Central bank digital currency will improve the use cases and value of Bitcoin - page 2.

Dragonfund

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Quote from: Xinarae* on August 09, 2021, 10:45:46 AM

The central bank's digital currency will improve the use of bitcoin increase the demand for cryptocurrencies and introduce bitcoin to people everywhere such as fiat currency with the crypto market comes the development of the financial sector for the benefit of digital currency. There has been a visible improvement in the of the bank. Entrepreneurs have also decentralized the financial sector, the most vivid example of which is bitcoin People will transact directly with the central bank.

It will create another fomo on its launch as people their may confuse it that central banks are now into bitcoin and they will all rush into it as usual with free money.
I must confess, banks are actually trying as they are working every day, it helps me too but as long bitcoin was never in control of any one in government power, they will never accept bitcoin been recognized.
Banks is an old system that government is still trying to make everlasting freedom of money.

justdimin

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Quote from: oHnK on August 09, 2021, 09:22:39 AM

When the CBDC that is regulated by the government is no different from fiat, which continues to be haunted by monetary policies that burden the people, Crypto, especially BTC, will be considered more valuable in the eyes of the public. Isn't everyone now fed up with the centralized market while we already know crypto apart from it all. Now what matters is whether you trust the government or the market more? If you believe the market can bring a better economy, then crypto will be sexier than CBDC

I know that it is not really "that" different from fiat but it is a bit different, in the sense that the tech behind it is a bit different and that matters a lot. This is basically a way to tell the world that governments are making their own crypto now, I know it may not be exactly like a crypto currency but it is a good marketing plot for us that we can use to improve crypto.

Plus in the situation, where CDBC actually gets listed on places like Binance and all, that would mean that exchanging will be easier. Why in the world anyone would ever want to hold USDT? It is just a fiat pegged stablecurrency that is 100% useless if you could actually hold dollars like that, it makes zero sense to own USDT when you can own USD, so if the American government creates their own stablecoin, that means we already have a huge demand for it proven by USDT in these past few years.

Charles-Tim

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Quote from: Sterbens on August 09, 2021, 01:29:35 PM

Because CBDC is indeed controlled by the government, it is impossible for us to make something more valuable, because its value depends on the exchange rate depending on the fiat of each country. The price will be relatively stable.

The worst thing about us is to be misleading ourselves, Fiat is not stable, I do not know why even cryptocurrencies pegged with Fiat should be called stable coins. As of today, there is no stable coin. Fiats are totally subjected to central control which are the governments, the governments do no two things to Fiat than to depreciate the price as always, this is even worse in developing and underdeveloped countries.

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Quote from: oHnK on August 09, 2021, 09:22:39 AM

When the CBDC that is regulated by the government is no different from fiat, which continues to be haunted by monetary policies that burden the people, Crypto, especially BTC, will be considered more valuable in the eyes of the public. Isn't everyone now fed up with the centralized market while we already know crypto apart from it all. Now what matters is whether you trust the government or the market more? If you believe the market can bring a better economy, then crypto will be sexier than CBDC

Because CBDC is indeed controlled by the government, it is impossible for us to make something more valuable, because its value depends on the exchange rate depending on the fiat of each country. The price will be relatively stable. Of course crypto can already be an option in improving our economy in terms of exchange.

fiulpro

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Quote from: Liamttw on July 22, 2021, 11:11:40 PM

The high degree of centralization and traceability of digital currency will strengthen the ability of the state or regulatory agencies to grasp the data and information of the people, both subjectively and objectively. Human greed and government mismanagement have destroyed monetary policy without exception. CBDC is the same as all other types of fiat currencies, because people will get into trouble because of inflation and heavy currency control.
Bitcoin frees people from monetary policy. The central bank cannot put the cryptocurrency sprites back in the bottle, The power of the market in a more open currency selection system will mean that cryptocurrencies are expected to play an important role in forcing these politicized central institutions to better manage their people’s funds. CBDC may also be an opportunity for Bitcoin to help increase scalability and liquidity, it will make Bitcoin more priceless.

