Topic: Bitcoin to trigger central bank collapse - page 6. (Read 1717 times)

I don't think Bitcoin will cause the collapse of central banks in the mainstream world. They're still too big to fail even with the damaging effects of the COVID-19 pandemic. Not even crypto/Blockchain tech's innovations have taken central banks' place in the mainstream economy. As long as governments depend on central banks for the issuance and management of Fiat money, they won't be going anywhere. Bitcoin and other cryptocurrencies will only remain as an alternative than a replacement to the existing monetary system.

Nonetheless, nothing is set in stone. If banks collapse, then governments might head back to Gold or adopt decentralized cryptocurrencies as the new standard of money. But the odds of this happening are very slim. With banks announcing they'll launch CBDCs (Central Bank Digital Currencies) of their own, it seems to me that they'll be here to stay. They'll just adapt themselves to the latest trends in technology. Bitcoin and other cryptocurrencies will co-exist with the new digital Fiat system for many generations. Just my opinion

That is true-- given that the economy is running around the world with the use of fiat currencies since long time ago, even if cryptocurency will be used by almost everyone, I believe fiat currencies will stay the same and will still be used by the countries since it is regulated by the government. Cryptocurrency as a main currency used in everything, that may be possible but central bank will not be lost still.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

It could be.

Like it or not, the vision of a world in which these currencies liberate money from the clutches of central banks.

And i believe in the future almost everyone will stick with the crypto money.

This is a rather narrow mindset. Banks are not just a structure that provides individual financial services. It is actually a part of the state that serves the economy of this state. Therefore, the state will toughly protect its banking system. Banks will provide services in cryptocurrency only if it is beneficial for them. At the same time, states will remove any obstacles to the normal existence of their banking system.
Therefore, under the protection of the state, the banking system is not threatened by anything, including bitcoin.

Centralized...decentralized... which one is better?

I think that recent happening with GameStop shares is a big thing! Wall Street, Robinhood, stock market, reddit... You have many things about that everywhere! So I will not share links, and probably most of you from here are familiar with that situation and what happened!

It's interesting what's happening around the world in the last 10 years, to not go any further and off-topic! People (we all, me and you...) are learning about what internet can do, and what crypto can do... we learn what is what, and how to trust the information from any source. It's new time, and while we here (who are in crypto for longer) know more about terms like centralization/decentralization, free market, DeFi, all sorts of ICO's and IEO's (new project funding), how to trust someone from internet (no matter how far or close it is)... and many, many other things... still a lot more people needs to learn about them, and to find a way to apply them in real life!

I think we are heading to some sort of decentralization... banks (maybe there's a chance if all banks in the world can unite in one bank!) can't compete with crypto, in the way they are designed! A new time is coming, I think that central bank collapse started with the invention of Bitcoin, but in the end the entire crypto will participate in that... I think it's already happening, some smart contracts can do better and faster than any bank, higher efficiency/less cost and available to all 24/7!

People do not know what they are talking about. Central banks are not things that collapse, they are things that exists to control the finances of a nation, think of it like finance part of a company, sure you could build a teddy bear and sell it but there will be an accountant checking everything up, so "central bank" can't collapse, the whole nation would collapse, just like how accountant can't bankrupt, the whole company can.

They just like to talk about the fact that central bank may lose its power over the finances of the people if the people decide to use crypto. That makes more sense, sure it won't be collapsing or even if it does people with bitcoin will be more ready, think of yourself like someone who held a lot of bitcoin in Venezuela before the crash and after the crash your money still worths a ton of things, you are not poorer, the "collapse" of central bank means exactly this.

Perhaps I will seem to be a complete optimist, but nevertheless, I am sure that the government already does not have any possibilities to completely ban Bitcoin, since Bitcoin has already entered big business, and not only is an object for activity in the cryptocurrency market for the common person. The government has a very precarious position in this situation. Most likely they will make decisions for control, but not a ban.

What I mean by people is the other 99% that are governed by the 1% which means it includes the military and the police. The only threat that I can think of when it comes to bitcoin is not the outright ban of it but a total collapse of the Internet infrastructure which is totally impossible. Outright ban doesn't stop the people from using it, humans have a very strange affinity with tenacity you know.

