Do we truly need cbdc when bitcoin already exist? - page 3.

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Quote from: Fortify on October 03, 2023, 02:34:29 PM

Quote from: Hewlet on October 02, 2023, 11:06:18 PM

CBDC (central bank digital currency) are digital representation of a country's official currency managed and regulated by a central bank. The idea is to provide an alternative to digital cash allowing faster transactions and increasing financial accessibility.

Its centralized nature allows the government to directly issue currency to citizens at the whim of central banks

This obviously means that they can not offer the same level of autonomy or censorship resistance that bitcoin offers

The fact that its implementation can lead to potential surveillance and increase government control over finance is something to be worried about.

Considering the fact that bitcoin has earned an high level of trust, security and borderlessness from it user with an inherent monitory policy brings the big question;

Do we really need cbdc now?

One of the limiting factors for Bitcoin is the capacity of the network and even the total volume of bitcoin in existence. You could argue that Bitcoin itself suffers from a form of inflation, because every year a certain amount of coins will be lost for a whole variety of reasons, from dust left over in transactions to wallets lost by owners. This makes it hard to realistically fit all the transactions that even small countries need on to the existing blockchain at a reasonable level. Certain countries may choose to take on a CBDC project to experiment with creating a truly digital currency but need it in a more contained and sterile environment compared to the constant fluctuations you see on pre-existing crypto

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.

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Quote from: Hewlet on October 02, 2023, 11:06:18 PM

Do we really need cbdc now?

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.

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Quote from: Minecache on October 07, 2023, 09:51:56 AM

Quote from: Silberman on October 07, 2023, 01:52:17 AM

Quote from: AmoreJaz on October 06, 2023, 06:20:47 PM

that is true, we actually don't need CBDCs. however, for the sake of adoption from the government sector, they need to push thru this route.
well, it won't harm the crypto market as they have different purpose to serve. and also, i highly believe that it can pave the way of more crypto adoption as these users will uncover the true benefits of dealing with other cryptocurrencies when compared to the government-controlled CBDC.

Right now the adoption of CBDCs is voluntary, however you can be sure that if a crisis comes that puts fiat currencies at risk then it will become mandatory to use CBDCs, and that is when things can get really bad, as the amount of control governments will have over the whole economy and each individual will be simply too much, but ironically this could lead people to finally appreciate the characteristics of bitcoin as a currency.

Once CBDC is released and the government forces us to use it, things will be much worse than they are now. Our privacy will be seriously violated and we will no longer have privacy if CBDC completely replaces fiat currency. Furthermore, we will not have the choice of CBDC or cash, the government will definitely issue it whether we want it or not. But maybe you're right, when CBDC makes people feel like they've lost all freedom, it will most likely boost the popularity of bitcoin and I hope the government won't ban bitcoin because of that.

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.

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Quote from: Silberman on October 07, 2023, 01:52:17 AM

Quote from: AmoreJaz on October 06, 2023, 06:20:47 PM

that is true, we actually don't need CBDCs. however, for the sake of adoption from the government sector, they need to push thru this route.
well, it won't harm the crypto market as they have different purpose to serve. and also, i highly believe that it can pave the way of more crypto adoption as these users will uncover the true benefits of dealing with other cryptocurrencies when compared to the government-controlled CBDC.

Right now the adoption of CBDCs is voluntary, however you can be sure that if a crisis comes that puts fiat currencies at risk then it will become mandatory to use CBDCs, and that is when things can get really bad, as the amount of control governments will have over the whole economy and each individual will be simply too much, but ironically this could lead people to finally appreciate the characteristics of bitcoin as a currency.

Once CBDC is released and the government forces us to use it, things will be much worse than they are now. Our privacy will be seriously violated and we will no longer have privacy if CBDC completely replaces fiat currency. Furthermore, we will not have the choice of CBDC or cash, the government will definitely issue it whether we want it or not. But maybe you're right, when CBDC makes people feel like they've lost all freedom, it will most likely boost the popularity of bitcoin and I hope the government won't ban bitcoin because of that.

