Bitcoin to trigger central bank collapse

Abiky

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Quote from: Pejoh Asu on November 16, 2021, 09:31:51 AM

Don't worry, banks will always exist as long as there is a state, of course the function of a bank is to maintain the circulation of money and the country's economy, it is dangerous if a bank dies, even though crypto continues to grow but I'm sure it will never turn off banks because the influence and function of banks is difficult to replace.

Exactly. Banks aren't going anywhere soon. After all, governments depend on central banks for the circulation of their national currencies (Fiat). Bitcoin is and will always be an alternative to the current banking system. That's because its decentralized design prevents it from replacing Fiat. Bitcoin is still an experimental cryptocurrency despite years of research and development. There are many issues raging from lack of fungibility, limited transaction capacity, and high price volatility. Banks will always control the mainstream economy, so Bitcoin and CBDCs will live alongside each other for generations. I'm fine with that as long as people have an escape route from the banking system. Just my opinion

OddyseyGames

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If you look at cryptocurrency 5 years ago and now, this is a big difference. Now decentralization is only on paper, but in fact centralization and total control are worse than banks. (I'm talking about CEX)

Ozero

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Quote from: Semar Mesem on November 05, 2021, 05:41:17 AM

When we can control all financial functions easily then we no longer need a central bank, the modern era that makes us transact internationally requires a currency that can be accepted globally and that of course cannot be controlled by the central bank, and this is what makes one day central banks die because crypto users are unstoppable.

Banks may be unnecessary for individual citizens. And then, it is unlikely that such citizens stop fully using cash that is issued by the central bank. No matter how much the number of cryptocurrency users increases, this will not affect the operation of the banking system of any country. On the contrary, banks are under the protection of the state, and it is capable of eliminating any threat of their existence by its methods of regulation.
So far, the G20 countries have concluded that cryptocurrency does not pose a threat to global financial stability.

Pejoh Asu

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Don't worry, banks will always exist as long as there is a state, of course the function of a bank is to maintain the circulation of money and the country's economy, it is dangerous if a bank dies, even though crypto continues to grow but I'm sure it will never turn off banks because the influence and function of banks is difficult to replace.

Abiky

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Quote from: ROSERTY on November 12, 2021, 12:59:36 AM

Bitcoin will not cause the central bank to collapse. The central bank has been around for a long time, and it is protected by the state. If the central bank collapses, it will have an impact on the world economy. Banks will also realize the benefits of cryptocurrency and launch their own digital currency to promote economic development.

Of course. It was never about destroying banks. But rather serving as an alternative to the current monetary system. Bitcoin's been doing its job pretty well as a decentralized cryptocurrency anyone can use anywhere in the world. As long as people have financial freedom with Bitcoin, nothing else matters. Central banks are backed by the government, so it's hard to imagine they'll collapse anytime soon. They're still relevant even with crypto/Blockchain tech in play. With how everything's been progressing, it seems that both crypto and Fiat (in the form of CBDCs) will exist for generations. I'm fine with that as long as people have the freedom to choose from one type of currency to the other. Just my thoughts Grin

ROSERTY

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Bitcoin will not cause the central bank to collapse. The central bank has been around for a long time, and it is protected by the state. If the central bank collapses, it will have an impact on the world economy. Banks will also realize the benefits of cryptocurrency and launch their own digital currency to promote economic development.

Piggymonster

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Quote from: Joshapat on November 07, 2021, 04:54:36 AM

Bitcoin has been proven to be able to make customers switch to crypto, this is what makes the central bank worried if crypto continues to increase, complete money control makes anyone not worry about saving their money into crypto and of course this will make the central bank collapse.

I think Central Bank is not yet worried about cryptos because crypto is not yet declared as legal tender or as a mode of payment (here in my country) and so no any kind of business is accepting crypto payment. Fiat money is still backed by the government and is still recognized as legal tender. Crypto has a long way to go before it can collapse the Central Bank.

Joshapat

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Bitcoin has been proven to be able to make customers switch to crypto, this is what makes the central bank worried if crypto continues to increase, complete money control makes anyone not worry about saving their money into crypto and of course this will make the central bank collapse.

Piggymonster

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Quote from: Semar Mesem on November 05, 2021, 05:41:17 AM

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If crypto users are unstoppable then what happen to China? If the government will outlawed crypto transactions like China did then what will happen to ordinary citizen crypto users and how can they break the law?

Semar Mesem

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When we can control all financial functions easily then we no longer need a central bank, the modern era that makes us transact internationally requires a currency that can be accepted globally and that of course cannot be controlled by the central bank, and this is what makes one day central banks die because crypto users are unstoppable.

Gudhal Untu

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Change always happens and sometimes changes make people cry, those who cry because they can't adapt to the times so they are left behind, the presence of a centralized bank system makes anyone not free to control their money, the presence of decentralized and anonymous crypto is more in line with current conditions .

ifarted

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Quote from: TimeTeller on August 16, 2021, 04:32:14 PM

Quote from: mirakal on August 16, 2021, 04:26:08 PM

Quote from: ?? on ??

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I don't think we will see in our lifetime that bitcoin will indeed trigger the collapse of central banks.
I understand a lot of people are very happy with this new invention in digital currency.
But it is too early to think that it will significantly impact the traditional way of banking system.
Let us be grateful that some banks are already accepting crypto but replacing the local fiat, I don't think that's gonna happen in the coming years.

Your words and thoughts is kinda pretty similar to mine and yes, you are right. That's the point, in my own thought i also wouldn't think that bitcoin would trigger the collapse of the banks.

You have to consider the governments first, i don't think that they will let that happen and i know that they wouldn't allow it either. We are already used to the banking system and a lot people prefers banks over bitcoin but then again banks will never collapsed.

It's up to the government itself. If they don't allow bitcoin in their country then the banks would stay still, standing all over the city and continuing to grow and develop. Also banks are in a huge demand. Besides, if ever the banks collapsed, i don't think that the citizens will be okay with it. It needs a lot of adjustments to adopt a new change.

Abiky

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Quote from: jossiel on October 23, 2021, 03:39:25 AM

The fee is being determined to the size of a transaction. If the size isn't that much then expect that the fee won't be a lot.

But on these times, the transaction fees being made in bitcoin aren't painful and they aren't that much anymore. And that's why it's very optimistic to do transactions in bitcoin to this date.

Triggering the banks to collapse, it's all about people learning to hold their own finances through bitcoin.

Bitcoin fees are cheap right now probably because most exchanges and service providers are using SegWit (Bech32). That and the fact that activity on the Blockchain is quite low compared to the days after the halving of 2020. As long as fees remain low, Bitcoin can remain a competitive payment system in the mainstream world. But I wouldn't count on Bitcoin replacing banks, since the latter is too big to fail. Governments still rely on banks to issue national currencies, so I seriously doubt they're going to switch to a decentralized cryptocurrency like Bitcoin that's outside of their control.

Of course, banks may collapse but they can easily rise from the ground up. That's because these powerful financial institutions can manipulate the economy to their own will. I'd focus more on Bitcoin being an alternative to banks than all the other way around. Just my opinion

geegaw

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Quote from: 19Nov16 on November 01, 2021, 04:50:08 AM

Quote from: chrisculanag on October 31, 2021, 12:08:07 PM

It is not happen anymore because Central bank is important roles in every country ,bitcoin can make a good partner for the Central bank.We know that many countries have a big problem about internet connections , thats why many people trust to use Banking than investing Bitcoin. Remember , this two can help us and give some beneficial in many ways to all users.

The central bank will always be protected and defended by the state, it is impossible for bitcoin to eliminate the role of the central bank because the state financial system will always be centralized and the central bank that controls it, may only reduce transactions a little but it will never be real to eliminate the central bank.

