Can Bitcoins kill Central Banks?

[perfect999]

central bank not gonna shut down, that's why they also trying to create CBDC that is to compete with cryptocurrency that are decentralized, then maybe in the future cryptocurrency will act like more of digital store of value and stock while the money still controlled by bank through CBDC and I think thats the most realistic future I can see. Of course implementation of CBDC will take a long time as always with the bureaucracy of the government and maybe in the future traditional stocks will get tokenized as well allowing it for trading 24/7

Do not listen to anyone who says that fiat will no longer be available. That is a pipe dream that will never happen because fiat will always be there, if you think that CBDC is not "fiat" then you are wrong because it is still governments money and they are controlling it so it is still fiat, just because it is digital doesn't mean that it is not fiat

You have a bank account and you have money in there, is it not still fiat, it doesn't have to be a cash in your hand to consider it fiat, even digital can be fiat. What is called fiat is the governments money and even if it is blockchain based it will still be considered fiat because of how much government can control it, USA could have their own stablecoin and as long as they have control over it, that will be fiat. What we need to realize is the power of decentralization when the CBDC things come out.

[chrisculanag]

Banks is partner of our states thats why its not easy to replace central banks with only bitcoins. This is not happen anymore , because we know that the states is very strong about financial need. But can accept bitcoin as a partner in more transaction also this time that we need more in this pandemic.

[Vishnu.Reang]

It is really stupid to say these outlandish claims, with the limited user base we have. Central banks will exist as long as fiat currencies exist. And fiat currencies will exist as long as governments exist. Bitcoin can replace fiat currencies only in a scenario where the entire planet comes under a single regime, and that too if the regime opts for a decentralized currency. Such a scenario is not possible now. First of all, Bitcoin is not a replacement for fiat currency. A payment method which takes 10-20 minutes to confirm and having a transaction fee of $5-$10 without scalability can never replace fiat.

[grabpopcorn536]

Bitcoin is just a solution for individuals who don't like banking so it's used by a certain group of people. Central banks around the world provide services to billions of different individuals and organizations so it can be said that Bitcoin does not affect banks. It is the hype of the Bitcoin community that misleads us.

[secretgirl]

Banks is partner of our states thats why its not easy to replace central banks with only bitcoins. This is not happen anymore , because we know that the states is very strong about financial need. But can accept bitcoin as a partner in more transaction also this time that we need more in this pandemic.

I agree with what you're saying, and I think it's going to be difficult because until now the government support in my own country for bitcoin and crypto is almost non-existent. but if the government is willing to recognize bitcoin as a legitimate transaction currency, it's likely that bitcoin could kill the central bank.

[angrynerd88]

I think its possible but in recent not possible to overcome the central Banks.The reason behind government won't let this thing happen, they won't permit any decentralized framework take over the banks and other than central banks is much imperative since we still require it to cash out our cryptocurrency, imagine if there's now not a bank at that point for beyond any doubt no one can change over their bitcoin or any altcoin into fiaJust think for a moment  if BTC overcome so fast how will manage the variable rates and retailers will not accept to early till they well trained and aware about Bitcoin.

[dark1234]

actually a question like this is not the first, the answer; it is definitely difficult to happen because of the many reasons that digital decentralization cannot fulfill for the people of the countries of the world and the government will not provide opportunities for that...?!

[PIR]

It would be hard for bitcoin to simply abolish central bank because it's been there ever since, its like a government instituted and been part of one's country and the government is working hand in hand with them. And because bank and bitcoin are different bitcoin is giving people and country a chance to make transaction better than what they usually does or have normally.

[wahyu wida]

I think its possible but in recent not possible to overcome the central Banks.The reason behind government won't let this thing happen, they won't permit any decentralized framework take over the banks and other than central banks is much imperative since we still require it to cash out our cryptocurrency, imagine if there's now not a bank at that point for beyond any doubt no one can change over their bitcoin or any altcoin into fiaJust think for a moment  if BTC overcome so fast how will manage the variable rates and retailers will not accept to early till they well trained and aware about Bitcoin.

