Bitcoin to trigger central bank collapse

[mirakal]

this is really hard to say bitcoin is triggering the collapse of the central bank because at the moment central banks are still the real payment place for many people and they hate BTC they think BTC is a virtual currency and is not stable.

They did not hate BTC, they just have no idea what is Bitcoin.

But on the question, I think there's no reason to think that Bitcoin will make the central bank collapse because the Central bank is government, so it's tantamount to saying that the government will collapse, IMO, it's not gonna happen and it's very unrealistic to think about that.

Getting hype is okay and bitcoin really has a good potential of increase in adoption in the future, but not to the same level as the number of fiat users now.

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[TimeTeller]

this is really hard to say bitcoin is triggering the collapse of the central bank because at the moment central banks are still the real payment place for many people and they hate BTC they think BTC is a virtual currency and is not stable.

They did not hate BTC, they just have no idea what is Bitcoin.

But on the question, I think there's no reason to think that Bitcoin will make the central bank collapse because the Central bank is government, so it's tantamount to saying that the government will collapse, IMO, it's not gonna happen and it's very unrealistic to think about that.

Getting hype is okay and bitcoin really has a good potential of increase in adoption in the future, but not to the same level as the number of fiat users now.

I don't think we will see in our lifetime that bitcoin will indeed trigger the collapse of central banks.
I understand a lot of people are very happy with this new invention in digital currency.
But it is too early to think that it will significantly impact the traditional way of banking system.
Let us be grateful that some banks are already accepting crypto but replacing the local fiat, I don't think that's gonna happen in the coming years.

[AndySt]

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.

This is just said for a beautiful word, because the collapse of the central bank is the collapse of the state itself and it can lead to nothing good, especially for the ordinary population. The state exercises its power, including through monetary policy, the activities of which are regulated through the central bank. The central bank can print as much money as it wants, but it will never do it on its own initiative, and if the amount of money exceeds all reasonable limits, it means that very bad events have occurred in the state or there is simply a problem of the state administration itself and its competence. Bitcoin is a great idea, but by itself it is not capable of both fixing state problems and arranging problems in the presence of normal state power.

[Abiky]

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.

Exactly. Banks dominated the mainstream economy for a long time. Even with crypto/Blockchain tech in play, Fiat is still "king" when it comes to paying for goods and services anytime, anywhere in the world. The vast majority of merchants and businesses accept Fiat on top of crypto because of its stability, trust, and backing by the government. One thing for sure is that central banks have the power to manipulate the economy to their own convenience. They can inflate Fiat currencies, increase or decrease interest rates, and more. These financial institutions will never collapse as long as governments are backing them. Only a full shift from Fiat to crypto will make banks disappear for good. But that's very unlikely to happen anytime soon. Time will tell us the fate of both crypto and Fiat as technologies evolve in the mainstream world. Just my opinion

[TheGreatPython]

This is just said for a beautiful word, because the collapse of the central bank is the collapse of the state itself and it can lead to nothing good, especially for the ordinary population.

You’re very accurate. People keep saying this without knowing the meaning what they are saying. Some of them really do think it would be a good thing if the central bank should collapse. For the central bank of a state to collapse means that the state has fallen, and it’s very bad. In countries where the central bank is at the brink of collapse, people goes through a lot and the rate of crimes increases in such places.

And nobody likes living in a country where there is crisis and all that bad stuff. So, this is never something to wish for. It is not bad to have both Bitcoin/cryptocurrency and fiat. They are all good and they have a different role to play.

[Taskford]

This is just said for a beautiful word, because the collapse of the central bank is the collapse of the state itself and it can lead to nothing good, especially for the ordinary population.

You’re very accurate. People keep saying this without knowing the meaning what they are saying. Some of them really do think it would be a good thing if the central bank should collapse. For the central bank of a state to collapse means that the state has fallen, and it’s very bad. In countries where the central bank is at the brink of collapse, people goes through a lot and the rate of crimes increases in such places.

And nobody likes living in a country where there is crisis and all that bad stuff. So, this is never something to wish for. It is not bad to have both Bitcoin/cryptocurrency and fiat. They are all good and they have a different role to play.

Those people who say that are mostly newbies so they believe that this one will happen since for them they really think spread of bitcoin could make certain currency fall, while in reality there's a law and if there's a law the government is there so make this as strong barricade on why we cannot see central bank collapsed. If they see bitcoin then provably this might happen so maybe lets just think about bitcoin as a good alternative since if people push this maybe we see massive banning the usage of it on certain countries.

[mckinleeanael07]

this is really hard to say bitcoin is triggering the collapse of the central bank because at the moment central banks are still the real payment place for many people and they hate BTC they think BTC is a virtual currency and is not stable.

