Do we truly need cbdc when bitcoin already exist? - page 5.

Alpha Marine

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CBDC is just a centralized form of Bitcoin. It's the complete opposite of what Bitcoin stands for. The government can't allow people to have control over themselves. They won't just sit by and watch that happen. They'll have to do something about it.
CBDC will be a total failure in every country.

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

Btw, If it's control they want, why bother introducing a CBDC (central bank digital currency) when they can continue with the fiat system that we already know Huh

They know that Bitcoin has come to stay. They can't outright ban it because that would be an infringement. There would still be ways to go around a ban even if it would be illegal. So the best way for them is to create something that can rival Bitcoin which is absurd because they're against this same coin yet making a replica.
They hope to use their creation to fight Bitcoin. Well, good luck with that.

letteredhub

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Quote from: KiaKia on October 03, 2023, 11:31:19 AM

People don't need CBDC but the government need to make one, so there for, some people will have to use CBDC because they like using everything the government tell them to, I as a person don't need CBDC, the agenda behind this CBDC is still unknown to me, maybe to ridicule crypto? I don't know, even if that's the reason, it doesn't look like it's working, especially on Bitcoin. .

The necessity of the cbdc is not what bothers me in particular but their transparency and duration plan is what I am mostly concerned about. In as much as I don't side the idea of cbdc but if they are to exist for the alternative use of those that still have much trusion the government with their money and privacy at least they should be made to last long and working.
In my country the government through central bank established an E-naira electronic monetary system which didn't stand the test of time after raising hopes on the citizens for an alternative to bitcoin adoption. The bottom line is that if it's ain't bitcoin it just can't be bitcoin, because others have proven to fail.

Y3shot

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

Do we really need cbdc now?

The difference between CBDC and fiat is that CBDC is a digital money but it doesn't change anything, they still belong to government and they are still controlled by the government. CBDC can never match the standards of bitcoin, people will prefer to invest in bitcoin because of it value . CBDC belongs to the government, it will be so much influenced and cbdc can never like bitcoin. All digital currency that are imitating to be bitcoin ends up becoming something different. We don't really need cbdc I don't see what benefits it will to people.

KiaKia

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People don't need CBDC but the government need to make one, so there for, some people will have to use CBDC because they like using everything the government tell them to, I as a person don't need CBDC, the agenda behind this CBDC is still unknown to me, maybe to ridicule crypto? I don't know, even if that's the reason, it doesn't look like it's working, especially on Bitcoin.

Now even the government want to take the power by force, that's why ETFs need to be approved, I believe more truth will come to light as we go down this rabbit hole, it's a matter of choice if anyone want to use CBDC, I mean, very few people cares about privacy this days, most people trust their government more than their own lives.

I will choose Bitcoin and few other alts over CBDC any time, that includes Litecoin and Monero, the government has been beaten by this digital currencies already, they are mad that these nobody currencies turn up to be peoples favorite today, Bitcoin is unstoppable.

sokani

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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?

Bitcoin is a uncensored, borderless, decentralized digital currency that puts power in the hands of the people. The government usage of blockchain technology in the creation of CBDC is for their own gains. CBDC is just a replica of physical fiat currency, the opposite of Bitcoin, a tool in the hands of the government to control, spy and manipulate the masses. With CBDC, you have no autonomy over your funds as it can be withdrawn, transferred or frozen at any time by the bank on the authority of the government. Do we need it? No, it will be imposed on the us anyways but we've a choice to either accept it or not.

Faisal2202

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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.
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Do we really need cbdc now?

I think you just came to know about CBDC and asked questions like (do we really need it), but my friend CBDC is not something new instead first proposal was proposed in 1993 (by Finland but rejected). And till now, 11 countries have implemented the CBDC system and my counting might be wrong (because there might be more in numbers). Now if we talk about, whether we need it or not.

That depends on the purpose and usage of money by a person, if he wants to remain anonymous and does not want to get exposed to authorities that he has that much money, then that person has to take extreme precautions because using BTC only does not provide total anonymity. And if a person doesn't really care about anonymity and trusts their government then there is nothing wrong in using their own CBDC system. Because at the local level, it is a good thing for those countries, that have high crime rates, and there is ban or restrictions on using BTC as a payment method.

