Do we truly need cbdc when bitcoin already exist? - page 6.

sunsilk

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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?

Nope.

It's just the gimmick of the governments because they're seeing that the attention of their people are going on with the cryptocurrencies, mainly in Bitcoin. And in comparison and just to add some competition, they think that CBDCs are going to be par with it but it's far from what made people dwell into cryptos.

They already have their cash and digital cash which makes transactions cashless so there's really no need for any CBDCs if they already have their control over their fiat whether in physical and in online attributes.

There are already a lot of things for them, aside from these CBDCs, the digital cash or ewallets and typical payment methods, stable coins that are centralized and what more?

Dunamisx

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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?

Even without having upto this achievements with bitcoin, the solution is not with CBDC, what the people want is bitcoin and with some of the reasons that it's decentralized, it gives them access to control their financial economy, there's more potential future in bitcoin investment and it kicked against inflation role on its economy, people needs to have financial freedom, they don't want the banks to always have access to their financial accounts and make deductions as they pleases in form of charges, they are tired of financial embargo and lack of trust and privacy with fiat, CBDC is just a digital fiat, bitcoin which is cryptocurrency is the solution to the people's choice and desires.

benalexis12

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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 🆙

In any case, the CBDC's supporters are undoubtedly strong, even if we don't want to. You are aware of what is taking place at this time because some believe that the CBDC has the potential to transform the financial sector and make it more accessible and secure in the long run.

There's a chance that the government will just use this CBDC surveillance to regulate the banking system. Although I believe it is doable, the CBDC may face difficulties as a result.

Antotena

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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?

CBDC is not related to bitcoin, I'm not sure if they have anything n common, if you have said stablecoins now and CBDC, then there are some similarities.

Bitcoin is a decentralized digital currency, by decentralization they don't have any middle man that control it's operation. The performance is based on peer-to-peer people around it's ecosystem, the network security is also dependent of the people around it.

CBDC is a stable digital currency that central banks like to issue, it is going to be control and manage by the central bank, it's affairs are not restricted by commercial banks, anyone can use it any where and anytime but they are regulated in a such a way that you can be restricted if you violate any rules of the CBDC, this is Hy it's not good to use it in the first place because it's not your key or your coins.

Stablecoin work in this manner. The difference between CBDC and stablecoins is that one is control by central banks and the other is controlled by group of people that form a company.

EarnOnVictor

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

Do we really need cbdc now?

For those who prefer anonymity and privacy preservation, No, Bitcoin will do just that. But for those who don't care about anonymity and privacy, especially the government and legal businesses, Yes.

Bitcoin is decentralized, while CBDC is centralised, so for monitoring, regulation and taxing, Bitcoin can't help any nation achieve that success.

No company can operate 100% with Bitcoin, that is not just possible. But they will be allowed with CBDC and also have better rest of mind since it is central bank backed and controlled and is such that will properly be accounted for the economy, unlike Bitcoin.

LucyFurr

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

Do we really need cbdc now?

CBDC concept isn't new and already in the circulation even in countries like China but do you really see CBDC as a threat to bitcoin?

Nah, it doesn't even has the ability to take down the paper money.

BALIK

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

-snip

Do we really need cbdc now?

There is a truth that you need to accept that, whether we need CBDC or not, it will still be issued by the government and in the further future, it can even completely replace paper money. So as long as the government still controls us, it is mandatory for us to use fiat or CBDC in the future, we have no choice whether we want that to happen or not.

But I find it inappropriate to compare bitcoin with CBDC because they are completely different, if you want to compare you should compare it with stablecoins rather than bitcoin. Since CBDC is just a digital version of fiat currency and fiat cannot compete with bitcoin, and neither can CBDC.

bluebit25

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The problem is not so serious that it makes us nervous, I used to like the idea of CBDC quite a bit but then it appeared and the development of crypto will still increase over time.

Regarding the ideas and issues that CBDC is aiming at, I just imagine that at that time we were in a period of time where the economy, technology,... had all reached a strong state so that at that time people no longer thought that forcing property issues, or instruments for conversion.

It seems like I've also heard about CBDC testing in China, and I feel like they are taking future-oriented steps in technology and testing many things China's digital yuan stands out in cross-border pilot in a show of global ambition

avp2306

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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?

They are really threaten with the existence of crypto that's why they introduce that because those officials are afraid that their own fiat will get dominated by some crypto in future. But if your question if we really need CBDC? maybe for legal talks if this is widely introduce by our government then yes since we need to use to to make our transaction legal to them but if not and declared this as an option only then we don't actually need that since we have a lot of stable crypto to choose and its up to the people if they adopt what those people created. But CBDC existence is not really a bad idea since somehow we can assure that there's legal authorities monitoring its circulation and maybe for using this we can be away from harmful hackings or any illegal conditions.

Woodie

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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.

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 !!!

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

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

Do we really need cbdc now?

The CBDC model clearly looks to be doing the exact opposite of what made Bitcoin popular....
if Bitcoin's current users are not fans of censorship, then how will CBDC succeed with their proposed control model that the central bank wants over our finances Huh

this model of cryptocurrencies is a nightmare and OG cryptonians won't jump on board mark my words!!!

Lida93

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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 🆙

Our government don't know that, for in their quest to retain power and all ramifications of control over the citizens they just believe whatever they think for us as citizens is what is good for the citizens. And this they do without even asking for our opinions.

In most cases I don't see a much need for a cbdc but while certain factors may influence the creation of cbdc some governments tend to implement this without painstakingly examining the potential risk concerned.

philipma1957

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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 🆙

Hewlet

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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?

Topic: Do we truly need cbdc when bitcoin already exist? - page 6. (Read 744 times)