Topic: Bitcoin to trigger central bank collapse - page 4. (Read 1717 times)
More likely, cryptocurrencies and central bank will collaborate and will be able to benefit from each other. Although it is not yet feasible for now due to the existence of cryptocurrencies and CBDCs, we can still expect that once crypto surpasses all the obstacles and gets legalized and declared as a recognized currency all over the world, central banks will surely be involved with the investments on it. There's a lot of things that will happen next to crypto and central banks, we can expect the worst or the best nevertheless, we should always prepare ourselves on either way.
The central banking system has existed for many years and it has great economic and political significance, so its collapse will have a huge impact on the whole world. Bitcoin is only a payment solution, so we should not exaggerate.
The central banking system would still function well without Bitcoin. Loans, mortgages, savings accounts to receive interest will continue to take place according to the Government's regulations. Bitcoin could infiltrate the banking system as part of the solution. That would probably be better than competing directly with the banking system.
The central banking system would still function well without Bitcoin. Loans, mortgages, savings accounts to receive interest will continue to take place according to the Government's regulations. Bitcoin could infiltrate the banking system as part of the solution. That would probably be better than competing directly with the banking system.
Bank and financial services provider from the United States, Citi, said bitcoin is currently taking steps to become one of the currencies in international trade.
this is based on the number of companies that have begun to state that they will use bitcoin as a transaction tool, such as Tesla and PayPal. On the other hand, the United States central bank, The Federal Reserve, has also just made a statement that it will issue digital currency.
Citi's statement shows a changing trend in the view of major financial institutions towards bitcoin. Many banks previously looked down on digital assets. According to them, digital assets have no definite value. In addition, the current trend is nothing but a bubble phenomenon or bubbles that are ready to burst at any time.
it is very interesting to see the existence of the dynamics of the presence of bitcoin, but in my opinion to bring down the central bank is very difficult to happen even though the opportunity still exists.
this is based on the number of companies that have begun to state that they will use bitcoin as a transaction tool, such as Tesla and PayPal. On the other hand, the United States central bank, The Federal Reserve, has also just made a statement that it will issue digital currency.
Citi's statement shows a changing trend in the view of major financial institutions towards bitcoin. Many banks previously looked down on digital assets. According to them, digital assets have no definite value. In addition, the current trend is nothing but a bubble phenomenon or bubbles that are ready to burst at any time.
it is very interesting to see the existence of the dynamics of the presence of bitcoin, but in my opinion to bring down the central bank is very difficult to happen even though the opportunity still exists.
It is that BTC does represent a lot of instability for some banks, because if we take into account that the debt is what gives life to them is the greatest threat of all, this reminds me of JP Morgan that he had to make available in his banks to be able to acquire BTC even though they don't like it, and this is having acceptance by new technologies and in turn it is a door of salvation for every bank, because they cannot be denied and go against the current. For the most defenseless economies, BTC is the best of all solutions, such is the case of Venezuela, since it is a country where there is no mass adoption of BTC because the population does not know about BTC, but the few who know and take advantage of BTC can have more privileges over the other inhabitants, since the currency has an inflation of over 6000%.
Bank and financial services provider from the United States, Citi, said bitcoin is currently taking steps to become one of the currencies in international trade.
this is based on the number of companies that have begun to state that they will use bitcoin as a transaction tool, such as Tesla and PayPal. On the other hand, the United States central bank, The Federal Reserve, has also just made a statement that it will issue digital currency.
Citi's statement shows a changing trend in the view of major financial institutions towards bitcoin. Many banks previously looked down on digital assets. According to them, digital assets have no definite value. In addition, the current trend is nothing but a bubble phenomenon or bubbles that are ready to burst at any time.
it is very interesting to see the existence of the dynamics of the presence of bitcoin, but in my opinion to bring down the central bank is very difficult to happen even though the opportunity still exists.
this is based on the number of companies that have begun to state that they will use bitcoin as a transaction tool, such as Tesla and PayPal. On the other hand, the United States central bank, The Federal Reserve, has also just made a statement that it will issue digital currency.
Citi's statement shows a changing trend in the view of major financial institutions towards bitcoin. Many banks previously looked down on digital assets. According to them, digital assets have no definite value. In addition, the current trend is nothing but a bubble phenomenon or bubbles that are ready to burst at any time.
it is very interesting to see the existence of the dynamics of the presence of bitcoin, but in my opinion to bring down the central bank is very difficult to happen even though the opportunity still exists.
Those advantages are easier to be copied by central banks except the decentralization. I mean central banks may remain as it is, but the percentage of people who are depending on it may get reduced drastically as people may opt for their privacy and freedom. Overall, I am not expecting central banks to collapse completely but it may lose its dominance on common people as bitcoin may help people on ensuring their privacy and freedom.
