CBDC competing with bitcoin | Bitcointalksearch.org

RewFrew

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Quote from: Y3shot on June 08, 2023, 03:38:12 PM

Having a central bank digital currencies still does not change anything because the system still remains the same, central bank digital currencies (CBDC) is controlled by the government and this same system can be manipulated. Central bank digital currencies is a financial structure that is based on debt.

The new innovation by the government is a way to imitate bitcoin but still not up to the standards of bitcoin which is a decentralised currency. CBDC is nothing different from an online banking, I'm sure the reason for central bank digital currencies is to stop to stop people from adopting bitcoin.
Central Bank digital currencies can never be a limitation to the growth of bitcoin, bitcoin possess that special uniqueness that no currency can be in a competition with. Central Bank digital currencies was made because of hatred to be like bitcoin.

I couldn’t think CBDC competing with Bitcoin. Because Bitcoin is fully decentralised on the other hand CBDC is centralized. Central Bank Digital Currency (CBDC) will be handle by government. CBDC recently Started mining and release a app for mining on the otherside Bitcoin well established and decentralise crypto currency. And bitcoin is father of all cryptocurrency. All cryptocurrency till now defended on Bitcoin. Thousand thousand of exchanger listed Bitcoin. But Central Bank Digital Currency CBDC not listed yet.

Recently CBDC wanted to listing on Ancoin exchanger, but till now they not successful. They are in primary stage. They have to huge straggle for established. They have to pass many critical situation. I think not competing with Bitcoin CBDC neet to follow Bitcoins policy. If they properly follow then day by day CBDC will good currency in future. So i couldn’t think CBDC is not proper project to competing with Bitcoin till now.

DanWalker

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Quote from: TimeTeller on June 09, 2023, 05:58:00 PM

Quote from: BITCOIN4X on June 09, 2023, 04:13:49 PM

I don't think CBDC will be a competitor to bitcoin in real use cases, but the government will work on CBDC to be the first as an alternative solution to fiat. Bitcoin will continue to be used by anyone concerned with privacy and decentralization, so CBDCs may not appeal to most bitcoin users, let alone maximalists.

CBDC is a centralized project initiated by the government. This is one that goes against the idea of bitcoin likely not attracting much interest from users other than just using it for specific purposes. The idea of using it is the same, it is an alternative.

There's no competition on these 2 currencies as they have different nature and use cases.
CBDC is like the digital fiat currency of the government and so it is indeed centralized.
With btc, people have more freedom in utilizing this top coin. They don't need to worry about
the government lurking their activities if they know how to handle their transactions discreetly.
So yes, people will use these 2 currencies, but on different circumstances depending on the situation they are in.

Agreed, there is no competition between these two currencies. If fiat can't be compared and doesn't compete with bitcoin, so is CBDC because CBDC is just a digital version of fiat. In my opinion, the government created CBDC just to control their citizens more tightly instead of using fiat. Because when people switch to CBDC, all data will go to government data centers where it will be easier for them to control us. They will easily control and even take our property if we fight them. And that's something that I don't really support CBDC, but it also seems inevitable, the government will definitely launch it.

wiss19

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A CBDC is nothing more than digital fiat, its value will most probably be pegged to the official currency of a nation and won't be volatile like cryptocurrencies, so there is basically no competition between a CBDC and Bitcoin or any other cryptocurrency since Bitcoin is both decentralized and not pegged to any other currency while a CBDC is more a stable coin and centralized.

This effort of nations to fight against Bitcoin adoption will obviously not work as they want it to, people might use CBDCs only for purposes that they use fiat for like buying groceries or things and any other stuff that they usually do with a bank card or cash, but no one will stop using Bitcoin only because they got access to CBDC.

gunhell16

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if they think that through cbdc they can replace or exceed Bitcoin in my view they are wrong, knowing that they will not be the same because cbdc will only imitate Bitcoin. Then centralized and decentralized are different aspects.

This is probably what the US is bragging about that they also have a digital currency, but whatever the true function of the cbdc is, it has nothing against and is not in the least beautiful of Bitcoin, because Bitcoin is not only an opportunity that is given to people, but it is also an asset, investment, and also has usages to be proud of.

