Central bank digital currency will improve the use cases and value of Bitcoin - page 3.

Sterbens

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I don't think so given what happened when China announced that they are creating a Digital Yuan, they then banned mining in their country and that means that this could happen to any country that will develop their own CBDC.

It is possible that the state's way of getting rid of crypto will be increasingly visible, so we can't be calm because the government issues digital money, as if it will initially support it and then it will backfire. Either the policy will be a strong driver of economic growth, or on the contrary, if the country's openness to its deals attracts crypto as opposed to digital money, which only transfers data.

avikz

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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.

Possibly! Because with the implementation of Central bank controlled digital currencies, the finances of every citizen will become an open book to the government. Every single transaction can and will be monitored. So the usage of privacy cryptocurrencies will increase. Not necessarily bitcoin but it could be any currency where people can effectively escape the government surveillance. I presume that cryptos like Monero will become more popular than what it is today. But that will bestow a positive impact on the crypto market which could trigger a bull run due to increased adoption. But we have a long way to go before that!

suzanne5223

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If the government creating the CBDC by following the path led by Bitcoin, I don't see any way CBDC will cause inflation.
It will be nice if the CBDC will improve the use cases along with the value of Bitcoin but I think it is too early to make any conclusion about it because the government is never in support of Bitcoin decentralization in the first place.
Let's just hope other countries that will create CBDC won't follow the footstep of the Chinese government to hype their CBDC.

NeuroticFish

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Quote from: amishmanish on July 23, 2021, 07:29:16 AM

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.

It shouldn't matter as long as we understand the difference.

Sooner or later news will start flowing about money automatically seized from criminals' wallets, then about money seized from correct citizens by various mistakes of the govt or automation... and while some will say "I have nothing to hide", others will understand the difference.

And there's something more: Bitcoin's scarcity will keep making it a good investment, not only a censorship free coin.

amishmanish

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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.

It shouldn't matter as long as we understand the difference. In any case, people won't be in a position to reject CBDCs or do anything about it. The governments will straight up just make everything online and force you to use those wallets. What everyone can do though is to lay more stress in personally being invested into bitcoin, as well as actual commodities, to whatever extend feasible.

Quote from: Charles-Tim on July 23, 2021, 04:10:17 AM

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

CBDC may also be an opportunity for Bitcoin to help increase scalability and liquidity, it will make Bitcoin more priceless.

This is an otherwise thought in contrast to your topics title.
--snip--.

The OP is just talking about the fact that bitcoin has already caught the fiat overlords unaware. With institutional interest by some of the biggest private corporations, it is clear that even they don't like paying negative interest rates. For the corporates, bitcoin may be the only bargaining chip against monetary mismanagement. For the people, when the government transitions whole countries to CBDCs, bitcoin will naturally become the currency of the free internet.

Charles-Tim

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

CBDC may also be an opportunity for Bitcoin to help increase scalability and liquidity, it will make Bitcoin more priceless.

This is an otherwise thought in contrast to your topics title.

Some people think Bitcoin adoption could increase if CBDC is introduced into individual countries because some people can know about cryptocurrencies through CBDC and result to them knowing about Bitcoin. But I still think otherwise but not certain which would be which because I believe some people are not literate or not literate enough to know how to make use of cryptocurrencies. But this is not related to bitcoin scalability, and know that Bitcoin can not go priceless, it will surprise you when all-time-high will be attained again.

so98nn

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Central bank wont't help bitcoin in any use case mate, whether its gonna be cash model, digital model or mixed model whatsoever. When there comes the the tracking of fund usage or wealth management, then users gonna run from them like hell. Nobody wants to be on that path when it comes to the money!
It's always good to keep them both separated; the central money and the decentralised one. Though central will have the money in the digital form, then also people will choose BTC in the future and thats the whole point when it was made in the first place. Tongue

At the end, central is completely opposite concept and hence it won't help improvise the usage of bitcoin, it can't just happen. They are opposition party lets not forget this!

Argoo

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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.

Indeed, the stablecoins of the central banks of states will provide an opportunity to appreciate the benefits of a decentralized cryptocurrency. People will compare the capabilities and convenience of each payment system and choose which one to use. However, this will be a long process and will take a long time. States and their governments can also try to lessen the impact of cryptocurrency through tighter regulation. However, the cryptocurrency needs to go through this, from this it can only become stronger.

FloridaKid

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I do not believe your claim, be prepared for war on crypto coins soon because CBDC will lack interest since they are stable coins, no one will want to use them much like crypto coins so the real hatred will start, CBDC might actually be the real reason why China ban all crypto miners in that country don't you think?

bittraffic

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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.

Serves many purposes for developing CBDC, because with it everyone's financial activity will be seen by the government, and if they see you trading cryptocurrencies they could shut your CBDC account for that reason by accusing your funded terrorism which is what they have been saying since. It's all the naysayers are saying actually, CBDC is big bro surveillance.

China is also up to hold surveillance to the people of the world not just in China. In fact it's one of the reasons why US is mad at them. They collect data but the US can't collect data from them because they do have their own version of google and facebook.

Kong Hey Pakboy

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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.

TheNineClub

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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 am not sure what exact data will the governments be able to obtain that they can't get to without issuing a coin? I mean, they already have our data from multiple sources so it's not like we can hide that much. The only thing they can obtain is how much someone invested, but I don't know of what use that would be.

Kiley33

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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.

Liamttw

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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.

Topic: Central bank digital currency will improve the use cases and value of Bitcoin - page 3. (Read 484 times)