Can Bitcoins kill Central Banks?

[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.

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.

May not depend on Bitcoin alone and maybe the Bank makes a new coin that might generate big profits later. but I didn't find it in my country so this is just a small picture that can't be sure what will happen in the future. All the people's picture of what they want might be realized from the thousands of people who think about crypto in the bank.

[semobo]

Snip~

May not depend on Bitcoin alone and maybe the Bank makes a new coin that might generate big profits later. but I didn't find it in my country so this is just a small picture that can't be sure what will happen in the future. All the people's picture of what they want might be realized from the thousands of people who think about crypto in the bank.

Profits for the people or the bank itself? Decentralized projects are not controlled by anyone so user itself make a profit but if a bank creates a project then it is going to be like the same old fiat system in the new technology called blockchain while government is keep printing the money or token and the holders are going to face the inflation and everything that is what are the things existing now.

[Desmong]

Bitcoin can never kill or affect a bank, before mentioning a whole central bank which is impossible. Banks don't have their own money, people like myself owns the money in the bank so, we can only kill a bank if we decided to withdraw all our money from the bank which is very much hard.
I don't think their is any correlation between bank and Bitcoin. Even most banks are now investing in Cryptocurrency just to be stable and versatile. Bitcoin can not kill a bank not matter it's price.

[DrBeer]

Bitcoin have the potential of killing central banks of course. But as long as central banks don't insist on supporting only fiat money, there will be no problem at all. For example, some banks in the USA already started letting people use cryptocurrencies also.

Sorry, but if your theory is correct - casino chips and promotions can also kill banks ?! Cryptocurrencies are now no different from them. You can also pay with chips on the territory of the casino, and trade and speculate with shares. But it is the banking sector that essentially sets the rules of the game for both casinos and exchanges. I'll clarify - I'm talking about central banks. Therefore, I would like to hear quality arguments

[freedomgo]

Bitcoin have the potential of killing central banks of course. But as long as central banks don't insist on supporting only fiat money, there will be no problem at all. For example, some banks in the USA already started letting people use cryptocurrencies also.

Sorry, but if your theory is correct - casino chips and promotions can also kill banks ?! Cryptocurrencies are now no different from them. You can also pay with chips on the territory of the casino, and trade and speculate with shares. But it is the banking sector that essentially sets the rules of the game for both casinos and exchanges. I'll clarify - I'm talking about central banks. Therefore, I would like to hear quality arguments

Bitcoin has to kill the fiat system in order to kill the central bank, which I think is impossible.

Regulators are more powerful than the decentralized system we are trying to invest and promote, and we are wrong to think that it could replace fiat because whether we like it or not, it will just stay as a substitute currency or alternative.

Did we know how a negative action from the regulators against crypto would result in the market?
I'm sure we are all familiar with the China banning bitcoin, especially the crypto mining business and we are experiencing the effect now.

[CryptocurencyKing]

Bitcoin have the potential of killing central banks of course. But as long as central banks don't insist on supporting only fiat money, there will be no problem at all. For example, some banks in the USA already started letting people use cryptocurrencies also.

Sorry, but if your theory is correct - casino chips and promotions can also kill banks ?! Cryptocurrencies are now no different from them. You can also pay with chips on the territory of the casino, and trade and speculate with shares.

Lol, surprisingly your actually correct on the casino chips. How come I never imagined that becuase, in a way, they represent currency. A currency that is only accepted in the casino fir which its used and you spelt that out 8n the territory. Its so true but then, nothing Is ever killing the banks or fiats. These agencies does more than print and hold notes or fiats. Besides, if it gokes to the worst, they could find a way to incorporate cryptocurrencies in there operations and still be in business along side with the fiats too.
Come to think of it, a currency note serves a purpose more than being a currency, a purpose bitcoin cannot serve and that is, being a unique trade mark. So, how does this go away? It's just not going to happen.

[Vaculin]

I know it was a sort of market competition and bank owners will think negatively with the existence of Bitcoin as it will slow down their business or even thinking it will be their end. Well, that they are too naive to think that way and that is because they don't know about Bitcoin, about cryptocurrency yet. I can blame them neither as that is business but hopefully, they also understand the situation. And besides, not all are in crypto so they still have clients and they could still able to survive.

