How will CBDCs will impact Bitcoin? | Bitcointalksearch.org

Antonas1

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Quote from: rat03gopoh on November 22, 2022, 12:02:34 AM

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I'm just referring to decentralized cryptocurrencies bound to bitcoin and altcoins like LTC, Dash, etc.

In terms of transaction mechanism, fiat (paper money) also has decentralized conditions at some point, such as self-custody, no censorship, (possibly) the transaction footprint can be reduced for privacy purposes, etc.
If cbdc is made referring to the features of paper money without removing any of the innate capabilities, then the importance of CBDC for people (imo) can outperform bitcoin, even transactions should be able to work without an internet network.

Like paper money/fiat, I believe the CBDC will always be under the control of a central bank. It's centralized, not decentralized.

jokers10

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Quote from: justdimin on November 21, 2022, 01:09:20 PM

I think it is not going to be an alternative to bitcoin but more like alternative to usdt, which means that there will be a lot of people who will use it, and it will be very much liked. All these people who claim that it will hurt crypto do not know what they are talking about, if a government is doing CBDC that means they are actually promoting crypto to a point and that's a good thing.

I believe that we are going to be doing just fine and it should be something we really enjoy and promote ourselves as well. If a government accepted it and uses it, that means they are actually quite fine about crypto as well and that means we can promote crypto saying the government promotes it as well.

Stable coins are not true crypto also and I suppose that they are even more risky than fiat currencies. So there are some negative sides both of stable coins and of CBDC. Problems with understanding a difference between true crypto (decentralized) and centralized imitations of true crypto (stable coins, CBDC and much more) is already a negative impact of popularized by governments CBDC.

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Quote from: ?? on ??

I'm just referring to decentralized cryptocurrencies bound to bitcoin and altcoins like LTC, Dash, etc.

In terms of transaction mechanism, fiat (paper money) also has decentralized conditions at some point, such as self-custody, no censorship, (possibly) the transaction footprint can be reduced for privacy purposes, etc.
If cbdc is made referring to the features of paper money without removing any of the innate capabilities, then the importance of CBDC for people (imo) can outperform bitcoin, even transactions should be able to work without an internet network.

justdimin

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Quote from: jokers10 on November 21, 2022, 05:25:31 AM

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Still won't give any effect to bitcoin, believe me. Again, CBDC is fiat, what do you want fiat to do other than make it a means of payment? You want to make it an investment? Impossible. Then why should we be afraid of CBDC?
I repeat, CBDC's just a means of daily payment, to buy burgers, tacos, Pepsi, pay rent, etc.

Some governments promote CBDC as a better and safer crypto so there will be some impact as decent number of potential Bitcoin users will not learn about it enough to start using. In another hand using digital money will give an experience of doing so and motivate some others for learning more and to know about Bitcoin what is an impact also. May be impact will be not too big but some impact will be.

But yes, CBDC is just another form of fiat, I totally agree.

I think it is not going to be an alternative to bitcoin but more like alternative to usdt, which means that there will be a lot of people who will use it, and it will be very much liked. All these people who claim that it will hurt crypto do not know what they are talking about, if a government is doing CBDC that means they are actually promoting crypto to a point and that's a good thing.

I believe that we are going to be doing just fine and it should be something we really enjoy and promote ourselves as well. If a government accepted it and uses it, that means they are actually quite fine about crypto as well and that means we can promote crypto saying the government promotes it as well.

Artemis3

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Quote from: Blawpaw on November 19, 2022, 05:16:04 AM

So, how do you guys think will affect Bitcoin?

CBDC is digital fiat, so its actually worse than cash. In short, they want to create money without spending in paper and ink, i know very well as my country has been doing it for years and even made the first State backed crypto (a CBDC before the acronym was invented) which was an absolute failure (they themselves don't use it despite their propaganda).

Just as current fiat doesn't realty affect bitcoin, neither will this. CBDCs are NOT an alternative to Bitcoin, they miss all the fundamental features that make bitcoin more valuable. Its only alleviating the State from spending in printing and custody of physical banknotes.

suzanne5223

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CBDCs and Bitcoin have a different purposes. Therefore, I don't see much impact the CBDC will cause on Bitcoin than it making people know there's a certain cryptocurrency ^{(which is Bitcoin)} was the main reason that give the government idea of creating their own CBDC which I believe will make people that only see BTC as a scam to literally to some surfing about it.

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Quote from: Plaguedeath on November 21, 2022, 06:43:14 AM

I think Bitcoin should be used as a currency since it's the best way to increase huge Bitcoin adoption.

I have a different opinion about bitcoin from you. I do not like bitcoin as a currency, I prefer it as an asset or a commodity like gold. To be a currency it has to have a stable value and be controlled by the government, you can't expect a currency not approved by the government, that will never happen and if bitcoin becomes stable, it will be no different from the current government CBDC. But if it is an asset like gold then its value will always fluctuate according to the demand from which we can make a profit.

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Quote from: Renampun on November 20, 2022, 02:55:49 PM

CBDCs in several countries have been launched for several years, but you can see for yourself that it doesn't affect the price of bitcoin at all, that's also what will happen in the future, with the massive use of CBDC, it won't make bitcoin prices depressed because many people use bitcoin as an investment asset. rest assured that bitcoin is the only asset that can stand up to any pressure.

I don't think the @OP is trying to say CBDC will make Bitcoin price decreased since he's only asking what's the impact of CBDC to Bitcoin, it can be good or bad. Actually if people are using Bitcoin as a currency, it doesn't really mean it make Bitcoin price decreased too, we need a trading volume since it's a sign if people has a high to buy Bitcoin. I think Bitcoin should be used as a currency since it's the best way to increase huge Bitcoin adoption.

jokers10

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Still won't give any effect to bitcoin, believe me. Again, CBDC is fiat, what do you want fiat to do other than make it a means of payment? You want to make it an investment? Impossible. Then why should we be afraid of CBDC?
I repeat, CBDC's just a means of daily payment, to buy burgers, tacos, Pepsi, pay rent, etc.

Some governments promote CBDC as a better and safer crypto so there will be some impact as decent number of potential Bitcoin users will not learn about it enough to start using. In another hand using digital money will give an experience of doing so and motivate some others for learning more and to know about Bitcoin what is an impact also. May be impact will be not too big but some impact will be.

But yes, CBDC is just another form of fiat, I totally agree.

Renampun

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Quote from: Blawpaw on November 19, 2022, 05:16:04 AM

CBDCs are coming, and they spell the end of the Private monetary policy as we know it. The list of countries adopting CBDCs is growing at a fast pace:
...

So, how do you guys think will affect Bitcoin?

CBDCs in several countries have been launched for several years, but you can see for yourself that it doesn't affect the price of bitcoin at all, that's also what will happen in the future, with the massive use of CBDC, it won't make bitcoin prices depressed because many people use bitcoin as an investment asset. rest assured that bitcoin is the only asset that can stand up to any pressure.

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So far, the list is small, especially if you consider the tiny population of some of these places and basically only Nigeria being a major country among them. IMO, given that the talks of CBDCs have been around for years, this actually shows how little interest in the actual implementation turns out to be. It's not significant enough yet to have any impact on Bitcoin. If CBDCs do become widespead, I don't believe they'll compete with cryptos. However, as side effect might be a less friendly stance of the govs regarding cryptos, along the lines 'use our controlled and regulated currencies, not decentralized ones'. It's still early to talk of that, though, as it's unclear whether CBDCs will ever get widespead, and whether that would have an anti-crypto tendency.

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Quote from: tranthidung on November 19, 2022, 09:44:21 AM

Quote from: fuguebtc on November 19, 2022, 08:53:52 AM

Fiat is not completely anonymous but it can still be anonymous, just like criminals use fiat to launder money and do their evil deeds without being detected by the police. But if we get rid of fiat completely and replace it with CBDC, things can be very different because the government can control everything even our smallest actions.

But it is true that CBDC cannot affect bitcoin because in my opinion bitcoin is not a currency but an asset more like gold, but regulation will affect bitcoin.

Both fiat currencies and CBDCs are traceable but with CBDCs and blockchain technology, governments can have more easily to do their works.

With fiat currencies, in countries with good laws and regulations, their governments can have enough data to trace flow of your money and can more easily to detect money laundering. This is a good example on how regulations can contribute to help society better.

After the Terra and FTX collapses and some related entities, I believe more regulations will be executed soon but it is good for cryptocurrency and blockchain ecosystems in future.

Of course, fiat is not completely anonymous but the government will not be able to control us completely like CBDCs.

Regulation is certainly inevitable but in my opinion, it is not good for the market but more specifically for us. Once the regulations are enacted, the scam projects will disappear or the scammers will be properly punished and the interests of investors will be protected. But with regulation, the government will control everything we do, we will lose our privacy. We got into crypto because we hate government control and banks and bitcoin has given us the freedom, the right to own our own property. But now the government wants to control us again, that doesn't make us any better.

rat03gopoh

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Quote from: ?? on ??

Although this thing has been discussed many times, it turns out there are still many people who believe that CBDC is a cryptocurrency;

Somehow you interpret cryptocurrency itself, if because they use blockchain then Norwegian CBDC is a cryptocurrency^[1].
Other facts are that several experimental CBDC projects use blockchain as the basis for the ledger^[2], have even been started since 2015.

