Can Bitcoin threaten the existence of Central Banks?

[satpol_PP]

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.

For now, banks still play an important role in our lives and are needed by many people. As you said, banks provide loans, insurance, etc. so at this time bitcoin cannot replace banks. it still takes a long time to integrate bank functions into crypto and people are also more familiar with fiat from banks than bitcoin.

[Wiwo]

First thing first, you must know that bitcoin is not design to replace the financial system like the bank, but to provide an alternative avenue to our financial need.

While banks are third party financial system, bitcoin on the other hand is known to you being your own bank, so the two are totally different from each other.

[dekafee79]

First thing first, you must know that bitcoin is not design to replace the financial system like the bank, but to provide an alternative avenue to our financial need.

While banks are third party financial system, bitcoin on the other hand is known to you being your own bank, so the two are totally different from each other.

Bitcoin offers financial freedom because it is decentralized, while banks always have government intervention in them. Right now I don't think bitcoin will replace banks, but we don't know what will happen in the future. This could happen when people already know a lot about crypto and it becomes more popular, they are more comfortable using crypto than banks, it could be that banks will be replaced

[Z-tight]

For now, banks still play an important role in our lives and are needed by many people. As you said, banks provide loans, insurance, etc. so at this time bitcoin cannot replace banks. it still takes a long time to integrate bank functions into crypto and people are also more familiar with fiat from banks than bitcoin.

The BTC network is never going to function like the traditional banking system, as long as it continues to be decentralized. BTC was not created to replace the banks, it cannot do that, BTC is an alternative and the both system have what they offer.

I have BTC's in my self custodial wallet and i also have fiat in my bank account, i use the two systems, and it is the same for 99.9% of bitcoiners.

[rizqillah]

For now, banks still play an important role in our lives and are needed by many people. As you said, banks provide loans, insurance, etc. so at this time bitcoin cannot replace banks. it still takes a long time to integrate bank functions into crypto and people are also more familiar with fiat from banks than bitcoin.

The BTC network is never going to function like the traditional banking system, as long as it continues to be decentralized. BTC was not created to replace the banks, it cannot do that, BTC is an alternative and the both system have what they offer.

I have BTC's in my self custodial wallet and i also have fiat in my bank account, i use the two systems, and it is the same for 99.9% of bitcoiners.

Currently, Bitcoin cannot replace banks, because the government still likes centralization. While we know Bitcoin is decentralized. We can have both to store our assets, because as long as Bitcoin can be used for payment methods because it is not permitted by the government, we still need fiat.

[Gurujebs]

Currently, Bitcoin cannot replace banks, because the government still likes centralization. While we know Bitcoin is decentralized. We can have both to store our assets, because as long as Bitcoin can be used for payment methods because it is not permitted by the government, we still need fiat.

Bitcoin should be comparable to Gold which traditional market consider the best asset, Bitcoin and banks comparison is only asset transfer, there is nothing comparable with bank and Bitcoin after that. It can't replace the work bank has establish but it can beat any hedge fund and any investment that has existed years before now. Bitcoin is decentralized, censorship resistance and many more while banks are complete opposite of what Bitcoin believes in.

[Z-tight]

Bitcoin should be comparable to Gold which traditional market consider the best asset,

And this comparison has been on for sometime, i always recommend that people should buy the two assets if they can. However, if they must buy only one of them, then it would depend on what they want, if they don't mind volatility and are ready to be patient in waiting for profit, then they should buy BTC, but if they want an asset that is stable, though the returns are not so big, then gold is for them.

[dekafee79]

Bitcoin should be comparable to Gold which traditional market consider the best asset,

And this comparison has been on for sometime, i always recommend that people should buy the two assets if they can. However, if they must buy only one of them, then it would depend on what they want, if they don't mind volatility and are ready to be patient in waiting for profit, then they should buy BTC, but if they want an asset that is stable, though the returns are not so big, then gold is for them.

