Can Bitcoins kill Central Banks?

[fiulpro]

It's not about Killing banks , it's more about " making sure that they integrate the banks along with the crypto market" the reason for this is Simple:-

Not everyone has the opportunity to use crypto as a currency Which does mean that they have to rely on the limited options available to them which does mean they need a working exchange which is instantly going to transfer your crypto to whatever currency you prefer in your bank account. Which is how I do use cryptos if needed at emergencies.

This is how it goes therefore what's needed is :
Government Willing to be more fluid and letting crypto and the normal economy Integrate themselves at a much deeper levels.

I do think Killing is not necessary at all. What's needed is proper integration. Proper regulation.

[just_Alice]

In the nearest future, Bitcoin or other cryptocurrencies will not be a threat to the central banks. It's not that easy to change the way the modern economy and markets function nowadays. Basically, all governmental operations and all large companies should function in accordance with the law, otherwise, it would be chaos, wouldn't you agree?
No one can abdicate central banks, that will be a suicide for the government for many reasons. One of them is taxation, where will the money come from if everything was done through blockchain? Another thing is control, can you imagine a functioning government, where all businesses are run indiscriminately?
There should be a system to make this work. As of today, I'm not aware of any sound solutions for resolving these problems. While it remains so - the central banks have nothing to worry about.

[jaysabi]

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.

This answer pretty much sums up what I think. There's no chance governments are going to relinquish control over the monetary system. And as for bitcoin replacing it unwillingly, the economy was much choppier and less predictable on the gold standard, so it's really unlikely people will want to return to all the economic insecurity that accompanies a deflationary currency.

[Jemzx00]

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.

This answer pretty much sums up what I think. There's no chance governments are going to relinquish control over the monetary system. And as for bitcoin replacing it unwillingly, the economy was much choppier and less predictable on the gold standard, so it's really unlikely people will want to return to all the economic insecurity that accompanies a deflationary currency.

Agreed, That answer sums up the issue regarding Bitcoin and Banks. I don't see any opportunities that bitcoin and other crypto will be able to govern over banks. We may be able to progress with a stablecoin that the banks will produce which will probably the future currency that each and everyone will be using soon. A deflationary and unstable market price will not be able to considered as a mean of payment as price can change anytime from 100 to nothing.

[SirLancelot]

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.

Central banks can't kill bitcoin and bitcoin can't kill central banks, they just have to agree to live together without bothering each other too much. Sure I am all for regulations, regulations for central banks, regulations for private banks and regulations for crypto, there are way too many people who have lost money in crypto that could have been saved, let the crypto companies be registered and have a serious audit going on constantly like a regular company and you will see save a lot of people from losing money.

However most governments only take a look at the fiat accounting of those companies while those scam companies steal crypto which governments do not even look at, so when accounting audit happens for crypto and those regulations get better we are going to see governments, central banks and crypto all live happily together.

[iv4n]

It's all about the money, and crypto is reshaping the understanding of it! I strongly believe that the end of central banks is near, they will not have the purpose in the way they exist now! Cryptocurrencies are level above, and it's just a question of time when the whole world will start using it! Yes, I believe in full adoption, which will come over time... and banks, if they don't change their operations, will be doomed to fail!
It's a war... central banks and a decentralized system! And people choose decentralized more and more, we want freedom without high fees, and we know how to use alternatives now!
In the end, we are evolving, and for something new to come, I guess something old has to die! Like in this case!

[7788bitcoin]

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

The dream of bitcoin killing the central banks is a dream that is seen by a small number of people who does not have any idea about economic and you will hear many asking these questions time and time again. Bitcoin is not created to compete with any other financial asset but as an alternative and we are still in the early stages and we might reach a scaling solution where you can send hundreds and millions of transaction per minute.

[Vatimins]

     Big NO. It's easily comprehendible with just a use of common sense. There ain't even a need for much effort. The wealthy always have control over almost everything. And following that logic, means banks control what happens along with the governments. I even see bitcoin being legalized in the future but also having big taxes in return for its users and holders. If not, the governments amd banks will proceed on making a similar thing but widely regulated so they do not lose control over everyone. That's just how things work in this world.

[Johnyz]

NO but central banks can kill Bitcoin instantly if all the country will agree to ban bitcoin. Central bank is the one who setup rules and regulations with regards to fiat currency and that’s where the funds of the country goes to so I don’t think bitcoin can do this thing. We have to accept that fiat currency will stay and bitcoin can’t replace that old system, we should be more thankful if you can still own Bitcoin and let’s not push this market to kill central banks.

[roadrunnerjaiv2025]

I think Bitcoin can, but only if governments let it. But they won't, because governments are addicted to regulations. They think nothing that doesn't require regulations works. To them, if you can't control something, it means it's dangerous. But for the longest time, human beings have been afraid of what they don't understand. If only the government would delve deeper and understand how Bitcoin works and how they can use it to benefit the people's advantage, I bet their misplaced fear will go away.      