[Abiky]

You’re very accurate. People keep saying this without knowing the meaning what they are saying. Some of them really do think it would be a good thing if the central bank should collapse. For the central bank of a state to collapse means that the state has fallen, and it’s very bad. In countries where the central bank is at the brink of collapse, people goes through a lot and the rate of crimes increases in such places.

And nobody likes living in a country where there is crisis and all that bad stuff. So, this is never something to wish for. It is not bad to have both Bitcoin/cryptocurrency and fiat. They are all good and they have a different role to play.

Bitcoin is and will always be an alternative to the current financial system. Governments don't want to lose control over people's lives, so they'll continue to support banks no matter what. Despite Bitcoin's success, Fiat is still the most dominant form of money worldwide. The vast number of merchants and businesses alike accept Fiat on top of crypto simply because it's stable, reliable, and backed by a trusted authority.

One thing for sure is that Bitcoin is good as a store of value, but terrible as a currency for day-to-day payments. Besides, banks already announced the launch of CBDCs. This will enable them to gain all of the benefits of crypto, without the issues of volatility and limited transaction capacity. Considering that banks are still relevant even with crypto/Blockchain tech in play, it seems to me that Fiat and crypto will co-exist for many generations. Just my thoughts

[livingfree]

this is really hard to say bitcoin is triggering the collapse of the central bank because at the moment central banks are still the real payment place for many people and they hate BTC they think BTC is a virtual currency and is not stable.

Not all central banks hate bitcoin.

You can acknowledge those countries that have been open to bitcoin and their central banks are supporting it. They're looking at the chances and possibility that it may bring good outcome to their citizens and as well as economy.

[imstillthebest]

this is really hard to say bitcoin is triggering the collapse of the central bank because at the moment central banks are still the real payment place for many people and they hate BTC they think BTC is a virtual currency and is not stable.

Not all central banks hate bitcoin.

You can acknowledge those countries that have been open to bitcoin and their central banks are supporting it. They're looking at the chances and possibility that it may bring good outcome to their citizens and as well as economy.

i think he didnt mean banks but he mean the people hate btc .
 there are people that btc and there also people that dont know yet if what is btc ,
that is why they just stick on the traditional payment system but your also correct here that there banks that are willing to collab with btc and maybe the banks can be the one that will introduce btc to those btc haters and to the people that have no idea what btc is .

[StanleyBoyle]

The first thing to look at should be what is the practical significance of Bitcoin itself to the world's finances?
Is it to replace the central bank? Or to change the current financial system. I don't think the central bank will collapse. If the central bank collapses, it means that the world's government organizations will be completely subverted. Then whether it is capitalism or socialism, the societies of various countries The system will change.This will be a war to break a huge social system that has been going on for a hundred years. I don't think it is necessary.Impossible.

[livingfree]

this is really hard to say bitcoin is triggering the collapse of the central bank because at the moment central banks are still the real payment place for many people and they hate BTC they think BTC is a virtual currency and is not stable.

Not all central banks hate bitcoin.

You can acknowledge those countries that have been open to bitcoin and their central banks are supporting it. They're looking at the chances and possibility that it may bring good outcome to their citizens and as well as economy.

i think he didnt mean banks but he mean the people hate btc .
 there are people that btc and there also people that dont know yet if what is btc ,
that is why they just stick on the traditional payment system but your also correct here that there banks that are willing to collab with btc and maybe the banks can be the one that will introduce btc to those btc haters and to the people that have no idea what btc is .

Yes, he didn't.

But what implying to say is that not all the central banks hate bitcoin. It is what I'm trying to say not implying that all of them or some of them hates it.

Well, obviously he said it's all about the central banks not the people working for it as it is in general.

[yananda]

The first thing to look at should be what is the practical significance of Bitcoin itself to the world's finances?
Is it to replace the central bank? Or to change the current financial system. I don't think the central bank will collapse. If the central bank collapses, it means that the world's government organizations will be completely subverted. Then whether it is capitalism or socialism, the societies of various countries The system will change.This will be a war to break a huge social system that has been going on for a hundred years. I don't think it is necessary.Impossible.

it is clear that regulation has been hindering the development of cryptocurrencies
they are looking for a way to be less visible, clever and cunning way

[Ozero]

This is just said for a beautiful word, because the collapse of the central bank is the collapse of the state itself and it can lead to nothing good, especially for the ordinary population.

You’re very accurate. People keep saying this without knowing the meaning what they are saying. Some of them really do think it would be a good thing if the central bank should collapse. For the central bank of a state to collapse means that the state has fallen, and it’s very bad. In countries where the central bank is at the brink of collapse, people goes through a lot and the rate of crimes increases in such places.