TimeTeller

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Quote from: BITCOIN4X on June 09, 2023, 04:13:49 PM

I don't think CBDC will be a competitor to bitcoin in real use cases, but the government will work on CBDC to be the first as an alternative solution to fiat. Bitcoin will continue to be used by anyone concerned with privacy and decentralization, so CBDCs may not appeal to most bitcoin users, let alone maximalists.

CBDC is a centralized project initiated by the government. This is one that goes against the idea of bitcoin likely not attracting much interest from users other than just using it for specific purposes. The idea of using it is the same, it is an alternative.

There's no competition on these 2 currencies as they have different nature and use cases.
CBDC is like the digital fiat currency of the government and so it is indeed centralized.
With btc, people have more freedom in utilizing this top coin. They don't need to worry about
the government lurking their activities if they know how to handle their transactions discreetly.
So yes, people will use these 2 currencies, but on different circumstances depending on the situation they are in.

nurilham

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Quote from: Y3shot on June 08, 2023, 03:38:12 PM

Having a central bank digital currencies still does not change anything because the system still remains the same, central bank digital currencies (CBDC) is controlled by the government and this same system can be manipulated. Central bank digital currencies is a financial structure that is based on debt.

The new innovation by the government is a way to imitate bitcoin but still not up to the standards of bitcoin which is a decentralised currency. CBDC is nothing different from an online banking, I'm sure the reason for central bank digital currencies is to stop to stop people from adopting bitcoin.
Central Bank digital currencies can never be a limitation to the growth of bitcoin, bitcoin possess that special uniqueness that no currency can be in a competition with. Central Bank digital currencies was made because of hatred to be like bitcoin.

Since CBDC and real banks have no different system, CBDC won't ever imitate Bitcoin. Sure, it is only online banks or digital currency made by the government. The government only made a new way to turn the bank on the digital form, nothing very new or different in this innovation. Because of this, I doubt if it is the way to stop Bitcoin. How can CBDC stop Bitcoin? What CBDC offers to people that may change people's minds to move to CBDC? There is nothing that makes people interested since it is just an online bank. You are too worried if you think CBDC possibly replaces/stops Bitcoin or crypto in the future.

BITCOIN4X

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I don't think CBDC will be a competitor to bitcoin in real use cases, but the government will work on CBDC to be the first as an alternative solution to fiat. Bitcoin will continue to be used by anyone concerned with privacy and decentralization, so CBDCs may not appeal to most bitcoin users, let alone maximalists.

CBDC is a centralized project initiated by the government. This is one that goes against the idea of bitcoin likely not attracting much interest from users other than just using it for specific purposes. The idea of using it is the same, it is an alternative.

ElmedoRator

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Bitcoin and CBDC have different use cases and serve different purposes. The decentralized, censorship-resistant, and permissionless nature of Bitcoin makes it valuable in situations where individuals seek financial autonomy, privacy, and protection from the control of others. government or inflation hedge.
On the other hand, CBDC, which is a government-backed digital currency, can offer benefits such as efficiency in digital payments, the ability to integrate with existing financial systems, and regulatory oversight. They may be better suited for everyday transactions, including purchases at places like Starbucks or other merchants. But bitcoin's decentralized and censorship-resistant nature offers a level of trust and security that some find appealing.

mvdheuvel1983

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Quote from: Y3shot on June 08, 2023, 03:38:12 PM

Central Bank digital currencies can never be a limitation to the growth of bitcoin, bitcoin possess that special uniqueness that no currency can be in a competition with. Central Bank digital currencies was made because of hatred to be like bitcoin.

Bitcoin is unstoppable. If you have to list bitcoin top competitors, the Central Bank digital currencies is not even in the top 10. I feel that the Central Bank digital currencies adjust a waste of resources and time hardly any citizen of any country that has implemented the Central Bank digital currency uses it. Even in most countries where they already have a Central Bank digital currency it is even considered as a project that has failed. This is because it has failed to reach its goal of adoption by the masses.

The CBDC is a spycoin. I used to think that 90% of the public will choose CBDCs out of convenience, trading their most precious resource, their time, for shackles but from my analysis of it's usage, I am wrong. And I like that I was wrong.

Ucy

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Quote from: Y3shot on June 08, 2023, 03:38:12 PM

Having a central bank digital currencies still does not change anything because the system still remains the same, central bank digital currencies (CBDC) is controlled by the government and this same system can be manipulated. Central bank digital currencies is a financial structure that is based on debt.