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Quote from: AmoreJaz on October 06, 2023, 06:20:47 PM

that is true, we actually don't need CBDCs. however, for the sake of adoption from the government sector, they need to push thru this route.
well, it won't harm the crypto market as they have different purpose to serve. and also, i highly believe that it can pave the way of more crypto adoption as these users will uncover the true benefits of dealing with other cryptocurrencies when compared to the government-controlled CBDC.

Right now the adoption of CBDCs is voluntary, however you can be sure that if a crisis comes that puts fiat currencies at risk then it will become mandatory to use CBDCs, and that is when things can get really bad, as the amount of control governments will have over the whole economy and each individual will be simply too much, but ironically this could lead people to finally appreciate the characteristics of bitcoin as a currency.

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It is not investors in this industry who demanded CBDC but the governments of those country where it originated. It is simply their way to earn from transactions given that most of the cryptocurrencies are decentralized including Bitcoin.Given that Bitcoin and other cryptos are not yet that ‘free’ to be used on transactions, CBDCs are being offered as an alternative for conversion and for transactions concerning fiat.

Quote from: Unbunplease on October 06, 2023, 03:30:09 PM

Essentially, CBDCs are only needed by the government to completely control and manage the lives of citizens. Bitcoin, in my opinion, was created to accustom people to digital money. That was the first stage. Now states are moving on to the second stage of complete enslavement of people - CBDC. But will bitcoin be needed by the state when CBDC is successfully implemented, or will they try to destroy it?

In this industry, Bitcoin and the likes will still be needed. Moving completely to CBDC has nothing much of a difference with using Fiat. For now, making it an alternative is what we can do as consumers and investors but let us hope for a better future for this industry.

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Quote from: panganib999 on October 06, 2023, 04:50:22 PM

We don't. But the government needs to have a control over the digital currency world so they will continue to push for CBDCs even though there's no real need for it. They wanted to penetrate the crypto market as much as they could and it's not like they could create an altcoin cause that would be too fishy, so in order to formally establish themselves in the crypto scene without worries, they would have to create a sub-industry within the crypto world that would serve as their anchor in there, hence the CBDCs.

I don't think there's any cause for concern regarding CBDCs as they don't necessarily disrupt the market as it is, after all most of them are thought to be pegged to the country's national currency so it's bound to be stable, but there is a great chance that in the future, as more and more people use them in place of stablecoins they may hold a large amount of standing in the market that ditching them would be impossible.

that is true, we actually don't need CBDCs. however, for the sake of adoption from the government sector, they need to push thru this route.
well, it won't harm the crypto market as they have different purpose to serve. and also, i highly believe that it can pave the way of more crypto adoption as these users will uncover the true benefits of dealing with other cryptocurrencies when compared to the government-controlled CBDC.

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We don't. But the government needs to have a control over the digital currency world so they will continue to push for CBDCs even though there's no real need for it. They wanted to penetrate the crypto market as much as they could and it's not like they could create an altcoin cause that would be too fishy, so in order to formally establish themselves in the crypto scene without worries, they would have to create a sub-industry within the crypto world that would serve as their anchor in there, hence the CBDCs.

I don't think there's any cause for concern regarding CBDCs as they don't necessarily disrupt the market as it is, after all most of them are thought to be pegged to the country's national currency so it's bound to be stable, but there is a great chance that in the future, as more and more people use them in place of stablecoins they may hold a large amount of standing in the market that ditching them would be impossible.

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Essentially, CBDCs are only needed by the government to completely control and manage the lives of citizens. Bitcoin, in my opinion, was created to accustom people to digital money. That was the first stage. Now states are moving on to the second stage of complete enslavement of people - CBDC. But will bitcoin be needed by the state when CBDC is successfully implemented, or will they try to destroy it?