I doubt bitcoin will ever be able to "collapse" the central banks. This is something that will have a huge (negative) impact on the country. And no government in the world will allow their central banks to collapse. If needed all government of the world with either unite to ban the usage of crypto currencies saying its a danger to the economy of the country or they will find a way to integrate the who bitcoin system with the central bank and take good control of it.
Either way, the central bank isn't going to collapse.

It's hard to think why people always think about this way since the legal entities will protect this thing happen since central bank controls all and I believe that bitcoin will first collapsed if government will see it a threat in traditional financing system since for sure they will impose a hard ban of its usage. So for now better not to think about this things and just focus on how the technology works as well to focus on how we can earn with bitcoins.

Exactly, and the only thing that could collapse a central bank are wars that have a scorch earth policy. Or a virus that wipes out the population. Or if the people started to do a revolution to topple the big bankers. Cryptocurrency is more of a slow death of banks rather than a sudden collapse which is far better because no deaths will happen and the big bankers will suffer although the smart and sly ones wouldn't because they know when to abandon ship.

It seems unlikely that crypto will trigger the collapse of the central bank, because there is a government behind the central bank and that will keep the central bank going.

Collapse?

It is a thing that wont really happen to banks, as long government do exist then this institution would stay.
Its better not to expect too much with crypto about taking down banks because this is really an impossible thing
to happen.

There might be some advantages but doesn't mean that it will totally crippled out typical banking system.
Still lots had been trusting the good old fiat days rather than on completely trusting the whole
crypto system.

So let it be just like that.

I don't think that Bitcoin can make the central bank collapse. The central bank is a big institution and the government and county support this.
I agree with @Darker45, it is Government that can make it.
Moreover, the central bank is a centralized system under the country's rules and regulations. If the system is still good, they will never let it collapse, except that the country itself is collapsed.
Moreover, nowadays, only a few merchants or companies accept Bitcoin as the payment method so that it needs a long time later to be accepted in many more countries. And towards, we also know that centra bank also create their own CBDC in order to follow up the development of technology era.

To talk about the collapse of central banks in the current situation is too dramatic an exaggeration that has nothing to do with reality. The collapse of the central bank can be said when the country is experiencing a dramatic destruction of the economy and hyperinflation, but even this can only be a temporary phenomenon that can be quickly overcome. World wars can indeed lead to the collapse of central banks, but let's hope that this will happen in the foreseeable future, despite the desire of certain political elites to rattle their weapons.

Something that can make a central bank collapse looks like it will only be about world war, because even with whatever problems have happened so far it has only created a crisis but not a bank collapse. This incident at least proves that if the problem is only about the continuing strengthening of bitcoin prices that will not make the central bank collapse, the government will always try its best to restore the economy so that any resistance that occurs will not cause the bank to collapse.

Reality is that if we only focus on the traditional systems and how they are working right now, crypto will always be something that is creating its existence from the hatred of something else and would never be something that is all by itself and that is a problem.

If you want bitcoin to succeed it should always be something that works better all by itself without the need of being good for anything else, if bitcoin requires fiat to fail in order for bitcoin to succeed that is not a good reason to exist. What bitcoin should strive for is the fact that if fiat becomes something much better, if fiat is greatest again, if everyone is rich and wealthy, crypto should still be great and not fail because of it, crypto should always strive for better no matter what other things are doing.

Saying central banks will collapse sounds like saying the government will vanish off the face of the earth, that's impossible, there is nothing wrong with the existence of bitcoin and also the existence of central bank, one shouldn't stop one from working, also I don't see any threat with bitcoin and crypto, even many centralized projects exits in crypto space today, they aren't collapsing, stop dreaming

I doubt Bitcoin or even other Cryptocurrencies would be responsible to the collapse of the Central Bank. The collapse of central bank might affect the values of different Cryptocurrencies and might even drop Bitcoin to a value in which nobody could imagine.

I think that we should be mindful on what really affects the physical banks in the real world which is the stock or physical investments made in the real world. Most news right now revolves around some low stocks high value which really affected a lot of stocks which result in a stock trade ban and I guess we should focus on that before getting our mind with Bitcoin.

Let me guess, the friends in this context does not care what you are saying? Because I have seen people hyping up things and can't do rational logic even with the evidence presented to them, can't really blame them, I believe in individuality and I think that anyone is entitled to their opinion even if they are hyping up things as long as they do not hurt themselves or anyone.