I do think this is not only important right now but also a necessity. Are the end of the day there are going to be technological advancements and those advancements might need a slight push and I do believe that cryptocurrencies are the ones doing that right now. Are the end of the day the only way it would work is if the government decides to integrate themselves with it.
-Also at the time of an economic crisis or collapse people can very easily use these to get out of bad situations.
The central bank might try and fight back as much as they want but I do think now they all understand that they do need crypto friendly economy.

Xinarae*

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The central bank's digital currency will improve the use of bitcoin increase the demand for cryptocurrencies and introduce bitcoin to people everywhere such as fiat currency with the crypto market comes the development of the financial sector for the benefit of digital currency. There has been a visible improvement in the of the bank. Entrepreneurs have also decentralized the financial sector, the most vivid example of which is bitcoin People will transact directly with the central bank.

Charles-Tim

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Quote from: oHnK on August 09, 2021, 09:22:39 AM

When the CBDC that is regulated by the government is no different from fiat, which continues to be haunted by monetary policies that burden the people, Crypto, especially BTC, will be considered more valuable in the eyes of the public.

Decentralized currencies will surely be considered best, but you know how people can be very foolish, why will people not trading leaving funds on centralized exchanges, so I will not go more deeper into this until many CBDCs have been created. But, the wise ones in the public will go for decentralized currencies like Bitcoin because CBDC are just like Fiat just like you implied, pegged with Fiat which is subjected to central devaluating control which is done by the government.

Quote from: oHnK on August 09, 2021, 09:22:39 AM

If you believe the market can bring a better economy, then crypto will be sexier than CBDC

What I will just have to comment about this is that we can not do without the two, decentralized currencies are deflationary, appropriative and act as speculative asset and store of value, for anyone that wants to make passive income, he/she can buy Bitcoin. Fiat and CBDC will remain, because if there is not inferior, there will be no superior. I like how I use Bitcoin as store of value while Fiat for spending.

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Quote from: Kiley33 on July 22, 2021, 11:17:22 PM

The problem is that your ordinary citizens do not know the difference between the two. If CBDC is "government supported," then it must be legal, right? Educating the public in some way about actual value support seems to be the only way to ensure that CBDC has nowhere to go.

Also, if you interact with CBDC in any way, the CBDC issuer can actually develop a full financial online profile of yours. They might be developing very sophisticated interfaces for CBDCs and cryptocurrencies such that they ultimately get to know exactly who you are and what you are up to. The herds will fall for it I guess.

oHnK

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Quote from: davis196 on August 09, 2021, 02:05:04 AM

Quote from: Liamttw on July 22, 2021, 11:11:40 PM

The high degree of centralization and traceability of digital currency will strengthen the ability of the state or regulatory agencies to grasp the data and information of the people, both subjectively and objectively. Human greed and government mismanagement have destroyed monetary policy without exception. CBDC is the same as all other types of fiat currencies, because people will get into trouble because of inflation and heavy currency control.
Bitcoin frees people from monetary policy. The central bank cannot put the cryptocurrency sprites back in the bottle, The power of the market in a more open currency selection system will mean that cryptocurrencies are expected to play an important role in forcing these politicized central institutions to better manage their people’s funds. CBDC may also be an opportunity for Bitcoin to help increase scalability and liquidity, it will make Bitcoin more priceless.

Bitcoin frees people from monetary policy,but Bitcoin also puts the people in a volatile free market,where the risk of them losing their funds is pretty big.The market isn't perfect,that's why we need efficient governments.
How the hell can CBDCs help Bitcoin increase scalability and liquidity?Can you elaborate more?
Do you mean that CBDCs will turn more people towards Bitcoin and make BTC more popular and in demand?
Increased demand and popularity have nothing to do with the scalability of Bitcoin.
I get your point,but I have to disagree with your theory.
Nobody knows whether or not CBDCs will be better than the current financial system.They might be worse than fiat money.

