Central bank and it ignorance on Bitcoin - page 3.

tippytoes

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Quote from: Odusko on February 18, 2022, 03:40:42 PM

Very accurate and on point @milewilda The central bank and its political actors which are the government is working hand in hand and if the central bank kick against any financial asset the government automatically follows in the same direction too, I know the war against Bitcoin adoption may persist for long but we are going to witness mainstream adoption in the future were Bitcoin become a global currency.

For one, Central Bank along with the government don't want a decentralized currency, where they have no full grasp about its circulation. And that is why most Central Banks around the world won't favor bitcoin as their main currency. They will stick to their local fiat as it is also their national identity to begin with. I believe, we should not aim to make bitcoin as the main currency but just increase its adoption in the global stage is more than enough for btc market.

Odusko

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Very accurate and on point @milewilda The central bank and its political actors which are the government is working hand in hand and if the central bank kick against any financial asset the government automatically follows in the same direction too, I know the war against Bitcoin adoption may persist for long but we are going to witness mainstream adoption in the future were Bitcoin become a global currency.

BIT-BENDER

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If there is a war against Bitcoin, it's not the central bank, it's rather between the government of some countries and Bitcoin, I am not the most learned, but I strongly believe I'm the central bank of a country works together with crypto-currency they can really do great things in terms of improving their country economy, finances and make financial issues less for their citizens, but what do I know, and also the government are interested in things that gives them power.

milewilda

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Quote from: Odusko on February 13, 2022, 04:54:45 PM

Bitcoin as a digital decentralized currency have been widely criticized by many banks and other financial monolithic characters who have been on for front of global financial system, the latest being the call of central banks governors to the EU for the total ban of bitcoin mining and trading ,this also came a week after the Rusia central bank governor advised the President against cryptocurrency adoption.
This have proven to a large extent the political undertone as regards to the central banks position on compartitors such as bitcoin having the capacity to transform the economy of a nation,state or region as a whole, what are the possibilities of central banks governors winning the war against the decentralized finances or will the central banks looses it relevancy when Bitcoin finally become a global currency.

Bitcoin as a global currency? It wont happen and its better not to stress out yourself on thinking about these probabilities or assumptions because it wouldnt happen no matter what.
Central banks and government is commonly attached and nothing surprises on whenever they do make out such decisions which would mainly against on something which is
decentralized which it isnt surprising.They arent that ignorant on whats happening around and its just a common reaction that they would really be having that kind of
view and impressions whatever things that would oppose centralization.

The Cryptovator

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The game of centralization and decentralization will remain the same, both sounds are conflicts. You know the business of the centralized bank, so there is the possibility of shutting down the centralized bank if they adapt decentralized Bitcoin. Yea, some banks allow Bitcoin and support it, but a major part of the centralized bank do not support it. Even some central banks like my country ban Bitcoin as an illegal asset. Bank will never allow you the become your own bank through Bitcoin. But they couldn't stop Bitcoin adaption ever.

Sksordar795

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Bitcoin has become much stronger and more valuable now that there are many more problems, including the central bank's ban. Bitcoin will be banned in one end of the world, but will be legalized in the other end. That's the way it is. Today's Bitcoin has come to this position after overcoming hundreds of obstacles. Everyone hopes that the bitcoin community will improve day by day.

Rockstarguy

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What surprises me most about bitcoin is that with all the threat of banning bitcoin and making bitcoin illegal in some region bitcoin is still doing well and getting more popular. The government are only wasting their time if they feel bitcoin is a threat to them, at this point where bitcoin is right now I don't think if there is anything that can stop the existence of bitcoin, Government don't have any option than to accept bitcoin like it is been done in some region.

fiulpro

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This might not be a new thing for Bitcoins and other cryptocurrencies because just like Central Bank there gave been countries which were not really making bitcoins illegal but at the same time they were not allowing people to trade in using their bank accounts. I remember when I had a local indian account, they banned my account because I had transactions coming to and fro from Zebpay. But at the same time I had other international banks as well which helped me through it. Considering Central Banks they are just scared of the power that bitcoins might have over everything making things a bit too easy for people, they don't wanna loose their dominance and that's about it.

Edith1994

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Central Bank are not ignorant of BTC the government are the ones who seem like they are ignorant of BTC but they are not because they are likely into it.

The most reason why it seem like Bitcoin is ignored by the government and not the central bank is because Bitcoin is discentralized and not centralized in the sense that it can't be block or trace by the government.

Further more Bitcoin can not be stop in any country because most top busines men/ women and also the politicians trade on btc secretly.

D-law

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Taking for example, the Nigerian government, they simply don't want the betterment of the nation and the citizens.
This is why they have made rules and regulations to stop citizens and civilians using the cryptocurrency sphere in Nigeria.
Despite all of this, Thay have failed in many ways as bitcoin and other Crypto Currencies can't be stopped.

Tellek Garing

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The central bank governors are political appointees of the president and will act accordingly to the president's discretion, but another fact is that most of the central bank chiefs do not know the capacity of Bitcoin and are all out just to stop it from growing.

The central bank is looking for all possible means to regulate and control Bitcoin but that is not possible in a decentralized system such as Bitcoin

Cookdata

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Quote from: Odusko on February 13, 2022, 04:54:45 PM

Bitcoin as a digital decentralized currency have been widely criticized by many banks and other financial monolithic characters who have been on for front of global financial system, the latest being the call of central banks governors to the EU for the total ban of bitcoin mining and trading ,this also came a week after the Rusia central bank governor advised the President against cryptocurrency adoption.

when you are working so hard to appreciate your pay master, you will want to do anything to satisfy them including their ego so that the check will keep piling up and you wouldn't do anything that will affect their growth and system, they brought him (central governors) and he will want to properly(foolishly) satisfy them even when he is sight-seeing the truth in his head.

