Just my own thoughts - page 5. | Bitcointalksearch.org

Hamphser

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Quote from: freedomgo on February 07, 2022, 05:58:05 PM

Quote from: BitKongy on February 07, 2022, 07:35:20 AM

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

It's been stated in the past that bitcoin is only an alternative currency, even if it will grow its adoption, there's no way it will replace fiat which is widely used by the people unless the government will give way to crypto by legalizing and adopting it which I think is impossible as they will lose their control on a centralized currency.

Decentralized currency provides privacy but it will never kill the centralized currency, not even in my dreams.

People should stick into that idea or simply the reality because it cant happen no matter what and as long government do exist then they would really be doing their best for this thing not
to happen and there's no way that decentralization would really take place or be the main stream.We cant really deny that having central authority do really make things in order
and imagine if there are no one who do take authority then i couldnt imagine on how we do deal up with things.?

freedomgo

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Quote from: BitKongy on February 07, 2022, 07:35:20 AM

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

It's been stated in the past that bitcoin is only an alternative currency, even if it will grow its adoption, there's no way it will replace fiat which is widely used by the people unless the government will give way to crypto by legalizing and adopting it which I think is impossible as they will lose their control on a centralized currency.

Decentralized currency provides privacy but it will never kill the centralized currency, not even in my dreams.

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Quote from: BitKongy on February 07, 2022, 07:35:20 AM

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

There's actually no need to think about where bitcoin is going if CBDCs are already there. Bitcoin will remain as is and where it is. While these CBDCs are going to be the hard pledged "crypto" as these government says that they have full control.
It's not a problem at all when we think of that much because bitcoin will still on its form whether the CBDC will be promoted and advised by the government.

Lanatsa

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Quote from: BitKongy on February 07, 2022, 07:35:20 AM

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

Bitcoin wasn't really really created on the first place for the sake of beating up fiat and replace it but Satoshi did really have that goal on having a decentralized payment system which there's no 3rd party

involve and it is just people who do really love to say up things about replacing fiat or something which is way too overextent or being too optimistic and we know that this cant be possible.

Lets just deal off with things on what we are currently seeing now and not anticipating into those things which wont happen.

Doell

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bitcoin as an alternative to fiat but with unstable price bitcoin has become an investment asset like stocks ,bitcoin which I know supported by all of us in this world with limited supply unlike fiat or CBDC in general oh whose growth has been managed by government and there is no competition in this case agree ! my simple thought is bitcoin currently an asset to make it easier for people and its use can also be like fiat which is not owned by other stock asset holding it will be an individual advantage

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I agree to a level where Bitcoin is decentralized but the fear I have is that people stopped caring about decentralization long time ago. We have seen too many centralized projects getting so much interest from people that I am not entirely sure if it is actually working for people.

Not saying that it is an uncanny situation but that doesn't change the fact that I couldn't really imagine it at first, obviously people turned to centralized stuff because when something is wrong, they want someone to fix it. If you were so crazy about centralization then you could have stayed in fiat, instead of a central bank, a project founder decides what will happen to your money. That just never made sense to me.

Silberman

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Quote from: BitKongy on February 07, 2022, 07:35:20 AM

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

CBDC will not affect bitcoin at all when it comes to the people that can see the truth behind them, it is true that many newbies are going to be deceived by them, in the same way shitcoins deceive people and they invest in them instead of doing so in bitcoin, however there is nothing we can do about it except to ignore those coins, as not only they are just another form of fiat they are probably the worst form of it as the governments and central banks will have complete control over them and will be able to do whatever they want with your money.

Fortify

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Quote from: BitKongy on February 07, 2022, 07:35:20 AM

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

To be realistic about the future you have to consider Bitcoin to be a stepping stone, an excellent but imperfect cryptocurrency that will at some point become redundant. It simply does not have the inherent capacity to perform all the transactions that the world needs at the level of speed and environmentally friendly capacity of existing networks. We're starting to see a few governments get serious about formulating their own cryptocurrencies and Bitcoin will hold value for a long time, maybe just as an item that rich people love to show off, but functionality wise we will see it drop off as more of it gets lost - never to be replaced or in circulation.

The Cryptovator

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Quote from: The Sceptical Chymist on February 07, 2022, 11:28:23 AM

It's a ridiculous statement, because crypto is primarily an investment, not a currency (although it certainly can be used as one).

I won't agree here with you. When Bitcoin was created it wasn't considered as an investment asset nor creator intend to create an investment asset. The aim was to create peer-to-peer electronic cash which means a decentralized currency. Since it has used cryptography hence it's called cryptocurrency. So this is currency primarily, not an investment. But we turned full theme by calling cryptocurrency investment. We have indeed been using cryptocurrency as an investment but it doesn't mean primarily.

bitzizzix

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Bitcoin is decentralized and fiat is centralized, and fiat will always exist and bitcoin was not created to replace it and bitcoin is an alternative to fiat and is the best investment of all investments.
we cannot compare people's money with government currency.
we cannot compare finite money with unlimited currency.
we cannot compare freedom money with held currency.
and there we can distinguish which one is better and more valuable and the two will coexist to complement each other.
I'm actually pushing for CBDC and I hope it comes out soon as it will accelerate bitcoin adoption.

