Betting on bitcoin against Central Bank Digital Currencies

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: Wawa2013 on September 22, 2020, 03:20:06 PM

Due to the lack of education about Bitcoin, surely more people will listen to the government and choose to accept CBDC than Bitcoin.
Something like that will happen, because the fact that supporting Bitcoin will always be a minority. But the crypto community will
without a doubt be betting on Bitcoin directly instead of CBDC. Because Bitcoin is decentralized which makes it different from fiat,
but the fact is that few people really understand about decentralization. So in the end even though the crypto community supports
and like Bitcoin, but many people will still use CBDC.

This is not really a problem don’t you think? I know that some people have the dream of bitcoin replacing fiat currencies but I do not think this is possible at all since governments are always going to try to force us to use their currency as this gives them power.

But as long as bitcoin exists we can use it to our benefit, whether we do this by investing in it and watch our investment grow while the rest have to accept the lose of purchasing value of their fiat money or whether we use it as a store of value bitcoin will always have a market as long as people like us that understand the economy exists and that is all what we need.

Debonaire217

sr. member

Activity: 644

Merit: 364

In Code We Trust

Quote from: int03h on September 23, 2020, 04:04:00 AM

National currencies are always manipulated by the government and keep them at a stable exchange rate within the allowable level. Central bank cryptocurrencies may not be an exception.
We all know Bitcoin is mined, has a limited supply, and is decentralized.
Central bank cryptocurrencies are a question mark.
We do not understand it, its supply, and its rate.
Bitcoin grows for a long time and it will continue to rise.

It depends, because most of the time, cryptocurrencies are transparent and if central bank would like to create their own crypto for example, a stable coin of their fiat which uses smartcontract on the ethereum blockchain, it could still be verified and checked. once it was deployed on the blockchain, there will be no changes made to the stable coin unless, the bank will interfere to kind of fork it to produce another currency.

Other factor subjected to manipulation of central bank is the way how they will issue it. Such as implementation of stricter KYC procedures and taxation.

int03h

full member

Activity: 532

Merit: 104

National currencies are always manipulated by the government and keep them at a stable exchange rate within the allowable level. Central bank cryptocurrencies may not be an exception.
We all know Bitcoin is mined, has a limited supply, and is decentralized.
Central bank cryptocurrencies are a question mark.
We do not understand it, its supply, and its rate.
Bitcoin grows for a long time and it will continue to rise.

Wawa2013

sr. member

Activity: 1666

Merit: 268

Due to the lack of education about Bitcoin, surely more people will listen to the government and choose to accept CBDC than Bitcoin.
Something like that will happen, because the fact that supporting Bitcoin will always be a minority. But the crypto community will
without a doubt be betting on Bitcoin directly instead of CBDC. Because Bitcoin is decentralized which makes it different from fiat,
but the fact is that few people really understand about decentralization. So in the end even though the crypto community supports
and like Bitcoin, but many people will still use CBDC.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: Wexnident on September 20, 2020, 07:41:19 PM

Let's be real, most improvements in terms of financial management or in other words, money, was in terms of making it EASIER for most, if not all people. We all started with bartering stuff, trading item x for item y in the past, but not all items could be valued properly, so coins were made. From there, countless changes were made to arrive at what we call fiat right now. The decentralized system is actually the same as what we have now, BUT, it makes us move more specifically. Unlike in fiat/centralized systems, the difference is for centralized, it's like asking for someone to walk to a place for you, while decentralized is asking for YOU yourself to walk to said place.

I like Bitcoin and all, yes, but let's be real. The entire world liking Bitcoin, sure possible, but using it? I doubt it. There are a lot of benefits that people see in fiat or in the future CBDC, and I doubt Bitcoin being decentralized is enough of a factor to actually influence that, most especially since a lot of people don't really know the value of decentralization, or even if they did, they don't really care since they want easier lives.

You make some good points but even if people cannot see the value of decentralization right now that does not mean they are not going to see it in the future, how could this happen? With a global currency crisis of course.

Since bitcoin exists some countries have already experimented problems with their fiat currencies and for the most part we see the people use the dollar as a refuge against the high inflation they experiment but we have also seen some people using bitcoin to achieve the same effect, once a currency crisis happens that is global in scale people will have to look for alternatives and gold will be one of those but bitcoin will be one of them as well and that is when people will understand the value of decentralization for a currency.

Wexnident

hero member

Activity: 2702

Merit: 672

I don't request loans~

Let's be real, most improvements in terms of financial management or in other words, money, was in terms of making it EASIER for most, if not all people. We all started with bartering stuff, trading item x for item y in the past, but not all items could be valued properly, so coins were made. From there, countless changes were made to arrive at what we call fiat right now. The decentralized system is actually the same as what we have now, BUT, it makes us move more specifically. Unlike in fiat/centralized systems, the difference is for centralized, it's like asking for someone to walk to a place for you, while decentralized is asking for YOU yourself to walk to said place.

