Topic: Cbdc are cryptocurrency it just they don't tell you that (Read 138 times)

I really hope nations don’t start ushering in CBDC’s. They will say it’s about moving into the 21st century, creating a new financial system but it’s the same tired, old fiat scam that we already know. The only reason tgey want to bring in a CBDC & get rid of cash is because they want to control us & every aspect of our lives. Resist, buy Bitcoin & be your own bank.

Whether CBDCs are cryptocurrencies depends on which features one views as crucial for them: if it's just about a digital form of money that uses cryptography, then they are cryptos, but if decentralization is essential, then they are not.
People in less democratic countries can also use cryptos as long as they have Internet connection, as governments can't otherwise make using cryptos impossible. But I agree that it can be easier in some countries and more difficult in others.

How the hell did you understand that sentence enough to form a response to it?  I don't even understand what OP is trying to get across other than some CBDC blah blah blah.

The only thing I understand is that governments around the world (with the US being the one I'm most concerned about) have the tools to destroy privacy, have the desire to do so, and are primarily interested in monitoring citizens' usage of money.  The trend now is toward cashless societies and there's very little resistance from the average person.  No doubt a lot of central banks and/or the politicians of the countries those banks operate in want their fiat currency to be primarily digital--and on a blockchain, ideally, where there's a permanent record of all transactions.

That's the long and short of it, so what's the question again?

I think that anything that uses the technology of Blockchain can be considered to as a crypto because blockchain is the main system of crypto and without it, they are nothing but an ordinary fiat or an asset. USA are like China sometimes that are too sensitive in some matters. This is not the first time they have an issue with crypto but they already have others before like mining and the legalization of cryptocurrencies but luckily some are not processed.

We need to calm down and pray that nothing bad will happen to the CBDC, if we are an avid user of it. The concept of CBDC is like a fiat currency and they didn't say that it offers decentralization, so what do you expect about them? I mean anything from government cannot ensure our privacy. So, I believe that we need to use CBDC like paypal money or fiat on internet and nothing else.

All the above, when I first heard about CBDC, I did not remember that government will implement on blockchain technology. I mean I thought they will release like web version of existing fiats with significant differences like non-withdrawable/non-convertible into physical cash; so that they can trace the entire flow of money. But, if they go for blockchain then I guess CBDC will be convertible to cash as well. It may help us to protect our privacy somehow.

I recently read information that in the United States, congressmen have filed a bill to suspend the development of CBDCs precisely because CBDCs will infringe on the rights of Americans to confidentiality and privacy. Even from this it can be understood that CBDC is far from being a cryptocurrency in the classical sense of the word, and even more so, there is no trace of decentralization. CBDC is a digital fiat using blockchain that is tightly controlled by the government. Different states have different approaches to the functional features of CBDC, while adding or reducing the degree of its confidentiality for citizens. But anyway, they cannot be considered cryptocurrency.

Presidency is not one person but we have a president ofcourse who is the chief of arm forces of the country but he doesn't just have the final says in everything this is why he has advisors across all affairs of the government, he can't do everything without the advice of his cabinet because he can't do everything and possibly knows everything that is happening in the country and I'm not sure he will want to sack his just like that, he must listen to others sometimes that's why the called it presidency.

I'm not sure about CBDC in other counties current stand but my country wasted her tax payers money to build the E-Naira, made people to sign and access some few people to use it but the hype died down along the line and it's now abandoned and forgoten. Even the banks tried to force the integration on users mobile bank app but nobody use it and CBDC here now seems like a failure.

The concept of a central bank digital currency (CBDC) is completely different from the concept of cryptocurrencies. While CBDC is centralized and does not have any privacy, cryptocurrencies are quite the opposite, as they are decentralized and give a great deal of privacy.

Therefore, it is not surprising that all governments have turned to CBDC because it is compatible with the nature of governments, unlike cryptocurrencies, which are not suitable for governments at all.

In fact, CBDC is much worse than Fiat and has dangerous features that governments can use against some citizens, such as completely blocking their funds or preventing them from conducting financial transactions to satisfy them completely.

Regarding freedom for crypto enthusiast that uses CBDC's? I think it's the other way around. There will be no freedom here if we uses it, why? Because government can track everything if you uses CBDC so I will have to disagree with the OP on how he defined it. Although it will make transactions very easier as we will be cashless, but still the main purpose of crypto or at least one of it's basic tenant is that we can use it anonymously. But with CBDC's it can be used as a tool by the government to see where you are spending and where you are going if you uses it. Sort of a prying eyes for them and we don't like it at all.

cbdc is not a cryptocurrency. just because it uses blockchain, it doesn't mean that it is a cryptocurrency in general as we know it today, because cbdc is fiat but in digital form, even though it uses blockchain technology, it just makes it seem sophisticated and safe for all users, but essentially it is fiat. that's why it's important to differentiate cbdc and cryptocurrency, because basically these two things are different, starting from systems, architecture, and several other things, even though their use tends to be the same for transactions.

Well, I guess we can treat cryptocurrencies as the younger CBDC because after all they will all be connected to the main chain where everything is under surveillance. They will see everything related to our wallets and exchanges are open databases where all our information is just a click to reveal. It's a fast development though and I hope we can find a way to stop crypto and CBDC from being connected to a chain where everything will be visible.

