Topic: Can Bitcoins kill Central Banks? (Read 1759 times)

We can't say impossible but as of the moment, there's no chance that bitcoin will replace the fiat system.

Very impossible to happen and we couldnt really deny that fiat or government does have significant usage on where we get used too and just like others been saying
that even Bitcoin or crypto market progresses and able to emphasis that decentralization but still we need some authority to make things in order or organized.
It is really just people are way too optimistic on things and believing that bitcoin could kill central banks? This is something that couldnt happen even
on my own dreams because they wouldnt really just let it to happen.

something impossible happens, I think the central bank will not be replaced by bitcoin. not everyone can accept bitcoin in their daily life.

Bitcoin is a virtual currency that uses peer-to-peer technology to operate with no central authority or institutions like Banks. By its very own definition, Bitcoin sounds well positioned to kill central banks. Could it? This topic of central banks and their potential replacements are complex with a lot of valid arguments supporting it and against it.
The digital era may be against central banks, but it all not that easy as it has a strong foundation and six centuries of history. The first central banks, often helped nations in funding wars and other initiatives that are supported by the government. The British redefined the concept of central banking in 1844 with a legislative effort that laid the foundation for an institution that had the power to issue currency.
With the idea of a bank with that level of power could help stabilize the financial system in times of crisis and war. It is a concept that many experts agree helped stave off disaster during the 2007–2008 financial crisis and the Great Recession. Presently, modern central banks play a variety of roles like maintaining full employment and stables prices, ensuring the safety and soundness of the nation’s banking and financial system, stabilizing the financial system in times of crisis and helping oversee the nation’s payment systems.
Currently, central banks are the predominant structure nations use to manage their economies. They have a long history and monopoly power. Hence they are not going to give up that power without an intense fight. While Bitcoin and other digital currencies have created great interest, their adoption rates are very minimal and obviously, the government support for them is almost nonexistent.
Unless governments recognize and label Bitcoin as a real-time currency, Bitcoin has little less hope of killing off central banks any time soon. Having said that, central banks across the globe are very keenly watching and understanding what Bitcoin is doing. As we all know that metal coins are expensive to manufacture and most of the time their face value is kind of cheaper than their manufacturing cost, we shouldn’t be surprised if central banks one day issues digital currencies under their name.
That is the exact reason why they should adopt it sooner rather than later. The earlier banks adapt and adopt some or the other form of Blockchain the more relevant they will remain. Bitcoin has established a lot of partnerships with FinTech firms I order to develop the applications of Blockchains in their capital markets. That could explain why big banks have been eagerly warming up to Bitcoin and other major cryptocurrencies which use Blockchain.

I don't think so, not all people can adapt the digitalization and not all people are willing to risk their money knowing bitcoin market is too volatile. Cashless transaction is possible but not tru bitcoin being the primary currency and removing fiat by circulation so bitcoin cant kill banks.

^ The fact that they think BTC is a big threat to the banks and the financial system probably is the reason.
There is a lot of talk about BTC destroying banks, but that is not feasible at all. Because no one has yet regulated BTC, no law can be enacted to overthrow the fiat system, and governments may easily wipe bitcoin from their financial systems if they chose to prohibit its use in their country. BTC will never kill central banks, and has no power of deleting or killing central banks and governments will never allow this to happen.

Bitcoin will not kill the Central Banks, rather I think they will adopt bitcoin. Perhaps not so soon but in due course when they see no other way out than to join or we will continue to see it as we have done now.
Centralization has had so much power that they cannot bend to decentralization. There are also the great elites that have their great tentacles and love absolute control.

Even if bitcoin in the future is used as a legal payment, this will still not make bitcoin a substitute or even replace the position of a bank in a country.
The relationship between the government and banks is already quite close and we cannot make this seem trivial.
The purpose of bitcoin is not to replace them and I quite agree with what you say not to be naive because replacing the bank is an impossibility.

It's true that cryptocurrency and Banks are very different and of course the government will not be able to control it like you said,
and I think this is still an interesting discussion for the future about whether in the future bitcoin will be legalized as a means of payment or not,
let's just follow the progress

Bitcoin has no chance to destroy the central banks of states. It is useless for cryptocurrencies to compete with states, of which central banks are a part. States with their repressive system of suppression and regulation will still be stronger. Therefore, cryptocurrency needs to learn how to coexist peacefully with banks and their currency. This is the only way cryptocurrencies can survive.

The answer is of course no, because banks are subject to the government system in a country while bitcoin cannot be controlled by a person or government in any country, and of course the government will not allow bitcoin to replace the existing payment system in that country.

In the situation right now, I see how Bitcoin and Central banks co-existed with each other; popular e-wallet might not be operated decentralized, but them being regulated by central banks while adopting crypto makes it reliable enough. It made crypto convertible to multiple goods and transferrable to multiple money systems and firms. It's safe; the downside is that the services are only available for verified accounts, which I understand.