Topic: Can Bitcoins kill Central Banks? - page 11. (Read 1759 times)
The answer is no since first no one regulate bitcoin so there's no law can be implied to overcome the fiat system while government can easily erase out bitcoin in their financial system if they want ban the usage of it on their country, also this thoughts is so impossible so maybe lets not speculate about that since bitcoin needs fiat TBH. Maybe for now just use it according on how you can gain with it and don't listen to other that it will conquer the system since this is close to impossible for now.
There is a repetition about bitcoin killing banks conversation, but it is not realistic at all. I will give you an illustration and i want you to find your answer by yourself.
You need to do a personal survey by yourself, how many locals in your country, state, or city you live in would trade their commodities in exchange for bitcoin with you ? Now you as a trader, or an investor or a bounty hunter or ambassador; when you get your profits from these crypto activities , do you keep them in your wallet to spend? or you convert them to your local currencies to spend ?
I believe you have your answer, bitcoin cannot kill central banks; it can only co exist with fiats currency to make the financial market, world a very better place.
You need to do a personal survey by yourself, how many locals in your country, state, or city you live in would trade their commodities in exchange for bitcoin with you ? Now you as a trader, or an investor or a bounty hunter or ambassador; when you get your profits from these crypto activities , do you keep them in your wallet to spend? or you convert them to your local currencies to spend ?
I believe you have your answer, bitcoin cannot kill central banks; it can only co exist with fiats currency to make the financial market, world a very better place.
Why would government give up a system where they can control and influence the economics on their country? That will be plain stupid. On top of that, the goal of Bitcoin is not to kill anything, but simply provide a way for people to transact digitally without relying on a centralized entity. It won't solve the problem of GDP, microeconomics, etc.
The answer is simple - no, bitcoin will not kill banks!
Why? Because governments will never allow an uncontrolled entity to replace a government-controlled, formal payment mechanism. The only thing that bitcoin, as a technology, can influence, is to push banks to use part of blockchain technologies in banking technologies.
Why? Because governments will never allow an uncontrolled entity to replace a government-controlled, formal payment mechanism. The only thing that bitcoin, as a technology, can influence, is to push banks to use part of blockchain technologies in banking technologies.
This is the most plausible answer. At the moment governments hold all the power of the people. We are not ready for a regime change. But one day in the future this could happen. If enough people demand a change that the politicians need to react. While central banks who print money each year worked for many years, it doesn't mean it will be going to stay like this. We just need to work together to change the system.
I guess a Central Bank is part of government... meaning it has to be subjected to Just laws/principles that binds a Nation. As far as I can tell, no bank on earth has the right to stop people from accepting payment in any currency they choose to get paid in, except maybe the people are somehow enslaved to the bank. Free people should have the right to accept payments in any currency as long as that is helping them and their societies.
I suspect the banks feel they have the right to rule and control people at the expense of the people's laws, probably due to people's indebtedness to them. Well, I believe there are lot of people who don't own them a penny... So they need to be careful how they treat such people
I suspect the banks feel they have the right to rule and control people at the expense of the people's laws, probably due to people's indebtedness to them. Well, I believe there are lot of people who don't own them a penny... So they need to be careful how they treat such people
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.In the future it will be seen that Bitcoin is destroying the central bank...
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.In the future it will be seen that Bitcoin is destroying the central bank...
The answer is simple - no, bitcoin will not kill banks!
Why? Because governments will never allow an uncontrolled entity to replace a government-controlled, formal payment mechanism. The only thing that bitcoin, as a technology, can influence, is to push banks to use part of blockchain technologies in banking technologies.
Why? Because governments will never allow an uncontrolled entity to replace a government-controlled, formal payment mechanism. The only thing that bitcoin, as a technology, can influence, is to push banks to use part of blockchain technologies in banking technologies.
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.
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.
Jump to: