Can Bitcoins kill Central Banks? - page 3.

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Quote from: macson on August 02, 2021, 02:21:30 PM

Bitcoin was created to fight central banks but not destroy it. banking is a business that has been around for hundreds of years and has become a pillar of the economy of many countries, while Bitcoin is just over 10 years old. surely banks and governments will try hard not to die with the growth of Bitcoin. i really believe that later when Bitcoin adoption gets stronger, the government will be friendly with Bitcoin and give up fighting it.

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Right, the presence of bitcoin and crypto is certainly a comparison for the public against the central bank, the fact is that the rapid development made many central banks afraid and asked the government to ban bitcoin.

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Quote from: Sithara007 on August 02, 2021, 10:05:45 PM

If you are talking about ordinary banks, then I would have said that there is a possibility. But central banks are mentioned here and they are an essential part of the government system. If you kill the central bank, then you are destroying the government's control of the economy. I am not sure whether any of the regimes would allow that to happen. And in case that occurs, then there will be complete chaos and anarchy. This is like uncharted territory, and no one knows what the situation will be like without the central banks.

Therefore, this cannot even happen theoretically. Bitcoin and other decentralized cryptocurrencies are incapable of causing significant damage to the banking system. Cryptocurrency and the banking system as part of the system of state power must coexist, and this is primarily needed by the cryptocurrency itself. If we assume that the cryptocurrency will pose a threat to the existence of banks, then the states, of course, will not stand aside. They have very strong levers of persuasion and coercion, and in general, states are capable of destroying anyone who encroaches on their system of organization. Therefore, nothing threatens the banking system. It has existed and will continue to exist.

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If you are talking about ordinary banks, then I would have said that there is a possibility. But central banks are mentioned here and they are an essential part of the government system. If you kill the central bank, then you are destroying the government's control of the economy. I am not sure whether any of the regimes would allow that to happen. And in case that occurs, then there will be complete chaos and anarchy. This is like uncharted territory, and no one knows what the situation will be like without the central banks.

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Quote from: 7788bitcoin on August 02, 2021, 03:01:09 PM

Quote from: macson on August 02, 2021, 02:21:30 PM

Bitcoin was created to fight central banks but not destroy it. banking is a business that has been around for hundreds of years and has become a pillar of the economy of many countries, while Bitcoin is just over 10 years old. surely banks and governments will try hard not to die with the growth of Bitcoin. i really believe that later when Bitcoin adoption gets stronger, the government will be friendly with Bitcoin and give up fighting it.

I have read the white paper and nowhere it says that it is created to fight the central banks but it is a narrative that everyone wants to believe. It is a payment system which is decentralized and you can expect them to the be an alternative assuming that the central banks will not allow any decentralized currency to overpower them and there is no point in fighting against the authority.

I am also expecting that the governments around the world will be friendly towards the market but i am sure the government will enforce mandatory KYC so that the market becomes transparent.

Bitcoin was created not to fight the bank.
Bitcoin is a decentralized financial project.The purpose of bitcoin is cross-border payments, speed and cheap transaction fees.
If the government is bitcoin friendly then we have more options along with fiat. It would be great if bitcoin and fiat could support each other and co-exist.

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Quote from: Fortify on August 02, 2021, 03:11:41 PM

Quote from: La56 on April 23, 2021, 05:00:29 AM

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.

You could say one of the advantages of Bitcoin, or maybe a different cryptocurrency later down the road, is it might move us towards a global currency that is much more traceable than cash. If you really want to stamp or corruption and lower the amount of inequality within the world, the first step needs to be preventing the rich from hiding their money (or at least making it much much more difficult). If they only had a bitcoin-like object to use as currency then they would be forced to declare it and have it taxed fairly. You'd have a public ledger of how truly unbalanced the world is and it might force politicians globally to unite in disgust at the obscene quantities that just a few people currently reside over.

Absolute transparency does not mean the eradication of all the problems of the world, because social inequality and unfair distribution of income is much higher than any mechanistic aspirations to change the world. This comes from all sorts of processes that occur in the world around us, and I am not sure that there are normal solutions that would eventually suit all the inhabitants of such a huge planet as Earth. Capitalism has grown out of all the modern economic systems of the world and assumes a free market and competition between the players of this market. Are you sure that absolute transparency of transactions will lead to the solution of all problems, when there is one huge force in the face of the state and which can decide whether these transactions are legal in the opinion of this state? And the state sees everything perfectly and tracks everything. Oh, the naive ones...

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Quote from: Republikcoin.com on August 02, 2021, 03:47:57 PM

Quote from: 7788bitcoin on August 02, 2021, 03:01:09 PM

Quote from: macson on August 02, 2021, 02:21:30 PM

Bitcoin was created to fight central banks but not destroy it. banking is a business that has been around for hundreds of years and has become a pillar of the economy of many countries, while Bitcoin is just over 10 years old. surely banks and governments will try hard not to die with the growth of Bitcoin. i really believe that later when Bitcoin adoption gets stronger, the government will be friendly with Bitcoin and give up fighting it.