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What worries me is that the governments of countries are now actively testing their CBDCs. I get the impression that some kind of large-scale preparation is underway for something bad. If they really want to take out all the cash and leave only CBDC in circulation, it will be damn bad, I don’t understand how they are going to do it, but I don’t even want to think about the consequences. Governments will gain enormous control over the finances of citizens, and as a result, over their freedom of action.

In this case, Bitcoin should become our salvation.

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People still don't realize how dangerous CBDC really is. Money is the power and by giving them complete control on currencies, we simply put on a dog harness and give a rope to them, giving an ethernal control.

Quote from: Woodie on October 03, 2023, 02:06:00 AM

Quote from: Hewlet on October 02, 2023, 11:06:18 PM

CBDC (central bank digital currency) are digital representation of a country's official currency managed and regulated by a central bank.

Are they trying to airdrop some free money on the citizens to stimulate demand, and where is the demand for the CBDC going to come from because these can't compete with our already existing Bitcoin and Altcoins..oops didn't mean to say that !!!

They will probably give away some free money but it's funny how people will have to pay for that. Their $100 will become $85 in upcoming years and that $25 will be paid back immediately with some % inflation. And people will never be able to protest because they will lose everything.

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We could be able to see different reasons putforth by the government and other financial authorities on the need for CBDC. No one says the truth, they want the control over the monetary system for which they keep praising CBDC in different style. People who hadn't known the real face of the government will easily fall thinking it as an advancement that is for the people's betterment in money management.

A government says, it could lower the dependence over the paper money. They never state the truth, it is the technology based usage of cash. Mention it as low cost for transaction and the ease of settlement. Mainly the profit got through cutting of paper money production were mentioned. When a banking authority were asked about the need of the CBDC, they mention as to go along with the technology and provide users with the safe technology and not fall for cryptocurrencies. CBDC isn't needed, because the CBDC is a way to control people as well as generate revenue serving as a centralized entity.

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With the amount of data collection and surveillance there is with the current platforms we have (in order to improve and make targeted advertisement and other things), a CBDC would prove to be a big tool for the governments and even corporations to insentivize consumption and credit, instead or savings and investments.

In reality, we do not need those CBDCs, the systems we have already comply with their designed function, but there is always to push some more control over personal finances...

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Quote from: philipma1957 on October 02, 2023, 11:30:28 PM

We the people of any country do not need that country to issue cbdc’s.

but many countrie’s governments are desperate so they may try a cbdc to make a bailout won’t as they are bound to fuck them up 🆙

I was listening to the radio the other day (AM talk radio to be precise) and the host was talking to some guy who mentioned almost in passing that it was a fact that the US government is soon going to recall all physical currency and implement a CBDC. Mind you, I was driving when I heard this and I swear I almost drove right off the road.

When I got home, I made a bee-line to my computer and did some googling to see if that was true. I got down on my knees and prayed to my fallen angel of choice that it was some sort of hoax or rumor that isn't true.

As to OP's question. Governments want to control the currency their citizens use. With bitcoin they can't do that. It's just that simple.

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We (as in me, you, most people on this forum) do not need or want a CBDC but that won’t stop our governments from trying to force them on us. It’s not about what the people need or what is helpful, it’s about control. They can control large aspects of our lives by bringing in CBDC’s. We have an advantage though because we are in bitcoin & crypto early. Prepare yourselves accordingly, you still have time.

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Quote from: philipma1957 on October 02, 2023, 11:30:28 PM

We the people of any country do not need that country to issue cbdc’s.

but many countrie’s governments are desperate so they may try a cbdc to make a bailout won’t as they are bound to fuck them up 🆙

Looking at the current conditions, I honestly doubt the government's intention is like that because what I see from the creation of CBDC is only to widen their power because they are aware that with the presence of cryptocurrency they will find it difficult to regulate the finances of those who use it. with the CBDC their hope is to still be able to control some people who are here as a form of symbol of their power and indirectly they actually want to create a counterpoint to bitcoin even though those of us who are already here know that things like this cannot be compared.

