Topic: Betting on bitcoin against Central Bank Digital Currencies - page 3. (Read 678 times)

As a payment system, CBDC will gain more adoption compared to a decentralized system which is bitcoin, digital or paper money, still bitcoin will always lag behind as digital currencies made by government will always gain the trust of the people even though we may say that the government might not be able to run our economy effectively.


I don't think so because in order for bitcoin to gain adoption, we need the government to regulate it, it doesn't matter if they are different (centralized vs decentralized) as in the end, no such thing exist in this world especially about finances that are exempted from regulation.

It's not a debate, CBDC changes nothing. It's still state-issued money that was made to maintain the status-quo.

Bitcoin is the separation of money and state, and your back-up/fall back once the state loses control of the economic and monetary system.

Yea, I probably picked the wrong word; I just used "perma-bull" as it was the closest I could think of at the top of my head. What I was describing was people who look at everything as "this is good for Bitcoin", being blinded by the disadvantages of Bitcoin(and the advantages of the alternatives) because of their biases.

these two are not contradictory ideas. you can be well aware of both pros and cons of bitcoin and still be a perma-bull on it. it is all the characteristics of bitcoin that are overwhelmingly better than anything else and shadow any disadvantages that it may have which is why it has such massive potential and keep making it rise in the long term.

Judging with the current state of our society, most people prefer to use Central Bank Digital Currencies since they know it well and have been using it for a long time. But this doesn't mean their mind won't change for the better. if they only knew how using BTC can protect their privacy in the long run, everyone would even just try to use it. but the only disadvantage of using BTC is the slow and some unfixed transaction fees which make the ordinary people lose their patience when using it and probably won't last the day of using BTC as a means of payment.

It's true that Bitcoin has an advantage on these categories, but let's not forget that a centralized digital currency also has it's advantages that are definitely going to be necessary for A LOT of people. Some being:

1. Reversible transactions(both an advantage and and disadvantage)
2. Not needing to backup any private keys
3. Non-volatile(this is a temporary problem for bitcoin, but yea)

etc. Basically, a centralized digital currency is going to be far more idiot-proof compared to Bitcoin.

While I'm personally bullish on Bitcoin, I think it's healthy to look at the disadvantage as well, and not be a perma-bull.

Before you bet, let's look back at why are you (we) here in crypto market?

Some facts about bitcoin and Central Bank Digital Currencies (CBDC):

Decentralization:
- Bitcoin: Yes; CBDC: No

Limited and fixed total supply:
- Bitcoin: Yes; CBDC: No.

A public and transparent plan of currency issue:
- Bitcoin: Yes: CBDC: No.

More but with three facts, I choose Bitcoin and sure I will bet in Bitcoin.

Wait a minute, I didn't know this is a gambling discussion. I thought this is a discussion comparing the pros and cons of Bitcoin and CBDCs and how both would fare in the long run. The excerpt you quoted doesn't seem to suggest that the word bet in the title is literally referring to a wager as in gambling.

I'd say the article is very poorly written, a total garbage in other words.

I am seeing the same, we can bet on bitcoin but it doesn't mean that it will replace the fiat system, the benefit on betting on bitcoin is not actually as a payment system but the value of money since according to its movement, by demand the value rises which is not a guarantee for fiat system as they can continuously print money.


I guess there are people who would understand how important bitcoin is and how it is so valuable in the future.
Slowly, the corrupt government practices will be revealed and if we don't see it coming, we will suffer its effect, so as early as now, I guess we should start considering to safeguard our money making bitcoin as the best option.

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. 

There is no need to betting bitcoin and central banks digital currencies. To be sincerely truthful, bitcoin usage is excellently becoming popular in the global ecosystem and so the other is decreasing slowly just as Western Union money transfer system is experiencing, bitcoin faster transaction beats it on a higher ground level. Could still remember when e-mail stopped the usage of post office, this in turn could possibly happen between bitcoin and Central banks digital currencies in the future.

While there's an evident increase in the number of people who are currently using Bitcoin, I doubt the number of purists and decentralized supporters is that large. Even I, as much as I love Bitcoin, have some alts I am still holding onto and sometimes use centralized services - which means I am basically not a purist either.

But even if everyone was non-purist, the main problem is that the mass would accept anything as long as it makes their lives more convenient. It's very easy to bait the mass by launching a CBDC with a "universal basic income"-like programme. The main requirement? Adopting the CBDC. The past 7 months have showed me the fact that, once people get the opportunity to stay home and get money doing nothing, it gets hard to go back to the less convenient life.

On the other hand, I am quite sure Bitcoin will continue to be supported by a significant and increasing amount of people and, although we'll have stupid laws and regulations, we'd still have the possibility to do stuff peer-to-peer as it was originally intended. There'll be people who are using Bitcoin the "regular" way (as in the worst way which can easily be analyzed) and others who'll go off the grid and will probably be targeted by authorities. I'll happily and proudly be part of the latter.

If I was to imagine the future, here's how I see it: Bitcoin becomes "inferior" (as in market cap, volume, tx fees and speed etc) to CBDCs while also becoming the preferred choice for those who seek more financial freedom. There'll probably be a time when the crypto markets will be heavily disrupted by CBDCs as they'll probably make a lot of traders confused the same way OP seems to be: do we choose CBDCs or BTC?

So I came across with this topic "Bitcoin or Central Bank Digital Currencies: Which is the Better Bet?" and I find it very interesting  as we have been taking about how banks will struggle due to continues printing of money especially to bail out the pandemic.


source : https://www.bitcoingg.com/news/bitcoin-or-central-bank-digital-currencies-which-is-the-better-bet/


So what do you think, is it right to start betting bitcoin now?