CBDC has its own benefits and cons, but in my thought, BTC has more benefits if compared with CBDC but to the locals not to the authorities that's why they are focusing on CBDC, and want to divert the interest of people from the BTC system. Because they know it is in there harm (if used by bad actors).

topbitcoin

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

Do we really need cbdc now?

Even though bitcoin has been around for a long time, this benefit has not been fully felt by everyone and even though I find comfort in making transactions using bitcoin, in several other transactions I cannot use bitcoin as the transaction medium that I use because of what I think. said before that not everyone uses bitcoin as a transaction medium. And because of the limitations of bitcoin where I live, this is what makes me still need CBDC as another transaction tool that can make it easier for me to carry out transactions. And if only bitcoin was used by most of the people in my place then I would fully use bitcoin as a transaction medium.

Poker Player

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

Do we really need cbdc now?

Haven't you learned yet that it's your government that needs it, not you?

Quote from: hugeblack on October 03, 2023, 06:01:48 AM

CBDC is a way of printing money, so we can say that CBDC is VS cash and not crypto it is like comparing Ferrari and F35

Well, it is rather worse than printed money, because with it you have privacy to some extent. If you pay for a car or a washing machine but you give your data (for example to have it sent to your home), you don't have privacy, but in the great majority of payments, especially small ones, you do. With CBDCs everything will be registered, even when you buy a fucking chewing gum, but seeing how many people pay for that with their mobile or smartwatch they won't care. Apart from the fact that it is easier to manipulate, seizing it, putting an expiration date on it or preventing you from spending it on whatever the government deems (as if it thinks you have bought enough meat or gasoline this month).

Quote from: DrBeer on October 03, 2023, 06:02:06 AM

It is not "blockchain and security for the masses", it is total control and complete management of your money, which will be in the hands of the state. Read about the implementation of this technology, it is a "blockchain hell" which just crosses out all the advantages of this wonderful technology and ideology. But... most likely - there's no turning back now

This.

uneng

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

Do we really need cbdc now?

No, we don't. But governments aren't concerned about what people need in their countries. They are actually more concerned about their own personal interests and agendas. That is where CBDCs enter the scene, since it's an interesting concept from the centralized point of view, as it guarantees more overcontrol over citizens' finances, restraining tax evasion and bringing more income for the the public vaults.

With more money on government's pockets, it's possible for politicians to increase their wages and every additional benefits and perks they have access to through public money. Meanwhile, common citizens have less money to spend with leisure, personal development and family.

Yogee

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

[....]
Btw, If it's control they want, why bother introducing a CBDC (central bank digital currency) when they can continue with the fiat system that we already know Huh

I guess it's keeping up with the times. Introducing CBDC is a way to bring money back to the Central Banks.

Government and traditional financial institutions already acknowledged the fact that money is flowing into cryptocurrencies but those who hold crypto are probably taking their sweet time to convert back to physical or digital fiat. This may have caused liquidity problems for banks since funds are now on personal wallet or exchanges and they no longer have access to depositor's money like they used to as a result. They also want people to trust CBDC more than stable coins.

BigBos

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

Do we really need cbdc now?

We? To be honest, yes and no, but for the government to keep the financial system running, the answer is clear that they need a system that is able to upgrade from conventional to modern. The aim is to maintain the flow of incoming funds into an additional source of state income. And what they want is that the policy in issuing CBDC hopes that people will prioritize security. All to achieve the goal of complete control of state assets.
I'm here between caring and not, because whether CBDC exists or not, until now I have never received benefits beyond what I got from Bitcoin. So it all depends on your tastes and needs for your respective purposes in using something.

dothebeats

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Do we need them? Of course not. Will the government continue to issue it? Of course, they will. At the end of the day it doesn't really matter if we need it or not, the government will still issue it because it gives them control, control they couldn't attain with Bitcoin. The government doesn't care if Bitcoin exists, as far as they're concerned it doesn't fall into their realm of control and maintenance and thus they need to have one that can simply give that and that happens to be CBDC. Besides, if you think about it, at least those who are not aware of digital currency will be able to learn and finally experience it, mostly those who are skeptic of Bitcoin.