[verita1]

Bitcoin will not kill the Central Banks, rather I think they will adopt bitcoin. Perhaps not so soon but in due course when they see no other way out than to join or we will continue to see it as we have done now.
Centralization has had so much power that they cannot bend to decentralization. There are also the great elites that have their great tentacles and love absolute control.

[Vaskiy]

Bitcoin won't kill central banks. It makes a transition in the way banks operate. For now the process involved with banking is very big and it is a headache. Myself stating from personal experience. When everything tied to the blockchain things can be made easier and faster.

A small experience of mine. My uncle died around six months back and he has got some deposits on the bank. He hasn't added a nominee to the account. Now to withdraw the funds my aunt is going to the Bank for the past three months. Several procedures were involved and it hasn't got withdrawn yet. These things need to change, when we show the proper authorised identity the bank should be ready to process it in a day.

[jaysabi]

Bitcoin will not kill the Central Banks, rather I think they will adopt bitcoin. Perhaps not so soon but in due course when they see no other way out than to join or we will continue to see it as we have done now.
Centralization has had so much power that they cannot bend to decentralization. There are also the great elites that have their great tentacles and love absolute control.

Nah, central banks won't adopt bitcoin. Central banks are literally charged with controlling the money supply. They would never adopt a currency they had no control over. The closest you'll get is a central bank-backed crypto, and even that is unlikely. It's more likely they'll just digitize fiat.

[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.

This answer pretty much sums up what I think. There's no chance governments are going to relinquish control over the monetary system. And as for bitcoin replacing it unwillingly, the economy was much choppier and less predictable on the gold standard, so it's really unlikely people will want to return to all the economic insecurity that accompanies a deflationary currency.

The loss of control is essentially equal to the death of the state. In addition, given the factor of influence of monopolized miners on the volatility / rate of bitcoin, such a "currency" can simply kill the economy from deliberate or unintentional actions of monopolistic miners.
And finally, the use of a deflationary currency in the economy, from the point of view of economic competitive advantages, loses to the deflationary model.

[dihari]

Bitcoin is a virtual currency that uses peer-to-peer technology to operate with no central authority or institutions like Banks. By its very own definition, Bitcoin sounds well positioned to kill central banks. Could it?

I don't think it's gonna happen. Tbh bitcoin doesn't need to kill any government's institutions to prove its existence. Bitcoin can't be treat like fiat money due to its high transaction fee and delay transfer time. It will only worth it if we transfer high amount of money via bitcoin.
So, instead of killing central bank, I am imagine if someday in the future the government admit bitcoin as a digital asset and have clear regulations in government's side in any countries.

[Princejebs]

Bitcoin and central bank are never related in philosophy and tech wise. Bitcoin has no central authority while central controls paper money that's highly inflated as time pass by.
Central action may effect bitcoin value on short term but will become negligible as more and more people knows the real meaning and value of bitcoin.
One thing is unique about bitcoin, inflation is never an antigrowth and its acceptable worldwide. Bitcoin will always be the people's choice.

[ninkdwi]

Maybe it is better if bitcoin stay like this, for investment purpose or maybe what people use beside to replace fiat. Because Central Banks itself is really big power and can control anything, me who amateur maybe only think don't let they make bitcoin banned and we just not disrupt them if not any problem happened to bitcoin itself.

and if as a world currency for me it is very ineffective, considering the stability of Bitcoin will be threatened. and it is true that it is sufficient as an investment. let fiat money and bitcoin side by side with each other.

[terrorJR]

Why though? Why would bitcoin kill central banks? What would benefit bitcoin, and what would the society benefit from no more central banks? Do you really know what they are suppose to do and what they are there for?

You are right, there is a misconception about Bitcoin and the central bank. they always bumped into them both as if they were enemies. We must straighten out an understanding like this, that both are important foundations in running the world economy. Banks and Bitcoin have their respective functions and benefits, both for people who are not familiar with Bitcoin, or for us bitcoin users. We live side by side and don't like to be pitted against each other by the OP speculation above.

[TheGreatPython]

there is a misconception about Bitcoin and the central bank. they always bumped into them both as if they were enemies. We must straighten out an understanding like this, that both are important foundations in running the world economy. Banks and Bitcoin have their respective functions and benefits, both for people who are not familiar with Bitcoin, or for us bitcoin users. We live side by side and don't like to be pitted against each other by the OP speculation above.

I don't think so. Because, when people are finding their comfort level more with bitcoin payment system then they will slowly stop using traditional banking system. This will happen in decades and not immediately, I mean. So, there are plenty of chances are there for traditional banking system to disappear from other day to day life.

I'm just referring the potential of bitcoin to support our day-to-day life without traditional bank. Yeah, there will be no point of continuing with traditional banking when we are having all solutions for our banking needs with bitcoin ecosystem.

[bocyaj]

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.

It was a old question and answer will be no. Because bank process is needed in a day to day life.Even if you get a vehicle loan, it was easily happened by the mean of bank.When US and developed country agreed on a concept of bitcoin to replace the bank. Surely it take a decade time to happen.Banking system had a huge process and everything should replaced by bitcoin.