Can Bitcoins kill Central Banks?

[Viscore]

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.

There is no any possibility that bitcoin can kill central banks because it's not even fully legalized by the government to be a  currency because it's a decentralized one. And there is no way that a centralized one could ever be replaced by just an uncontrolled virtual currency.

Bitcoin may considered the best investment in the crypto world but it won't come to the extent that people will eventually leave fiat behind just because of bitcoin. Central banks and its fiat are the only approved by the state and bitcoin will only be considered an option if ever it will be accepted by the government in the future.

[BIT-BENDER]

Take Nigeria for example, with the bitcoin users either one time users or holder I think it should be past a million, the central bank still abuse our right and placed a ban on crypto-currency Transaction to bank, if this is an arena game I think the central bank of Nigeria is up again bitcoin. Why so because the central bank of Nigeria and many countries own the Financial system. And lie my country they can be Petty enough to lie about crypto-currency just so they can take their pound of flesh on it. Not in five years atleast, bitcoin can't go up against the central bank, and as a Bitcoin-er in my country I don't want it to, all I want is what ever ban on it to be disengaged.

[BuNga_cute]

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.

There is no any possibility that bitcoin can kill central banks because it's not even fully legalized by the government to be a  currency because it's a decentralized one. And there is no way that a centralized one could ever be replaced by just an uncontrolled virtual currency.

Bitcoin may considered the best investment in the crypto world but it won't come to the extent that people will eventually leave fiat behind just because of bitcoin. Central banks and its fiat are the only approved by the state and bitcoin will only be considered an option if ever it will be accepted by the government in the future.

I also don't think Bitcoin can replace fiat, let alone killing the central bank that will never happen. Because the government will not let that happen,
even though Bitcoin has proven to be beneficial for human life. However, the government will not allow something uncontrollable like Bitcoin to replace
fiat. In the end Bitcoin will only be an alternative to fiat.

[STT]

Central banks cant kill Bitcoin I hope, that's the first question I'd ask as certainly we'd expect that at some point.  Its not uncommon for countries to ban all alternatives to government tax revenue routes.   I don't think vice versa is true either, we aren't looking at that situation more like central banks crash their own worth by endless cycle of debt and new money tied to a downward spiral in value.   It becomes inefficient to use and hold plain currency at some point and people have to trade using alternatives, I've heard of copper inventories being used as proxy cash and all kinds of commodities.  The idea that BTC by itself represents the opposition I don't agree with to begin with.

   They are fighting their own shadow in the end, if BTC cast the light which made their failures visible it's nothing we can do to prevent the obvious occurring as its by their own design to take these actions that are so negative and self destructive.   Politics should not dominate an economy, its the people who are the wealth of a nation something known true for centuries; its not then technology which is the problem apparent.

[Rajamuda]

Impossible, even though it's legalized..it's only as a complement as a medium of payment and matters relating to income with certain projects that are separate from the bank.  Well basically this is as a human assistant in terms of transactions and improving finances/income.

[freedomgo]

This is just an elusion, there's no way the central bank will be eliminated or abolished because of bitcoin. When bitcoin was introduced, it was introduced as an alternative mode of payment, therefore it's very obvious that we have the main payment method and that is the FIAT created by the central bank.

We know that we love bitcoin to succeed, but it always has a limitation because the world we are living in is centralized.

[DrBeer]

Rather, it is worth asking the question - will the central banks, through their regulators and other state restrictive structures, cryptocurrencies and the crypto market be killed? Banks (included in the financial systems of states) have much more leverage on the crypto market than the crypt on banks. It is enough for banks to prohibit any interaction of banks with crypto-exchanges, and that's it - the value of the crypt will collapse instantly, because it will no longer be possible to convert tokens to fiat for which you can buy something

[Distinctin]

Rather, it is worth asking the question - will the central banks, through their regulators and other state restrictive structures, cryptocurrencies and the crypto market be killed? Banks (included in the financial systems of states) have much more leverage on the crypto market than the crypt on banks. It is enough for banks to prohibit any interaction of banks with crypto-exchanges, and that's it - the value of the crypt will collapse instantly, because it will no longer be possible to convert tokens to fiat for which you can buy something

Very well said, banks will always stay and they will grow, we can never replace fiat with crypto when it's the currency that everyone is trusting. Crypto just came into the picture, and we are even begging crypto to be regulated so it will be accepted by everyone, but thinking one day it will kill the central bank, that's being unrelistic.

