Can Bitcoin threaten the existence of Central Banks?

[Faisal2202]

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 every shop, vendor, customer in my country accepted or made payments in the form of BTC directly, and the fee would be lower because I don't want to pay a $3+ fee to every shopkeeper for the thing that I bought for $1. Then I will say, Bitcoin is a big threat to the existence of central banks. But the fee can't be lower than the actual price of the product being bought or sold, and not every customer, vendor, or shop will be accepting BTC as a payment method.

So until things are like this, I don't think BTC is a threat to the central Bank. Because in this world, we need necessary things to live, like food, clothes, etc., etc. And to get these things we need currency in use. If BTC can't be used to buy or sell then I need fiat, and until their is demand for fiat BTC is not threat to Central Banks.

[Lucius]

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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 don't think it's possible, for the simple reason that banks are much more powerful and are supported by national states compared to Bitcoin. On the other hand, after 15 years, Bitcoin has come a long way if we take into account the price, but globally in terms of the number of users, we are still probably below 5%, and of that number, very few people use BTC as a currency.

This tells us that most people still trust banks, which, if we're honest, are much simpler for every client than Bitcoin in terms of wallets, private and public keys, fees, mempool, RBF, legacy or segwit addresses and much more...

[Rubel007]

I think there is no benefit to the general public in creating a central bank digital currency. This is just misleading to the public. If a currency has a central authority then it cannot be matched with a cryptocurrency. The situation will be similar when a central bank creates digital currency in the same way that a central bank regulates commercial banks. People will never regain the confidence in that type of currency that they have in cryptocurrencies. I think none of the central banks that have taken such initiatives have succeeded in their currency.

[SmartGold01]

Bitcoin is not created to compete with fiat neither is it created to eliminate and replaced fiat instead it's created to boost the usage of cash like to give rise and speed up transaction where cash seems inaccessible bitcoin would give lift to it. Usually lot of people found Bitcoin to be worthy of holding instead of using it for the main purpose it was created, but today you hardly see people release the little they have instead they would keep accumulation.

[doc]

Bitcoin is not created to compete with fiat neither is it created to eliminate and replaced fiat instead it's created to boost the usage of cash like to give rise and speed up transaction where cash seems inaccessible bitcoin would give lift to it. Usually lot of people found Bitcoin to be worthy of holding instead of using it for the main purpose it was created, but today you hardly see people release the little they have instead they would keep accumulation.

Although bitcoin was not created to eliminate fiat, it is likely that this will happen in the future if the popularity of crypto dominates.  But it won't be easy to happen because the government won't allow it.  The government continues to maintain their fiat

[SmartGold01]

Bitcoin is not created to compete with fiat neither is it created to eliminate and replaced fiat instead it's created to boost the usage of cash like to give rise and speed up transaction where cash seems inaccessible bitcoin would give lift to it. Usually lot of people found Bitcoin to be worthy of holding instead of using it for the main purpose it was created, but today you hardly see people release the little they have instead they would keep accumulation.

Although bitcoin was not created to eliminate fiat, it is likely that this will happen in the future if the popularity of crypto dominates.  But it won't be easy to happen because the government won't allow it.  The government continues to maintain their fiat

Already we know it can never happened because it's not our primary currency even as that is not the true vision of bitcoin so it could be hard to likely happened. Bitcoin can replace fiat since people needs it in a paper form and of course if Bitcoin and any other cryptocurrency can be printable physical and accepted by everyone then there could be small challenges because not everyone who would afford to hold it but however, the government would protect their interest towards fiat since they had the central authority.

[LogitechMouse]

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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...

An alternative if we hate the banks? Yes probably. Bitcoin replacing the banks? I don't think so.

Let's also add the fact that not all of the people around the world has an access to Bitcoin or even smartphone or even the internet at all. Banks might be centralized, but there's a reason why some people still prefer to put their money on their banks and that's security. Of course, those who don't know that much about financial literacy are the ones that will only put their money there, but still, I don't see any way of Bitcoin replacing the banks. Fiat currency will stay as long as it want to.

Soon, I believe there will be at time that Bitcoin will be used as an alternative payment more than what it is right now.