I like Bitcoin and all, yes, but let's be real. The entire world liking Bitcoin, sure possible, but using it? I doubt it. There are a lot of benefits that people see in fiat or in the future CBDC, and I doubt Bitcoin being decentralized is enough of a factor to actually influence that, most especially since a lot of people don't really know the value of decentralization, or even if they did, they don't really care since they want easier lives.

Sadlife

sr. member

Activity: 1400

Merit: 269

I'd rather go with Bitcoin, im sure many people here in the community would say the same. We all know that stimulating the economy through massive quantitative easing doesn't do any good for the poor sector, it only benefits the rich and billionaires. Also, liquid injection does more harm than good. Let's take for example Venezuela, and how many printing destroyed their fiat value.

desticy

sr. member

Activity: 1512

Merit: 292

www.cd3d.app

We win anyway. Digital currencies are expanding and this is the main thing. But the most interesting thing is that for holders of fiat funds there is an easy and simple opportunity to purchase bitcoin.
Of course, it is difficult now to judge how simple this opportunity will be, but nevertheless it will be a new round in the circulation of bitcoin and fiat funds.

DatKing

member

Activity: 1022

Merit: 10

I would bet on Bitcoin against fiat money. Because fiat money is under control of governments and it can be easily manipulated. Bitcoin is not like that. Bitcoin is not bound to anywhere. No government has the power to manipulate it. In the long run, Bitcoin can be better choice I think.

goldade

full member

Activity: 896

Merit: 104

The Standard Protocol - Solving Inflation

Even if the government did create a digital currency to substitute for paper money, it still would have the regulations currently regulating fiat currency, would still have the characteristics of fiat currency. It is noteworthy to know that bitcoin was made to do away with sith all these.
Bitcoin, as a currency, was made to not be controlled by the government. It was also made for transparency in financial transactions. This is what makes Bitcoin unique and special.
So Yes, I'd place my bet on Bitcoin one million times

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: Killrbit on September 13, 2020, 06:42:08 AM

Quote from: wxa7115 on September 12, 2020, 12:40:17 PM

True, but how many people are going to be able to see through the attempts of governments to deceive them? Governments are seeing that this market is not going to disappear and that they do not have the weapons to destroy it, so they are doing the next best thing which is to try to subvert it, they are going to release their own coins so they can deceive people to adopt them and think that they have a new form of money that is better than their fiat.

But the truth is that those coins are going to be even worse than their fiat, a centralized cryptocurrency is the opposite of what Satoshi Nakamoto was trying to achieve and instead of bringing us freedom it will give total power to governments.

Yes using a CBDC just seems like a horrible option and will only allow states to monitor your activities more efficiently and this is completely contrary to why most people use Bitcoin today . You are better off using plain cash.

That being said i still feel that if a State forces their CBDC down the throats of people either through incentives ( airdropped money/ state subsidies etc) or threats ( would depend on the country as to what method is used) a lot of people will just end up giving in and using the CBDC.

You are not wrong, I really believe that people will adopt those centralized cryptocurrencies however as long as those currencies have the same weaknesses as their fiat counterparts then bitcoin will continue to be an alternative for people like us and for people that open their eyes and finally realize the system they are part only benefits those at the top.

So when an economic crisis caused by the weakness of fiat emerges it will take those centralized cryptocurrencies with them leaving the field wide open for bitcoin to be widely adopted, but even if that happens it will not be the end of the story as most likely governments will tolerate this for a few years and then they will try to impose their will on the people once again.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

I don't quite understand the point these central banks are trying to make. We already have digital versions of fiat currency, such as PayPal and Payza. What makes these payment methods any different from the proposed central bank digital currencies? Fiat currencies already exist in the digital form and we don't need additional variations from the central banks.

ILuckyGuyI

hero member

Activity: 2030

Merit: 402

I would rather bet on Bitcoin against a cryptocurrency that is controlled by governments. One of the most important features that Bitcoin users like is the decentralized nature of it. People also like that Bitcoin is transparent. Because people would prefer seeing what is really going on behind the scenes.

Killrbit

member

Activity: 224

Merit: 31

Quote from: wxa7115 on September 12, 2020, 12:40:17 PM

Quote from: ?? on ??

I would say Bitcoin is the better bet here, especially for the long-term. Unlike BTC, central bank digital currencies can easily be artificially be devalued by powers with ulterior motives. It makes better sense to invest in decentralized currencies like BTC.

True, but how many people are going to be able to see through the attempts of governments to deceive them? Governments are seeing that this market is not going to disappear and that they do not have the weapons to destroy it, so they are doing the next best thing which is to try to subvert it, they are going to release their own coins so they can deceive people to adopt them and think that they have a new form of money that is better than their fiat.

But the truth is that those coins are going to be even worse than their fiat, a centralized cryptocurrency is the opposite of what Satoshi Nakamoto was trying to achieve and instead of bringing us freedom it will give total power to governments.

Yes using a CBDC just seems like a horrible option and will only allow states to monitor your activities more efficiently and this is completely contrary to why most people use Bitcoin today . You are better off using plain cash.

