Can Bitcoin threaten the existence of Central Banks?

[Dr.Bitcoin_Strange]

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.

Bitcoin is one of the best investment in the world right now and the best crypto coin, Bitcoin has really made some investors rich and has increased the economy of the world, Bitcoin can never overthrown the central banks of countries as I'm speaking to you there are countries that has not accepted Bitcoin to be used in there country and has even made it illegal and if caught using will be arrested and prosecuted.
The function of central banks of any country is different and can never be performed by Bitcoin, the central banks of countries are responsible for printing money,
Bitcoin can function in a particular way and can be used as a means of payment.

Bitcoin should be accepted as a means of payment, some countries has already made it legal and has started using it as a means of payment and it has helped to develop and build there economy,
The reason why some countries has not accepted Bitcoin as a form of payment is because they see Bitcoin as promoting crime for example if you make a transaction with someone using Bitcoin and may later they want to fine the person you made the transaction with you can not find or track down the Parson Because of the way crypto functions no trace, no identity can be discovered.
And also some countries feels Bitcoin will destroy or bring down there economy.
Bitcoin can never replace central banks of countries because it can't perform it's functions.

[Asiska02]

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...

Bitcoin cannot replace banks and it was never created to replace banks but to serve as alternative to the traditional fiat currency. The introduction of CBDC by banks was done to create a competitive environment for bitcoin adoption that is already winning over. If banks introduce the CBDC and its centralised which I know it is already, if had already violate the rule of decentralisation, so it becomes like the traditional currency again. Bitcoin cannot replace banks and banks are their biggest competitor which bitcoin never aimed at that. Bitcoin has provided a lot of anonymity, security and self custody for users, so that is what the traditional banks cannot beat and will fight it till the end.

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.

This is just perfect, they both have their purposes and anyone that wish to go for any will look into what they’re after and what they want that to solve for them at that moment. It is very important to not add hatred to any thy you might dislike, they both serve their purposes and your niche will determine the one to use at that time or the one you want to continue using. Having two options is great because Satoshi never created bitcoin to competitive or replace banks but to serve as an alternative to it.

[giammangiato]

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 that at first banks and bitcoins can coexist, then little by little people might ask themselves why pay a bank when I can keep my bitcoins myself? That will happen little by little afterwards, a gradual abandonment of banks in favor of self-custody. Clearly, many years if not decades will pass after the mass adoption of bitcoin.

[doc]

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 that at first banks and bitcoins can coexist, then little by little people might ask themselves why pay a bank when I can keep my bitcoins myself? That will happen little by little afterwards, a gradual abandonment of banks in favor of self-custody. Clearly, many years if not decades will pass after the mass adoption of bitcoin.

I don't think central banks will be abandoned because after all we still need banks for daily transactions. Maybe in the future when crypto dominates, banks will be left behind, but that will take a long time, because not all governments can accept bitcoin as a payment method.

[de_prof]

I don't think central banks will be abandoned because after all we still need banks for daily transactions. Maybe in the future when crypto dominates, banks will be left behind, but that will take a long time, because not all governments can accept bitcoin as a payment method.

I think it could happen, bitcoin is a threat to central banks. This happens if central banks do not implement crypto technology. We see that the government has also started to adopt blockchain technology by creating digital currency. So I think the government has actually thought about this, but I don't know the government that prohibits bitcoin in their country, are they afraid?

[Aanuoluwatofunmi]

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...

The intention of bitcoin creation was not to disrupt the existence of fiat currencies or the central banks and the government, instead, bitcoin was created just to serve as an available and decentralized alternative for the people to use instead of the traditional fiat currencies, it was the presence of bitcoin and the unique roles it's playing in the economy and financial support driven to every users who adopt for it's uses and needed the change regarding the way governments handles the financial regulations and system entirely.

[Hamza2424]

Haha, power is always superior to money, i know many people dont buy such comments but in my view, modern financial structure is also a new game for us and you never know the real agenda behind the new regulatory era. TBH Bitcoin s Bitcoin and central banks are central banks, nothing is gonna completely wiped out as far as there's the need of them.

i can put some more words this topic is super recurrent, so i think my words would be same as others.