Honestly, I prefer bitcoin for investment than gold. I don't have a large capital so I don't buy both but choose one that I think is more profitable and bitcoin is my choice. I never thought bitcoin would be a competitor to gold in the future, but I believe it will happen.

[Hisbullah]

Bitcoin should be comparable to Gold which traditional market consider the best asset,

And this comparison has been on for sometime, i always recommend that people should buy the two assets if they can. However, if they must buy only one of them, then it would depend on what they want, if they don't mind volatility and are ready to be patient in waiting for profit, then they should buy BTC, but if they want an asset that is stable, though the returns are not so big, then gold is for them.

Honestly, I prefer bitcoin for investment than gold. I don't have a large capital so I don't buy both but choose one that I think is more profitable and bitcoin is my choice. I never thought bitcoin would be a competitor to gold in the future, but I believe it will happen.

Gold is an old investment that is very much liked by the older generation, it is very difficult to change the older generation to accept bitcoin because they already have high confidence in gold. I invest in both, even though I am not a person who has a lot of capital but I try to invest for my future and my family.

[philipma1957]

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...

no they won't replace banks.  btc can't do the volume banks can do.  but crypto likely has forced banks to do better money transfers.

take zelle in the usa.  it is bank to bank it is free and it is under 1 minute time. I firmly believe btc and other coins pushed zelle into existence to let banks compete.

yeah it is inside USA not world wide but it is a big improvement for the USA banks.

[libert19]

You want to look at usability aspect first before talking about other positives of Bitcoin.

At the moment, if you want to spend BTC, you have to go through banks, so you can't even spend it independently without going through banks then how can you say it can threaten the existence of banks?

[Vision pro]

I think Bitcoin will really threaten the banks at some point because slowly but surely people are moving towards Bitcoin and towards banks but people are slowly leaving the banks for the hassle.  And the rush to Bitcoin. Bitcoin presents a significant challenge to central banks and has had an impact on the monetary policy landscape, but whether it poses a direct threat to their existence is hard to say.  In turn, this has forced central banks to adapt their economic models and adapt to technological change.  In the future, both central banks and cryptocurrencies may coexist, with cryptocurrencies providing an alternative financial system, while central banks maintain their traditional roles.  If this continues, the banks may be out of business.

[KingsDen]

The purpose of creating bitcoin is not for it to battle the bank or undo the banks. Bitcoin is created as an alternative currency to fiat. It is created for decentralization purpose. It gives one freedom to manage their finance but this does not mean that banks are not needed. Bitcoin is not government project and government will therefore not wholy adopt it. Since there will always be a government, bitcoin cannot undo the banks. Do not forget that the bank is the means by which the government enrich themselves by printing more paper called fiat with value. There is no doubt, bitcoin is going to revolutionaries the financial system but it will not eradicate the banks and fiat.

[bayu7adi]

You want to look at usability aspect first before talking about other positives of Bitcoin.

At the moment, if you want to spend BTC, you have to go through banks, so you can't even spend it independently without going through banks then how can you say it can threaten the existence of banks?

Even banks are only used as tools for someone to dance in the cryptocurrency world... after buying Bitcoin, the bank no longer knows the track record of where our money has gone because the bank never has access to the bitcoin blockchain... the bank feels that it controls everything, but in reality it is beyond its ability to monitor its customers' assets...

The gate can never know what the chef is cooking in the kitchen... so the bank is only present at the beginning, not present during the main event related to freedom in the cryptocurrency world.

Some people consider privacy to be more important, and banks are not perfect enough to protect someone's privacy.

[Mia Chloe]

No no no . People are getting the whole concept wrong. Bitcoin won't overcome fiat besides it's a crypto currency more like a break through to the digital banking system yeah it's decentralised but it's obviously wasn't created by SATOSHI to overcome fiat. Bitcoin was created as an alternative for of digital currency that doesn't require and third party like a bank or even the government.
Even as much as we make bitcoin important more and more with it's Value increasing, fiat is still as much important as it will always remain a legal tender. Plus bitcoin itself is priced in fiat too if you come to think of it.