I have read the white paper and nowhere it says that it is created to fight the central banks ....

But the reality is that the technology behind Bitcoin is always compared to the technology adopted by banks. Bitcoin's decentralized nature is always compared to the centralized nature of all systems in the world, in the general sense that banking is included in one of the centralized systems.
The emergence of the term "Bitcoin to fight the bank" is what we created ourselves. Which is as if we want to prove that Bitcoin is better than banks in terms of security and transparency as well as the best win-win solution for customers and also the banking sector.

However, even if we prove that bitcoin is better than the banks, still large population will stick to traditional method of banking system. Their trust is different when it comes to new system like bitcoin. They are confident dealing with their banks, and I don't see any major change from the individuals who are relying with their banks. Just be grateful that bitcoin is really expanding its scope of service, but replacing traditional banks, not seeing this in our lifetime.

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Quote from: 7788bitcoin on August 02, 2021, 03:01:09 PM

Quote from: macson on August 02, 2021, 02:21:30 PM

Bitcoin was created to fight central banks but not destroy it. banking is a business that has been around for hundreds of years and has become a pillar of the economy of many countries, while Bitcoin is just over 10 years old. surely banks and governments will try hard not to die with the growth of Bitcoin. i really believe that later when Bitcoin adoption gets stronger, the government will be friendly with Bitcoin and give up fighting it.

I have read the white paper and nowhere it says that it is created to fight the central banks ....

But the reality is that the technology behind Bitcoin is always compared to the technology adopted by banks. Bitcoin's decentralized nature is always compared to the centralized nature of all systems in the world, in the general sense that banking is included in one of the centralized systems.
The emergence of the term "Bitcoin to fight the bank" is what we created ourselves. Which is as if we want to prove that Bitcoin is better than banks in terms of security and transparency as well as the best win-win solution for customers and also the banking sector.

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Quote from: La56 on April 23, 2021, 05:00:29 AM

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.

You could say one of the advantages of Bitcoin, or maybe a different cryptocurrency later down the road, is it might move us towards a global currency that is much more traceable than cash. If you really want to stamp or corruption and lower the amount of inequality within the world, the first step needs to be preventing the rich from hiding their money (or at least making it much much more difficult). If they only had a bitcoin-like object to use as currency then they would be forced to declare it and have it taxed fairly. You'd have a public ledger of how truly unbalanced the world is and it might force politicians globally to unite in disgust at the obscene quantities that just a few people currently reside over.

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Quote from: macson on August 02, 2021, 02:21:30 PM

Bitcoin was created to fight central banks but not destroy it. banking is a business that has been around for hundreds of years and has become a pillar of the economy of many countries, while Bitcoin is just over 10 years old. surely banks and governments will try hard not to die with the growth of Bitcoin. i really believe that later when Bitcoin adoption gets stronger, the government will be friendly with Bitcoin and give up fighting it.

I have read the white paper and nowhere it says that it is created to fight the central banks but it is a narrative that everyone wants to believe. It is a payment system which is decentralized and you can expect them to the be an alternative assuming that the central banks will not allow any decentralized currency to overpower them and there is no point in fighting against the authority.

I am also expecting that the governments around the world will be friendly towards the market but i am sure the government will enforce mandatory KYC so that the market becomes transparent.

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Bitcoin was created to fight central banks but not destroy it. banking is a business that has been around for hundreds of years and has become a pillar of the economy of many countries, while Bitcoin is just over 10 years old. surely banks and governments will try hard not to die with the growth of Bitcoin. i really believe that later when Bitcoin adoption gets stronger, the government will be friendly with Bitcoin and give up fighting it.

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Ask an average person today who hold bitcoin who lacks it technicalities but only invest because he/she here about, the reply you would get will be because you can easily gain.
Majority in bitcoin today if not everyone is here because it's can double or triple their investments in short span of life which these banks cannot give, that's why you see most of them here. Get the bags and live a lavish life.
Only few like the CEO and developers are after the fundamental of bitcoin and that's what they have been struggling to achieve so that their name will be coin and remember for eternity.

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Quote from: Keila Faith Villanueva on July 06, 2021, 10:36:18 PM

impossible. Bitcoin cannot replace the position of banks. Different in nature. Banks are centralized and important to the government and the people. If there is no bank, I guess I can't buy bct. But if I choose where to put my money, I will choose btc

Then bitcoin is just an investment that people like us invest into. Whereas banks on the other hand are the critical part of the economy that keeps the country running.

Also the amount that banks account for daily is beyond the reach of bitcoin and is far greater than the current market cap of all the cryptocurrencies combined. So bitcoin can't replace banks, but maybe we can see a future where everyone is using centralised digital currencies to transact in day to day life.

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Quote from: DrBeer on April 23, 2021, 05:28:50 AM

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.

