Bitcoin to trigger central bank collapse - page 2.

jossiel

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Quote from: Ngewex Yuk on October 23, 2021, 03:30:14 AM

With bitcoin then all control is in hand, if we want to send large amounts of money then we need the services of a bank, this is what makes us too dependent on banks, at a cost of $ 8 we can send bitcoins in the amount of $ 10 or $ 10 billion or whatever the value because of control full is in the user.

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.

Ngewex Yuk

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With bitcoin then all control is in hand, if we want to send large amounts of money then we need the services of a bank, this is what makes us too dependent on banks, at a cost of $ 8 we can send bitcoins in the amount of $ 10 or $ 10 billion or whatever the value because of control full is in the user.

Ozero

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Quote from: jakdanyel on August 29, 2021, 06:40:54 AM

If central banks don't start to integrate digital currencies to their system, I also believe that Bitcoin can cause central banks to collapse. It is already obvious that we won't go on with fiat currencies forever. Governments are developing their own digital currencies to get ready for the future. There will be no more fiat currencies after some point. So, central banks can't maintain their existence while only giving place to fiat currencies.

Even if the current banking system had not started introducing digital technologies, it still would not have disappeared anywhere. For central banks to disappear, you must first destroy the current system of social order, which is based on individual states, because banks are an integral part of states. However, human civilization does not know any other structure of society. However, we see that the banking system itself quickly introduces advanced digital technologies and there is no need to worry about it.

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Quote from: Natalim on August 30, 2021, 07:39:10 PM

Yes, bitcoin has become more popular today but its utilization is still less because only few countries are legalizing the use of bitcoin. So it cannot replace the whole traditional banking system not today or in the near future.

Even if bitcoin will be legalized, it will still not attract huge adoption due to its volatility, unless some 3rd party business would help to eliminate the volatility risk, which would probably make the transaction fee higher. There's one country now that has already legalized Bitcoin as a legal tender, let's see if their experience is good and it would really gain a lot of adoption.

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Quote from: jaysabi on August 27, 2021, 11:06:44 PM

Not really sure your wealth is "secured" by an asset that has such extreme volatility. In reality, almost nobody moves a significant portion of their wealth into crypto. Almost every significant stake holder either has a small minority in crypto, or came into crypto holdings through minimal external investment and just lucked into the huge price swing.

Volatility shouldn't be a problem if you use Bitcoin directly for everyday payments. But most people often cash out Bitcoin to Fiat, greatly defeating its purpose. Always remember that 1 Bitcoin equals 1 Bitcoin no matter what. What makes Bitcoin inferior to Banks is its limited transaction capacity. High fees and slow transaction confirmation times, makes Bitcoin a terrible Fiat replacement. If it wasn't by that, Bitcoin would've taken down banks already. What makes banks stronger is government backing. They won't be going anywhere since governments continue to patronize them. Fiat will experience inflation over time, but that's it. Everything will revolve around Fiat since it's been around the scene for quite a long time. Bitcoin is still relatively new to the mainstream world so not everyone trusts it as a currency. What matters is decentralization and censorship-resistance. As long as people have an "escape route" from the current monetary system, there should be nothing to worry about. Just my opinion

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Quote from: AmoreJaz on August 28, 2021, 07:33:03 PM

Quote from: Viscore on August 28, 2021, 07:29:32 PM

Quote from: Charot12345 on August 28, 2021, 10:36:30 AM

Quote from: crypticj on December 20, 2020, 01:51:06 AM

Central banks will rather adopt blockchain and evolve. Bitcoin solely is not enough to solve global problems

Yes, it was right. Crypto or blockchains are already there and the people who adopts it are continously increasing each day so, in order to make the central banks to not collapse on the very far future, they need to adopt it and make some adjustment too.
If the government do not accept bitcoin, central banks will never collapse because it will always be needed.

Exactly. The central banks won't be triggered by crypto because its more established than crypto and people will still be needing it no matter what.

However, if the people themselves will stop from using it and chose bitcoin then maybe it might be fully triggered that will cause its collapse. But so far, central banks are still in huge demand so i don't think it will be threaten by crypto.

and i believe that situation will not happen in our lifetime. as it was mentioned, traditional banking system has been established for decades and decades already, so for me this new technology will not trigger the collapse of banking system. they may really adopt the technology to hasten their process, but it will not replace or collapse their system. up until now, the percentage of crypto users vs global population is still very small. though the adoption is increasing but as i said, we may not see in our lifetime that bitcoin or any other crypto will replace the traditional banking system.

This is true for me. I know i'm a fanatic about crypto but i don't think that bitcoin will eventually cause the government and its traditional financial system to collapse. Because if we see that way, then bitcoin is not doing its purpose anymore. It may trigger the old financial system because most of the people here are already into new technology and digital currencies but it will not come to the point that it will replace fiat and make the central bank to collapse.

Yes, bitcoin has become more popular today but its utilization is still less because only few countries are legalizing the use of bitcoin. So it cannot replace the whole traditional banking system not today or in the near future.