[Ozero]

Bitcoin have the potential of killing central banks of course. But as long as central banks don't insist on supporting only fiat money, there will be no problem at all. For example, some banks in the USA already started letting people use cryptocurrencies also.

Do you think that states and their governments are so defenseless as to allow cryptocurrency to destroy central banks, that is, the world financial system that has been created for centuries, and thus destroy the normal functioning of the states themselves? It is very foolish to hope so. States and their governments are still allowing cryptocurrency to actively proliferate, since they do not consider it a threat to the stability of the global financial system. They will use cryptocurrency and provide services with the participation of cryptocurrency only to the extent that it is beneficial for them. It is true that states cannot fully control the cryptocurrency, however, in order to significantly influence it, they have enough appropriate leverage for this. Therefore, the banking system will not go anywhere, it will continue to exist under the protection of states.

[Keila Faith Villanueva]

impossible. Bitcoin cannot replace the position of banks. Different in nature. Banks are centralized and important to the government and the people. If there is no bank, I guess I can't buy bct. But if I choose where to put my money, I will choose btc

[Mikayla Buckley]

I think Bitcoin cannot kill the central bank and replace the fiat currency system, because it is impossible for the government to transfer the country’s fiscal power to a completely decentralized institution, so that the government cannot control the country’s economic system. If market conditions are good, People will not complain, but when the market is depressed, I think the state still needs to intervene to carry out macro-control to restore the market to normal, and the legal currency system provides service guarantee for our daily lives. It is impossible for Bitcoin to completely replace the legal currency system.The government would rather choose to issue digital currency than let Bitcoin kill the central bank.

[Kittygalore]

impossible. Bitcoin cannot replace the position of banks. Different in nature. Banks are centralized and important to the government and the people.

Bitcoin can't kill banks especially with the intervention of the government, banks will stay for a long time because they have the necessary protection and they have influence that is lynchpin to an economy.

[Xampeuu]

I know it was a sort of market competition and bank owners will think negatively with the existence of Bitcoin as it will slow down their business or even thinking it will be their end. Well, that they are too naive to think that way and that is because they don't know about Bitcoin, about cryptocurrency yet. I can blame them neither as that is business but hopefully, they also understand the situation. And besides, not all are in crypto so they still have clients and they could still able to survive.

the most severe, the central bank is under government control, so this will be more difficult considering that the government does not want to lose control, such as the decentralized system in bitcoin. but this time we are faced with the country of elsalvador which will legalize bitcoin, at least we have hope for it

[freedomgo]

I know it was a sort of market competition and bank owners will think negatively with the existence of Bitcoin as it will slow down their business or even thinking it will be their end. Well, that they are too naive to think that way and that is because they don't know about Bitcoin, about cryptocurrency yet. I can blame them neither as that is business but hopefully, they also understand the situation. And besides, not all are in crypto so they still have clients and they could still able to survive.

the most severe, the central bank is under government control, so this will be more difficult considering that the government does not want to lose control, such as the decentralized system in bitcoin. but this time we are faced with the country of elsalvador which will legalize bitcoin, at least we have hope for it

Not only do they control it, but the government owns the central bank as they are the ones who created it, it's a public-owned agency. We might see more countries adopting bitcoin like what El Salvador just announce, but I'm sure big countries will not follow it as they always want in control and their fiat is valuable globally unlike small countries where their fiat has a small value in global exchange.

[AndySt]

I know it was a sort of market competition and bank owners will think negatively with the existence of Bitcoin as it will slow down their business or even thinking it will be their end. Well, that they are too naive to think that way and that is because they don't know about Bitcoin, about cryptocurrency yet. I can blame them neither as that is business but hopefully, they also understand the situation. And besides, not all are in crypto so they still have clients and they could still able to survive.

the most severe, the central bank is under government control, so this will be more difficult considering that the government does not want to lose control, such as the decentralized system in bitcoin. but this time we are faced with the country of elsalvador which will legalize bitcoin, at least we have hope for it

The state of El Salvador generally has a rather unique situation and currently does not have its own national currency at all and the US dollar is used as the national currency, so it is not quite correct to cite this small state as an example. Also, do not forget that when El Salvador asked international financial organizations such as the International Monetary Fund to implement bitcoin, El Salvador did not meet the approval of any of these organizations. Therefore, it is also too early to talk about implementation and it is not entirely clear how this will be implemented in the end, because so far all this looks like a conversation about intentions.