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Quote from: BitKongy on February 07, 2022, 07:35:20 AM

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

From the start, no one wanted to overthrow the other. It's just that the parties who exist in Bitcoin do not want to feel excluded because the government makes policies that are considered to be always trying to destroy Bitcoin. Even though it's just an alternative. CBDC was born because of the anxiety of people in a certain country who are aggressive towards cryptocurrencies, especially Bitcoin, and don't care about inflation and taxes borne.
Then the plan was to launch CBDC as an alternative for the government to keep controlling transactions from where to go and keep an eye on them for the benefit of state finances. Simply put, the government does not want to let someone's wealth flow without passing through the tax collection that goes into the state treasury.

The Sceptical Chymist

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Quote from: Alisha-k on February 07, 2022, 10:09:55 AM

What people fail to understand is that Fiat cannot overthrow Bitcoin and vice versa, they're both made for their own purposes even though the compliment each other

I think a lot of members of this forum don't seem to understand that fact; saying bitcoin (or any cryptocurrency currently on the market) has the potential to overthrow fiat is like saying stocks, bonds, or comic books have that same potential. It's a ridiculous statement, because crypto is primarily an investment, not a currency (although it certainly can be used as one).

And "fiat"? What does that mean, exactly? Are we talking about the currencies of every single country in the world or just the USD/GBP/etc.? In order for bitcoin to overthrow "fiat" there would have to be an economic crisis the likes of which no living being has ever seen, and if that happened I wonder if there would even be internet left to use crypto on. Historically when one fiat currency fails, the citizens of the country in which it failed simply use another country's fiat currency, one that's more stable. Even in Venezuela, when bitcoin was well-known and their fiat currency collapsed, Venezuelans turned to the USD as an alternative (to the best of my knowledge).

I'm definitely not bashing bitcoin, but I've heard this tune many times before and it just doesn't make sense to me.

Fesatmas

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Quote from: Alisha-k on February 07, 2022, 10:09:55 AM

What people fail to understand is that Fiat cannot overthrow Bitcoin and vice versa, they're both made for their own purposes even though the compliment each other, the qualities one doesn't possessed is possessed by the other, so it's left for the users to decide which to use at the time.

Yes, there is always a narrative like that, bringing each other down. Though I think if the two go side by side it will be better.
The difference may be that fiat is controlled by a group of people, while bitcoin is not. So let people decide which one they will choose.
Yes, even though we know that the government will not just let go of something they do control, and make them get something they want.

dbc23

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If you were left to choose between having full access to your office and having to go through someone to access your office which would you choose. I know definitely you will want to have your full access when ever you wish to use your office. It's just the same with Bitcoin and CBDC. Bitcoin came with a decentralized freedom built upon a peer-2-peer network ran on a node. CBDC is just the digital fiat we are used to already nothing differs between CBDCs and the paper fiat it's just the fact CBDC is in the digital format.

Gozie51

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Freedom from exposure of privacy is the advantage bitcoin have over fiat. That is a major purpose of bitcoin over fiat or CBDC. It is decentralised and can be used without restriction.

Quote from: Viscore on February 07, 2022, 10:16:32 AM

Investing in cryptocurrency is the only big chance of making money,So there is no reason people to leave bitcoin.

No is not true. Before cryptocurrency, people have done other businesses and have made money from it, there is real estate investment and people are going into it. The thing about cryptocurrency is that it gives larger opportunity for more people to enter into wealth taking not that it is the only big chance.

marilynmanson21

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as we know there has never been a bitcoin space to replace the existence of Fiat, but they can complement each other side by side, where bitcoin as an investment, Fiat as a means of living (in my opinion this is also)

Viscore

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Quote from: BitKongy on February 07, 2022, 07:35:20 AM

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

Maybe but in my own opinion CBDC will only quicken bitcoin adoptions. And people will exchange for it if only when they need it for convenience..CBDC will just be used to pay for taxes and government fee but the economy run on decentralized cryptocurrencies between individuals.Investing in cryptocurrency is the only big chance of making money,So there is no reason people to leave bitcoin.

Alisha-k

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What people fail to understand is that Fiat cannot overthrow Bitcoin and vice versa, they're both made for their own purposes even though the compliment each other, the qualities one doesn't possessed is possessed by the other, so it's left for the users to decide which to use at the time.

Charles-Tim

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Bitcoin is decentralized, fiat are centralized, no room for competition than being alternatives. Bitcoin was created for privacy and decentralized purpose but most people using bitcoin nowadays are using it for its appreciative and speculative value, what fiat can not provide than to continually be devaluated. Not only that CBDCs are centralized, they are fiat, not a substitute but alternative just as fiat.

BitKongy

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Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

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