Topic: Can Bitcoins kill Central Banks? - page 6. (Read 1736 times)
actually a question like this is not the first, the answer; it is definitely difficult to happen because of the many reasons that digital decentralization cannot fulfill for the people of the countries of the world and the government will not provide opportunities for that...?!
I think its possible but in recent not possible to overcome the central Banks.The reason behind government won't let this thing happen, they won't permit any decentralized framework take over the banks and other than central banks is much imperative since we still require it to cash out our cryptocurrency, imagine if there's now not a bank at that point for beyond any doubt no one can change over their bitcoin or any altcoin into fiaJust think for a moment if BTC overcome so fast how will manage the variable rates and retailers will not accept to early till they well trained and aware about Bitcoin.
Banks is partner of our states thats why its not easy to replace central banks with only bitcoins. This is not happen anymore , because we know that the states is very strong about financial need. But can accept bitcoin as a partner in more transaction also this time that we need more in this pandemic.
I agree with what you're saying, and I think it's going to be difficult because until now the government support in my own country for bitcoin and crypto is almost non-existent. but if the government is willing to recognize bitcoin as a legitimate transaction currency, it's likely that bitcoin could kill the central bank.
Bitcoin is just a solution for individuals who don't like banking so it's used by a certain group of people. Central banks around the world provide services to billions of different individuals and organizations so it can be said that Bitcoin does not affect banks. It is the hype of the Bitcoin community that misleads us.
It is really stupid to say these outlandish claims, with the limited user base we have. Central banks will exist as long as fiat currencies exist. And fiat currencies will exist as long as governments exist. Bitcoin can replace fiat currencies only in a scenario where the entire planet comes under a single regime, and that too if the regime opts for a decentralized currency. Such a scenario is not possible now. First of all, Bitcoin is not a replacement for fiat currency. A payment method which takes 10-20 minutes to confirm and having a transaction fee of $5-$10 without scalability can never replace fiat.
Banks is partner of our states thats why its not easy to replace central banks with only bitcoins. This is not happen anymore , because we know that the states is very strong about financial need. But can accept bitcoin as a partner in more transaction also this time that we need more in this pandemic.
central bank not gonna shut down, that's why they also trying to create CBDC that is to compete with cryptocurrency that are decentralized, then maybe in the future cryptocurrency will act like more of digital store of value and stock while the money still controlled by bank through CBDC and I think thats the most realistic future I can see. Of course implementation of CBDC will take a long time as always with the bureaucracy of the government and maybe in the future traditional stocks will get tokenized as well allowing it for trading 24/7
Do not listen to anyone who says that fiat will no longer be available. That is a pipe dream that will never happen because fiat will always be there, if you think that CBDC is not "fiat" then you are wrong because it is still governments money and they are controlling it so it is still fiat, just because it is digital doesn't mean that it is not fiatYou have a bank account and you have money in there, is it not still fiat, it doesn't have to be a cash in your hand to consider it fiat, even digital can be fiat. What is called fiat is the governments money and even if it is blockchain based it will still be considered fiat because of how much government can control it, USA could have their own stablecoin and as long as they have control over it, that will be fiat. What we need to realize is the power of decentralization when the CBDC things come out.
Banks are too deep rooted in our society and government that if we try to remove it totally, the countries won't survive for long and any replacement is always going to be too late. Banks are like the zombie ant spores, they are the reason why the ants still move and if we completely remove it, the ant will finally die. So to answer your question: No, banks can't be killed or not worth to kill.
banks in government control, and sustaining a country's economy, can crypto easily overtake them? I don't think it's that easy, of course the government doesn't want to lose control, let alone let go of the central bank before finding something that can benefit the government
Banks are too deep rooted in our society and government that if we try to remove it totally, the countries won't survive for long and any replacement is always going to be too late. Banks are like the zombie ant spores, they are the reason why the ants still move and if we completely remove it, the ant will finally die. So to answer your question: No, banks can't be killed or not worth to kill.
At the initial stage both the central banks and Bitcoin will co-exists. This means that fiat and bitcoin will be used side by side. When people began to use more bitcoin and crypto, then the fiat transaction will become less and the role of banks at that time will become limited. Slowly the banks will began to shutdown and eventually there will be no banks and no fiat currencies.
central bank not gonna shut down, that's why they also trying to create CBDC that is to compete with cryptocurrency that are decentralized, then maybe in the future cryptocurrency will act like more of digital store of value and stock while the money still controlled by bank through CBDC and I think thats the most realistic future I can see. Of course implementation of CBDC will take a long time as always with the bureaucracy of the government and maybe in the future traditional stocks will get tokenized as well allowing it for trading 24/7The plan to create a CBDC is indeed clear evidence that the government is adapting to technology. where now many people do financial transactions
done digitally. I believe central banks will never die, because that is the only way the government can control the finances of its citizens. Because if
the government agrees to switch to using Bitcoin, it will be difficult for the government to control the finances of its residents. It is most likely that
Bitcoin will only be a payment alternative to fiat, so Bitcoin and fiat will co-exist.
The fact is that while the existing financial system operates, no one and nothing threatens banks, not even Bitcoin. In order for banks to disappear, a new global financial system is needed, but since it does not exist yet, the banks will continue to work. However, the emergence of Bitcoin and other cryptocurrencies gave rise to thinking, are they not one of the elements of the future new global financial system? I believe that this is probably the case, and when the time comes for a new financial system, then Bitcoin will probably be able to occupy a niche of banks and become something more than just a top cryptocurrency.