Quote

This have proven to a large extent the political undertone as regards to the central banks position on compartitors such as bitcoin having the capacity to transform the economy of a nation,state or region as a whole, what are the possibilities of central banks governors winning the war against the decentralized finances or will the central banks looses it relevancy when Bitcoin finally become a global currency.

War? Ironically right! I have never seen a bitcoiner wanting a war with the central bank, all we are asking is to let them allow us to use bitcoin as the true currency but I guess they are afraid because of the energy that surrounded Bitcoin, it will overtake them because they fear revolution.

tygeade

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Quote from: Zlantann on February 14, 2022, 01:07:22 PM

Many countries', especially in in developing nations are managed by unqualified and highly ignorant economist. They were appointed just for political patronage or tribal sentiments. Most of them are parochial and archaic and are not willing to learn.

They lack understanding of how BTC operates, hence to cover-up their ignorance they make decisions based on sentiments and hear says. Until they allow refined, informed and globally connected mind to run their economy these nations would keep wallowing in the product of ignorance which is poverty.

Well, except this time that it is not the ones in the developing countries, rather it is the ones in the so-called developed countries that are making such a move to ban Bitcoin. So, it is not something that has to do with whether it is a developing or a developed country, everywhere around the world there are people who do not understand Bitcoin and cryptocurrency in general, they just don’t like it and most of them even till now are still saying that it is a Ponzi or some sort of scam. So, that clearly shows that they don’t even know what decentralized currency is all about. Let’s just hope that as time goes on they will get to learn, or be replaced by people who are knowledgeable in this area.

kentrolla

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These financial organizations and bankers who had been patronizing our finance will always stand against the crypto currency and especially Bitcoin, they are no saint but focus of flaws or gaps which we have in crypto to capitalise of the same and somehow try to ban crypto trading and if they fail in banning crypto trading they will try to ban the mining claiming environmental factor when they themselve loan out the industries which damages the environment.

Bitcoin cannot be controlled by bankers but at the same time it cannot replace any national currency or become global currency.

AnonBitCoiner

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Central bank say that bitcoin is not backed by any company. My favorite argument I hear is fiat money is backed by taxes, business revenue, etc. What these folks seem to be forgetting is that taxes, business revenue, notes, EVERYTHING is in the form of fiat. They are saying fiat backs fiat plain and simple. They can get as micro and macro-economic as they want. I’ve heard some people argue that corporate America backs fiat. In the end, it all boils down to fiat backing fiat, which can’t happen

fzkto

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In my view, it's simple. Banks don't like bitcoin because they can't manage it, for example by printing more bitcoins or blocking bitcoin wallets. And if they don't like something, they try to block it because it doesn't work in their interests. But bitcoin is now deeply integrated into the finance system, so banks can't ignore it.

Kakmakr

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The Central Banks could care less about decentralized technologies, because they make the rules with the help of the government to determine what are allowed and what are not allowed to be used as legal tender.

The only way to make a difference ..is for the voters in a democracy, to use their vote to change the government into a government that supports Crypto currencies. (The problem is, most politicians are funded by large financial institutions that support Central Banks) Roll Eyes

Odusko

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Quote from: worle1bm on February 15, 2022, 11:44:20 PM

Quote from: adzino on February 14, 2022, 06:11:19 PM

They want to ban bitcoin because they don't like it. Bitcoin threatens them. If bitcoin becomes mainstream, why would anyone would want to use the bank when everyone can be their own bank? No third parties involved and you can do whatever you want with your own coins. You don't have to answer to anyone when you will want to spend or move your coins. The central banks won't ban bitcoin but they will eventually integrate crypto currencies to their system (which will make crypto currencies centralized if people choses to take their service).

That's the point as banks are not ignoring it but take it on a very serious note because it possesses threat to the banking system of the nation ending up monopol chain of authority from them.Although they also know that fiat can't be outlawed so easily but as they say bankers will never say good about Bitcoin seeing their business in threat.But you could also see vast majority of banks providing btc service to clients which tells us they know they can't run from it so it's better to go hand on hand with it.

Central bank ignorance does not necessarily mean they are ignoring Bitcoin no but failing to adopt the many potentialities of Bitcoin in the economy and not being a monopoly of the financial sector Bitcoin is a global currency that should be left the way it is.

worle1bm

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Quote from: adzino on February 14, 2022, 06:11:19 PM

They want to ban bitcoin because they don't like it. Bitcoin threatens them. If bitcoin becomes mainstream, why would anyone would want to use the bank when everyone can be their own bank? No third parties involved and you can do whatever you want with your own coins. You don't have to answer to anyone when you will want to spend or move your coins. The central banks won't ban bitcoin but they will eventually integrate crypto currencies to their system (which will make crypto currencies centralized if people choses to take their service).

That's the point as banks are not ignoring it but take it on a very serious note because it possesses threat to the banking system of the nation ending up monopol chain of authority from them.Although they also know that fiat can't be outlawed so easily but as they say bankers will never say good about Bitcoin seeing their business in threat.But you could also see vast majority of banks providing btc service to clients which tells us they know they can't run from it so it's better to go hand on hand with it.

tbct_mt2

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Central banks were against Bitcoin, cryptocurrency and blockchain technology years ago but now they have to accept it.

First, they accept to apply blockchain technology into central bank systems by creating CBDCs.
Second, they make allowance for Bitcoin exchanges via central bank systems, credit card, etc.
Lastly, they will make Bitcoin and cryptocurrency legal tender. We witnessed the first nation makes it, El Salvador.
More nations will follow them and I believe we will witness the Bitcoin legal tender expansion from small and medium to big nations.

CBDC tracker: https://cbdctracker.org/

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