Well, most people don't care about their privacy since they have nothing to hide. They might as well continue to patronize banks before joining the crypto/Blockchain bandwagon. I doubt central banks will collapse anytime soon since they still dominate the global economy. Governments rely on these financial institutions for the circulation of Fiat. As long as this is the case, Bitcoin will remain as an alternative to the current monetary system than a replacement.
At least, people have an escape route from banks. Bitcoin and other cryptocurrencies bring privacy and freedom to all. Given how banks are still relevant even with crypto/Blockchain tech in play, it looks like both crypto and Fiat will co-exist for many generations. Ultimately, Bitcoin will stand the test of time because of its battle-tested blockchain network. Banks are already recognizing how powerful Bitcoin is, leading them to explore the possibility of launching digital Fiat currencies to the world. With CBDCs (Central Bank Digital Currencies) bound to become a reality soon, banks will be here to stay for a long, long time. Just my thoughts
If Bitcoin is widely used by everyone and accepts payment by Bitcoin. Bitcoin has outstanding advantages compared to other currencies that do not need a central bank because Bitcoin is an equal dispersion system, so there is no central server or a control point.
Those advantages are easier to be copied by central banks except the decentralization. I mean central banks may remain as it is, but the percentage of people who are depending on it may get reduced drastically as people may opt for their privacy and freedom. Overall, I am not expecting central banks to collapse completely but it may lose its dominance on common people as bitcoin may help people on ensuring their privacy and freedom. To understand how far away Bitcoin is from triggering anything: Gold has a market cap of around $10 trillion. Bitcoin has just one tenth of that. That means one Bitcoin would have to rise to around $500k to even begin to reach the value of all gold. And even then, it would have to rise much much further to even come close to all fiat money. Because only then would it be able to harm the monetary system.
Exactly. Bitcoin is nowhere near close to replacing Fiat anytime soon. As long as this is the case, banks won't be going anywhere. These financial institutions will eventually adapt themselves to the latest trends in technology. The announcement of CBDCs tells us that banks will remain relevant in the mainstream world even with crypto/Blockchain tech in play. For banks to collapse in their entirety, something catastrophic must happen in the mainstream world. Maybe COVID-19 will make this a reality soon?
Nonetheless, we should face the fact that governments aren't willing to let go of banks no matter what. They rely on them for the issuance and distribution of Fiat. Expect to see both Fiat currencies and crypto live alongside each other for many generations. As long as Bitcoin remains decentralized and censorship-resistant, nothing else matters. Who knows what will happen in the future as Bitcoin becomes more popular in the mainstream world? Just my thoughts
Bitcoin can trigger the collapse of the central bank. This can happen. If Bitcoin is widely used by everyone and accepts payment by Bitcoin. Bitcoin has outstanding advantages compared to other currencies that do not need a central bank because Bitcoin is an equal dispersion system, so there is no central server or a control point.
Central banks have it's own CBCD, so I don't think that it can trigger the collapse just like that. They are established entity, with hundreds of years and with people that has a lot of vested interest on banks. So I would say that this will not happen in the next 10-50 years, bitcoin will be bitcoin and banks will just continue what they have been doing. 
Bitcoin can trigger the collapse of the central bank. This can happen. If Bitcoin is widely used by everyone and accepts payment by Bitcoin. Bitcoin has outstanding advantages compared to other currencies that do not need a central bank because Bitcoin is an equal dispersion system, so there is no central server or a control point.
Businesses need to have a country to register a company, they are required to pay taxes in that country's currency. It is not a big deal for businesses and citizens to accept Bitcoin and use it because central banks will have regulations for Bitcoin and cryptocurrencies. Banks are on the side of the government, so they will find a way to put Bitcoin on their side. Take a look at Goldman Sachs, Paypal, Visa, they are integrating cryptocurrency and making it a tool that benefits their business.
The fact is that the banking system is primarily aimed at providing certain services to individuals and legal entities. The banking system can use any currency, that is, not only fiat money, but also cryptocurrencies. Moreover, everyone knows that banks use assets such as securities and gold too. Proceeding from this, Bitcoin will not destroy the banking system, because banks are already starting to adjust to the current trend in order to use cryptocurrencies in the future.They are forced to accept cryptocurrencies because if they do not, they will kill their own business.
Businesses need to have a country to register a company, they are required to pay taxes in that country's currency. It is not a big deal for businesses and citizens to accept Bitcoin and use it because central banks will have regulations for Bitcoin and cryptocurrencies. Banks are on the side of the government, so they will find a way to put Bitcoin on their side. Take a look at Goldman Sachs, Paypal, Visa, they are integrating cryptocurrency and making it a tool that benefits their business.