[DrBeer]

Rather, it is worth asking the question - will the central banks, through their regulators and other state restrictive structures, cryptocurrencies and the crypto market be killed? Banks (included in the financial systems of states) have much more leverage on the crypto market than the crypt on banks. It is enough for banks to prohibit any interaction of banks with crypto-exchanges, and that's it - the value of the crypt will collapse instantly, because it will no longer be possible to convert tokens to fiat for which you can buy something

Very well said, banks will always stay and they will grow, we can never replace fiat with crypto when it's the currency that everyone is trusting. Crypto just came into the picture, and we are even begging crypto to be regulated so it will be accepted by everyone, but thinking one day it will kill the central bank, that's being unrelistic.

The most expected scenario is that the crypt will have a certain status of a "limited asset", but the technology itself will be used both in the financial and, of course, in the banking sector, though with one caveat - all state financial systems are CENTRALIZED and nothing else! Decentralization in the financial system of the state = lack of state power, anarchy, and most likely the collapse of the state or its degradation.

[Tristan Bieber]

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.

I very much agree with your point of view. Because of China’s recent anti-bitcoin policies, we can understand that sovereign states will not allow such decentralized institutions to replace our fiat currency banks. At least for now, it’s not possible. We Someone needs supervision to maintain the normal operation of the country. After all, Bitcoin is not able to replace legal currency. There are still some problems in payment. Of course, these problems may be solved technically or gradually in the future.

[Expecto]

As long as banks keep up with digital currencies, I don't think that Bitcoin or this market in general can kill central banks. I've heard already that there are some banks which have started accepting cryptocurrencies also. And that's the right thing to do for them to survive in the future.

[bluebit25]

As long as banks keep up with digital currencies, I don't think that Bitcoin or this market in general can kill central banks. I've heard already that there are some banks which have started accepting cryptocurrencies also. And that's the right thing to do for them to survive in the future.

Central banks will still be good and bitcoin is still good, I am very much looking forward to the adoption and consolidation of the sector. Central bank is one of the keywords that many people still wonder about its feasibility, in my opinion, the impact and application on the Central Bank is only sooner or later and there will be clear information for it. But it's probably too early to discuss this, I don't see many concrete factors for this trend to play out right now, and I would coin the future rather than the trend.

[Tahsin Kabir Kollol]

We all know that the central bank serves as the economic key to a country. It performs various functions on behalf of the government and assists in the running of the country by implementing various government projects and providing loan assistance. Moreover, the central bank plays an important role in controlling the monetary system of a country. Bitcoin, on the other hand, has become known as a decentralized cryptocurrency and its use is increasing day by day. Although people around the world are investing in Bitcoin and its use is increasing, it is unlikely that the central banks of many countries will go bankrupt. Central banks can work with other cryptocurrencies, including Bitcoin. Central Banks will not shut down.

[pantek talacuik]

As long as banks keep up with digital currencies, I don't think that Bitcoin or this market in general can kill central banks. I've heard already that there are some banks which have started accepting cryptocurrencies also. And that's the right thing to do for them to survive in the future.

Crypto should be a new program from a bank that is willing to accept Crypto. So if people go to the bank they will have two different investment options than the rest. but I haven't seen any such bank. maybe in the next few years we will find it.

[wiss19]

The most expected scenario is that the crypt will have a certain status of a "limited asset", but the technology itself will be used both in the financial and, of course, in the banking sector, though with one caveat - all state financial systems are CENTRALIZED and nothing else! Decentralization in the financial system of the state = lack of state power, anarchy, and most likely the collapse of the state or its degradation.

First of all I do not believe that just because one nation decides to have a decentralized currency doesn't mean that it will be suddenly anancy, things are not as simple as that and I believe it is not going to be whole chaos that crashes the whole nation.

However even with that in mind, we do not have to have decentralization as a whole, think about having your own fiat currency as a nation but also allowing bitcoin to be a currency that everywhere can accept. Look at El Salvador and you can see how it can be done, or look at Germany and how they are allowing banks to handle it as well. Just be supportive and turn crypto into alternative method of payment. Think about how you either pay with a card or cash when you pay somewhere, well add in crypto to that and it would be enough to shake up any nation and it will suddenly make things easier for crypto people in that nation as well.

[semobo]

As long as banks keep up with digital currencies, I don't think that Bitcoin or this market in general can kill central banks. I've heard already that there are some banks which have started accepting cryptocurrencies also. And that's the right thing to do for them to survive in the future.

Crypto should be a new program from a bank that is willing to accept Crypto. So if people go to the bank they will have two different investment options than the rest. but I haven't seen any such bank. maybe in the next few years we will find it.

OP is talking about Central Bank which is printing the paper money whenever the government wants them to do, so if limited amount of Bitcoin becomes adopted as payment mode then the need of paper money will be obsolete so they will never let the Bitcoin to become legal tender in their country.

[romero121]

As long as banks keep up with digital currencies, I don't think that Bitcoin or this market in general can kill central banks. I've heard already that there are some banks which have started accepting cryptocurrencies also. And that's the right thing to do for them to survive in the future.