Not only are they protected by the country, central banks are protected by the largest funds and financial corporations when it can be said that central banks are the brokers between companies as well as lending and investment policies, once the cornerstone is destroyed, the whole financial wall will fall, not only domestic influence, it will spread internationally when they have a connection. Banks as a place of hidden resources from related to money, bitcoin will certainly create more work for the bank and only reduce some less profitable and unnecessary activities.

habebe

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it's smart because bitcoin can quickly recover from the collapse of the central bank and somehow bitcoin will remain a digital currency, even if its prices go down, it will also go up eventually and the central bank will return it in an orderly way.

Finestream

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Quote from: jaysabi on August 27, 2021, 10:06:44 PM

Quote from: Kyraishi on August 25, 2021, 06:10:14 PM

Why can't bitcoin coexist with central banks?

I see a future in which bitcoin acts as an alternative for those who believe that central banking is broken and fractional reserve is ultimately unsustainable.

These people will hold the majority of their wealth on the blockchain, where their wealth is secured by decentralisation. But inevitably there will also be a fiat economy that is only accessible through fiat currencies - and there will be interactions between the crypto and fiat economies through third parties.

The term secured isn't the right term for that, wealthy people only puts certain amounts to bitcoin like no more than 10% even if it's equal to 5 btc. The thing is, bitcoin is just an alternative option to be used to protect your asset from inflation but it isn't appropriate to put more than 50% of your wealth to bitcoin just to avoid inflation because yes it may seem as an investment but it's not always guaranteed safe and secure because the market is too volatile and move in a very unpredictable direction which will cause you high returns or huge loss.

Most people do invest in stocks or real estate, because it's more suitable rather than just making it sit in a bank.

19Nov16

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Quote from: chrisculanag on October 31, 2021, 12:08:07 PM

It is not happen anymore because Central bank is important roles in every country ,bitcoin can make a good partner for the Central bank.We know that many countries have a big problem about internet connections , thats why many people trust to use Banking than investing Bitcoin. Remember , this two can help us and give some beneficial in many ways to all users.

The central bank will always be protected and defended by the state, it is impossible for bitcoin to eliminate the role of the central bank because the state financial system will always be centralized and the central bank that controls it, may only reduce transactions a little but it will never be real to eliminate the central bank.

chrisculanag

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It is not happen anymore because Central bank is important roles in every country ,bitcoin can make a good partner for the Central bank.We know that many countries have a big problem about internet connections , thats why many people trust to use Banking than investing Bitcoin. Remember , this two can help us and give some beneficial in many ways to all users.

CDC AP

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As you said there i don't think it can bitcoin has the power to trigger central bank to collapse since , central bank is the one who supporting countries who needed financial funds as they one who give them money as debt to pay every month and it will be taxed it to the people of one country , If central bank has an eye for bitcoin maybe it can adopt to be a part of blockchain and it will be evolved as one or they can be use to transact money faster without big taxes, But i don't think government will not take that idea coz they have full authority with central bank which they can easily manipulate money and if you compare fiat into currency they always choose fiat where they have a full control to it.

Rufsilf

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Quote from: PonZZ on December 19, 2020, 11:19:35 PM

It's hard to say that Bitcoin triggered the central bank collapse. In 2008 the financial crisis happened not because of Bitcoin. I mean all the things are going on right now just demonstrate that the debt based economy isn't the best economic system.

The financial crisis that happened in 2008 was the reason why bitcoin was born in 2009, and yes since the bitcoin was created it haven't triggered any economic or financial crisis at all because its value is not that huge and it's not introduced yet into public like these days. Bitcoin was orignally created to gave people more option and as a digital currency rather than just using fiats into payment system, but since bitcoin now is so popular and it is the most trusted crypto and digital currency, it made the central government and banks to shake because of the people continually converting their fiats into crypto due to lack of trust and to avoid inflation.

People wants to save and be comfortable that's why many have choosed the "bitcoin option" rather than placing it in banks in the term of "savings" while in-fact their fiats is slowing deprecated.

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