And nobody likes living in a country where there is crisis and all that bad stuff. So, this is never something to wish for. It is not bad to have both Bitcoin/cryptocurrency and fiat. They are all good and they have a different role to play.

Those people who say that are mostly newbies so they believe that this one will happen since for them they really think spread of bitcoin could make certain currency fall, while in reality there's a law and if there's a law the government is there so make this as strong barricade on why we cannot see central bank collapsed. If they see bitcoin then provably this might happen so maybe lets just think about bitcoin as a good alternative since if people push this maybe we see massive banning the usage of it on certain countries.

Decentralized cryptocurrency cannot influence the existing global financial system to such an extent that the central banks of states collapse. After all, this will mean the collapse of the entire existing system of power. States will simply not allow this. They have enough leverage to persuade and coerce to prevent such changes. And cryptocurrency does not have such an opportunity and does not set itself such a goal. It is intended to exist as an alternative financial instrument to the current financial system, but not to replace it.

[Frengki_cisco]

Not really.....the central bank is fine for now Bitcoin is not as bad as you think prejudiced it's not okay the central bank doesn't say so everything is going normally, I think Bitcoin is not destroying the central bank Bitcoin will save the central bank from the world's corruptors.

[pinggoki]

Banks will do their best to antagonize bitcoin and make it look as if they are trying to destroy our society as we know it when what it is probably going to do is to evoke a paradigm shift for a better and much more sustainable economy and future for our children. Central Bank wouldn't collapse just because of bitcoin because even if we assume that bitcoin would cause fiat's discontinuance, there's a 99.5% chance that they have other forms of asset such as precious minerals and metals where they can store value from, so a collapse wouldn't happen per se.

Not really.....the central bank is fine_for now-Bitcoin is not as bad as you think_prejudiced it's not okay-the central bank doesn't say so_everything is going normally, I think Bitcoin is not destroying the central bank_Bitcoin will save the central bank from the world's corruptors.

Would've been better if you at least offered your own reasons for thinking such but I cannot say I don't agree with what you've said. Bitcoin's decentralized nature makes it so no 1% elite is able to tap into its powers and use it for their own good while the rest of the planet is dying of pollution and starvation. Moreso, Since it's mostly powered by electricity we would soon be able to employ cleaner and much more efficient methods of acquiring resources for electricity, hence allowing for a cleaner, greener future.

[Oilacris]

Not really.....the central bank is fine_for now-Bitcoin is not as bad as you think_prejudiced it's not okay-the central bank doesn't say so_everything is going normally, I think Bitcoin is not destroying the central bank_Bitcoin will save the central bank from the world's corruptors.

Bitcoin wasnt created for this sole purpose but rather been focusing most of the time about decentralized payment and for sure Satoshi does know that it is impossible to take down the banking system

thats why he do make out some alternative and created Bitcoin for that purpose and it did really get much demand and recognition and i cant really blame off into those people who do really find out

that this is really something could make central banks collapse but if i were to say that this is something impossible to happen because as long government do exist then they wouldnt let it to happen.

[Kyraishi]

Why can't bitcoin coexist with central banks?

I see a future in which bitcoin acts as an alternative for those who believe that central banking is broken and fractional reserve is ultimately unsustainable.

These people will hold the majority of their wealth on the blockchain, where their wealth is secured by decentralisation. But inevitably there will also be a fiat economy that is only accessible through fiat currencies - and there will be interactions between the crypto and fiat economies through third parties.

[Myleschetty]

Not really.....the central bank is fine_for now-Bitcoin is not as bad as you think_prejudiced it's not okay-the central bank doesn't say so_everything is going normally, I think Bitcoin is not destroying the central bank_Bitcoin will save the central bank from the world's corruptors.

Bitcoin has unique potential but probably not the answer to everything and the last time I check it was introduced as an alternative currency to make people financial freedom and also to make bank/government sees new possibility. It is not to save the bank but blockchain have the potential to save the bank.

[Abiky]

Why can't bitcoin coexist with central banks?

I see a future in which bitcoin acts as an alternative for those who believe that central banking is broken and fractional reserve is ultimately unsustainable.

These people will hold the majority of their wealth on the blockchain, where their wealth is secured by decentralisation. But inevitably there will also be a fiat economy that is only accessible through fiat currencies - and there will be interactions between the crypto and fiat economies through third parties.

Exactly. Bitcoin doesn't need to replace banks. It can work well as an alternative financial system anyone can enjoy in times of need. The many limitations of Bitcoin, makes it a terrible Fiat replacement. Banks will still be relevant because governments endorse them. After all, Fiat currencies make the world go round. Given that neither banks or Bitcoin will be going anywhere, we can assume that Fiat and crypto will live alongside each other for many generations. I'm fine with that as long as Bitcoin remains decentralized and censorship-resistant. Just my opinion