Crypto should be a new program from a bank that is willing to accept Crypto. So if people go to the bank they will have two different investment options than the rest. but I haven't seen any such bank. maybe in the next few years we will find it.

OP is talking about Central Bank which is printing the paper money whenever the government wants them to do, so if limited amount of Bitcoin becomes adopted as payment mode then the need of paper money will be obsolete so they will never let the Bitcoin to become legal tender in their country.

The increasing adoption of cryptocurrencies all around the globe have made more countries to develop their own cryptocurrencies. This will give some visibility to cryptocurrency, but the government backed cryptocurrency is just as the digital form of traditional fiat. The change happens when people get used to it, and we're at the very beginning stage of such transition. However the ultimate aim of Central Banks is to keep the people's money under their control.

[DrBeer]

The most expected scenario is that the crypt will have a certain status of a "limited asset", but the technology itself will be used both in the financial and, of course, in the banking sector, though with one caveat - all state financial systems are CENTRALIZED and nothing else! Decentralization in the financial system of the state = lack of state power, anarchy, and most likely the collapse of the state or its degradation.

First of all I do not believe that just because one nation decides to have a decentralized currency doesn't mean that it will be suddenly anancy, things are not as simple as that and I believe it is not going to be whole chaos that crashes the whole nation.

However even with that in mind, we do not have to have decentralization as a whole, think about having your own fiat currency as a nation but also allowing bitcoin to be a currency that everywhere can accept. Look at El Salvador and you can see how it can be done, or look at Germany and how they are allowing banks to handle it as well. Just be supportive and turn crypto into alternative method of payment. Think about how you either pay with a card or cash when you pay somewhere, well add in crypto to that and it would be enough to shake up any nation and it will suddenly make things easier for crypto people in that nation as well.

I already wrote above - my assumption is that a place will be found for cryptocurrencies in the market, but they will not become full-fledged payment instruments and will not replace fiat. Perhaps even some groups of goods / services will allow you to pay with crypto, and withdrawal to fiat - only through banks admitted to this procedure and adopted by the rules issued by the regulator. Those. it will be a highly limited, isolated and fully controlled market for specialized assets

[CaVO32]

As long as banks keep up with digital currencies, I don't think that Bitcoin or this market in general can kill central banks. I've heard already that there are some banks which have started accepting cryptocurrencies also. And that's the right thing to do for them to survive in the future.

Crypto should be a new program from a bank that is willing to accept Crypto. So if people go to the bank they will have two different investment options than the rest. but I haven't seen any such bank. maybe in the next few years we will find it.

OP is talking about Central Bank which is printing the paper money whenever the government wants them to do, so if limited amount of Bitcoin becomes adopted as payment mode then the need of paper money will be obsolete so they will never let the Bitcoin to become legal tender in their country.

The increasing adoption of cryptocurrencies all around the globe have made more countries to develop their own cryptocurrencies. This will give some visibility to cryptocurrency, but the government backed cryptocurrency is just as the digital form of traditional fiat. The change happens when people get used to it, and we're at the very beginning stage of such transition. However the ultimate aim of Central Banks is to keep the people's money under their control.

This is why bitcoin will not replace the money that Central Banks are releasing. Because they have no full control when it comes to bitcoin. CBs may just create their own digital currencies but it will not go to the option of using bitcoin as their sole currency. So nope, bitcoin will not kill Central Banks. The usage of bitcoin may increase but it will never replace the money produced by CBs.

[semobo]

As long as banks keep up with digital currencies, I don't think that Bitcoin or this market in general can kill central banks. I've heard already that there are some banks which have started accepting cryptocurrencies also. And that's the right thing to do for them to survive in the future.

Crypto should be a new program from a bank that is willing to accept Crypto. So if people go to the bank they will have two different investment options than the rest. but I haven't seen any such bank. maybe in the next few years we will find it.

OP is talking about Central Bank which is printing the paper money whenever the government wants them to do, so if limited amount of Bitcoin becomes adopted as payment mode then the need of paper money will be obsolete so they will never let the Bitcoin to become legal tender in their country.

The increasing adoption of cryptocurrencies all around the globe have made more countries to develop their own cryptocurrencies. This will give some visibility to cryptocurrency, but the government backed cryptocurrency is just as the digital form of traditional fiat. The change happens when people get used to it, and we're at the very beginning stage of such transition. However the ultimate aim of Central Banks is to keep the people's money under their control.

Until now no government is succeeded with creating their own digital currency and sell it to their people in the name of cryptocurrency, anyway more and more government is trying to do it. But as a cryptocurrency enthusiast we should let the people to realize what is the actual cryptocurrency and decentralization so we should never support the government backed centralized projects.