The new innovation by the government is a way to imitate bitcoin but still not up to the standards of bitcoin which is a decentralised currency. CBDC is nothing different from an online banking, I'm sure the reason for central bank digital currencies is to stop to stop people from adopting bitcoin.
Central Bank digital currencies can never be a limitation to the growth of bitcoin, bitcoin possess that special uniqueness that no currency can be in a competition with. Central Bank digital currencies was made because of hatred to be like bitcoin.

It's actually an attempt to modernize the world's fiat currencies, to make them interoperable and more easy to control by central forces. Don't forget that humans are "evolving" into false version of a spiritual existence on the internet called the Virtual World, by mimicking the interconnectedness of invisible part of humans/natural world... more like how the neurons/nerves are connected together . So they expect the virtual world to be fully built with a centralized currency like the CBDC, false cryptocurrencies and/or other fiats currencies.
They can't compete with True Cryptocurrency like Bitcoin as it's built to be independent of the system and would run on a self-sustaining economic model. Bitcoin model is already unique and attractive to different set of people that are typically opposed to the fiat system. It'll be an effortless seperation between the free and the slave, one joining Bitcoin while the other remaining with the centralized system.
Bitcoin is a voluntary system that is open to anyone and does not seek to capture the world.

superman184

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Quote from: minairia3 on June 09, 2023, 11:41:25 AM

Bitcoin is an asset, an investment, and a currency… while CBDC is just a currency, it is by no means a worthy competitor to bitcoin. What you are worrying about is baseless and pointless. But I don't think the government created CBDC to deal with bitcoin as many people say, they created it to gradually replace Fiat because we are moving towards a digital world. It's just an upgraded version of fiat, nothing more, nothing less.

Just agree with what you said because Bitcoin and CBDC are two different things that are not balanced to be compared even though they are both called digital currencies, but Bitcoin is more unique and better than just CBDC because CBDC is just fiat that is not in physical form course, but in value it will still be the same as fiat in general. So clearly there is no need to compare and there is no need to worry about it because the basis is very different from each of them.

DeathAngel

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CBDC’s can’t compete with bitcoin because they’re a totally different thing. Bitcoin is hard money, it’s designed to be taken into self custody, no middlemen involved, nobody can control your money & what you spend it on except you. CBDC’s are the exact opposite, government spyware, issued & basically controlled by governments & banks. I don’t like the idea of CBDC’s at all but if they come I will use them sparingly, as little as possible. I will not be told limits on what I can buy or what I can buy.

minairia3

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Bitcoin is an asset, an investment, and a currency… while CBDC is just a currency, it is by no means a worthy competitor to bitcoin. What you are worrying about is baseless and pointless. But I don't think the government created CBDC to deal with bitcoin as many people say, they created it to gradually replace Fiat because we are moving towards a digital world. It's just an upgraded version of fiat, nothing more, nothing less.

beerlover

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Quote from: crypticj on June 08, 2023, 11:07:18 PM

No. It's not.

With CBDC government try to create its own stable and says that we don't need Bitcoin now because we have the digital dollar lol. But they are not gonna win because no one cares about CBDC sh*t.

Everyone who knows what crypto is will use usdt or BTC instead of CBDC. This "stable" will be promoted as an alternative of BTC but I don't think it's gonna be really successful.

I agree with you. I do not think that CBDC is there to compete with bitcoin at all, it never was and it never will be. First of all everyone knows that they are building it because they want to replace stablecoins to begin with, and that means bitcoin wasn't even in the discussion for this long, it never was there and will never be.

Secondly I agree that people would prefer stablecoins over CBDC as well but even if some of them doesn't and even if some government loving people end up buying it, that doesn't mean that it would hurt btc or any other stablecoin neither, they will end up being just as good as they are right now. The market is in shambles when stablecoins are prefered over btc, so that will still be a thing in the future as well.

Z390

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CBDC won't add any thing to your hard earned money, and the SEC leader said that we already have digital currency, that's USD, EURO, and China's very own Yuan, I don't think we actually need CBDC either if that's the case.

There is no point trying to use CBDC and please stop comparing to Bitcoin, there is no way anyone in their right mind will invest in something that won't yield anything, CBDC is going to be nothing but Fiat, there is no increase in value.

As for the Binance problem with SEC, if the Binance exchange belongs to the US government all this won't be happening, I think this through a day ago, they want to be in control of everything that yields money, and they are not ready to help their fellow humans.