At the initial stage both the central banks and Bitcoin will co-exists. This means that fiat and bitcoin will be used side by side. When people began to use more bitcoin and crypto, then the fiat transaction will become less and the role of banks at that time will become limited. Slowly the banks will began to shutdown and eventually there will be no banks and no fiat currencies.
central bank not gonna shut down, that's why they also trying to create CBDC that is to compete with cryptocurrency that are decentralized, then maybe in the future cryptocurrency will act like more of digital store of value and stock while the money still controlled by bank through CBDC and I think thats the most realistic future I can see. Of course implementation of CBDC will take a long time as always with the bureaucracy of the government and maybe in the future traditional stocks will get tokenized as well allowing it for trading 24/7 
This was an interesting topic and roam in the forum often.It may happen in two decades.Because the central bank had his strong base among the people.Even they are getting more interest for the loans,we still approach the bank for it.Once bitcoin made it strong base among the people and it may happen.But the process already started.
Of course, neither Bitcoin nor any other cryptocurrency can lead to the destruction of central banks. The banking system is part of the state, takes part in the maintenance and regulation of economic processes in the country and is actually under the protection of the state. States will destroy anyone who encroaches on their banking system. Therefore, cryptocurrency has absolutely no chance of crowding out banks. Cryptocurrency can exist only along with the banking system and together with the national currencies of states.
A bitcoin standard where individuals would reclaim their financial freedom can still be created. It takes a few small economies to start basing their new currency on it for a decentralized network of economies based on that to start popping up. That'd be my dream come true, where central banks cease to exist because they'd have nothing to do.
I don't think Bitcoin will kill the banking system. Rather, Bitcoin helps you manage your wealth and allows you to transfer money without having a third party.
As every bitcoiner needs a bank account so that he can get his local currency by selling bitcoins.
But yes, here we should also remember that if bitcoin is accepted everywhere in the world, then it will be the end of the banking system.
however, the central bank has the full support of the central government, while bitcoin is the opposite. bitcoin is indeed beneficial for those who like freedom, and it cannot be denied that bitcoin provides solutions to several problems that cannot be handled by the current financial system, it's just that bitcoin is controversial regarding the "freedom" it carries. While the government is trying to anticipate bad things to put limits, so far I think it will be difficult for BTC to kill the bank, what for anyway? so far btc still exist in its way As every bitcoiner needs a bank account so that he can get his local currency by selling bitcoins.
But yes, here we should also remember that if bitcoin is accepted everywhere in the world, then it will be the end of the banking system.
The answer is definitely and absolutely, no. Bitcoin can
Let's stop insisting war and competition between the two aforementioned organizations. They have their specific purposes. Both serve as an alternative option one way or another to the majority. Without the banks, economy will most likely suffer. Without the bitcoin community, people would lose platform/medium to generate income and/or to invest with.
To many people thinking that it can overcome something giant while we all know how strong the fiat system is for sure there will be no ending discussion about this but its easy to think why this overcoming a certain institution will never happen to bitcoins, maybe the global adoption and usage will spread but we will see only bitcoin as alternative since law makers will surely supports fiat(Central Banks) at any cost.Let's stop insisting war and competition between the two aforementioned organizations. They have their specific purposes. Both serve as an alternative option one way or another to the majority. Without the banks, economy will most likely suffer. Without the bitcoin community, people would lose platform/medium to generate income and/or to invest with.
Perhaps the simplest and most not problematic way is to recognize the cryptocurrency as an asset, much like the stocks of companies, which are simply more accessible to the mass consumer and more convenient in transactions than classic stocks. But at the same time, the assets have a floating market value and can be sold for fiat money. The fight for the right to become a currency, or a means of payment, can, on the contrary, bring the time of the cryptoindustry if a tough confrontation arises between regulators, banks, financial institutions and the crypto market
The answer is definitely and absolutely, no. Bitcoin can
Let's stop insisting war and competition between the two aforementioned organizations. They have their specific purposes. Both serve as an alternative option one way or another to the majority. Without the banks, economy will most likely suffer. Without the bitcoin community, people would lose platform/medium to generate income and/or to invest with.
To many people thinking that it can overcome something giant while we all know how strong the fiat system is for sure there will be no ending discussion about this but its easy to think why this overcoming a certain institution will never happen to bitcoins, maybe the global adoption and usage will spread but we will see only bitcoin as alternative since law makers will surely supports fiat(Central Banks) at any cost. Let's stop insisting war and competition between the two aforementioned organizations. They have their specific purposes. Both serve as an alternative option one way or another to the majority. Without the banks, economy will most likely suffer. Without the bitcoin community, people would lose platform/medium to generate income and/or to invest with.
I don't think Bitcoin will kill the banking system. Rather, Bitcoin helps you manage your wealth and allows you to transfer money without having a third party.
As every bitcoiner needs a bank account so that he can get his local currency by selling bitcoins.
But yes, here we should also remember that if bitcoin is accepted everywhere in the world, then it will be the end of the banking system.
As every bitcoiner needs a bank account so that he can get his local currency by selling bitcoins.
But yes, here we should also remember that if bitcoin is accepted everywhere in the world, then it will be the end of the banking system.
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