Topic: Is Digital dollar a threat to Bitcoin ? - page 3. (Read 444 times)
I don't think it's possible, they are two totally different things, the dollar, even if it is digital, is still controlled by an institution, and depending on how it is managed, it can generate inflation, directly affecting the currency and the community, on the other hand, bitcoin is free of state restrictions, and despite being volatile, it generates many opportunities for the user, such as having full control of their capital or having much more solid growth opportunities.
The Chinese CBDC wasn't very successful at all. We know China has an authoritarian government that will force its people to use government platforms but it seems not very effective for the Chinese since they are still using the Wechat and etc. There were reports that the Chinese are not using CBDC anymore.
In Nigeria as well, it's also not working, and its due to the adoption of BTC in the country. There could be any different result in any other place or country.
I think we have already talked about the influence of the CBDCs on Bitcoin on other threads, but anyways...
I must admit that 17 million transactions is an impressive number, but it would not have much influence on Bitcoin since we are talking about two different kind of assets: Centralized and intrusive versus Decentralized and neutral.
I still believe Bitcoin will be okey, as long as the protocol is maintained properly.
I must admit that 17 million transactions is an impressive number, but it would not have much influence on Bitcoin since we are talking about two different kind of assets: Centralized and intrusive versus Decentralized and neutral.
I still believe Bitcoin will be okey, as long as the protocol is maintained properly.
Not even close. Different concepts and different advantages; one is stable and one is volatile. USD based currencies are stable ones while Bitcoin is highly volatile generating profit as an investment. I've said not even close because investors are using these currencies differently; Bitcoin more of an asset while usd based digital currency are for daily transactions, so I don't think one fears another.
I will try to add more information in OP from now on.
How does that happen ? Isn't it more like competition? The people with traditional thinking might go with government backed project.
Not a competition but more of coexistence I guess. The only difference is decentralization and centralization of each. On my end especially when trading, I do prefer using usdt as a mode of payment because it is more convenient to use. But I also doubt one would promote the other currency.
Rather than spamming irrelevant articles across the forum you could add some extra information or thoughts you have on the topic it discusses. That would make more for a discussion than simply posting a line and a one line follow up.
I will try to add more information in OP from now on.
But, it will be a positive development for bitcoin and encourage more people to use bitcoins.
How does that happen ? Isn't it more like competition? The people with traditional thinking might go with government backed project.
"Digital dollar" has existed long before bitcoin did in centralized form and it is not going to change. Each time you use Paypal, credit cards, internet banking, online payments, etc. you are using digital dollar! It does not fall under the same category as bitcoin simply because it is centralized and because of that talking about "threats" is like comparing apples and oranges.
that-handles-17-million-transactions-per-second
That's pathetically low for a centralized payment system. Rather than spamming irrelevant articles across the forum you could add some extra information or thoughts you have on the topic it discusses. That would make more for a discussion than simply posting a line and a one line follow up.
I will try to add more information in OP from now on.
But, it will be a positive development for bitcoin and encourage more people to use bitcoins.
How does that happen ? Isn't it more like competition? The people with traditional thinking might go with government backed project.
Recently came across this news
https://www.forbes.com/sites/jasonbrett/2022/02/07/fed-designs-digital-dollar-that-handles-17-million-transactions-per-second/
It is still in testing phase. Do you think this digital dollar can be threat to bitcoin ? My answer is never because it is centralized.
https://www.forbes.com/sites/jasonbrett/2022/02/07/fed-designs-digital-dollar-that-handles-17-million-transactions-per-second/
It is still in testing phase. Do you think this digital dollar can be threat to bitcoin ? My answer is never because it is centralized.
Not really, I'd rather say that bitcoin is more of a threat to the digital dollar than the other way around.
Anyway, that doesn't really matter because e-dollar/digital dollar and bitcoin have their respective and distinct use why they were created in the first place. People also have their own reason why would they choose bitcoin over e-dollar or e-dollar over bitcoin. This digital dollar is of course controlled by the government, so that will be useless when it comes to guarding ourselves up when it comes to inflation but if in terms of stable coins, digital dollar has the advantage because it doesn't move that much and has less risk compared to the volatility of bitcoin.
It is a temporary "threat" knowing in a way that a lot of uneducated/misinformed people will think that a CBDC will be a threat to bitcoin, hence having less retail interest in the markets in the short-mid term after a CBDC gets released.
Long term though? Definitely not.
Long term though? Definitely not.
Rather than spamming irrelevant articles across the forum you could add some extra information or thoughts you have on the topic it discusses. That would make more for a discussion than simply posting a line and a one line follow up.
There's also a press board where you can post links, but only reserved for "Notable press hits".
There's also a press board where you can post links, but only reserved for "Notable press hits".
+1
Though to answer the question in the title - no - Bitcoin is a threat to all fiat currency and always will be as it is superior. No form of fiat currency will ever be a threat to Bitcoin. They will try to attack it, as they have hundreds or even thousands of times...but they will never beat it.
If anything, digital dollar is a step to mass adoption. As people start to learn how to use a digital dollar they will eventually see the added benefits of using a blockchain like Bitcoin, and will be able to make the transition in comparison to trying to transition from banking apps or cash.
Rather than spamming irrelevant articles across the forum you could add some extra information or thoughts you have on the topic it discusses. That would make more for a discussion than simply posting a line and a one line follow up.
There's also a press board where you can post links, but only reserved for "Notable press hits".
There's also a press board where you can post links, but only reserved for "Notable press hits".
Recently came across this news
https://www.forbes.com/sites/jasonbrett/2022/02/07/fed-designs-digital-dollar-that-handles-17-million-transactions-per-second/
It is still in testing phase. Do you think this digital dollar can be threat to bitcoin ? My answer is never because it is centralized.
https://www.forbes.com/sites/jasonbrett/2022/02/07/fed-designs-digital-dollar-that-handles-17-million-transactions-per-second/
It is still in testing phase. Do you think this digital dollar can be threat to bitcoin ? My answer is never because it is centralized.
Jump to: