Can Bitcoins kill Central Banks?

[Lanatsa]

It is not going to happen. It's never going to happen (unless a huge revolution takes place after few decades and freedom is actually a thing). Think about it. A decentralized coin taking over the central bank. A coin that government has no control over. Can you imagine that? Nope, you can't. Because the government like to keep power and control its citizen. And with the help of central banks they are even able to indirectly control bitcoin. This has both bad and good bad sides. So no, bitcoin won't kill central banks, but maybe a centralized coin controlled by the government by change how a central bank works.

Even up into my dreams, this thing wont never happen because government aren't really that dumb for letting things that will totally be opposing their existence.

If they had able to control up bitcoin from the start then they had already done it a long time ago but it turns out that they wont able to do so but doesn't
mean that bitcoin could totally kill central banks but rather be staying up as an alternative and wouldn't become the mainstream.

Im not against with adoption or into its potential but we should really be practical and realistic on here.

[In the silence]

Biden is now currently killing bitcoin, there are humors that the taxation will bombard us traders. Up to 20% in our commission returns. Years ago bitcoin killed the banks and still slaughtering more bigger institutions.

[AmoreJaz]

It is not going to happen. It's never going to happen (unless a huge revolution takes place after few decades and freedom is actually a thing). Think about it. A decentralized coin taking over the central bank. A coin that government has no control over. Can you imagine that? Nope, you can't. Because the government like to keep power and control its citizen. And with the help of central banks they are even able to indirectly control bitcoin. This has both bad and good bad sides. So no, bitcoin won't kill central banks, but maybe a centralized coin controlled by the government by change how a central bank works.

Even up into my dreams, this thing wont never happen because government aren't really that dumb for letting things that will totally be opposing their existence.

If they had able to control up bitcoin from the start then they had already done it a long time ago but it turns out that they wont able to do so but doesn't
mean that bitcoin could totally kill central banks but rather be staying up as an alternative and wouldn't become the mainstream.

Im not against with adoption or into its potential but we should really be practical and realistic on here.

i dont know why people are thinking that bitcoin will kill the existence of central banks? do they have solid basis on why they think about this scenario? i do agree, bitcoin will just be an alternative option to people, the adoption may grow thru the years but as a replacement to fiat? i dont think so.
people should be realistic with the situation. not because you are now a crypto user, you think, btc will kill the usage of fiat??? wake up people!

[AndySt]

i dont know why people are thinking that bitcoin will kill the existence of central banks? do they have solid basis on why they think about this scenario? i do agree, bitcoin will just be an alternative option to people, the adoption may grow thru the years but as a replacement to fiat? i dont think so.
people should be realistic with the situation. not because you are now a crypto user, you think, btc will kill the usage of fiat??? wake up people!

It's just that some people do not fully understand what normal and stable public administration is, what central banks are really needed for, and that's why they express such ideas Some ideal world without state structures, which when necessary are engaged in the suppression of excessive freedom of citizens, of course, can take place on our planet, but in the end leads to bad results for the citizens themselves in the face of chaos and lawlessness. Therefore, central banks in any form will always have a place to control the financial system of the state and this is a sufficiently effective system for such management, tested by time and circumstances.

[LogitechMouse]

First of all, Bitcoin isn't created to kill these Central Banks. Bitcoin is created to have a peer to peer transaction. It is created to remove these third party establishments like banks but it doesn't mean that it will kill it.

One thing more is that, not all people have access to Bitcoin and there are some Bitcoin investors who are preferring banks when it comes to transferring money than using cryptos like Bitcoin. I don't think of any way that Bitcoin will kill these banks. I don't use Banks that often and I see them as a storage of funds for my future only but not for transaction purposes. Banks also plays a big role in the economy so it isn't that easy to eradicate these banks even though there are some problems with them with regards to charges, interest etc.

[mmhaimhai]

I don't think so, not all people can adapt the digitalization and not all people are willing to risk their money knowing bitcoin market is too volatile. Cashless transaction is possible but not tru bitcoin being the primary currency and removing fiat by circulation so bitcoin cant kill banks.

[Xinarae*]

I don't think bitcoin shots can kill central banks currently use countries with dominant structures to manage their economies. They have the exclusive power and will not give up that power without a fight bitcoin and other digital currencies have generated significant interest but their acceptance rates are declining and government support for them is virtually nonexistent. Unless and until the government recognizes bitcoin as a legal tender soon it has little hope of killing central banks note that central banks around the world are watching and studying bitcoin based on this it is more likely that central banks will one day issue their own digital currency.

[Obito]

I don't think so, not all people can adapt the digitalization and not all people are willing to risk their money knowing bitcoin market is too volatile. Cashless transaction is possible but not tru bitcoin being the primary currency and removing fiat by circulation so bitcoin cant kill banks.

As old generation diminishes, I am sure that digitalization is going to be easier since the younger generations are more inclined in terms of technology, and it is only a matter of time before we can achieve that digitalization and even the all powerful banks are going to go to this point if they don't want to get left behind.

[Shasha80]

It is impossible for Bitcoin to kill the Central Banks and vice versa Central Banks may not kill Bitcoin. How could Bitcoin kill Central Banks if fiat is
still the official payment in all countries. After all, the government will do everything possible so that the system bank is not defeated by Bitcoin.
I don't think Bitcoin and Central Banks need to compete with each other, but why not complement each other. Not all regions can use Bitcoin as
a means of payment, because Bitcoin requires internet access and not all areas are covered by the internet. So fiat is still needed as a means of
payment, and Bitcoin can be used as an alternative payment.

[Dilerium90]

I think central banks will live for a long time to come. Bitcoin will simply become part of the system. Already, Paypal has added cryptocurrency as a means of payment. Apple Pay and Google Pay also add cryptocurrency as a means of payment. It just stents another asset and will not displace central banks and fiat currencies.

[Lorence.xD]

I think central banks will live for a long time to come. Bitcoin will simply become part of the system. Already, Paypal has added cryptocurrency as a means of payment. Apple Pay and Google Pay also add cryptocurrency as a means of payment. It just stents another asset and will not displace central banks and fiat currencies.

This is the ideal thing to happen but in a way it deviates from the true purpose of bitcoin when it integrates with banks, if it integrates then what bitcoin aims to eliminate which is the middle man is going to become a part of it again.

[DrBeer]

The answer is simple - no, bitcoin will not kill banks!
Why? Because governments will never allow an uncontrolled entity to replace a government-controlled, formal payment mechanism. The only thing that bitcoin, as a technology, can influence, is to push banks to use part of blockchain technologies in banking technologies.

I agree, I get that people can dream whatever scenario they may like but we need to be realistic here, the goal of bitcoin has never been to kill banks, the goal of bitcoin is just to offer a currency with a scarce supply that is permissionless, that is it, anything more than that is nothing but a dream.

Governments are never going to allow this to happen and banks instead of remaining static and accept defeat will just adapt to the new reality just as they have been doing for hundreds of years, so while a world without banks sounds like a good idea to some it is never going to happen.

Absolutely agree ! Fantasies and dreams are just fantasies and dreams that have nothing to do with reality. People cannot understand and accept in any way that there are axioms in the building of statehood. Each state has obligatory symbols of statehood - anthem, flag, constitution, CURRENCY, banking system.
Without the latter two, the state will be just someone's appendage. Or rather, an appendage of the state whose currency will be used and whose banking system will manage financial flows in the country. No, foreign banks can be in the country, this is normal, but the absence of a national bank and a "mint" is essentially an indicator of a colony.

[nakamura12]

Bitcoin can't kill banks as fiat currency will still be used since government likes to control the fiat. This is more like a centralized wallet or exchange which you don't have full control compared to decentralized wallet or exchange which you can export the private key which the bank is like a centralized wallet.

[blckhawk]

There will be only 1 answer and that is NO. The government will not allow Bitcoin to take over because they have no control over it. Bitcoin would never replace fiat. They could co-exist yes, but dethrone each other I don't think that will happen. Besides, we still need cash though because not all countries are not still ready to accept Crypto especially Bitcoin. Perhaps if the government will able to take control of the transaction on crypto (which is less likely to happen) then perhaps it can replace central banks. Moreover, for me, it is better for Bitcoin to stay this way.

[Del137]

Can central bank kill bitcoin? Probably yes, they can (and probably will) make it fully illigal. That would be a real tragedy

[Emitdama]

Unless governments recognize and label Bitcoin as a real-time currency, Bitcoin has little less hope of killing off central banks any time soon. Having said that, central banks across the globe are very keenly watching and understanding what Bitcoin is doing. As we all know that metal coins are expensive to manufacture and most of the time their face value is kind of cheaper than their manufacturing cost, we shouldn’t be surprised if central banks one day issues digital currencies under their name.
That is the exact reason why they should adopt it sooner rather than later. The earlier banks adapt and adopt some or the other form of Blockchain the more relevant they will remain. Bitcoin has established a lot of partnerships with FinTech firms I order to develop the applications of Blockchains in their capital markets. That could explain why big banks have been eagerly warming up to Bitcoin and other major cryptocurrencies which use Blockchain.

Well, what you have to know is that central banks cannot kill off Bitcoin, that’s not going to be easy, in fact it’s not possible for that to happen because when they break down the centralized wallets and exchanges that we all know, people then start to go for peer to peer and stop making use of centralized exchanges, and in a situation like this there would be no way for them to take down bitcoin. Then as for whether Bitcoin can kill off central banks? I doubt that too, it’s not going to happen, we are just going to have the both of them coexisting.

[Koro-Sensei]

Despite being one of the best technology so far, it is quite unrealistic and hard to attain this so called killing the central banks. I believe due to the fact that most government will not allow the decentralisation at all due to the fact that it's not taxable. Governments will not have any funds at all.

[desmodiAN]

bitcoin cant kill CB.

but it moves an entire generation of people.
it moves CB in their thoughtrealm.
it moves technology.
it changes banks.
it makes people think about fiat systems.
it is the first step into decentralized trust and  value networks.

enjoy...

[Ararbermas]

although bitcoin is more valuable than real fiats,  it's still impossible to erase some bank even in third world countries.. Indeed government will not allow this thing to happen as well like for real.. Because we have some protocol to follow when it come real money wherein even making joke with it in public or you burn it still prohibited.  You will face a serious problem for it against government,  and will be in  prison for how many years.  For this reason its very impossible to replace crypto currency even in the future..

[geegaw]

although bitcoin is more valuable than real fiats,  it's still impossible to erase some bank even in third world countries.. Indeed government will not allow this thing to happen as well like for real.. Because we have some protocol to follow when it come real money wherein even making joke with it in public or you burn it still prohibited.  You will face a serious problem for it against government,  and will be in  prison for how many years.  For this reason its very impossible to replace crypto currency even in the future..

Whether we are in a poor or developed country, banks will be a fairly safe way of transporting money, complaints or refund requests due to errors, most of the problem is solved under their system while bitcoin in terms of value is probably quite high, but their system is relatively inflexible and quite difficult to handle losses. Before bitcoin wants to kill banks, bitcoin also needs to be responsible enough to handle the problems that arise, but perhaps it cannot, there's no need to talk about governments and their rules, Bitcoin is still hard to cooperate with users like banks are doing