Topic: Can bitcoin compete with CBDC's? - page 3. (Read 337 times)

CBDC do not have backed value.. fiat had its EO 6102 attack decades ago and now banks dont want value store.. thus avoiding such attack ever again
they have utility laws (min wage/taxes/fines/debt) which are not economic number value.. but sentimental "values"(totally different things)

bitcoin does have economic value. and its not as simple as a eo6102 attack to remove it
all that an attacker would be creating is a new separate currency which no one likes(altcoin)
if governments pressured businesses to legal tender then altcoin currency and remove "currency" utility from the standard bitcoin.by those services 
then standard bitcoin no longer defined as a currency..(no government financial  jurisdiction) so it gets its freedom back and is defined again as private property. which governments cant then regulate as a currency because they took themselves out of such

businesses can be merchants instead of exchanges(like pokemon trading auctions)  and still offer swaps. without the regulation hassle of 'currency jurisdiction'

 This question being asked is like giving CBDCs much importance. Bitcoin is an independent decentralized digital token that runs on a principle of transferring of control and without an established value or backing, whilst CBDCs has the backing of central banks!
 Also, since a CBDC is a project of the bank, it's liable to be susceptible to an EO 6102 attack, which makes it less safe compared to Bitcoin that can be stored on a wallet.

You are asking if gold can compete with manure, which is adapted to the Internet age we are in. Either they don't compete because they have nothing to do with each other or if they do compete gold always wins.

I suppose there will be people very enthusiastic about CBDCs, as with everything that comes from the establishment, but people who know they are the same garbage as fiat, or even worse because they allow better government control as mk4 points out, we will be very careful.

Why do you think CBDCs are any different than your typical fiat currency? CBDCs are pretty much just fiat, but worse due to higher surveilance and likely higher governmental control.

Bitcoin = bunker where you store long term savings
Bank with CBDCs = pocket change for fast spendings

Of course, I would tell moonboys to look into proper index funds as well for long term savings and don't go 100% BTC for long term savings. And definitely think twice before thinking about any altcoin as something you would park money long term.

To compete with something you have to be in the same category, it is like asking if a racing car can compete with a swimmer! They just don't work in the same sport. Bitcoin is a decentralized global currency that doesn't need a middle man while CBDC is the same centralized fiat system controlled by the same centralized authorities and suffers from the same problems (and some additional ones since it is CBDC).

In other words Bitcoin will remain the same alternative solution for those who want to reach financial sovereignty and exit the centralized monetary system even if it is a partial exit.

central banks/commercial banks used for decades bridged subnetworks (visa/mastercard) for daily purchases where the base network of the BANKS are for savings/settlements

layer 1              layer 2
wire transfer vs tap&pay
bank account     visa/masterdard

CBDC is going to be no different a blockchain base layer for the central-commercial wires. and a second system for the person to person payments (via the base system in the background settling up those movements)

the difference between crypto and CBDC is  crypto=deflation cbdc = inflation

so think of crypto mainnets as pensions/savings but with more freedom to spend without banking limits and fuss, and where your savings/accumulations do give good returns on the long term(more groceries per $100 initially invested n crypto)... unlike banks where you end up getting to buy less groceries per $100 the longer you save

oh one last thing. bitcoin has many sub networks that offer the niche "fast payment"
but im afraid LN is not a bitcoin only feature and not the solution. its 7 years old and has had multiple "failures to launch"
there are other subnetworks that are under 2 years old that have locked up more liquidity and are doing more.

but bitcoin also needs to scale too as a base layer and not just push people to subnetworks

With the current state of market trust what will incentivize the average person to use bitcoin over a CBDC?

Since banks can control supply they can use inflation and other mechanisms to encourage spending. Bitcoin on the other hand requires additional layers to handle even the current network traffic and lacks incentive for day to day transaction use.