Topic: Do we Need Central Banks? - page 6. (Read 2997 times)

if is their central bank , every one can use and save their coin easy .. but , that will be very dangerous and unsafe in the future ...

Central banks coordinate the economy, and yes we need it. It doesn't have to be a "central bank" it can be another entity type or organization.
If a day we turn to a 100% crypto used we will still need something like this

That's right, you're right, and there are a few more reasons why cryptocurrencies are so small compared to interconnected banks around the world. And your opinion helps me understand that we do not need the central bank.

Well said. But this statement is valid for these years and many to come further. But believe me there would be a time coming when this statement would prove wrong. People will see the amazing response from the whole world and this bitcoin would be the only supreme currency. At that time, people would might live in a cashless society. It takes a long time though.

Even when the world will fully accept cryptocurrency as a means of payment, banks will still be needed, as there will be many people who will not want to switch to the use of cryptocurrency. In addition, there will be mortgages, loans, debits and all other banking operations.

There will always be a need for central banks because of our current lending system.  Right now there are more debts than money to pay everything back.  Our economy can't function without debt as it stands today.  Central banks are creating money out of thin air with fraction reserve lending.  They lend out money that they don't even have, its one big scam.

Great discussion on bitcoins value (by hedge fund managers) over central banks fiat in the coming years.

https://offthechain.libsyn.com/murad-mahmudov-the-ultimate-bitcoin-argument

It was trending high enough Apple removed them from iTunes.


https://twitter.com/APompliano/status/1059622643991826433

Perhaps we will need banks even despite the full adoption of cryptocurrencies. This system is still quite convenient. Most likely, when bitcoin is accepted as a currency on a global scale, Central banks will simply change.

I would rather say no because it is fiat money which is controlled by a Central Bank But cryptocurrency is decentralized.

I think that some kind of regulatory body is still needed. In addition, there are many unique banking transactions which bitcoin cannot change. Therefore, I see the ideal - the adoption of bitcoin by banks and their joint successful work.

Sometimes I think that it is good to have central banks involved because if there is anything crisis happened, we could check with them for assistance however if having decentralized system, if anything happened to us, we will lost a lot of money unless we really focus on it and check through.

I ma not any economist, but I think, we don't need any bank, nor central bank if we start using crypto at a massive scale.

The application of bitcoin in a country must have rules from the central bank, because the central bank is a rule maker in each country. Even though eventually Bitcoin is no longer anonymous. But for the long term, of course there will be binding agreements in each country, about digital currencies. Without rules, bitcoin will not be accepted in all countries. Only in certain countries, bitcoin can be accepted.

I don't think we need central banks, but banking institutions will always be needed to issue things like mortgages and loans. In an ideal world nobody would need a loan for anything and I hope I never have to take out one or a mortgage, but we don't live in an ideal world and I absolutely despise how much power the banks have and how much profit they make by over-charging for things. They also get away with things like money laundering and crashing the economy due to their fraudulent practices and the bankers somehow escape jail time, but if an ordinary citizen like you or I commits the same offense we can't buy our way out of jail.


Please don't provide any of these reasons for this will you. There's no reason at all why bitcoin -- or indeed something like it -- can't replace fiat currency issued by central banks and we certainly doesn't need paper money which is already outdated. I don't think bitcoin would be perfect as a currency right now but bitcoin allows and also shows you that banks aren't absolutely necessary to issue the currency. In fact, I think it's only a matter of time before one nation abandons it's government issued fiat for a crypto of some sort.

In my opinion, we still need the central bank because the banknotes will still exist, they can not be completely replaced by bitcoin for many reasons.

Community Banks flourish in Germany because of the positive cultural traits of the German people like honesty, fair mindedness, obedience of rules and regulations, and incorruptubility.

I know of several third world countries where such type of "community banks" exist under the moniker "co-operative banking institution" or "co-operative credit society" or simply "micro payments banking". While a tiny few of them might be doing some good work; for the most, they are overrun by corrupt cliques, comprising politicians who literally buy the votes to be elected on their board, (that's democracy for you, developing country styled), and the bank officials.

In a short while, these "banks" issue dicey loans to their favoured ones, and the bad debts, Non-Performing Assets (NPA) begin to pile up.  Only then do people realise the virtues of a Central Bank, which steps in, bails out the culprits thanks to an infusion of public capital, and all's well that ends well.

See the indispensibility of a Central Bank even when the banking system is decentralised; all because of lack of scruples and honesty in the general culture of that country! It's like an emergency backup and a safety valve combined. Many of these delinquent cultures have been crooked in this way since time immemorial, so even 're-education' and 'moral studies' won't improve the cultural deficit situation even an iota.

 

Bitcoin does not require a central bank, because this applies to the whole world, as well as peer to peer, where transactions are made online between one wallet owner and another wallet owner and all are anonymous, so that the role of the bank is eliminated. All transactions occur because of price agreements on the bitcoin market, which refers to supply and demand.

Bitcoin and others cryptocurrency is decentralized system and i think it dont need central banks to control bitcoin or others cryptocurrency. Bitcoin created because the system on central banks is not right and always creating economic crisis, so i am believe crypto community should not need central banks

someday the bank will cooperate with cryptocurrencies because it requires supervision of the regulation of a system that will develop very rapidly, of course it will be good and more developed

The 2008 global financial crisis, the Greek debt crisis, and the growing financial needs of a growing number of national economies have raised questions about the central bank that monopolizes the issuance of currency. Perhaps considering these issues, the International Monetary Fund (IMF) recently published an article on cryptocurrency, which unexpectedly called cryptocurrency or would become a "future currency."
So, is it possible for cryptocurrencies to eventually replace fiat money and the central bank. But teare are also some questions about this issue, including:
1. Will this shift reduce the market demand for central bank currency?
2. Will this change affect the ability of the central bank to control monetary policy and interbank lending rates?
3. Will this change allow the central bank to start designing interest rates for encrypted assets as well?

I think the central bank will not be replaced in the early years before these issues are confirmed.