[0t3p0t]

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 that at first banks and bitcoins can coexist, then little by little people might ask themselves why pay a bank when I can keep my bitcoins myself? That will happen little by little afterwards, a gradual abandonment of banks in favor of self-custody. Clearly, many years if not decades will pass after the mass adoption of bitcoin.

True and that is very possible anf take note that change is the only constant so meaning we change maybe because of experiences and it could also be that some might find potential in Bitcoin compared to the traditional banking system.

[|MINER|]

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...

It has the chance of replace of the traditional banking system. Because if we look back to the history then we will seen that the days gone and the system of these ecomic exchanges make changes on it self now world is already in digital phase, And the days it's going it is also looking forward to the decentralized eco system and I think in the future era the Bitcoin will replace the traditional banking system.

[Z-tight]

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...

BTC is decentralized, but it was never created to become the major currency in the world, neither can the BTC network overtake the banks. BTC was created to be an alternative, an alternative for people who don't want to be censored, BTC is censorship resistant and permissionless, so it is an alternative for people who are interested in its use cases.

[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...

BTC is decentralized, but it was never created to become the major currency in the world, neither can the BTC network overtake the banks. BTC was created to be an alternative, an alternative for people who don't want to be censored, BTC is censorship resistant and permissionless, so it is an alternative for people who are interested in its use cases.

In some cases, BTC itself cannot be better than a bank... however, the mechanism brought by Bitcoin should be used as a benchmark for whether Bitcoin really intervenes in banks.... indeed, banks will never be decentralized, but there are several mechanisms of cryptocurrency that are finally adopted by banks, thus giving birth to CBDC....

BTC will indeed not be able to outperform banks, but the system in BTC can change bank behavior to the point of having a significant influence on the banking system... this is what I mean by the presence of BTC being able to take over several functions of banks and force banks to change their systems a little.

[rizqillah]

In some cases, BTC itself cannot be better than a bank... however, the mechanism brought by Bitcoin should be used as a benchmark for whether Bitcoin really intervenes in banks.... indeed, banks will never be decentralized, but there are several mechanisms of cryptocurrency that are finally adopted by banks, thus giving birth to CBDC....

BTC will indeed not be able to outperform banks, but the system in BTC can change bank behavior to the point of having a significant influence on the banking system... this is what I mean by the presence of BTC being able to take over several functions of banks and force banks to change their systems a little.

For now, decentralized bitcoin is not a threat to banks, but it is possible that it could happen in the future. CBDC is proof that banks have started to adopt crypto technology, we will likely see many more coins like CBDC. The government actually understands that crypto is a modern technology that they must adopt, maybe they are still doing research.

[bitterguy28]

The government actually understands that crypto is a modern technology that they must adopt, maybe they are still doing research.

i am sure that the government knows what is crypto, what it does do, and what it can do which is why a lot of governments are scared of potentially what it can mean to their citizens’ privacy and anonymity

some governments though rely to support crypto and take advantage of what it can bring to the table however governments supporting crypto does not take out the centralization out of it which is why people still do not fully trust cbdc for example

[Z-tight]

In some cases, BTC itself cannot be better than a bank... however, the mechanism brought by Bitcoin should be used as a benchmark for whether Bitcoin really intervenes in banks.... indeed, banks will never be decentralized, but there are several mechanisms of cryptocurrency that are finally adopted by banks, thus giving birth to CBDC....

What mechanisms are you talking about bro, it is true that different governments want to launch their own digital currency soon, but that is not changing anything about the banking system. Cbdc's would simply be fiat currencies, but in a digital form, which is even worse than paper money, because it is anti-privacy and pro-surveillance and will give the authorities more ease in tracking people's finances. You are i can sure agree that it has no similarity with BTC, eh?

[ZAINmalik75]

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...

Bitcoin can only replace banks if it becomes independent of them but current developments are not making Bitcoin independent of banks instead they are integrating banks with BTC and other crypto currencies like the news of Safepal wallet integrated with Swiss bank. This development is good for the industry but it has made people more dependent on the banks.

Taking this example in mind we can understand that the banks will do everything to make us dependent on them. They will give us loans with lesser interest, they will give us insurance, they will give us other subsidies, etc. But BTC cannot replace banks in the next 50 years even because we are so dependent on banks.