This is pure wickedness.

Rruchi man

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Quote from: Y3shot on June 08, 2023, 03:38:12 PM

Central Bank digital currencies was made because of hatred to be like bitcoin.

If hatred for bitcoin is the motive, the government and Central Banks are helping without them knowing, to popularize bitcoins further. CBDC's promotion will only result in constant comparison between it and bitcoins, and at all times, the unbiased will acknowledge that bitcoin is better and more beneficial.

CBDC's can deceive those who do not know so much, the people who are not very informed. For the informed like us, who understand why bitcoins were created, we know the purpose and know that CBDC's do not solve the same problems that bitcoin is addressing.

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Quote from: retreat on June 09, 2023, 03:15:53 AM

Totally agree with the points you made. The real point of the government to launch CBDC is because they don't want Bitcoin to beat the popularity of fiat and so they try to copy the Bitcoin system and try to offer it to the public and say that it is better than Bitcoin. When in fact they are afraid that people will trust Bitcoin more and adopt it as their main payment. But no matter how the government gets rid of Bitcoin, it won't be able to hinder the adoption of Bitcoin going forward, it will continue to increase and reach more and more people.

The only people that will be deceived to believe that Bitcoin and CBDC are the same are ignorant people that know little or nothing about the crypto space. The only similarity is that both of them use blockchain technology. But the difference is clear CBDCs are just fiat in the form of cryptocurrency backed by the country's currency. They are controlled by the government so they are not decentralized like Bitcoin. But I think CBDCs might be less risky than keeping money in exchanges. Loss of deposit might be rare while using CBDCs because they are insured by the country's deposit insurance. But many depositors or customers have lost their funds in exchanges because most of them are not protected. But if you care about privacy and safety, embrace Bitcoin in a decentralized manner.

CPNpr

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I like Bitcoin more than CBDC. There are many people like me who value Bitcoin more than CBDC. CBDC and Bitcoin are two separate assets. In this case I don't think there can be any competition between these two different assets. There are two distinct differences between CBDC and Bitcoin in cryptocurrency. But if the government has fully approved the CBDC. Then CBDC users will likely increase. However, Bitcoin competes with CBDC. I think CBDC will fail in that case

SyndicateLabs

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CBDC and bitcoin have obvious differences. Both of these currencies are under consideration and discussion is ongoing about the role they can play in the global economy. CBDC can be used to enhance the transparency, safety and efficiency of the financial system, while bitcoin and decentralized digital currencies have other advantages such as price retention and honesty. The shutdown of Central Bank digital currencies for reasons of bitcoin termination is incorrect. CBDC are being developed to meet the needs of the market and they have no direct connection to bitcoin. The research and development of digital currencies from institutions such as CBDC can play an important role in enhancing the diversity of the financial system and supporting the development of digital currencies. of the global economy.

Y3shot

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Quote from: romero121 on June 08, 2023, 07:41:53 PM

CBDC were just another way of having control over the funds of the people. This doesn't make any impact upon bitcoin, because people who have understood well about the difference between cryptocurrency and the CBDC will never switches. The development were much focused on keeping the cryptocurrency users directed towards CBDC as they weren't able to ban or restrict the usage of bitcoin.

People who haven't got used to cryptocurrencies and prefer to be with the government's guidance will prefer CBDC. Even those people will find this innovation unwanted if they use bitcoin once.

People who are already into bitcoin will not even have interest about the CBDC because they already know the system and all it is all about, but the CBDC is going to brainwash people who are just coming up not to have anything with Bitcoin.

yes sure the CBDC can never match the standard of Bitcoin but the purpose of it is to just brainwashed people not to have any interest in Bitcoin.

Quote from: crypticj on June 08, 2023, 11:07:18 PM

No. It's not.

With CBDC government try to create its own stable and says that we don't need Bitcoin now because we have the digital dollar lol. But they are not gonna win because no one cares about CBDC sh*t.

Everyone who knows what crypto is will use usdt or BTC instead of CBDC. This "stable" will be promoted as an alternative of BTC but I don't think it's gonna be really successful.

I don't think people will even have interest to make use of it because Fiat will always be fiat, there is nothing new about it, there is nothing valuable about it that will interest people to see reason why they needed it.

Topic: CBDC competing with bitcoin (Read 299 times)