Can Bitcoin threaten the existence of Central Banks?

[Asiska02]

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.

Banks cannot be override or taken out of the way for bitcoin to excel only in the financial system. Bitcoin was never meant to replace bank but to serve as alternatives to bank. The many features of bitcoin makes a more efficient option to banks and has gain global recognition and use from inception. Banks still has their advantage over bitcoin in the points you’ve just mentioned, but that does not mean we will do away with any one of them at anytime now, they both have their individual strengths and advantages over each other. It is what you value more and need that will determine which of them to go for at that time.

[nakmantu99]

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.

Yes, CBDC has been launched in several big countries such as China, US, UK, Canada and other big countries, Bitcoin technology has been adopted into CBDC. I think governments and banks have started to adopt crypto technology and in the future we will see many digital coins made by governments and banks.

[philipma1957]

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?

Plenty of ways to not use a bank yet use btc.

I sold lots of gear for btc and I sold over 325 oz of silver on bitcointalk this year. One sale was doge the other two were btc.

I doubt btc can replace banks because it runs out of coins down the road. I AM  yet to see a long term solution for btc to work as p2p for centuries

[Themepen]

Banks cannot be override or taken out of the way for bitcoin to excel only in the financial system. Bitcoin was never meant to replace bank but to serve as alternatives to bank. The many features of bitcoin makes a more efficient option to banks and has gain global recognition and use from inception. Banks still has their advantage over bitcoin in the points you’ve just mentioned, but that does not mean we will do away with any one of them at anytime now, they both have their individual strengths and advantages over each other. It is what you value more and need that will determine which of them to go for at that time.

Yes that is right Bitcoin was created to work alongside banks not replace them. It has special features that make it good choice for certain financial tasks. Many people around world use and recognize Bitcoin which shows its value. Banks are still better in some areas like following rules and being widely accepted. But Bitcoin has its own strengths like being independent secure and easy to access.

We should not compare banks and Bitcoin if one is better and other is not. Instead of this we should see good things about both and let them exist together. Each one can serve different purpose. Use bank or Bitcoin depends on you what you need and prefer. By seeing value in both we can create financial system that offers more choices and is fairer for everyone.

[philipma1957]

Banks cannot be override or taken out of the way for bitcoin to excel only in the financial system. Bitcoin was never meant to replace bank but to serve as alternatives to bank. The many features of bitcoin makes a more efficient option to banks and has gain global recognition and use from inception. Banks still has their advantage over bitcoin in the points you’ve just mentioned, but that does not mean we will do away with any one of them at anytime now, they both have their individual strengths and advantages over each other. It is what you value more and need that will determine which of them to go for at that time.

Yes that is right Bitcoin was created to work alongside banks not replace them. It has special features that make it good choice for certain financial tasks. Many people around world use and recognize Bitcoin which shows its value. Banks are still better in some areas like following rules and being widely accepted. But Bitcoin has its own strengths like being independent secure and easy to access.

We should not compare banks and Bitcoin if one is better and other is not. Instead of this we should see good things about both and let them exist together. Each one can serve different purpose. Use bank or Bitcoin depends on you what you need and prefer. By seeing value in both we can create financial system that offers more choices and is fairer for everyone.

Yep. I use Doge and Ltc and BTC For payments and wealth storage.

I also use credit cards and PayPal and Zelle from my bank. I even use checks but very rarely. Maybe 10 a year.

I am leasing a car today. I will pay most of the lease upfront with a check. Finance it with Hyundai and use a direct pay from my bank to pay the lease.

[taufik123]

Yep. I use Doge and Ltc and BTC For payments and wealth storage.

I also use credit cards and PayPal and Zelle from my bank. I even use checks but very rarely. Maybe 10 a year.

I am leasing a car today. I will pay most of the lease upfront with a check. Finance it with Hyundai and use a direct pay from my bank to pay the lease.