CBDCs can be a cryptocurrency and can surely use a blockchain architecture. But in reality, it will take away all benefits a cryptocurrency usually provides.

You can't mine CBDC, you can't hide behind a transaction hash, you can't hide your wealth from the central bank. Whatever privacy these paper notes provide, CBDC will take it all away!

So I really don't care whether CBDCs are cryptocurrency or not! It's being built to take away all your financial freedom.

Government-issued CBDCs are centralized, controlled, and potentially lethal. It contradicts crypto. Real crypto, like Bitcoin, Ethereum, or Ripple, decentralizes power. This financial revolution allows you to bypass the system. CBDCs may increase control, surveillance, and financial restriction.

I'm not suggesting CBDCs are terrible, but we need to comprehend them, especially if we respect individual liberty. Tthe West values freedom, and CBDCs could return to economic control. Like giving the government access to your bank account, they can view everything, freeze your funds, and pick who you can transact with.

Consider politics too. Some leaders have rallied support with crypto promises of financial emancipation. In authoritarian nations like China, CBDCs may be another way to monitor citizens. It would violate Western capitalist values like free markets and privacy. This is about the future of our financial system and the world we want--not just technology. Do we want a decentralized, democratic system or complete government control over our money? The true question.

A president with full decision-making authority only happens in countries with one party and one regime such as communist countries like China. The United States is a multiparty country and the president is the final decision maker in signing and promulgating new laws and regulations. But he does not have full authority to make all decisions without the consent of both houses as well as the National Assembly.

Unlike communist countries, in capitalist countries, presidents sometimes have to listen to the opinion of the crowd, they do not arbitrarily make the opposite decision because they will lose their own credibility. Like what is happening now, if Biden continues to oppose cryptocurrency and veto the FIT 21 bill, he will lose the majority of voters who support him and Trump will prevail. I think the Biden administration will not let that happen when the race to the White House is very close.

I don't think this works exactly like that. I'm not a great connoisseur of the electoral system in the country, but afaik depending on the results of the elections a President can see his proposals cancelled if he doesn't have the required support in the Congress. So I agree with Davidvictorson.

When you state that a president can do anything he wants, what do you base your claim on, peter0425?

what I see in most of this regions that buy into the idea of accepting CBDC while rejecting crypto is that they are just a combination of clueless leaders that don't know that CBDC is just same as crypto and that the difference is possibly in the regulations that's available for CBDC while crypto is void of government regulations.

They always want to be in charge of the general control of the way citizens lives and handles his financial life and anything that's not giving them such privilege is termed an enemy to the government.  The Nigeria scenario is one that's even funny cause you can't really tell why the government seems to be fighting against individuals that are involved in crypto when they are obviously not doing any mining activity that could be a disaster to the environment.

CBDCs make use of blockchain technology that is not like bitcoin blockchain which is transparent and that its code is available to the public. The government are not calling CBDCs as cryptocurrencies and we should not argue with them because CBDCs are still digital fiat and nothing more than that. No privacy and no freedom because the government are still in control. If you need full control of you money, the best way to go is to buy coins like bitcoin that is decentralized unlike the completely centralized fiat.

A president can do anything he wants. Yes there are a lot of other people under him that might be against the adoption of bitcoin but as president he can easily remove those people and appoint those who will side with him. And it wouldn’t be hard to find people on his side because people would want to be on the good side of the president for their own benefit.

It’s just a matter of will he really be pushing crypto imto his platform?

Nigeria should be added here also. We are under a very oppressive regime. They hate cryptocurrency and have very strict regulations against it. Despite launching here own CBDC in on 25 October 2021 called the eNaira, the citizens do not use it because we do not trust the government. How can we when all they do is try to cripple the freedom of the younger tech savvy generations with an outright ban on crypto transactions and with a penalty to freeze the account of anyone caught transacting bitcoin. They is also jail time for the person.
 
This would have been the case in my country if crypto were allowed but it is not so. For Trump, I am of the belief that even though he supports cryptocurrency it doesn't mean that he can stop any regulation on it. He is not the only one who makes a decision. It has got to pass through congress and the other regulatory bodies.

I long to enjoy this freedom too. One day in the future, my country will change its stance.

The name central Bank digital currencies are the name for those whos is not in crypto.
They not gona tell they use well known crypto names like eth xrp ....then everybody will go and buy but that's not how the capitalism works.
The whole idea will be tokenize world and put on blockchain so the crypto people will get most benefits.
Off course countries like china where people are under strict rules and goverment is hard there could be some unknown blockchain used and in many other emerging market countries but USA UK Europe it will be capitalism rule and capitalism don't need power so much just money.
The CBDC Are the cryptocurrcny just for the most part of the world for freedom people specially in western countries.
Also cryptocurrency is now good way for political people like trump to get votes they see what people want it's freedom so whoever allowing more freedom in use of crypto will win the votes.
But yes also there is a lot multichains Even it's some unlnlwn or not well known blockchain it will be connected main chains anyways the main point are you have access easy or hard to main cryptocurrency or you don't have access at all it depends what country you live in but the core centeal blockchains will be the well known blockchains eth btc xrp and xlm and others.
Usa uk Europe will be fine and will be allowing most freedom another countries well there might be a lot rules and not so much privacy