1. https://cointelegraph.com/news/norwegian-central-bank-uses-ethereum-to-build-national-digital-currency
2. https://www.sciencedirect.com/science/article/pii/S2405959521001399#tbl2

jokers10

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Although this thing has been discussed many times, it turns out there are still many people who believe that CBDC is a cryptocurrency; even worse, they believe CBDC will affect the Bitcoin price. Nonsense.
CBDC is your paper money but transferred to digital form, the system is still centralized. And that thing will never enter into a crypto exchange as a crypto coin or token. CBDC will go into the exchange as money like you guys are used to today.

But lots of coins are just masking under true crypto and are centralized in fact or partly centralized. So it is always important to keep in mind that only decentralized decisions could be true crypto, not only when you are faced with CBDC. Of course CBDC is not true crypto, but formally it is a currency which uses cryptography for emission... non true crypto, but... So IMO we should be always on our's guard, and look not only on a formal part but on a content part at the first.

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Quote from: Blawpaw on November 19, 2022, 05:35:31 AM

~So, with heavy regulation in place against cryptos won't this have a negative effect over Bitcoin?

Which kind of regulation are we talking about? cause it will differ in consequence regarding what kind of regulation.

If people still have the option to use Bitcoin and CBDC is not being heavily enforced as a sole basis of the payments system, it won't bother a thing to Bitcoin. CBDC is just another way of payment method for the FIAT that currently exists, each has its own pros and cons, and so does Bitcoin. So, if there isn't any draconian regulations, bitcoin will stand on its own, since it offers unique way of features and benefit that people could make use of.

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Sure CBDC won't have any impact on bitcoin, if something impacts bitcoin, it can only be regulation, regulation will affect bitcoin so much. The government created CBDC their purpose is not to compete with bitcoin but to bring convenience to them. Using CBDC will help them save a lot of things such as printing costs or storage, transportation...and manage us better.

worle1bm

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People still are using digital mode of fiat payments like your wallet is connected to your bank account and you can pay through your banking system and I think CDBC are not different from them and have they affected btc in the opposite direction? They are actually decentralised and those CDBC the government plan on to bring are still under their control so what difference will it make to use them? So in my opinion btc will always have its impact over people.

Leviathan.007

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Regarding central banks' digital currencies there are already many articles and the point of creating them is interesting to me, we all know that bitcoin is created to become a big competitor for the fiat currencies with a limited supply in which governments cannot have any control on it, so that's not surprising to see the governments are trying to create a computer for bitcoin but if you look deep inside it you can understand CBDC is not different than the traditional fiat currency because both of them are centralised and being controlled by the governments.

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Quote from: Darker45 on November 19, 2022, 10:23:14 PM

CBDCs are still fiat currencies that are made digital. They're not much different from the fiat that we use through fiat online wallets. It's just that there's no more hard cash representing them. They remain centralized because they're still issued by governments' central banks. They are still subject to the same inflationary mechanism. They're still continuously devalued. They're still under the control and decision of a few powerful individuals. The disadvantage, however, is that they're more easily tracked, monitored, frozen, seized, confiscated.

I believe CBDCs are worst than fiat currencies in terms of inflation. There are less production cost for CBDCs than fiat currencies. Much less infrastructures for minting, maintenance and so on. Governments can mint $T in one click when they want to do this without prerequisite to have paper, polymer, print, printing machines, human resources etc. This brings convenience to governments that in turn will make their inflationary management worse.

Quote

The point is it doesn't actually compete against Bitcoin.

CBDCs will never compete directly with Bitcoin. What they compete is usage demand from their citizens by choosing either fiat currencies or CBDCs.

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Quote from: Captain Corporate on November 19, 2022, 02:53:49 PM

People do not realize what CBDC really is, and that's why they are so afraid of it. The reality is that it's something simple, it's USDT or BUSD basically but controlled by the government. First of all, when we get in and out of exchanges KYC means we are already tracked, which means when you turn your USD into USDT that means you are already tracked. So instead of trusting a company in the Bahamas and buying usdt, or trusting CZ and buying busd, you will trust the American government and buy their CBDC instead for example. I still wouldn't trust the nations listed in OP's message, but if a big nation does it, then I will trust it.

The majority of other countries are also developing their own CBDCs and we will see them within the next year or two. If we talk about the impact of CBDCs on bitcoin, they don't really have any effect on bitcoin, as you said they are stable coins but issued by the government, not private companies.

But they will greatly affect our privacy, once CBDC is implemented and obligatory, we will be completely controlled by the government. It's something I almost don't want to happen, but it's going to be hard to avoid.

Topic: How will CBDCs will impact Bitcoin? (Read 512 times)