The collapse of central banks...Inevitable?

[Peanutswar]

~ In such a scenario, do you think Bitcoin will become the currency of the world?
What's your opinion? Your input would be greatly appreciated. Thanks.

I guess we're far with this because most of the people are not knowledgeable with the bitcoin and its additional struggle to them to know this more and of course join to the different platform just to convert their assets into fiat currency, lets accept the fact that there's lack of education in different country and they know only the form of payment is cash as possible because its tangible. If you check the current state I guess people who have background with the crypto will glad to have this kind of payment but for now its not widely acceptable yet.

[fuguebtc]

~ In such a scenario, do you think Bitcoin will become the currency of the world?
What's your opinion? Your input would be greatly appreciated. Thanks.

I guess we're far with this because most of the people are not knowledgeable with the bitcoin and its additional struggle to them to know this more and of course join to the different platform just to convert their assets into fiat currency, lets accept the fact that there's lack of education in different country and they know only the form of payment is cash as possible because its tangible. If you check the current state I guess people who have background with the crypto will glad to have this kind of payment but for now its not widely acceptable yet.

But I think that even if everyone has knowledge about bitcoin and uses bitcoin fluently , it will be difficult for bitcoin to become the world's currency. The barrier preventing bitcoin from being used as a world currency is the government, not people's ignorance . The government doesn't want that to happen because if bitcoin becomes a currency and people stop using fiat, the government will fall into crisis because it will lose control over the people and even collapse.

I think this will never happen , and the prospect of central banks collapsing will never happen as long as the government still exists . The government is the one who controls this world, they are the ones who have the right to decide what to do and what not to do , not us.

[jaberwock]

My thoughts fully support your opinion that Bitcoin will work as an alternative currency to fiat currency as we are not comfortable carrying cash these days as it is not convenient and it also threatens us sometimes. If the central banking system was not a worldwide system the central banking system might have collapsed. Since the central banking system is a global economic management system it cannot be overthrown.

We should have in mind that Bitcoin cannot over throw banks in the country or become the main currency as specified by the government to aid daily transactions and exchange of services. Bitcoin can only be widely accepted as payment options in various arms and official business but the countries currency will always remain superior in importance to users in the country. People sees Bitcoin as an investment not at most a currency.

Most of us knows this because BTC is only just a simple third-party currency but banks and fiats are already there, established for a long time now. Only some people who are so optimistic about BTC can think of that impossible thing.

With what I said earlier about BTC, actually BTC is more accepted in non-official business. Local currency plays a major role in the economy, so it's also important for us to support them as much as how we support other currencies like BTC. The good thing is that you said, BTC is being treated by the majority like an asset for investment and not really as a currency. There are still BTC users who think it's a bad thing and they like the opposite for BTC to happen.

[Fortify]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

If central banks were to collapse anywhere in the near future, like the 20-50 year range, then you will have much bigger problems going on than deciding which cryptocurrency you will lose. If you consider they control the trillions of debt that countries trade between each other and monetary policy, it's not something to aspire to that they disappear. They serve a very useful and valuable role, plus if they are set up correct then they will be making decisions that are independent of the government. They might listen and take hints from politicians, but their main role should be to think and act freely for the optimum stability of the financial system in each country - plus working in tandem with other major economies to avert economic disasters.

[STT]

At least some central banks will collapse in decades for sure but it wont be all of them, I think it just becomes a requirement for some backing from their assets to the money issued.   Up until the 1970s all banks were related to the dollar standard and that had a backing or idea of backing.  Since then all banks have dropped that idea altogether, what we will see if not collapse exactly but the end of purely paper money with politics saying its worth something.

The reason why that collapse or systemic change to global markets seems fairly certain to happen is the present system is making workers poor and the speculators rich who benefit from cheap debt and asset price rises.  It leads to dysfunctional markets such as housing where buyers can no longer afford their own houses, they dont earn enough and the asset has become beyond the reach of people who merely work for a living even in good jobs.  

[WillyAp]

At least some central banks will collapse in decades for sure

That would be a 1st. No Central bank has collapsed so far or your definition of collapse is not the same as mine.
Currencies have collapsed, or lost trust, i.e. Germany 1923 


Banks have collapsed:
https://www.bankrate.com/banking/list-of-failed-banks/

[retreat]

I guess we're far with this because most of the people are not knowledgeable with the bitcoin and its additional struggle to them to know this more and of course join to the different platform just to convert their assets into fiat currency, lets accept the fact that there's lack of education in different country and they know only the form of payment is cash as possible because its tangible. If you check the current state I guess people who have background with the crypto will glad to have this kind of payment but for now its not widely acceptable yet.

However, in my opinion, it is not a big problem that will hinder the adoption of Bitcoin, the biggest thing is how the government or other parties will prevent Bitcoin from being adopted by more people. The government will definitely create “competitors” for Bitcoin and tell people that their product is much better than Bitcoin. Or the government through their regulations restricts people from accessing and trading Bitcoin and this hinders Bitcoin adoption globally. Things like this will cause Bitcoin to be unable to become a global currency.

