Can Bitcoin threaten the existence of Central Banks?

[bayu7adi]

Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...

Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...

So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...

[TomPluz]

So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...

While knowing and understanding the potential of Bitcoin to act like a bank under our fingertips, I don't see it to be replacing the usual banks soon. In fact, what we are seeing is that banks are adopting into Bitcoin as they know they can make big money with it. Bitcoin and banks can co-exist without any problem at all. The only way Bitcoin can threaten banks is when all people will be shifting to Bitcoin and will stop dealing with banks and their services/products...and realistically speaking I am not seeing that coming anytime soon. As time goes on, we can see that traditional banks and Bitcoin can even be complimenting each other and not really enemies by definition and intent.

[bee]

Bitcoin will not disrupt the conventional financial system, bitcoin will always be an alternative. To answer this, I have a question: how much potential will people use bitcoin for daily (retail-scale) transactions?
It is important to remember that bitcoin's dependence on the internet and devices can't be removed because the network and its use run on that infrastructure.
There are times when bitcoin can't be relied on, such as the absence of an adequate internet connection or the power of the device storing your bitcoins running out.

[pieppiep]

Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...

Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...

So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...

I think it depends on the bank in your country, Bitcoin has a very complex technology and is very useful as financial security and transactions. If banks start to look at the technology owned by Bitcoin then they will only adopt, not replace the whole thing. So absolutely Bitcoin and Banks will never be able to unite. Banks also cannot be replaced by Bitcoin, We know that the very limited supply of Bitcoin is also an important problem and the condition of society is still very dependent on local banks and only people who understand technology will use Bitcoin to make transactions.

[hugeblack]

No, Bitcoin is not trying to be a replacement for banks and its scalability does not allow it to be a decentralized network that processes daily transactions for more than 5 billion people. Also, the current price volatility makes Bitcoin more suitable as an investment than a means of making daily payments and even if the fees were low it would not be attractive because people prefer to spend money that is decreasing in value and hold the asset that is increasing in value.

[ABCbits]

No, both of them have different purpose and usage. Bitcoin price and TX fee volatility also hinder Bitcoin used for daily transaction, which makes fiat remain better choice for average people who prefer stability and more consistent TX fee. At this stage, i expect only Bitcoin or privacy enthusiast would make payment with Bitcoin anyway.

[Kemarit]

So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...

If we go on the tradition, banking system are essential to one nation's growth, just like the justice system with the police and others and then our congress or parliament.

And with that, it's going to be very difficult to replace the traditional banking system. Maybe we might have to rely on them less and less and there are a lot of un-bank people who goes 100% full crypto. But still though, for me as baking can't be replacement right away as there are things that people need bank. Maybe it can help with the CBDC as our center ground to have crypto individuals still trusting our old and reliable banking guys.

[Yamane_Keto]

Having a currency that allows you to send money internationally at low costs and increasing value will pose a risk to commercial banks and local currencies of countries with economic problems or hyperinflation. In such countries, citizens will lose confidence in the local currency and start hoarding dollars, bitcoins, gold or buying assets instead of trading using local currency.

[famososMuertos]

Sometimes it is just a process of understanding the technological tool, banks are certainly the formal medium between governments and individuals based on legal status.

What I said in my first paragraph has nothing to do directly with the use of individual bitcoin, that is, bitcoin can exist without the overlap of existing financial means.

[MrSpasybo]

While knowing and understanding the potential of Bitcoin to act like a bank under our fingertips, I don't see it to be replacing the usual banks soon. In fact, what we are seeing is that banks are adopting into Bitcoin as they know they can make big money with it. Bitcoin and banks can co-exist without any problem at all. The only way Bitcoin can threaten banks is when all people will be shifting to Bitcoin and will stop dealing with banks and their services/products...and realistically speaking I am not seeing that coming anytime soon. As time goes on, we can see that traditional banks and Bitcoin can even be complimenting each other and not really enemies by definition and intent.