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Quote from: Hewlet on October 02, 2023, 11:06:18 PM

Do we really need cbdc now?

Me personally: No. In fact, I have not found anywhere that the implementation of CBDC is based on the aspirations of citizens.

Quote from: Alpha Marine on October 03, 2023, 11:54:43 AM

CBDC is just a centralized form of Bitcoin.

Each country's version of CBDC can be different, some do adopt some crypto features such as blockchain which is transparent and allows it to be private or are also completely different like China's CBDC.

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Quote from: Hewlet on October 02, 2023, 11:06:18 PM

CBDC (central bank digital currency) are digital representation of a country's official currency managed and regulated by a central bank. The idea is to provide an alternative to digital cash allowing faster transactions and increasing financial accessibility.

Its centralized nature allows the government to directly issue currency to citizens at the whim of central banks

This obviously means that they can not offer the same level of autonomy or censorship resistance that bitcoin offers

The fact that its implementation can lead to potential surveillance and increase government control over finance is something to be worried about.

Considering the fact that bitcoin has earned an high level of trust, security and borderlessness from it user with an inherent monitory policy brings the big question;

Do we really need cbdc now?

The Decentralised cryptocurrencies doesn't need CBDC at all..
Every decisions today were brought up by the government and i don't see a reason why the crypto community will buy into any of such ideas cause they all there for their selfish interests.

On a norms the government was emersed for the people,by the people and of the people but they have choosed to run it their own way cause they know cryptocurrencies is taken over gradually.so they are supposed to confide in the people for anything rather than taking their own decisions by themselves and the law to their hands.

In respective of Bitcoin I believe they are not smiling cause they are observing the unusual and substantial growth of Bitcoin and they all know how it will erase all other currencies so they won't hesitate to do their wish.
So I think we all need to raise our eyes and wash and know when to act.

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No we don't, but as a people who already understand and adopt bitcoin we are never the 'target market'. CBDC was initiated by the Governments and their target market was people who either never heard of Bitcoin, or people who knows Bitcoin but they still don't understand completely and it makes them don't have trust on Bitcoin. With CBDC government will lure those people to stay away from decentralize cryptocurrency like Bitcoin and it's will make them still has some control over people's money.

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Quote from: Hewlet on October 02, 2023, 11:06:18 PM

CBDC (central bank digital currency) are digital representation of a country's official currency managed and regulated by a central bank. The idea is to provide an alternative to digital cash allowing faster transactions and increasing financial accessibility.

The idea is completely different - digital slavery, because now, the one who controls cash flows controls people/the world. Everything that officials and the media say is a “sweet lie” for listeners.

Quote from: Hewlet on October 02, 2023, 11:06:18 PM

Its centralized nature allows the government to directly issue currency to citizens at the whim of central banks

I don't see a connection between the two. What did you want to say?

Quote from: Hewlet on October 02, 2023, 11:06:18 PM

This obviously means that they can not offer the same level of autonomy or censorship resistance that bitcoin offers

They didn't even try. This is completely unnecessary for them and is at odds with their interests.

Quote from: Hewlet on October 02, 2023, 11:06:18 PM

The fact that its implementation can lead to potential surveillance and increase government control over finance is something to be worried about.

Worrying, you say? It's time to panic en masse!

Quote from: Hewlet on October 02, 2023, 11:06:18 PM

Considering the fact that bitcoin has earned an high level of trust, security and borderlessness from it user with an inherent monitory policy brings the big question;

Do we really need cbdc now?

Does anyone ask us about this? Governments decided this without the participation of the people and without waiting for an answer.

In fact, crypto community doesn't need CBDC at all, because we have something better - BTCitcoin. I don’t have this big question and everything is obvious to me.

Topic: Do we truly need cbdc when bitcoin already exist? - page 3. (Read 737 times)