Can Bitcoins kill Central Banks?

[Zanab247]

No, because government will never allow sure calamity to fall on central bank. Government can control and recontrol of fiat money in the country but they cannot control bitcoin because they don't have the power to control decentralized currency. Central Bank is one of the sources of government which it will be difficult for government to admit such thing to happen to centralized currency.
Bitcoin was not created to kill Centra bank than to help the government to eliminate delay and bring fast and safe transaction to people.

[lombok]

Bitcoin can neither kill or replace central banks!
Broadly, Bitcoin was created to facilitate payment transactions as a digital currency of choice. I think this is an option where we can choose fiat or bitcoin to make payments instead of replacing the central bank. However, when it comes to replacing fiat, bitcoin blockchain technology can be a smart choice. Where many central banks have researched and even plan to issue a CBDC. This is just my personal opinion regarding crypto especially bitcoin.

[kapalmabur]

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.
With the idea of a bank with that level of power could help stabilize the financial system in times of crisis and war. It is a concept that many experts agree helped stave off disaster during the 2007–2008 financial crisis and the Great Recession. Presently, modern central banks play a variety of roles like maintaining full employment and stables prices, ensuring the safety and soundness of the nation’s banking and financial system, stabilizing the financial system in times of crisis and helping oversee the nation’s payment systems.
Currently, central banks are the predominant structure nations use to manage their economies. They have a long history and monopoly power. Hence they are not going to give up that power without an intense fight. While Bitcoin and other digital currencies have created great interest, their adoption rates are very minimal and obviously, the government support for them is almost nonexistent.
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.

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.

Just imagining it doesn't seem possible for Bitcoin to become a major currency and as you said that many people are against if it actually happens,
Banks will also not be that easy to be replaced by Bitcoin so for myself I'm not too worried about this

[jamkesmas]

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.
With the idea of a bank with that level of power could help stabilize the financial system in times of crisis and war. It is a concept that many experts agree helped stave off disaster during the 2007–2008 financial crisis and the Great Recession. Presently, modern central banks play a variety of roles like maintaining full employment and stables prices, ensuring the safety and soundness of the nation’s banking and financial system, stabilizing the financial system in times of crisis and helping oversee the nation’s payment systems.
Currently, central banks are the predominant structure nations use to manage their economies. They have a long history and monopoly power. Hence they are not going to give up that power without an intense fight. While Bitcoin and other digital currencies have created great interest, their adoption rates are very minimal and obviously, the government support for them is almost nonexistent.
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.

something impossible happens, I think the central bank will not be replaced by bitcoin. not everyone can accept bitcoin in their daily life.

[milewilda]

snip

something impossible happens, I think the central bank will not be replaced by bitcoin. not everyone can accept bitcoin in their daily life.

Very impossible to happen and we couldnt really deny that fiat or government does have significant usage on where we get used too and just like others been saying
that even Bitcoin or crypto market progresses and able to emphasis that decentralization but still we need some authority to make things in order or organized.
It is really just people are way too optimistic on things and believing that bitcoin could kill central banks? This is something that couldnt happen even
on my own dreams because they wouldnt really just let it to happen.

[TimeTeller]

snip

something impossible happens, I think the central bank will not be replaced by bitcoin. not everyone can accept bitcoin in their daily life.

Very impossible to happen and we couldnt really deny that fiat or government does have significant usage on where we get used too and just like others been saying
that even Bitcoin or crypto market progresses and able to emphasis that decentralization but still we need some authority to make things in order or organized.
It is really just people are way too optimistic on things and believing that bitcoin could kill central banks? This is something that couldnt happen even
on my own dreams because they wouldnt really just let it to happen.

We can't say impossible but as of the moment, there's no chance that bitcoin will replace the fiat system.
I understand people are being bullish with btc, but to the point of replacing the financial system is still a dream.
A very small fraction of the global population are into crypto, and most of them are still relying on their banks for other financial transactions.
Though the numbers are increasing, but the nature of bitcoin itself as decentralized is one major reason why most governments won't make it as legal tender.
So their respective Central Banks won't favor the deployment of bitcoin, in replacement of their local fiat.

[blockman]

We can't say impossible but as of the moment, there's no chance that bitcoin will replace the fiat system.

Actually, we can. Whether bitcoin is about to kill the central banks, they won't allow that to happen. And that means that it is really impossible for bitcoin to remove the central banks.
It's one authority that can be removed just because of bitcoin although we know that it can both work together, that's better to assume that it'll work together than thinking that one should be killed just because the other is emerging.
That's better than we have to wait and see that central banks are no longer ignoring bitcoin and they're not going to ban it due to being decentralized. But, they'll be having no problem with it because it is going to help the economy to go up because of the many use that it can be.