We know that no matter how good the system is, if it is not legalized by the government, it will only be in vain, we cannot fight it, so we must obey the government regulations. Therefore, I think that in the near future, the central bank will remain the government's trust for legal transactions.

[Rono]

Central bank always has a rules and well Regulation  based.In the country Economy rise or drop and country create such a huge improvements.Its all because of Economy than anything can happend.Any country will renowned with the name of Economic Value.which country has a Good Economy it affects lots of things.Government has all of Power and can control it.If Central Bank was vanish Than Start a new days of sorrow and troubled .If I will give an example that If there is any country where you can do whatever you want there is no punishment at all.So what should you do if in this situation you are in?Or i could say if there is any crime which is increase and government can not punished or can not Find by police Authority that crime make people suffer in a long run.

[justdimin]

We know that no matter how good the system is, if it is not legalized by the government, it will only be in vain, we cannot fight it, so we must obey the government regulations. Therefore, I think that in the near future, the central bank will remain the government's trust for legal transactions.

It is not the government regulations that are the problem, it is the unfairness of the government regulations that are the main problem. There are so many super wealthy companies that does whatever works for them and there are people who do not get anything when they need it the most. Think about this for a second, there has been a horrible pandemic period in the world right? USA had to print out trillions of dollars to help people, unemployment skyrocketed the historical high for a while, dropped to a bit over average, and people failed to pay rent for so many months, the debt increased insanely.

Government failed to cancel any student debt during this period, plus no rent help neither, so the debt will just be another problem in the future. What did they do instead? Gave Jeff Bezos who got 100+ billion dollars richer during pandemic, another 10 billion dollars to bail out his space company...

[Kasabus]

I think its possible but in recent not possible to overcome the central Banks.The reason behind government won't let this thing happen, they won't permit any decentralized framework take over the banks and other than central banks is much imperative since we still require it to cash out our cryptocurrency, imagine if there's now not a bank at that point for beyond any doubt no one can change over their bitcoin or any altcoin into fiaJust think for a moment  if BTC overcome so fast how will manage the variable rates and retailers will not accept to early till they well trained and aware about Bitcoin.

We know that no matter how good the system is, if it is not legalized by the government, it will only be in vain, we cannot fight it, so we must obey the government regulations. Therefore, I think that in the near future, the central bank will remain the government's trust for legal transactions.

The government will always go with the central bank so it's quite impossible that bitcoin can kill a central bank because it's not even legalized as a currency by the government itself. And i really don't think that bitcoin will kill a central bank intentionally.

Bitcoin is here not to compete with our fiat in the first place but to serve as an option from the existing currencies we already have. If people prefer to use bitcoin rather than the existing currencies, then maybe its where they feel comfortable and convenient to use it.

[DrBeer]

It is really stupid to say these outlandish claims, with the limited user base we have. Central banks will exist as long as fiat currencies exist. And fiat currencies will exist as long as governments exist. Bitcoin can replace fiat currencies only in a scenario where the entire planet comes under a single regime, and that too if the regime opts for a decentralized currency. Such a scenario is not possible now. First of all, Bitcoin is not a replacement for fiat currency. A payment method which takes 10-20 minutes to confirm and having a transaction fee of $5-$10 without scalability can never replace fiat.

A government will never choose a decentralized monetary system, not even a single planetary government. Decentralized monetary system is the absence of control and GOVERNANCE on the part of the state / authority, which means anarchy or anarchy. To put it simply, a decentralized monetary system is the opposite of the word "power"

[SacriFries11]

It would be hard for bitcoin to simply abolish central bank because it's been there ever since, its like a government instituted and been part of one's country and the government is working hand in hand with them. And because bank and bitcoin are different bitcoin is giving people and country a chance to make transaction better than what they usually does or have normally.