That being said i still feel that if a State forces their CBDC down the throats of people either through incentives ( airdropped money/ state subsidies etc) or threats ( would depend on the country as to what method is used) a lot of people will just end up giving in and using the CBDC.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: ?? on ??

I would say Bitcoin is the better bet here, especially for the long-term. Unlike BTC, central bank digital currencies can easily be artificially be devalued by powers with ulterior motives. It makes better sense to invest in decentralized currencies like BTC.

True, but how many people are going to be able to see through the attempts of governments to deceive them? Governments are seeing that this market is not going to disappear and that they do not have the weapons to destroy it, so they are doing the next best thing which is to try to subvert it, they are going to release their own coins so they can deceive people to adopt them and think that they have a new form of money that is better than their fiat.

But the truth is that those coins are going to be even worse than their fiat, a centralized cryptocurrency is the opposite of what Satoshi Nakamoto was trying to achieve and instead of bringing us freedom it will give total power to governments.

Killrbit

member

Activity: 224

Merit: 31

Quote from: Darker45 on September 06, 2020, 08:51:05 PM

To be honest, I'm afraid the average person might just use what the government officially issues. And whether or not governments would fully do away with bills and coins, the replacement is actually no better. Digital fiat currencies make monitoring of transactions easier on the part of the authorities.

But if only the average Joe is concerned even a little bit of his privacy and freedom. If he is at least moderately critical of how the financial system is being ran on the basis of a handful of people's faulty decisions, he might be very grateful Bitcoin is an open option.

yes i think for the average guy if given the choice between using a govt backed CBDC as opposed to Bitcoin most people will simply use the CBDC. The fact is that most people really don't care all that much about their digital privacy ( case in point the the whole PRISIM situation which most people seem to have forgotten about andhas been largely swept under the rug) and will always pick the option that their local and central governments tell them to use. The fact that you would most likely be able to make and receive official payments ( taxes, state subsidies/ benefits etc.) in the CBDC rather than Bitcoin will IMO play a large part in its adoption.

Bitcoin of course will still be used by most people who do value their privacy, but i think it will take a very large failure on the part of the state for the average guy to truly understand the benefits provided by Bitcoin.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Wexnident on September 09, 2020, 05:56:08 AM

I'm more favored to the implementation of CBDC in the long run BUT that doesn't mean that I'm against BTC growing in the long term. More people would probably rather experience less hassle and fewer problems when concerning finance, and asking for a central body to do everything for you seems like a chance they can't pass out on. The problem here is about privacy, but if most payments were made were only related to, for example, paying bills, taxes, etc., then CBDC is still the best bet. You can then use BTC whenever you want to as a free option. It's like both currencies being used interchangeably, but without any issue or problem with them coexisting together, which is probably wishful thinking in my part.

We may talk trash all we want about how CBDC makes our privacy non-existent, but it is an issue of advantages and disadvantages as most have said, with CBDC mainly being used for security reasons. Not that I'm saying people use BTC to do bad stuff all the time, but it isn't an issue that we can avoid and it can completely happen.

OK, but what would be the difference? What's the point of CBDC? Convience? We already have debit cards, and money-apps. Central Bank issued currencies ARE digital.

Wexnident

hero member

Activity: 2702

Merit: 672

I don't request loans~

I'm more favored to the implementation of CBDC in the long run BUT that doesn't mean that I'm against BTC growing in the long term. More people would probably rather experience less hassle and fewer problems when concerning finance, and asking for a central body to do everything for you seems like a chance they can't pass out on. The problem here is about privacy, but if most payments were made were only related to, for example, paying bills, taxes, etc., then CBDC is still the best bet. You can then use BTC whenever you want to as a free option. It's like both currencies being used interchangeably, but without any issue or problem with them coexisting together, which is probably wishful thinking in my part.

We may talk trash all we want about how CBDC makes our privacy non-existent, but it is an issue of advantages and disadvantages as most have said, with CBDC mainly being used for security reasons. Not that I'm saying people use BTC to do bad stuff all the time, but it isn't an issue that we can avoid and it can completely happen.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: BitcoinPanther on September 07, 2020, 10:07:45 AM

Quote from: Wind_FURY on September 07, 2020, 06:35:04 AM

You don't think so? Can the government print more of Bitcoin's supply at will like they do with fiat? Can the government stop my transaction? Can the government take my coins from me?

They can't print more BTC but they can create another cryptocurrency according to their likings.

That was the point, they can create CBDCs, but it wouldn't be having the hard-money properties of Bitcoin, and it would be under centralized control. What would be the point of it?

Quote from: Wind_FURY on September 07, 2020, 06:35:04 AM

Plus I'm not talking about adoption, that will come in the right time, with or without regulation. It can't stopped.

I definitely agree on this part but without regulation, it will take more time to be adopted. And when it is adopted, government will find ways to regulate it.

Regulation is not equal to adoption. It can't be censored, it can't be taken from you, and it can't be controlled by the government.

Topic: Betting on bitcoin against Central Bank Digital Currencies (Read 651 times)