Bitcoin to trigger central bank collapse

[Abiky]

The fee is being determined to the size of a transaction. If the size isn't that much then expect that the fee won't be a lot.

But on these times, the transaction fees being made in bitcoin aren't painful and they aren't that much anymore. And that's why it's very optimistic to do transactions in bitcoin to this date.

Triggering the banks to collapse, it's all about people learning to hold their own finances through bitcoin.

Bitcoin fees are cheap right now probably because most exchanges and service providers are using SegWit (Bech32). That and the fact that activity on the Blockchain is quite low compared to the days after the halving of 2020. As long as fees remain low, Bitcoin can remain a competitive payment system in the mainstream world. But I wouldn't count on Bitcoin replacing banks, since the latter is too big to fail. Governments still rely on banks to issue national currencies, so I seriously doubt they're going to switch to a decentralized cryptocurrency like Bitcoin that's outside of their control.

Of course, banks may collapse but they can easily rise from the ground up. That's because these powerful financial institutions can manipulate the economy to their own will. I'd focus more on Bitcoin being an alternative to banks than all the other way around. Just my opinion

[ifarted]

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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.

Your words and thoughts is kinda pretty similar to mine and yes, you are right. That's the point, in my own thought i also wouldn't think that bitcoin would trigger the collapse of the banks.

You have to consider the governments first, i don't think that they will let that happen and i know that they wouldn't allow it either. We are already used to the banking system and a lot people prefers banks over bitcoin but then again banks will never collapsed.

It's up to the government itself. If they don't allow bitcoin in their country then the banks would stay still, standing all over the city and continuing to grow and develop. Also banks are in a huge demand. Besides, if ever the banks collapsed, i don't think that the citizens will be okay with it. It needs a lot of adjustments to adopt a new change.

[Gudhal Untu]

Change always happens and sometimes changes make people cry, those who cry because they can't adapt to the times so they are left behind, the presence of a centralized bank system makes anyone not free to control their money, the presence of decentralized and anonymous crypto is more in line with current conditions .

[Semar Mesem]

When we can control all financial functions easily then we no longer need a central bank, the modern era that makes us transact internationally requires a currency that can be accepted globally and that of course cannot be controlled by the central bank, and this is what makes one day central banks die because crypto users are unstoppable.

[Piggymonster]

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If crypto users are unstoppable then what happen to China? If the government will outlawed crypto transactions like China did then what will happen to ordinary citizen crypto users and how can they break the law?

[Joshapat]

Bitcoin has been proven to be able to make customers switch to crypto, this is what makes the central bank worried if crypto continues to increase, complete money control makes anyone not worry about saving their money into crypto and of course this will make the central bank collapse.

[Piggymonster]

Bitcoin has been proven to be able to make customers switch to crypto, this is what makes the central bank worried if crypto continues to increase, complete money control makes anyone not worry about saving their money into crypto and of course this will make the central bank collapse.

I think Central Bank is not yet worried about cryptos because crypto is not yet declared as legal tender or as a mode of payment (here in my country) and so no any kind of business is accepting crypto payment. Fiat money is still backed by the government and is still recognized as legal tender. Crypto has a long way to go before it can collapse the Central Bank.

[ROSERTY]

Bitcoin will not cause the central bank to collapse. The central bank has been around for a long time, and it is protected by the state. If the central bank collapses, it will have an impact on the world economy. Banks will also realize the benefits of cryptocurrency and launch their own digital currency to promote economic development.

[Abiky]

Bitcoin will not cause the central bank to collapse. The central bank has been around for a long time, and it is protected by the state. If the central bank collapses, it will have an impact on the world economy. Banks will also realize the benefits of cryptocurrency and launch their own digital currency to promote economic development.

Of course. It was never about destroying banks. But rather serving as an alternative to the current monetary system. Bitcoin's been doing its job pretty well as a decentralized cryptocurrency anyone can use anywhere in the world. As long as people have financial freedom with Bitcoin, nothing else matters. Central banks are backed by the government, so it's hard to imagine they'll collapse anytime soon. They're still relevant even with crypto/Blockchain tech in play. With how everything's been progressing, it seems that both crypto and Fiat (in the form of CBDCs) will exist for generations. I'm fine with that as long as people have the freedom to choose from one type of currency to the other. Just my thoughts

[Pejoh Asu]

Don't worry, banks will always exist as long as there is a state, of course the function of a bank is to maintain the circulation of money and the country's economy, it is dangerous if a bank dies, even though crypto continues to grow but I'm sure it will never turn off banks because the influence and function of banks is difficult to replace.

[Ozero]

When we can control all financial functions easily then we no longer need a central bank, the modern era that makes us transact internationally requires a currency that can be accepted globally and that of course cannot be controlled by the central bank, and this is what makes one day central banks die because crypto users are unstoppable.

Banks may be unnecessary for individual citizens. And then, it is unlikely that such citizens stop fully using cash that is issued by the central bank. No matter how much the number of cryptocurrency users increases, this will not affect the operation of the banking system of any country. On the contrary, banks are under the protection of the state, and it is capable of eliminating any threat of their existence by its methods of regulation.
So far, the G20 countries have concluded that cryptocurrency does not pose a threat to global financial stability.

[OddyseyGames]

If you look at cryptocurrency 5 years ago and now, this is a big difference. Now decentralization is only on paper, but in fact centralization and total control are worse than banks. (I'm talking about CEX)

[Abiky]

Don't worry, banks will always exist as long as there is a state, of course the function of a bank is to maintain the circulation of money and the country's economy, it is dangerous if a bank dies, even though crypto continues to grow but I'm sure it will never turn off banks because the influence and function of banks is difficult to replace.

Exactly. Banks aren't going anywhere soon. After all, governments depend on central banks for the circulation of their national currencies (Fiat). Bitcoin is and will always be an alternative to the current banking system. That's because its decentralized design prevents it from replacing Fiat. Bitcoin is still an experimental cryptocurrency despite years of research and development. There are many issues raging from lack of fungibility, limited transaction capacity, and high price volatility. Banks will always control the mainstream economy, so Bitcoin and CBDCs will live alongside each other for generations. I'm fine with that as long as people have an escape route from the banking system. Just my opinion