When the CBDC that is regulated by the government is no different from fiat, which continues to be haunted by monetary policies that burden the people, Crypto, especially BTC, will be considered more valuable in the eyes of the public. Isn't everyone now fed up with the centralized market while we already know crypto apart from it all. Now what matters is whether you trust the government or the market more? If you believe the market can bring a better economy, then crypto will be sexier than CBDC

davis196

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Quote from: Liamttw on July 22, 2021, 11:11:40 PM

The high degree of centralization and traceability of digital currency will strengthen the ability of the state or regulatory agencies to grasp the data and information of the people, both subjectively and objectively. Human greed and government mismanagement have destroyed monetary policy without exception. CBDC is the same as all other types of fiat currencies, because people will get into trouble because of inflation and heavy currency control.
Bitcoin frees people from monetary policy. The central bank cannot put the cryptocurrency sprites back in the bottle, The power of the market in a more open currency selection system will mean that cryptocurrencies are expected to play an important role in forcing these politicized central institutions to better manage their people’s funds. CBDC may also be an opportunity for Bitcoin to help increase scalability and liquidity, it will make Bitcoin more priceless.

Bitcoin frees people from monetary policy,but Bitcoin also puts the people in a volatile free market,where the risk of them losing their funds is pretty big.The market isn't perfect,that's why we need efficient governments.
How the hell can CBDCs help Bitcoin increase scalability and liquidity?Can you elaborate more?
Do you mean that CBDCs will turn more people towards Bitcoin and make BTC more popular and in demand?
Increased demand and popularity have nothing to do with the scalability of Bitcoin.
I get your point,but I have to disagree with your theory.
Nobody knows whether or not CBDCs will be better than the current financial system.They might be worse than fiat money.

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Bitcoin is becoming more and more popular. The digital transformation of payment systems and the market's demand for stablecoins are prompting countries to explore central bank digital currencies.
If digital currencies gain attention, they may actually increase the value of Bitcoin and other digital currencies. Moreover, with the implementation of digital currencies controlled by the central bank, cryptocurrencies will be known to more people and their usage rate will continue to increase, which will have a positive impact on the crypto market.

Silberman

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Quote from: hatshepsut93 on July 25, 2021, 11:12:48 AM

The first big assumption is that CBDCs will succeed and become competitive with banks. I wouldn't be so sure about that. You are also assuming that people will be unhappy with privacy invasion and giving more power to government, but recent history shows that people generally don't care about it. When Bitcoin was released, a lot of people expected that people quickly flock to it, now that they have an option to use money without government control, but now 12 years after, the adoption is still very low.

As sad as it sounds people do not care about their privacy and if anything they are willing to give it away for the latest app that allows them to upload every single aspect of their lives to the Internet, quite honestly I do not know how exactly things got to this point, but it does not matter this is the way things are and if given the choice of a currency that gives them privacy and the possibility to get great profits and another one that takes away all their privacy and makes them to lose money people will choose the latter before the former even if this does not make a lot of sense.

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CBDC is basically just fiat in a blockchain format and that is why there is not really that much attention towards it, and that is why governments haven't created a proper one just yet because it was never seen as something that will be loved by anyone, so why create something that will not be liked by anyone?

This is why I honestly believe that there is a good chance we could probably not see any CBDC grow big, or even happen for a long time, governments realize that people do not like them it is not a secret, every single government realizes that they are hated by many people, even if they are elected because some people voted for them, on top of all the people who didn't vote for them, there are also some who disliked them but still voted because they hated the other guy more.

You think Biden is loved by everyone who voted for him? Not really, many people who voted for Biden dislikes him, but they hated Trump so much that they would be willing to vote for Devil himself over trump hence why they voted for Biden. So governments realize this hatred and they know CBDC will not be used publicly too much and hence why they are not putting too much thinking on it just yet.