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Quote from: jakdanyel on August 29, 2021, 06:40:54 AM

If central banks don't start to integrate digital currencies to their system, I also believe that Bitcoin can cause central banks to collapse. It is already obvious that we won't go on with fiat currencies forever. Governments are developing their own digital currencies to get ready for the future. There will be no more fiat currencies after some point. So, central banks can't maintain their existence while only giving place to fiat currencies.

I don't think central banks will end up being collapsed if bitcoin will not be integrated into their system. If we are just aware, they have been preparing for it once bitcoin will gained a lot of users they will also come up with their own digital currency that is fully centralized. Central banks will stay for long as long as there are people who keep on using fiat and its own digital coin in the future.

Although bitcoin might be a threat to central banks but it will never end up being collapse because i believe bitcoin is not made to compete with fiat and all its financial institutions but rather to co exist with them and made the consumers feel more convenient.

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Quote from: jakdanyel on August 29, 2021, 06:40:54 AM

If central banks don't start to integrate digital currencies to their system, I also believe that Bitcoin can cause central banks to collapse. It is already obvious that we won't go on with fiat currencies forever. Governments are developing their own digital currencies to get ready for the future. There will be no more fiat currencies after some point. So, central banks can't maintain their existence while only giving place to fiat currencies.

Let me ask you the opposite question, why can't we use fiat forever, I don't know what would be a good reason for this question, if you think it's future environment and need more technical, central banks as well as ordinary banks have also provided such techniques, from physical money being transferred to banks and you will have an account with the corresponding balance, all legal and securely managed. Such techniques were born earlier than crypto, and despite the addition of other techniques, fiat is still a condition for updating balances as well as converting some small transactions

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kycfree

If central banks don't start to integrate digital currencies to their system, I also believe that Bitcoin can cause central banks to collapse. It is already obvious that we won't go on with fiat currencies forever. Governments are developing their own digital currencies to get ready for the future. There will be no more fiat currencies after some point. So, central banks can't maintain their existence while only giving place to fiat currencies.

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Quote from: Viscore on August 28, 2021, 07:29:32 PM

Quote from: Charot12345 on August 28, 2021, 10:36:30 AM

Quote from: crypticj on December 20, 2020, 01:51:06 AM

Central banks will rather adopt blockchain and evolve. Bitcoin solely is not enough to solve global problems

Yes, it was right. Crypto or blockchains are already there and the people who adopts it are continously increasing each day so, in order to make the central banks to not collapse on the very far future, they need to adopt it and make some adjustment too.
If the government do not accept bitcoin, central banks will never collapse because it will always be needed.

Exactly. The central banks won't be triggered by crypto because its more established than crypto and people will still be needing it no matter what.

However, if the people themselves will stop from using it and chose bitcoin then maybe it might be fully triggered that will cause its collapse. But so far, central banks are still in huge demand so i don't think it will be threaten by crypto.

and i believe that situation will not happen in our lifetime. as it was mentioned, traditional banking system has been established for decades and decades already, so for me this new technology will not trigger the collapse of banking system. they may really adopt the technology to hasten their process, but it will not replace or collapse their system. up until now, the percentage of crypto users vs global population is still very small. though the adoption is increasing but as i said, we may not see in our lifetime that bitcoin or any other crypto will replace the traditional banking system.

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Quote from: Charot12345 on August 28, 2021, 10:36:30 AM

Quote from: crypticj on December 20, 2020, 01:51:06 AM

Central banks will rather adopt blockchain and evolve. Bitcoin solely is not enough to solve global problems

Yes, it was right. Crypto or blockchains are already there and the people who adopts it are continously increasing each day so, in order to make the central banks to not collapse on the very far future, they need to adopt it and make some adjustment too.
If the government do not accept bitcoin, central banks will never collapse because it will always be needed.

Exactly. The central banks won't be triggered by crypto because its more established than crypto and people will still be needing it no matter what.

However, if the people themselves will stop from using it and chose bitcoin then maybe it might be fully triggered that will cause its collapse. But so far, central banks are still in huge demand so i don't think it will be threaten by crypto.

Charot12345

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Quote from: crypticj on December 20, 2020, 01:51:06 AM

Central banks will rather adopt blockchain and evolve. Bitcoin solely is not enough to solve global problems

Yes, it was right. Crypto or blockchains are already there and the people who adopts it are continously increasing each day so, in order to make the central banks to not collapse on the very far future, they need to adopt it and make some adjustment too.
If the government do not accept bitcoin, central banks will never collapse because it will always be needed.

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Quote from: Kyraishi on August 25, 2021, 07:10:14 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.

Not really sure your wealth is "secured" by an asset that has such extreme volatility. In reality, almost nobody moves a significant portion of their wealth into crypto. Almost every significant stake holder either has a small minority in crypto, or came into crypto holdings through minimal external investment and just lucked into the huge price swing.

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Quote from: Kyraishi on August 25, 2021, 07:10:14 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.

