Topic: Do we truly need cbdc when bitcoin already exist? - page 2. (Read 613 times)

Yes, I just said that they will find a way to replace cash with CBDC but that doesn't mean that will happen anytime soon. Although we are developing rapidly, there are still many limitations, many parts of the world still do not have internet or many people have difficulty using smartphones, especially the elderly or people with disabilities...So implementing CBDC and completely eliminating cash will not happen anytime soon, but I believe that is their goal as our world is becoming more digital.

Many years ago, we were still completely dependent on cash, but now online payments are gradually becoming more dominant, so in the distant future, it is inevitable that cash will be gradually eliminated.

Short answer is no, CBDC is just an attempt by the government to ride the hype that bitcoin and cryptocurrency has generated over the years and the government doesn't really need to be that smart to know that if people like get rich quick schemes in crypto space, they must know to join that in hopes that they can lure some of these suckers.

Your concerns concerning the inclusiveness of digital currencies such as CBDCs are legitimate. A digital currency transition should stress accessibility and inclusivity for all parts of society. CBDC systems must be inclusive and give alternatives for individuals who cannot utilize digital devices, according to governments and central banks. The objective should be to capitalize on the advantages of digital currencies while ensuring that everyone has access to the expanding financial landscape.

The government controlling what it can, especially in the banking sector, is practical, right? Correct that the government wants fiat control to manage diverse conditions in their jurisdiction. With its regulatory and stabilizing capabilities, fiat currency has helped governments regulate economic conditions. Bitcoin's decentralization makes this difficult, right?

As you noted, Bitcoin has limitations despite its innovation and potential. It's not a one-size-fits-all answer or exclusive idea. It should supplement financial systems, not replace them. Your CBDC insights are insightful. The shift from physical fiat to digital currency must include all populations, including those without internet access or physical disabilities. Can we assure no one is left behind by the digital shift? It's vital to answer so innovations are accessible and useful to all

As far as I can see, I did that because someone with a plan wanted to seize the position that Bitcoin is in now. We know that no one can imitate the design of Bitcoin in reality; only because of decentralization can they do that anymore. That's why they couldn't control Bitcoin for 14 years since it was created.

CBDC is still under manipulation; in fact, they are just pretending it is more than Bitcoin. But in reality, it's not, so anyone should be smart. That's why I don't believe in what CBDC can do, to be honest.

You're repeating the lies that CBDC promoters are spreading like the one that you will have some privacy. Wasn't it the head of the European Central Bank that said it? She literally said that you will have "some" privacy, so she knows most of it will be gone when CBDCs get introduced. The same woman also claimed inflation is caused by global warming Do you really trust these people with your freedom, privacy and money? I don't.

The only thing CBDCs will protect is the government's ability to suppress any opposition.

Now, there are some countries are developing their national CBDCs and they are pioneers in CBDCs and you can follow CBDC developments with two trackers [1, 2]. I believe with success of blockchain, CBDCs will be applied in all nations globally in future.

[Guide] All about Central Bank Digital Currency.

[1] https://cbdctracker.org/
[2] https://www.atlanticcouncil.org/cbdctracker/

The question from OP is not insightful and it is like a question, do we need altcoins (alternate cryptocurrencies) when Bitcoin already exist and succeed?

Everyone can see the condition and situation of the surrounding environment or the condition of the population in their own country in the interior or remote villages so it is clear that not all people will be truly ready for the implementation of this CBDC at the same time. Because if the paper money which is still commonly used by rural communities is immediately abolished by the government, it might make things difficult for them because they are not used to digital currency or anything like that.

Several countries will continue to develop CBDC to align cash users with non-cash users and it is very likely that decentralized cryptocurrencies will continue to run alongside other currencies. Both cash and non-cash models, because decentralized cryptocurrencies can also be used like non-cash currencies so they can be used to pay for goods or services as many people have done through non-cash and cash.

For now, based on what I have learned regarding CBDC, the conclusion in my opinion is that we don't really need CBDC. Because even the current banking system can now carry out digital transactions with fiat currency. Even now in big cities people are starting to rarely carry cash. Now payments are even more often made with E-Wallets, debit/credit cards, M-Banking and others such as digital wallets and the like. So I think CBDC will only make us have less and less privacy in our own money ownership. So financial privacy will really be reduced. Meanwhile, every human being has the right to have their own privacy in every matter, such as finances and other personal lives. And if ordinary fiat is replaced with CBDC in the next generation, perhaps financial privacy will really be lost.
But I also know that there is a positive impact from the presence of CBDC. Like being able to prevent corruption and the like. But remember, humans always have their own ways of hiding from surveillance systems.
But I prefer fiat now. And for digital, of course there are bitcoin and stablecoins.

But if CBDC can still protect our privacy then perhaps CBDC will have more positive support.

Most governments are now trying to issue their CBDCs primarily in order to maximize the efficiency of their cashless financial system. At the same time, the amount of cash will decrease, since servicing them is very expensive for the state. But it is unlikely that it will come to the complete removal of paper money from circulation. A certain part of society will not be ready for this for a long time.