So no one threatens anyone, Bitcoin remains decentralized and can be used for payments and wealth storage for long-term investments and the central bank stays with the system and remains the main payment for your rent payments and other payments.

Everything goes according to their respective rules and systems, Bitcoin will not threaten the existence of a central bank and even Bitcoin becomes a more transparent alternative payment option and becomes a decentralized long-term investment.

[Crypto Library]

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 bring the freedom to the financial system and the main goal of the Satoshi Nakamoto is this. And day by the it also spreading in the world.  But there is a large area what are out of the range of internet and where no internet access they could familiar with the digital currencies i.e. the cryptocurrencies.

But if we look back to the past history then we will see there are lots of changes of ours financial eco system so in this regard I want to say that may we can see the bitcoin usage in a large scale but Banking system will stay in the world.

[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 bring the freedom to the financial system and the main goal of the Satoshi Nakamoto is this. And day by the it also spreading in the world.  But there is a large area what are out of the range of internet and where no internet access they could familiar with the digital currencies i.e. the cryptocurrencies.

But if we look back to the past history then we will see there are lots of changes of ours financial eco system so in this regard I want to say that may we can see the bitcoin usage in a large scale but Banking system will stay in the world.

The banking system will still exist in this world, because not everyone knows and invests in bitcoin. Bitcoin offers financial freedom, this is what worries the government. but I believe in the future banks and bitcoin will coexist and complement each other.

[Dr.Bitcoin_Strange]

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 bring the freedom to the financial system and the main goal of the Satoshi Nakamoto is this. And day by the it also spreading in the world.  But there is a large area what are out of the range of internet and where no internet access they could familiar with the digital currencies i.e. the cryptocurrencies.

But if we look back to the past history then we will see there are lots of changes of ours financial eco system so in this regard I want to say that may we can see the bitcoin usage in a large scale but Banking system will stay in the world.

The banking system will still exist in this world, because not everyone knows and invests in bitcoin. Bitcoin offers financial freedom, this is what worries the government. but I believe in the future banks and bitcoin will coexist and complement each other.

Yeah you are right there are people who still don't know about Bitcoin and if you tell them Bitcoin is the best place to keep there life savings they will never believe because they will feel there money will be stolen, a man told me since he don't know the owner of Bitcoin and since the creator has disappeared is not something to put your money into and since they don't have any office like banks do one can't trust Bitcoin he also said when you have any issue about missing money in your account you can run to bank office anywhere in the country and the issue we be resolved but in Bitcoin who will one run to and which office will one go to, he also told me about his friends who has invested in some coins that lost there Money even when i told him those were shitcoins he didn't listen to me because he believed all are all the same, shitcoins has caused a lot of damage to Bitcoin people who has lost money in shitcoins feel even Bitcoin is a shitcoins and should not be taken seriously and that is a big problem for Bitcoin and that is why Bitcoin can never take over Banks.

We all know Bitcoin is volatile in nature you can save $1,000000 in Bitcoin and a month later you are seeing $900,000 this always scare people away but they forget a dip in Bitcoin is part of it's growth and that it is certain that Bitcoin will still rise again and that 1 million dollars can turn to 2 million dollars in a year or two.
A time will come when banks and Bitcoin will work together and one can convert Bitcoin to cash in Banks.

[Crypto Library]

The banking system will still exist in this world, because not everyone knows and invests in bitcoin. Bitcoin offers financial freedom, this is what worries the government. but I believe in the future banks and bitcoin will coexist and complement each other.

Actually, the banking system will exist as bad people have existed since the beginning of the world. I don't mean that banks are those bad peoples example.
The thing is I mean that some time we can't remove of the existence of a things what we want not to be exist and banks are the those facts we can't remove from our society or from world because even bitcoin is popular have decentralized ecosystem but it has volatile market price and that is not perfect for everyone to use in personal life because some time they can fall into a big problem while bitcoin market dump.

[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...