[robelneo]

In the past, that was the opinion of many countries, but it been proven that they can co exist and Banks can adopt Bitcoin I can still cannot imagine a world without banks.
We still need banks, There are so many functions where we still need banks, We cannot be 100% reliant to Bitcoin, because it will create chaos and collapse in a country's finances and monetary structure, They are better to coexist but not replace each other.

[nakamura12]

That's what many people think about bitcoin that it will threaten the existence of central banks but not anymore. In my country, central banks even regulated a wallet which they earn because of it when people use the wallet. Lucky for us that they also supported different crypto which saves us the hassle to pay huge amount of money just for the transaction fee when you want to send crypto to other wallet. Bitcoin isn't the main currency so people will have to sell their crypto in order to cash out their assets.

[Zed0X]

I think the question is too late to ask now. The banking financial system is adjusting (or have adjusted already) to the presence of BTC and the threat it poses to them. While some of them still refuses to offer crypto-related services, you can already see custodial and swapping. In short, people will continue to use banks and BTC/crypto at the same time.

[NotATether]

Central banks are not going anywhere, because governments need central banks since they are the ones who give the government money, not Bitcoin.

Bitcoin would be good in a libertarian-run country, but this is not the model with which any country operates in right now, so you have to work with what you have, and Bitcoin is an impractical option for many governments' finance ministries.

[Fivestar4everMVP]

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...

If you ask me, I did say that Bitcoin doesn't have to take the central banks out of business to become, and stay relevant in our society, banks; which represent our current fiat money system, can still be in operation, while bitcoin co-exist with it.

So, in the nutshell, I did say that Bitcoin is not a threat to central banks, even though central banks see it as one, bitcoin is only making the financial industry more competitive by offering a great alternative to services provided by the central banks, and like I said before, both can co-exist, since not everyone will use bitcoin, and not everything can possibly be bought with, or sold for bitcoin.

[vegasus]

In my opinion, although Bitcoin is decentralized and can really be beyond government control. But so far, Bitcoin has not been able to treat the existence of banks that deeply. because yes, the government and the world bank have very high power, so it will be very difficult with the various intrigues and strategies they have put together to be able to limit the movement of Bitcoin.

Indeed, we may always be optimistic that Bitcoin can do it, but again it often collides with various interests that are arranged in a law that complicates or limits the movement of Bitcoin and crypto in general, and unknowingly we also have to do it. Although we can indeed do various transactions with crypto without bank intermediaries, there are still many countries that prohibit it and as a result, not many merchants do it. so for now, it still cannot be said to be threaten. Only if it has an influence, maybe there has been an influence.

[Blaze]

In my opinion, although Bitcoin is decentralized and can really be beyond government control. But so far, Bitcoin has not been able to treat the existence of banks that deeply. because yes, the government and the world bank have very high power, so it will be very difficult with the various intrigues and strategies they have put together to be able to limit the movement of Bitcoin.

Indeed, we may always be optimistic that Bitcoin can do it, but again it often collides with various interests that are arranged in a law that complicates or limits the movement of Bitcoin and crypto in general, and unknowingly we also have to do it. Although we can indeed do various transactions with crypto without bank intermediaries, there are still many countries that prohibit it and as a result, not many merchants do it. so for now, it still cannot be said to be threaten. Only if it has an influence, maybe there has been an influence.

We know that Bitcoin is not the only cryptocurrency that can work with some of the world's largest banks. We know that there are still several other cryptocurrencies that have successfully worked with large banks and are currently still being used well. An example is ripple (xrp) which is still working with various large banks.

Although the direct use of Bitcoin by banks is still limited, the underlying blockchain technology has enormous potential to revolutionize the financial industry. Many banks have begun experimenting with this technology and it is expected that in the next few years there will be wider adoption.

[bitterguy28]

So.. do you believe that Bitcoin has a chance to replace banks??

maybe in the next 100 years but for now not really as long as fiat exists banks will always have a purpose in the world. there are many unbanked but they are not the majority the majority of people still use banks.

In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...

this is what real adaption means anyway but i think banks and blockchain technology should coexist and it is what we will see fiat and crypto coexisting and not literally replacing one another but who knows what the future may bring?