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you are trying too hard in my opinion. central banks and their digital centralized currencies will never do anything to help bitcoin. in fact it may even be the exact opposite meaning banks may start putting restrictions when people want to dump their bank money to get bitcoin.

hatshepsut93

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The first big assumption is that CBDCs will succeed and become competitive with banks. I wouldn't be so sure about that. You are also assuming that people will be unhappy with privacy invasion and giving more power to government, but recent history shows that people generally don't care about it. When Bitcoin was released, a lot of people expected that people quickly flock to it, now that they have an option to use money without government control, but now 12 years after, the adoption is still very low.

blockman

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I've never thought of this, since there will be use case for most CBDCs that will be made. I've forgotten that they're still bind to the value of fiat which is still lessening in buying power due to the inflation. And in that manner, there's no difference of it in fiat as people will still find a way in defeating inflation and one of the solution and resort that they'll find is through bitcoin. That's a good thinking that it's gonna be making bitcoin at still the same rate of adoption and demand whether there will be CBDCs or none.

Silberman

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Quote from: Kiley33 on July 22, 2021, 11:17:22 PM

The problem is that your ordinary citizens do not know the difference between the two. If CBDC is "government supported," then it must be legal, right? Educating the public in some way about actual value support seems to be the only way to ensure that CBDC has nowhere to go.

Most people are not used to think on their own, they are sheep and they believe whatever they are told and this means that the majority are going to still look at bitcoin with suspicious eyes and are going to prefer whatever has the stamp of approval of the governments, the only way this is going to change rapidly and massively is if there is an economic crisis so acute that people do not have any option left but to challenge their own beliefs, and even if we know it is coming no one really knows when it is going to happen.

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Quote from: Kong Hey Pakboy on July 23, 2021, 01:11:33 AM

I don't know about that part because I feel like if CBDC becomes a thing in a country, it becomes a catalyst for governments to ban other cryptocurrencies because they think that cryptocurrencies threaten their project so they try to eliminate competition like what China did.

Yes, precisely this. If governments want people to use the the CBDC, then decentralized crypto is a competitor and a threat to it. It's therefore more likely to be outlawed than to "prove the case for bitcoin" and if you thin that people are going to continue to just use it anyway when it's outlawed, just look at how hard that argument is failing in China. Being outlawed won't completely eliminate it, but it's certainly not going to be a robust ecosystem or a safe place to put your assets.

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Quote from: Kiley33 on July 22, 2021, 11:17:22 PM

The problem is that your ordinary citizens do not know the difference between the two. If CBDC is "government supported," then it must be legal, right? Educating the public in some way about actual value support seems to be the only way to ensure that CBDC has nowhere to go.

CBDC is the responsibility of the central bank. The government will determine which goods and services are legal. It will be programmed to enable users to purchase from a list of legal goods and services, but it will also be programmed to deny users the purchase of illegal goods and services. So I posted this post and hope it can affect some people who have misunderstandings.

oHnK

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Quote from: Liamttw on July 22, 2021, 11:11:40 PM

The high degree of centralization and traceability of digital currency will strengthen the ability of the state or regulatory agencies to grasp the data and information of the people, both subjectively and objectively. Human greed and government mismanagement have destroyed monetary policy without exception. CBDC is the same as all other types of fiat currencies, because people will get into trouble because of inflation and heavy currency control.
Bitcoin frees people from monetary policy. The central bank cannot put the cryptocurrency sprites back in the bottle, The power of the market in a more open currency selection system will mean that cryptocurrencies are expected to play an important role in forcing these politicized central institutions to better manage their people’s funds. CBDC may also be an opportunity for Bitcoin to help increase scalability and liquidity, it will make Bitcoin more priceless.

I dont think that CBDC and crypto can be together in supporting. Because when we talk about the government, they have their own egoist in regulatory. Crypto is always considered as an obstacle for them, because crypto is the real different currency that desentralized and cant be monitored by the government. This is why I said crypto and CBDC cant support each other.

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