Bitcoin bring the freedom to the financial system and the main goal of the Satoshi Nakamoto is this. And day by the it also spreading in the world.  But there is a large area what are out of the range of internet and where no internet access they could familiar with the digital currencies i.e. the cryptocurrencies.

But if we look back to the past history then we will see there are lots of changes of ours financial eco system so in this regard I want to say that may we can see the bitcoin usage in a large scale but Banking system will stay in the world.

The banking system will still exist in this world, because not everyone knows and invests in bitcoin. Bitcoin offers financial freedom, this is what worries the government. but I believe in the future banks and bitcoin will coexist and complement each other.

Yeah you are right there are people who still don't know about Bitcoin and if you tell them Bitcoin is the best place to keep there life savings they will never believe because they will feel there money will be stolen, a man told me since he don't know the owner of Bitcoin and since the creator has disappeared is not something to put your money into and since they don't have any office like banks do one can't trust Bitcoin he also said when you have any issue about missing money in your account you can run to bank office anywhere in the country and the issue we be resolved but in Bitcoin who will one run to and which office will one go to, he also told me about his friends who has invested in some coins that lost there Money even when i told him those were shitcoins he didn't listen to me because he believed all are all the same, shitcoins has caused a lot of damage to Bitcoin people who has lost money in shitcoins feel even Bitcoin is a shitcoins and should not be taken seriously and that is a big problem for Bitcoin and that is why Bitcoin can never take over Banks.

We all know Bitcoin is volatile in nature you can save $1,000,000 in Bitcoin and a month later you are seeing $900,000 this always scare people away but they forget a dip in Bitcoin is part of it's growth and that it is certain that Bitcoin will still rise again and that 1 million dollars can turn to 2 million dollars in a year or two.
A time will come when banks and Bitcoin will work together and one can convert Bitcoin to cash in Banks.

BTC and banks already work together. In the USA
 Wells Fargo works with coinbase
PayPal works with syncronitcy bank and coinbase.
and Citibank works with Coinbase.

Banks are not going anywhere but they have been improved due to BTC. As Zelle now works in the USA and allows instant cash sends bank to bank

[Stompix]

BTC and banks already work together. In the USA
 Wells Fargo works with coinbase
PayPal works with syncronitcy bank and coinbase.
and Citibank works with Coinbase.

They don't work together, Banks work with other services that provide services to customers owning Bitcoin.
By the same analogy, Well Frago works with euros or Mastercard works with Coca-cola because you can buy an of juice with a card.

Bitcoin is a tool, everyone can use it as they see fit, that's the beauty of it, but a tool doesn't decide a thing, it can't act on its own and it can react to something, that's why no matter what a cryptocurrency will never be able to replace a central bank since it's not a sentient or run by a sentient being. Gold has not replaced central banks, quite the opposite, nor will Bitcoin.

[JISAN]

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...

Bitcoin is an investment asset so nobody will ever use Bitcoin as fiat money because its price is unstable. But since Bitcoin is a very profitable investment asset. So the bank's funding may decrease as people invest heavily in it. So this could be a problem due to the rise in popularity of Bitcoin

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...

Banks will always be banks, banks will never be replaced with Bitcoin. Because, Bitcoin is a completely decentralized currency and its control is always with each holder. so it has no chance of being replaced with banking. However, its massive amount of publicity can increase people's investment in Bitcoin. Like investing in assets like gold or land

[Pastaral]

I think Bitcoin is not a threat to central banks. However, many believe that the Bitcoin market is still small and underutilized.  So it cannot have a major impact on central banks.  However, some banks and government agencies are trying to take advantage of blockchain technology.

[Parzival204]

in my opinion BTC has the potential to become a rival to conventional banks now. considering that the structure presented by crypto is broader and safer than conventional banks. so it is not surprising that people are starting to invest in crypto because there have been no incidents of BTC being hacked unlike conventional banks which are often hacked by people. And even though the price is still unstable now, because it hasn't been completely legalized yet, I'm sure, in the future it will replace conventional banks if it is completely legalized, right?