[Henrobakkara]

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 totally agree with you. I still don't understand why people are still thinking the Bitcoin will replace Fiat or Kill Central Banks? This was not the idea behind Bitcoins development, to replace Fiats and Banks and it will not be. Yes, Bitcoin is beginning to serve as some form of transaction or purchase payments but you Understand what the Fiat currencies and Central Banks are to a Nation right? I have also noticed that because of what transpired in El Salvador, people think that ok this is how the rest of the Nations can go. 

[lumeire]

impossible. Bitcoin cannot replace the position of banks. Different in nature. Banks are centralized and important to the government and the people. If there is no bank, I guess I can't buy bct. But if I choose where to put my money, I will choose btc

Then bitcoin is just an investment that people like us invest into. Whereas banks on the other hand are the critical part of the economy that keeps the country running.

Also the amount that banks account for daily is beyond the reach of bitcoin and is far greater than the current market cap of all the cryptocurrencies combined. So bitcoin can't replace banks, but maybe we can see a future where everyone is using centralised digital currencies to transact in day to day life.

[Princejebs]

Ask an average person today who hold bitcoin who lacks it technicalities but only invest because he/she here about, the reply you would get will be because you can easily gain.
Majority in bitcoin today if not everyone is here because it's can double or triple their investments in short span of life which these banks cannot give, that's why you see most of them here. Get the bags and live a lavish life.
Only few like the CEO and developers are after the fundamental of bitcoin and that's what they have been struggling to achieve so that their name will be coin and remember for eternity.

[macson]

Bitcoin was created to fight central banks but not destroy it.  banking is a business that has been around for hundreds of years and has become a pillar of the economy of many countries, while Bitcoin is just over 10 years old.  surely banks and governments will try hard not to die with the growth of Bitcoin.  i really believe that later when Bitcoin adoption gets stronger, the government will be friendly with Bitcoin and give up fighting it.

[7788bitcoin]

Bitcoin was created to fight central banks but not destroy it.  banking is a business that has been around for hundreds of years and has become a pillar of the economy of many countries, while Bitcoin is just over 10 years old.  surely banks and governments will try hard not to die with the growth of Bitcoin.  i really believe that later when Bitcoin adoption gets stronger, the government will be friendly with Bitcoin and give up fighting it.

I have read the white paper and nowhere it says that it is created to fight the central banks but it is a narrative that everyone wants to believe. It is a payment system which is decentralized and you can expect them to the be an alternative assuming that the central banks will not allow any decentralized currency to overpower them and there is no point in fighting against the authority.

I am also expecting that the governments around the world will be friendly towards the market but i am sure the government will enforce mandatory KYC so that the market becomes transparent.

[Fortify]

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? This topic of central banks and their potential replacements are complex with a lot of valid arguments supporting it and against it.
The digital era may be against central banks, but it all not that easy as it has a strong foundation and six centuries of history. The first central banks, often helped nations in funding wars and other initiatives that are supported by the government. The British redefined the concept of central banking in 1844 with a legislative effort that laid the foundation for an institution that had the power to issue currency.

You could say one of the advantages of Bitcoin, or maybe a different cryptocurrency later down the road, is it might move us towards a global currency that is much more traceable than cash. If you really want to stamp or corruption and lower the amount of inequality within the world, the first step needs to be preventing the rich from hiding their money (or at least making it much much more difficult). If they only had a bitcoin-like object to use as currency then they would be forced to declare it and have it taxed fairly. You'd have a public ledger of how truly unbalanced the world is and it might force politicians globally to unite in disgust at the obscene quantities that just a few people currently reside over.