It's still possible we don't know what will happen in the future, there are still people that need to transact thru banks especially those people who don't like cryptocurrency. Rich people and even the government itself don't allow it due to the bank fees and other fees that will go to the government. If bitcoin along with other digital currency will continue to accept with the existing financial institutions and collaborate we will see the next couple of years that some countries will recognize bitcoin. I don't think government central banks will allow it to replace them. Government will surely make action regarding this matter.

[paxmao]

"killing" central banks is not really the aim of bitcoin. Central banks have a role in the economy and the states around the world are  going to protect them as a tool of managing modern countries.

Bitcoin is intended to protect you from irresponsible monetary policies. As long as a country and a CB have a responsible policy that does not use massive debt or massive currency issuance, bitcoin will not be much of a concern and the opposite is also true - be aware of bitcoin if you try to fiddle with peoples savings. Just look at the countries than ban bitcoin and you will see an irresponsible government that is not truly answerable to the people.

[pinggoki]

Bitcoin killing central banks? Impossible because in the very first place as we all know that the purpose of bitcoin is not to kill the central banks so obviously, it will not kill the central banks. Another thing is that central banks are one of the exchanges wherein we can deposit and withdraw our money and the banks that are issued in each country are trusted by the local government so it is impossible for the bitcoin to do such a thing just like killing the central banks itself.

[conected]

Bitcoin killing central banks? Impossible because in the very first place as we all know that the purpose of bitcoin is not to kill the central banks so obviously, it will not kill the central banks. Another thing is that central banks are one of the exchanges wherein we can deposit and withdraw our money and the banks that are issued in each country are trusted by the local government so it is impossible for the bitcoin to do such a thing just like killing the central banks itself.

- The purpose of bitcoin has been cut, then added, and refreshed many times over in the past, from the purposes of being an online currency, the market and investors suddenly pushed it to become an investment store with many other products and not only that, it also becomes a storage place, each time bitcoin will have a few new roles to advertise. Overall, it's multifaceted and serves quite a bit but the basics are too fickle and won't convince people to think it's a bank when banks need to be more persuasive and secure, the focus of a country cannot be like bitcoin

[Princejebs]

I don't think bitcoin can kill central banks and is that even a feasible argument to discuss?
See, central bank is dominated by half of the world because they all depend on its working system all the way from federal government, state government and the local government all depends on allocation from central bank and this yearly budget are been signed and approved by the government. Now tell me how bitcoin tends to replace such a movement.
It will be very hard to overcome that crook system especially that bitcoin is always hated by the masses.

[FanEagle]

Bitcoin killing central banks? Impossible because in the very first place as we all know that the purpose of bitcoin is not to kill the central banks so obviously, it will not kill the central banks. Another thing is that central banks are one of the exchanges wherein we can deposit and withdraw our money and the banks that are issued in each country are trusted by the local government so it is impossible for the bitcoin to do such a thing just like killing the central banks itself.

There is also another reason that if you kill central banks then who takes care of fiat? If there is no fiat then what do we base bitcoin on? If there is only crypto that we give price of everything like "one apple is 200 satoshi" type of deal, then how could the world change SO much when even smart phones are not a thing in many places and even very high end nations elderly can't use it?

I mean let's be honest with each other crypto is nowhere remotely near the level of being the only currency, we need fiat for now, and that means we need central banks because without central banks we do not have fiat and that is why bitcoin is not out to kill central banks, since it would not help bitcoin at all, in fact it would hurt it instead of helping it. This is why we should not be worried about something like this at all, this is not a cultural revolution, this is financial freedom.

[Shakazs]

I think they can, but not today...
Actually the technology which stands behind crypto is super-cool. More than that, block chain is already widely used by several countries in election, which is logical. The main problem for crypto to become popular and legal is the reluctancy of the richest people on our planet. This whole thing is relatively new and it makes fat wallets be afraid of it. Also, the governments have no idea how to control this market. There are plenty of opportunities for money laundry and illegal transactions, without mentioning huge amount of scam.
However, I think that with the passage of time people will get used to virtual money and understand this concept.