Yeah, although BTC was created to decentralize finance, centralized banks can still exist and profit if they support crypto services. J.P.Morgan used to dislike crypto but they've joined the BTC Spot ETF wave, Visa used to criticize crypto but they've also supported crypto users... These companies operate to make profits and they won't refuse profits from crypto market.

Many crypto-bank projects have failed and currently we only have DeFi with a few lending protocols in the market, which is not enough to threaten the existence of traditional banks. For me, high interest rates and CBDC are the main threats to commercial banks in the economy, not BTC and crypto.

• Crypto bank Sygnum posts profit after doubling crypto trading volumes

[hugeblack]

Many crypto-bank projects have failed and currently we only have DeFi with a few lending protocols in the market, which is not enough to threaten the existence of traditional banks. For me, high interest rates and CBDC are the main threats to commercial banks in the economy, not BTC and crypto.

If there is such a thing as crypto-bank projects, I suppose platform coins like BNB, OKX, etc. could be a good example. In the end, there is a similarity between Binance and J.P. Morgan as centralized entities that aim to profit and provide financing. Some of these projects are successful so far, but their success is always linked to the strength of the service[/li]
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[0t3p0t]

No, Bitcoin cannot threaten the existence of central banks neither fiat will do the same to Bitcoin. They do have different purpose of existence and of course nature so it doesn't seems they are making threats to each other because it will still depends on the people that is interested in using both systems. As investment I think fiat has no chance on this but if we are talking about the stability then Bitcoin won't stand a against fiat as well.

[Dr.Bitcoin_Strange]

So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...

While knowing and understanding the potential of Bitcoin to act like a bank under our fingertips, I don't see it to be replacing the usual banks soon. In fact, what we are seeing is that banks are adopting into Bitcoin as they know they can make big money with it. Bitcoin and banks can co-exist without any problem at all. The only way Bitcoin can threaten banks is when all people will be shifting to Bitcoin and will stop dealing with banks and their services/products...and realistically speaking I am not seeing that coming anytime soon. As time goes on, we can see that traditional banks and Bitcoin can even be complimenting each other and not really enemies by definition and intent.

Well you are right for me I don't see any chance of Bitcoin taking the place of banks in the society or nation, Bitcoin can't issue cash for me I see Bitcoin as a platform for investment and I agree that in time coming Bitcoin and banks will compliment each other.
Bitcoin has really helped in May ways in times of transaction and savings some banks have started to step up there games because of the creation of Bitcoin and how it is going and that is a welcome development.

Bitcoin is an investment and can't threaten the existence of bank, people are into Bitcoin because they see it as an investment and they buy and hold, some even trade Bitcoin, banks function in a different way from Bitcoin, let all remember that Bitcoin falls and also rise and this process takes a long time, just imagine you bought $1k worth of Bitcoin and you are planning on using that money to purchase a particular thing and Bitcoin falls what will be your hope, will you wait for months for it to rise and maybe lose what you wanted to purchase. So Bitcoin and Banks are two different thing and there's no way Bitcoin can replace Bank in a society or nation.

[MUGNIA]

I say no, because banks and bitcoins are different. If BTC can replace banks, then BTC is regulated by the government. There is no longer any secret about its ownership. So it is impossible for BTC to replace banks. There will definitely be an imbalance in the comfort of transactions if it is monitored.

[bayu7adi]

I say no, because banks and bitcoins are different. If BTC can replace banks, then BTC is regulated by the government. There is no longer any secret about its ownership. So it is impossible for BTC to replace banks. There will definitely be an imbalance in the comfort of transactions if it is monitored.

Different, but why are there CBDCs launched by China, US, UK, Canada and other big countries?? It is true that CBDC is not Bitcoin, but there is interference from Blockchain technology brought by Bitcoin... we all know that the real power for privacy issues is decentralized blockchain technology, while some banks are starting to respond to blockchain technology, but do not want to prioritize privacy...

Although Bitcoin is not really the same as a bank, the concept is enough to make some banks think it is a dangerous concept so that they choose to adopt it with certain limitations, such as the adoption of blockchain technology in the banking system in CBDC.