The fact is that the banking system is primarily aimed at providing certain services to individuals and legal entities. The banking system can use any currency, that is, not only fiat money, but also cryptocurrencies. Moreover, everyone knows that banks use assets such as securities and gold too. Proceeding from this, Bitcoin will not destroy the banking system, because banks are already starting to adjust to the current trend in order to use cryptocurrencies in the future.They are forced to accept cryptocurrencies because if they do not, they will kill their own business.
Businesses need to have a country to register a company, they are required to pay taxes in that country's currency. It is not a big deal for businesses and citizens to accept Bitcoin and use it because central banks will have regulations for Bitcoin and cryptocurrencies. Banks are on the side of the government, so they will find a way to put Bitcoin on their side. Take a look at Goldman Sachs, Paypal, Visa, they are integrating cryptocurrency and making it a tool that benefits their business.
The fact is that the banking system is primarily aimed at providing certain services to individuals and legal entities. The banking system can use any currency, that is, not only fiat money, but also cryptocurrencies. Moreover, everyone knows that banks use assets such as securities and gold too. Proceeding from this, Bitcoin will not destroy the banking system, because banks are already starting to adjust to the current trend in order to use cryptocurrencies in the future.
Businesses need to have a country to register a company, they are required to pay taxes in that country's currency. It is not a big deal for businesses and citizens to accept Bitcoin and use it because central banks will have regulations for Bitcoin and cryptocurrencies. Banks are on the side of the government, so they will find a way to put Bitcoin on their side. Take a look at Goldman Sachs, Paypal, Visa, they are integrating cryptocurrency and making it a tool that benefits their business.
What can trigger the central bank collapse? It's foolish CB policy, not Bitcoin. When 2008 financial crisis happened, Bitcoin didn't exist.
Why we mix these two things because central bank and cryptocurrency have their nature to serve. We need both of them now. Central bank operates the whole country money systems and controls inflation or deflation etc. Bitcoin never liable for central bank collapse while it may be an element of loss demand.
I think the changing times will continue, there is nothing wrong in this. of course, every field must be able to adapt to a change. between the central bank and bitcoin have the opposite nature. I think the government will keep the central bank, but will consider crypto anyway
It's not really the case, actually, big investors and banks are now betting on bitcoin too. Bitcoin is like gold, scarcity and it's status is the only reason why one btc cost so much.
However, it is not a realistic option unless there is a fork that can make it scalable. Blockchain on the other hand and altcoins may indeed make the financial world more decentralized but we are not there yet.
However, it is not a realistic option unless there is a fork that can make it scalable. Blockchain on the other hand and altcoins may indeed make the financial world more decentralized but we are not there yet.
Why we mix these two things because central bank and cryptocurrency have their nature to serve. We need both of them now. Central bank operates the whole country money systems and controls inflation or deflation etc. Bitcoin never liable for central bank collapse while it may be an element of loss demand.
Yeah, this is another anti-bitcoin speaking point. Do not look at people who say things like "bitcoin is so awesome, it will ruin banks!!" they are not trying to say bitcoin is good, they are trying to secretly say "if bitcoin goes any bigger, banks will be gone and all of our money with it and it will be chaos" but they can't say that exactly so they hide behind things looking good for bitcoin and bad for everyone else.Bitcoin will not ruin banks, there is banks that has 100+ different currencies in fiat, why wouldn't they add another currency called bitcoin? They will do that as soon as governments let banks become crypto exchanges basically. If one bank can hold both dollars and euroes that means they can hold bitcoin as well, all banks can do that. Which is why bitcoin is not a danger to banks, sure it could be for the small ones who ignore bitcoin, but all the ones that accept the fact bitcoin is too big to ignore will be fighting for it.
Why we mix these two things because central bank and cryptocurrency have their nature to serve. We need both of them now. Central bank operates the whole country money systems and controls inflation or deflation etc. Bitcoin never liable for central bank collapse while it may be an element of loss demand.
Central bank would have their trust morally bankrupt first, there is bunch of ignorant would still stick with them, in the end they provide the means for life to many people with stimulus checks.
Otherwise. 2008 banking collapse "triggered" Bitcoin invention. If the financial crisis hadn't happened, Satoshi would have never invented Bitcoin.
To understand how far away Bitcoin is from triggering anything: Gold has a market cap of around $10 trillion. Bitcoin has just one tenth of that. That means one Bitcoin would have to rise to around $500k to even begin to reach the value of all gold. And even then, it would have to rise much much further to even come close to all fiat money. Because only then would it be able to harm the monetary system.
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