Economics - page 3. | Bitcointalksearch.org

Gozie51

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Quote from: Reid on February 14, 2022, 01:07:14 PM

They will use their own traditional money "online" believing it might enhance their economy, their respective countries individually. Don't forget the centralization.

Unfortunately the enhancement is not really what this is and the economy development or boost is the primary aim. The anti btc countries are at the front of this agenda because this is far different with the purpose of bitcoin. The traditional money is merely within the locality and don't have any decentralised feature. Btc isn't centralised so fiat is only taking care of the centralised system, the struggle is not for bitcoin as it already has a place that no country will put down.

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Quote from: Flyingjack123 on February 14, 2022, 10:40:46 AM

How these currencies will affect the bitcoin/crypto ecosystem?

We can rephrase the question to 'how will fiat affect bitcoin and crypto ecosystem'. All I know is that the reason government created nation's digital currencies has nothing to do with bitcoin and cryptocurrencies but they are means for us to spend locally. Only what I know that will be happening is that government will be controlling their fiat and digital currencies but decentralized currencies like bitcoin is the real asset someone should have. The connection bitcoin has with the government currencies is that bitcoin value is increasing when compared.

Reid

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IMO, it's just a movement to lessen the creation of plastic cards. Credit cards, ATM cards or whatever card they use now.
Fiat going online. That's it. It's way different with Bitcoin and altcoins. Plus, it will also speed up the process of online purchasing instead of looking for different options like PayPal, or something near that kind of services. They will use their own traditional money "online" believing it might enhance their economy, their respective countries individually. Don't forget the centralization.

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Quote from: bikeenthusiast on February 14, 2022, 11:38:52 AM

~snip~
So it seems to be kind of an alternative (though it actually is something different) what might lead to a lower demand of crypto by newbies… at least that’s what I’m thinking.

You can sell all kinds of things to people today, it is important that they are only attractively packaged and that the government says they are legitimate. The digital currencies of central banks are nothing that can be compared to Bitcoin, but some will certainly be confused when this option is available to them because we only need to go a little into the past and see all the nonsense written and talked about Libra coin. I still remember well when I walked into my local store and looked at the newspaper shelf, I read the headline "Libra, the Bitcoin killer is coming".

I don't know why some people see so much fascination with CBDC, so a simple bank card allows you to never physically touch a banknote, and mobile banking allows you to see a visual presentation of what you have on screen.

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Quote from: Flyingjack123 on February 14, 2022, 10:40:46 AM

How these currencies will affect the bitcoin/crypto ecosystem?

The existence of fiat does not affect bitcoin or other cryptocurrencies. They both serve different markets and function differently, rebranding fiat using the blockchain would not do much to change this. Core bitcoin users would not flip bitcoin for digital fiat, non bitcoin users would not understand the need to apply the blockchain to fiat.

bikeenthusiast

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I may understand it wrong, but aren’t these two things fundamentally different? Behind all those digital currencies you mentioned in here is a regulatory force lead and controlled by a state/bank whereas cryptocurrencies are independent and not regulated. The only thing I could think of, that maybe could affect the ecosystem of crypto is that some people (mostly those who are first interested in crypto but still afraid of having not enough knowledge) might prefer the digital version of their all-day currency over crypto currency. So it seems to be kind of an alternative (though it actually is something different) what might lead to a lower demand of crypto by newbies… at least that’s what I’m thinking.

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Quote from: Flyingjack123 on February 14, 2022, 10:40:46 AM

A lot of countries are releasing/ contemplating to release their own digital currencies. EU is contemplating digital euro, Jamaica is thinking of digital Jamaican dollar.. India has already launched digital rupee..
How these currencies will affect the bitcoin/crypto ecosystem?

The title should be changed so that it is easier for people to understand and describe what you are trying to talk about.

Even if all countries use digital money, inflation will still be the same threat as they still use paper money. It won't have any impact on Bitcoin, because Bitcoin remains in the realm of being on the line of freedom and a suitable deflationary alternative. After all, Bitcoin is not against digital money of any country, they can still be compatible with bitcoin both in paper money and digital money or what we are more familiar with CBDC.

Flyingjack123

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A lot of countries are releasing/ contemplating to release their own digital currencies. EU is contemplating digital euro, Jamaica is thinking of digital Jamaican dollar.. India has already launched digital rupee..
How these currencies will affect the bitcoin/crypto ecosystem?

Topic: Economics - page 3. (Read 495 times)