Decentralized cryptocurrency will continue to exist alongside the national currency of states, and states will try through various regulatory methods to limit the growing influence of cryptocurrency on society. This will be a long process with varying success.

Of course government would always want to stick with what they can control and the power of fiat yo set in motion various conditions that they need functional within their jurisdiction. I can’t blame the government for that and in fact, it’s what should be the case. Bitcoin shouldn’t be an exclusive idea as, it’s supposed to be complementary on the exiting fiat and let’s not soon forget, Bitcoin has got its limitations too for which fiat can fill in.

One thing I’ve noted is how citizens seems yo blame the government over any effect from a bad decision and with that, how can the government manage effects from a commodity they can’t control. It would be a world of noise should any negative effect arise from that.

CBDC is digital fiat and as such, having to recall any physical fiat paper money in circulation to fully implement the CBDC would be such a bad decision as by some means, you cut out the population that uses it which includes a the physically challenged. Let’s not forget, there are those that can’t use internet enabled device even when they are aware of its existence.

Personally I don’t think there will ever be a time where we as a people will need CBDCs. This is a project of the government for their own selfish interests. It’s the ultimate tool of a totalitarian government, when CBDCs becomes a norm and the government has complete control over your money, any opposition to the rule of the government will be easily snuffed out. It is modern day slavery in my opinion.

The action of the government indeed. CBDC is supposed to confuse people into thinking that crypto currency is a scam project and not real to invest in.
CBDC is also digital money, but it fails to provide an opportunity to those without money to earn. This is one area in which BTC has won and why it is clearly distinct from the CBDC.

I've watched a video today where a guy was complaining that people fight against 15 minute cities and CBDC since it's all good and made for their convenience.
He also referred to people who do it as "libertarian crypto bros." What does this name even mean? Do all libertarian like cryptos, or maybe crypto fans are libertarians according to that man, but the strangest thing is that libertarians are attacked as people who don't like progress because it limits their freedom.
Sounds like something a slave owner would say to his slaves -you people don't know what progress is, but I want all the best for you! I want you to be happy and I don't want you to travel very far. You've got all the things you need here on my farm!

The government has a need to issue CBDC to compete against the growing popularity and usage of cryptocurrency but as people, i do not think there is a need for that not because there are already Bitcoin but because financial institutions had already engaged in digital transfer through online banking.  I believe CBDC is the action of the government to say they are updated of the current happening in financial sector.

There's a devious plan by the WEF that wants to implement total control of citizens and some countries are test grounds for that.
The deal is to track people using cameras and digital IDs and they've already tested this during COVID when they tried to make people use curfew tracking apps. In the EU these apps were mandatory, but you could easily weasel out of them by claiming your phone has no Internet access or cannot install apps.
If you were dumb enough to install them, they promised to make your curfew tracking easy, as you'd have a counter on your phone telling you how long you have to stay at home, and the app allowed you to report yourself as sick with just a few clicks. The downside of this was that the app required you to take a selfie and upload to their database, so they can easily come to your house and check if the person inside is the one that's supposed to be locked in, and track your phone to know if you're away from your "prison."
In the long run this was supposed to be a way to track your movement within your "15 minute zones" so that you can be charged additional tax for traveling too much and polluting the planet
CBDCs are another step in that direction and each of these steps is tested somewhere else.
Cash was recalled in Sweden, 15 min cities were tested in the UK, social scoring is tested in China and Canada tried control through account locking.

If I may answer you question, I will say yes we need it. Before then let highlight one of the reason of the creation of CBDC. In my country CBDC was created after a very serious protest by the youth to end police brutality. And in the protest the youth spent lot of money for the feeding of protesters on the streets for day and night and also providing materials for the protest. So after the protest, country Government was trying to arrest some of the key players of the protest and seized their Sources of income and funding but they discovered that the youth was using bitcoin to fund the whole action.

So when they saw that the youth digital currency to make their transactions, they created the CBDC and till today the uses is very low. But when I looked at it. It is good to use it because it makes transaction easy and if the country support bitcoin then CBDC will be very sweet because the transaction will be nice.

Total volume of coins does not matter, nor has it ever mattered for purposes of a currency. As long as an individual coin can be adequately divided, the purchasing power each coin provides is what counts.

Whatever coins are lost along the way makes the coins that are already on the moveable more valuable. Bitcoin doesn't have a fixed value and so the fixed supply isn't a limiting principle.

From the perspective of BTC enthusiasts, the existence of CBDCs may be seen as a nightmare. However, up to this point, it's the government that holds the reins of adequate infrastructure growth to cater to user needs. Therefore, CBDCs, in general, hold significance, even though the concern lies in the potential for arbitrary government actions.

If we rely solely on BTC for further development, it seems like it will take quite some time. Moreover, the next challenge is that many people are using BTC not for transactions but as an investment due to its uncontrollable volatility. I still hold respect for BTC as the trailblazer, but the government has a different stance by embracing CBDCs.

Although you have a point, I doubt they'll replace fiat currency fot CBDC, at least not in the near future. Replacing fiat currency will take a lot of time and changes, not only for the people but the law as well. Hence, I don't think the government will be able to force us to use CBDC for now or in the next few years.