I totally agree with you. I still don't understand why people are still thinking the Bitcoin will replace Fiat or Kill Central Banks? This was not the idea behind Bitcoins development, to replace Fiats and Banks and it will not be. Yes, Bitcoin is beginning to serve as some form of transaction or purchase payments but you Understand what the Fiat currencies and Central Banks are to a Nation right? I have also noticed that because of what transpired in El Salvador, people think that ok this is how the rest of the Nations can go.

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Quote from: Xampeuu on July 08, 2021, 02:06:38 AM

Quote from: Vaculin on July 04, 2021, 05:31:04 PM

I know it was a sort of market competition and bank owners will think negatively with the existence of Bitcoin as it will slow down their business or even thinking it will be their end. Well, that they are too naive to think that way and that is because they don't know about Bitcoin, about cryptocurrency yet. I can blame them neither as that is business but hopefully, they also understand the situation. And besides, not all are in crypto so they still have clients and they could still able to survive.

the most severe, the central bank is under government control, so this will be more difficult considering that the government does not want to lose control, such as the decentralized system in bitcoin. but this time we are faced with the country of elsalvador which will legalize bitcoin, at least we have hope for it

The state of El Salvador generally has a rather unique situation and currently does not have its own national currency at all and the US dollar is used as the national currency, so it is not quite correct to cite this small state as an example. Also, do not forget that when El Salvador asked international financial organizations such as the International Monetary Fund to implement bitcoin, El Salvador did not meet the approval of any of these organizations. Therefore, it is also too early to talk about implementation and it is not entirely clear how this will be implemented in the end, because so far all this looks like a conversation about intentions.

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Quote from: Xampeuu on July 08, 2021, 02:06:38 AM

Quote from: Vaculin on July 04, 2021, 05:31:04 PM

I know it was a sort of market competition and bank owners will think negatively with the existence of Bitcoin as it will slow down their business or even thinking it will be their end. Well, that they are too naive to think that way and that is because they don't know about Bitcoin, about cryptocurrency yet. I can blame them neither as that is business but hopefully, they also understand the situation. And besides, not all are in crypto so they still have clients and they could still able to survive.

the most severe, the central bank is under government control, so this will be more difficult considering that the government does not want to lose control, such as the decentralized system in bitcoin. but this time we are faced with the country of elsalvador which will legalize bitcoin, at least we have hope for it

Not only do they control it, but the government owns the central bank as they are the ones who created it, it's a public-owned agency. We might see more countries adopting bitcoin like what El Salvador just announce, but I'm sure big countries will not follow it as they always want in control and their fiat is valuable globally unlike small countries where their fiat has a small value in global exchange.

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Quote from: Vaculin on July 04, 2021, 05:31:04 PM

I know it was a sort of market competition and bank owners will think negatively with the existence of Bitcoin as it will slow down their business or even thinking it will be their end. Well, that they are too naive to think that way and that is because they don't know about Bitcoin, about cryptocurrency yet. I can blame them neither as that is business but hopefully, they also understand the situation. And besides, not all are in crypto so they still have clients and they could still able to survive.

the most severe, the central bank is under government control, so this will be more difficult considering that the government does not want to lose control, such as the decentralized system in bitcoin. but this time we are faced with the country of elsalvador which will legalize bitcoin, at least we have hope for it

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Quote from: Keila Faith Villanueva on July 06, 2021, 10:36:18 PM

impossible. Bitcoin cannot replace the position of banks. Different in nature. Banks are centralized and important to the government and the people.

Bitcoin can't kill banks especially with the intervention of the government, banks will stay for a long time because they have the necessary protection and they have influence that is lynchpin to an economy.

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I think Bitcoin cannot kill the central bank and replace the fiat currency system, because it is impossible for the government to transfer the country’s fiscal power to a completely decentralized institution, so that the government cannot control the country’s economic system. If market conditions are good, People will not complain, but when the market is depressed, I think the state still needs to intervene to carry out macro-control to restore the market to normal, and the legal currency system provides service guarantee for our daily lives. It is impossible for Bitcoin to completely replace the legal currency system.The government would rather choose to issue digital currency than let Bitcoin kill the central bank.

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impossible. Bitcoin cannot replace the position of banks. Different in nature. Banks are centralized and important to the government and the people. If there is no bank, I guess I can't buy bct. But if I choose where to put my money, I will choose btc

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Bitcoin have the potential of killing central banks of course. But as long as central banks don't insist on supporting only fiat money, there will be no problem at all. For example, some banks in the USA already started letting people use cryptocurrencies also.

Do you think that states and their governments are so defenseless as to allow cryptocurrency to destroy central banks, that is, the world financial system that has been created for centuries, and thus destroy the normal functioning of the states themselves? It is very foolish to hope so. States and their governments are still allowing cryptocurrency to actively proliferate, since they do not consider it a threat to the stability of the global financial system. They will use cryptocurrency and provide services with the participation of cryptocurrency only to the extent that it is beneficial for them. It is true that states cannot fully control the cryptocurrency, however, in order to significantly influence it, they have enough appropriate leverage for this. Therefore, the banking system will not go anywhere, it will continue to exist under the protection of states.

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