[mirakal]

~ In such a scenario, do you think Bitcoin will become the currency of the world?
What's your opinion? Your input would be greatly appreciated. Thanks.

I guess we're far with this because most of the people are not knowledgeable with the bitcoin and its additional struggle to them to know this more and of course join to the different platform just to convert their assets into fiat currency, lets accept the fact that there's lack of education in different country and they know only the form of payment is cash as possible because its tangible. If you check the current state I guess people who have background with the crypto will glad to have this kind of payment but for now its not widely acceptable yet.

We’re already there that bitcoin is more safe and reliable currency, but what else can we do if majority of the people will still stick to fiat? And I don’t think the world’s government will just let the central banks to collapse, of course they will definitely save it because that would mean losing all their advantages if central banks will continue to deteriorate and vanish suddenly in the market. Unless we will cross that bridge, that’s the only time we will be able to find out if bitcoin is capable enough to replace fiat or certainly not yet ready for it.

[Abiky]

At least some central banks will collapse in decades for sure but it wont be all of them, I think it just becomes a requirement for some backing from their assets to the money issued.   Up until the 1970s all banks were related to the dollar standard and that had a backing or idea of backing.  Since then all banks have dropped that idea altogether, what we will see if not collapse exactly but the end of purely paper money with politics saying its worth something.

The reason why that collapse or systemic change to global markets seems fairly certain to happen is the present system is making workers poor and the speculators rich who benefit from cheap debt and asset price rises.  It leads to dysfunctional markets such as housing where buyers can no longer afford their own houses, they dont earn enough and the asset has become beyond the reach of people who merely work for a living even in good jobs.  

Exactly. The system is rigged. The poor are becoming poor, while the rich, richer. Don't expect governments to fix this, especially when it's most convenient for them. The current situation allows governments to control the general population. If everyone were financially-independent, would it be easy to manipulate the economy? Of course not!

Central banks will continue to be relevant for as long as Fiat lives. Not even Bitcoin will be able to replace them. Governments simply won't allow this to happen. Be grateful for having a decentralized cryptocurrency that you can use as an alternative to Fiat. As long as Bitcoin stays immune from government intervention, we should have nothing to worry about.

[shield132]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

People in my country don't trust bank till this day because after the fall of soviet union, every bank till 21th century ended up scamming people. For that reason, local population not only doesn't trust banks but they don't trust local currency too. I don't know if it's wrong but our people trust USD and EURO while almost everyone on this forum complains how these currencies will fall.

In the event of such a crisis, whether Bitcoin could emerge as a global currency would depend on several factors:

Trust and Adoption: Bitcoin's adoption as a global currency would hinge on whether people and institutions trust it as a reliable store of value and medium of exchange.

Infrastructure and Scalability: Bitcoin's current scalability limitations would need to be addressed to handle global transaction volumes effectively.

Regulatory Environment: Governments and regulatory bodies would play a crucial role in shaping the legal framework and acceptance of Bitcoin as a mainstream currency.

Market Dynamics: The stability of Bitcoin's price and its ability to withstand market volatility would influence its adoption as a widely used currency.

 while Bitcoin offers decentralized control and limited supply, its volatility and current adoption primarily as a speculative asset pose significant challenges to becoming a universally accepted currency.

Bitcoin can't become a global currency because it won't be able to handle the number of transactions that will happen if it gets used globally. Bitcoin with its current block size can only confirm up to a million transactions per day. Also, governments won't accept it because they aren't the ones who mine Bitcoin and own Bitcoin. It's also very unstable, it's not a currency meant to take the place of the USD.

[WillyAp]

People in my country don't trust bank till this day because after the fall of soviet union, every bank till 21th century ended up scamming people. For that reason, local population not only doesn't trust banks but they don't trust local currency too. I don't know if it's wrong but our people trust USD and EURO while almost everyone on this forum complains how these currencies will fall.


Bitcoin can't become a global currency because it won't be able to handle the number of transactions that will happen if it gets used globally. Bitcoin with its current block size can only confirm up to a million transactions per day. Also, governments won't accept it because they aren't the ones who mine Bitcoin and own Bitcoin. It's also very unstable, it's not a currency meant to take the place of the USD.

That's true and lucky are those who are able to safe in $ and €.
Europeans and US Citizens don't have that luxury. 

[tygeade]

The system is rigged. The poor are becoming poor, while the rich, richer. Don't expect governments to fix this, especially when it's most convenient for them. The current situation allows governments to control the general population. If everyone were financially-independent, would it be easy to manipulate the economy? Of course not!

Central banks will continue to be relevant for as long as Fiat lives. Not even Bitcoin will be able to replace them. Governments simply won't allow this to happen. Be grateful for having a decentralized cryptocurrency that you can use as an alternative to Fiat. As long as Bitcoin stays immune from government intervention, we should have nothing to worry about.

I do agree that the system is crooked and the reason for that is that rich are powerful, and that's why it is benefiting them. If the poor did not fight among each other for stupid reasons, and get together, then the fight could have been won by now, but rich are smart and they seed the battle between the poor, and that is why we fight against each other instead of fighting against them. Imagine a world where only a few million rich people would go against hundreds of millions of poor people, suddenly those people would win right?

All they have to do is elect someone who is not corrupt, and would do better, and they have the votes, so they would be able to elect anyone they want. They don't, because rich makes sure that you don't realize what you need to do.

[trendcoin]

The history of central banks is not more than 100-200 years. We see that central banks are struggling. Based on these evaluations, we can say that central banks are likely to collapse, but it's hard to be precise about this because we haven't experienced anything tested before...

By the way, I wanted to add to the thread since the OP mentioned it, Milei said he would abolish the central bank before he was elected, he made many promises, and he fulfilled many promises, but he did not abolish the central bank...

[TheUltraElite]

Politicians say what the countrymen want to hear, not the truth. Banks will survive, no matter what happens, they have their own agenda to run, loans to give and economies to run. They will in future work closely with bitcoin to allow use of both fiat and bitcoin in close cooperation.

As you can already see, KYC and AML policies have forced people to give up their control over bitcoin and allow themselves to be taxed once again.

Hence dont pay much heed to what some politician says, rather accumulate bitcoin, minimize unnecessary spending and continue living your life.

[WillyAp]

As you can already see, KYC and AML policies have forced people to give up their control over bitcoin and allow themselves to be taxed once again.

Hence dont pay much heed to what some politician says, rather accumulate bitcoin, minimize unnecessary spending and continue living your life.

Its also a peace of mind issue,
Do you like to look over your shoulder for 25 Years?

[Finestream]

~ In such a scenario, do you think Bitcoin will become the currency of the world?
What's your opinion? Your input would be greatly appreciated. Thanks.

I guess we're far with this because most of the people are not knowledgeable with the bitcoin and its additional struggle to them to know this more and of course join to the different platform just to convert their assets into fiat currency, lets accept the fact that there's lack of education in different country and they know only the form of payment is cash as possible because its tangible. If you check the current state I guess people who have background with the crypto will glad to have this kind of payment but for now its not widely acceptable yet.

Being a global currency is a big dream for bitcoin. But even if the whole fiat system will collapse, I don't think people will resort into using bitcoin to cover up the position of fiat. Bitcoin is quite difficult to use if the people are not fully knowledgeable on it. So most likely, the government will introduce new form of currency, which is still in paper form, not in digital.

[Abiky]

The history of central banks is not more than 100-200 years. We see that central banks are struggling. Based on these evaluations, we can say that central banks are likely to collapse, but it's hard to be precise about this because we haven't experienced anything tested before...

By the way, I wanted to add to the thread since the OP mentioned it, Milei said he would abolish the central bank before he was elected, he made many promises, and he fulfilled many promises, but he did not abolish the central bank...

Milei hasn't been able to abolish the central bank as promised because he faces opposition from rival political parties. Especially those with power in Congress. Milei's party is the minority. He was lucky enough to be elected as President of Argentina. Banks are simply too powerful to collapse. The deep state won't let that happen.

I'm afraid BTC will remain an alternative to Fiat (not a replacement) for as long as it lives. Decentralization + censorship-resistance is all that matters, right?

[goldkingcoiner]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

Fiat is a pyramid scheme with an endless supply. Central banks are a relic of an old age money business.

It is pretty much obvious that both are going to become redundant in the future, when you have a money (Bitcoin) - which not only fulfills all the necessary requirements to be a currency but also adds new factors.

Think of VCR's and DVD's. The VCR became redundant after the DVD was introduced, which became useless as new and better technology was introduced. And what happened to those businesses that relied heavily on the old system? They went out of business due to a lack of adaptation. One example of such a business would be Blockbuster.

[boyptc]

If the inflation rates keeps on increasing and there will be more layoffs that will result to a recession, it is no doubt that the smallest banks are the first one to collapse and will close down their businesses.

Currently, it's said that the US inflation is 3% and that's low as of the moment. Hopefully, it will affect global economy and things are going to calm down.

And when everything is calmed down, the central banks and commercial banks are going to be ease and will be normal again and won't have something to worry with.

[Ozero]

Fiat is a pyramid scheme with an endless supply. Central banks are a relic of an old age money business.

It is pretty much obvious that both are going to become redundant in the future, when you have a money (Bitcoin) - which not only fulfills all the necessary requirements to be a currency but also adds new factors.

Think of VCR's and DVD's. The VCR became redundant after the DVD was introduced, which became useless as new and better technology was introduced. And what happened to those businesses that relied heavily on the old system? They went out of business due to a lack of adaptation. One example of such a business would be Blockbuster.

You gave a not entirely successful example. VCRs and DVDs are products that tend to periodically become obsolete due to the fact that new technologies are constantly developing and improving. But central banks are not a commodity. Central banks are part of the state, part of the system of government and government. So far, humanity has not come up with any new state institutions that could replace the banking system in the state. Banks, of course, will not last forever, but so far there is no replacement for them and it is unlikely to be expected.