Jawhead999

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Quote from: wallet4bitcoin on October 03, 2023, 07:22:40 AM

Whether they introduce the CBDC or not, the blockchain technology has come to stay and they can only try but becoming a worthy competition isn't possible as their motive and that of blockchain isn't the same.

Why not? they're similar to stable coin, they can easily ban the usage of stable coin and force their citizen to use their CBDC. CBDC should be better in terms of regulation, while stable coin, there's no centralized entity will responsible if the stable coin get hacked or turn scam.

CBDC and Bitcoin are a different thing, they have no way to ban, but they can reduce their citizen to use Bitcoin by ban it.

Razmirraz

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If the benchmark is that countries need to issue a CBDC because they want to keep up with current technological developments, we don't really need a CBDC based on necessity. We just turn fiat money into Bitcoin, then why do we keep CBDC. The government wants to change views and indirectly indoctrinate people's brains about the importance of CBDC which can make everything easier. The government forgot that we already have multifunctional coins that can be used to invest and make payments for goods and services.
CBDC is just a sensation for the government to entertain themselves, people will prefer something more profitable than storing products that can be affected by inflation.

wallet4bitcoin

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

Do we really need cbdc now?

NO!

The idea behind the CBDC across various countries is, amongst others, to digitally represent themselves in the new technology and also have swift tranfers but neglect the very blockchain onus, which is, by far, the most proritised reason for the blockchain technology.

Whether they introduce the CBDC or not, the blockchain technology has come to stay and they can only try but becoming a worthy competition isn't possible as their motive and that of blockchain isn't the same.

vv181

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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?

The fact Bitcoin may offer a solution won't stop the government from developing and implementing the system. A few points to note, bitcoin has no legal positioning, its adoption is lacking, and the trust is mainly preserved by those who are familiar with it. Generally, bitcoin is far from widespread usage, bear in mind that its user experiences are also far from good, and the onboarding process is tricky for many people. We can not expect the current condition of what this space offers to be enough as a reason people reject CBDC from development till its inception.

Ever-young

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You don’t need CBDC but you need digital bitcoin (digital currency)
The government believe the people are into bitcoin because it’s a digital currency so why not give them that digital currency that they so much admire. That’s how they come up with something that they think the people will also want to make use of, it’s just like if you can’t talk them out of it why not make something that will look like it that can drag them back to the local.

Bitcoinners don’t need CBDC, but their centra bank don’t want to be pushed out of business so they want to tap into the innovation of blockchain technology, so they give you a digital currency which they can still control so what’s the difference? Nothing really do their purpose is also not going to be fulfilled as not much of the people will want to use something that still so much centralized.

DrBeer

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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?

To answer once again about CBDC : it is not what we all dreamed of. It is not "blockchain and security for the masses", it is total control and complete management of your money, which will be in the hands of the state. Read about the implementation of this technology, it is a "blockchain hell" which just crosses out all the advantages of this wonderful technology and ideology. But... most likely - there's no turning back now

hugeblack

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The CBDC will be a central currency and will be issued by the central bank. Therefore, there is an entity that will support it and confirm that it has value. This entity is trusted by many people and therefore they are forced to deal with it if the government issues a decision to do so. It is true that adoption will take time, but in the end it is a form of institutional and central money and the opinions of individuals. It will not change the decisions of countries, especially if it facilitates transactions and eliminates the need for an intermediary role, whether that intermediary is a bank, payment service, or credit cards.
CBDC is a way of printing money, so we can say that CBDC is VS cash and not crypto it is like comparing Ferrari and F35

Reid

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They want people to see that they can also create a Bitcoin-like currency. That's where CBDC will come in. Do we need it? Absolutely not. Fiat money can be digital and it's actually happening in the past and today.
There are applications who offers a wallet like digital currency where you can keep your money and it's usually the banking industry who are using these features. Credit cards are also means of digital currency. So where do CBDC come in? None. As long as the banks have the numbers then they don't really need it. Cash will become an asset like gold where it will just be kept but not moving from one hand/person to another but only one bank to another.

Topic: Do we truly need cbdc when bitcoin already exist? - page 5. (Read 744 times)