Sachs, Paypal, Visa, they are integrating cryptocurrency and making it a tool that benefits their business.

This means that if bitcoin is under the leadership of the government, bitcoin has lost its freedom. We can no longer freely determine how much profit it will make. Everything is under the control of the government.

[YOSHIE]

This short crypto-economic piece explores the probability and impacts of Bitcoin triggering a collapse of our central banking systems and a reordering of the world's wealth structure.

What are you talking about, how do you know Bitcoin can bring down the central bank, you talk don't analyze using your mind and brain, you know Bitcoin is almost 14 years in the future, if the central bank collapsed, it might have happened two or three years ago, why is it still there today, even the profits of the central bank since the presence of bitcoin have doubled from year to year.

You are just making up news that is hoax, you yourself don't know the working process of the central bank, don't always rely on media news, 70% are hoaxes, 30% may be true, Media reporters, if the pay is the highest, that's what they load, you know what I mean.

What you need to know is: Central banks since the presence of Bitcoin they are progressing and big profits, that's what actually happened, fact.

[zanezane]

such a scenario cannot be ruled out, China is very actively trying to stop the cryptocurrency rush for a reason, they have one of the strongest economies in the world and they see a threat to it. this anonymous payment method clearly causes irreparable damage to many economies, I believe that in the near future we will feel it

But aren't they out of the game already? They've already banned mining in their country and it's only a matter of time for a total prohibition of cryptocurrency in their country as the release of their very own digital yuan is nearing it's due date. I don't think that it can cause a damage, the tax bureau can see irregularities in someone's assets when there's some spikes that didn't get taxed so it's not going to damage the economy plus the money goes back to the economy because it's spent by the owners, no point hoarding fiat right? Bitcoin can't trigger financial collapse, I don't how it can and given the current market cap of bitcoin, I don't think there's enough to do some damage.

[dezoel]

There is no way central banks to "collapse" without themselves doing it first, they are already sort of doing it, central bank never really collapses period, because their job is to print money and they could be like Zimbabwe where they are printing more and more money, they can keep printing it and the economy could suck big time but just because everything sucks doesn't mean that they will be collapsing, they will just do a horrible job but they will continue to do their job, even badly but still do it.

There was a video of an African dictator (movie scene based on real life) who kept printing more money, even while their money begin worth less than a toilet paper in value, so what did he do? Asked central bank to print even more, that is just how it is in the world of central banks and crypto will not change it, most of them will be doing a horrible job like Venezuela or Zimbabwe eventually, they are a joke now but everyone will be like that in 50 years.