Exactly. Bitcoin doesn't need to replace banks. It can work well as an alternative financial system anyone can enjoy in times of need. The many limitations of Bitcoin, makes it a terrible Fiat replacement. Banks will still be relevant because governments endorse them. After all, Fiat currencies make the world go round. Given that neither banks or Bitcoin will be going anywhere, we can assume that Fiat and crypto will live alongside each other for many generations. I'm fine with that as long as Bitcoin remains decentralized and censorship-resistant. Just my opinion

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Quote from: Frengki_cisco on August 25, 2021, 01:21:46 PM

Not really.....the central bank is fine_for now-Bitcoin is not as bad as you think_prejudiced it's not okay-the central bank doesn't say so_everything is going normally, I think Bitcoin is not destroying the central bank_Bitcoin will save the central bank from the world's corruptors.

Bitcoin has unique potential but probably not the answer to everything and the last time I check it was introduced as an alternative currency to make people financial freedom and also to make bank/government sees new possibility. It is not to save the bank but blockchain have the potential to save the bank.

Kyraishi

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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.

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Quote from: Frengki_cisco on August 25, 2021, 01:21:46 PM

Not really.....the central bank is fine_for now-Bitcoin is not as bad as you think_prejudiced it's not okay-the central bank doesn't say so_everything is going normally, I think Bitcoin is not destroying the central bank_Bitcoin will save the central bank from the world's corruptors.

Bitcoin wasnt created for this sole purpose but rather been focusing most of the time about decentralized payment and for sure Satoshi does know that it is impossible to take down the banking system

thats why he do make out some alternative and created Bitcoin for that purpose and it did really get much demand and recognition and i cant really blame off into those people who do really find out

that this is really something could make central banks collapse but if i were to say that this is something impossible to happen because as long government do exist then they wouldnt let it to happen.

pinggoki

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Banks will do their best to antagonize bitcoin and make it look as if they are trying to destroy our society as we know it when what it is probably going to do is to evoke a paradigm shift for a better and much more sustainable economy and future for our children. Central Bank wouldn't collapse just because of bitcoin because even if we assume that bitcoin would cause fiat's discontinuance, there's a 99.5% chance that they have other forms of asset such as precious minerals and metals where they can store value from, so a collapse wouldn't happen per se.

Quote from: Frengki_cisco on August 25, 2021, 01:21:46 PM

Not really.....the central bank is fine_for now-Bitcoin is not as bad as you think_prejudiced it's not okay-the central bank doesn't say so_everything is going normally, I think Bitcoin is not destroying the central bank_Bitcoin will save the central bank from the world's corruptors.

Would've been better if you at least offered your own reasons for thinking such but I cannot say I don't agree with what you've said. Bitcoin's decentralized nature makes it so no 1% elite is able to tap into its powers and use it for their own good while the rest of the planet is dying of pollution and starvation. Moreso, Since it's mostly powered by electricity we would soon be able to employ cleaner and much more efficient methods of acquiring resources for electricity, hence allowing for a cleaner, greener future.

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Not really.....the central bank is fine for now Bitcoin is not as bad as you think prejudiced it's not okay the central bank doesn't say so everything is going normally, I think Bitcoin is not destroying the central bank Bitcoin will save the central bank from the world's corruptors.

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Quote from: Taskford on August 18, 2021, 09:25:27 AM

Quote from: TheGreatPython on August 18, 2021, 05:04:21 AM

Quote from: AndySt on August 16, 2021, 07:59:40 PM

This is just said for a beautiful word, because the collapse of the central bank is the collapse of the state itself and it can lead to nothing good, especially for the ordinary population.

You’re very accurate. People keep saying this without knowing the meaning what they are saying. Some of them really do think it would be a good thing if the central bank should collapse. For the central bank of a state to collapse means that the state has fallen, and it’s very bad. In countries where the central bank is at the brink of collapse, people goes through a lot and the rate of crimes increases in such places.

And nobody likes living in a country where there is crisis and all that bad stuff. So, this is never something to wish for. It is not bad to have both Bitcoin/cryptocurrency and fiat. They are all good and they have a different role to play.

Those people who say that are mostly newbies so they believe that this one will happen since for them they really think spread of bitcoin could make certain currency fall, while in reality there's a law and if there's a law the government is there so make this as strong barricade on why we cannot see central bank collapsed. If they see bitcoin then provably this might happen so maybe lets just think about bitcoin as a good alternative since if people push this maybe we see massive banning the usage of it on certain countries.

Decentralized cryptocurrency cannot influence the existing global financial system to such an extent that the central banks of states collapse. After all, this will mean the collapse of the entire existing system of power. States will simply not allow this. They have enough leverage to persuade and coerce to prevent such changes. And cryptocurrency does not have such an opportunity and does not set itself such a goal. It is intended to exist as an alternative financial instrument to the current financial system, but not to replace it.

Topic: Bitcoin to trigger central bank collapse - page 2. (Read 1717 times)