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TheUltraElite

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Quote from: istiak2277 on February 27, 2022, 02:11:39 PM

Competition occurred when two same type of things conflict with each other for superiority. Bitcoin and Fiat has two totally different infrastructure and system of processing. We can do comparison between them about their use case and convenient way of using. Let the people decide which one to chose. Most popular one will survive at the end and others will perish.

I don't think either will perish. They are both having good and bad things, bitcoin is deflationary while fiat is inflationary. The number of Fiat users is way more than the total number of Bitcoin users. So both will exist and people will have the freedom of choice.

This is not a question of popularity but a question of pros and cons. If electricity and internet go down, fiat is your only option that too hard cash, even digital fiat would not work. Similarly for long term appreciation of value bitcoin is the better option.

We can't call one as future, otherwise we will be called fortune tellers which is a fraud. We can only predict with logic and I feel both will exist.

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Quote from: istiak2277 on February 27, 2022, 02:11:39 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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?

Competition occurred when two same type of things conflict with each other for superiority. Bitcoin and Fiat has two totally different infrastructure and system of processing. We can do comparison between them about their use case and convenient way of using. Let the people decide which one to chose. Most popular one will survive at the end and others will perish.

Most people do think that there should be one that will be existing but come to think that we do need fiat as well and now on bitcoins existence then we do at least have the option to choose.They do hit up

different markets which one do loves decentralized and the ones who do love centralized.Also, people doesnt really mind off about utility but rather thinking or minding about its investment benefits

which is something that people been thinking off mainly when dealing with crypto market.

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Quote from: Oilacris on February 26, 2022, 04:28:12 PM

Quote from: Silberman on February 24, 2022, 01:54:49 PM

Quote from: timerland on February 21, 2022, 04:21:37 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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 simply not the same market that BTC and CBDCs are in.

CBDCs are a digital extension of fiat that was bound to happen as a matter of time. BTC is decentralized and secure, and cannot be tampered with by any central governments.

Essentially they are precisely the two ends of the spectrum when it comes to decentralization. One gives the government more power and traceability, the other doesn't. People who desire decentralization will obviously still opt for BTC.

Correct, however this is a Trojan horse, governments are seeing that there is a tendency to adopt decentralized cryptocurrencies that they cannot stop and that if anything they have helped to create, they want to stop this but they are unable so what it is the best they can do? To create their own currencies that look like decentralized ones but that are under their complete control and try to deceive people to adopt them, and while many people will see what it is behind many people will fail to do so.

Government does really love on deceiving people specially when they are seeing some threats which could totally oppose on what they do really prefer which we know that they dont really like crypto

in the first place plus on having that decentralized factor which do really makes even more been hated which it isnt surprising that much.They couldnt able to control nor get rid of it technically but

they could able to stir up or making involvement via those platforms or services which do attached with fiat which its unavoidable for us to make use.

That is what they are hoping, they think that we are going to be shortsighted enough to not see what they are doing, however every single one of us that knows what it is their end game, there are many other people that will believe them and that will use those coins thinking they are using something even better than bitcoin, however this is a mistake, and those people are going to find out this is the case when we begin to see more signs of the fiat system collapsing.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

Competition occurred when two same type of things conflict with each other for superiority. Bitcoin and Fiat has two totally different infrastructure and system of processing. We can do comparison between them about their use case and convenient way of using. Let the people decide which one to chose. Most popular one will survive at the end and others will perish.

wxa7115

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Quote from: Finestream on February 24, 2022, 02:40:19 PM

Quote from: dezoel on February 24, 2022, 11:11:54 AM

Most CBDCs are not going to be using blockchain, so far the ones I know of are not making use of blockchain. The CBDC that we are all talking about are still the same fiat, but in a digital form. They have no connection with Bitcoin, so there is no way that these digital currencies are going to have any effect on Bitcoin.

Like you said, Bitcoin is decentralized and those who wants to make use of decentralized money will continue to make use of Bitcoin, while those that have chosen to make use of fiat will continue with that. It’s a matter of choice, none is stopping the other. Except, maybe Bitcoin is banned in your country. But even if it’s banned in your country, you can still make use of it.

CBDCs are clearly not supporting bitcoin because its purpose definitely in line with fiat but CBDCs are also known to reduce the risks from using digital currencies in their form. But, they are not into promoting bitcoin and cryptocurrencies.

Bitcoin will always chose to be decentralized, while fiat will remain centralized. This is the reason why bitcoin could be a good alternative to fiat so that people who will love to use bitcoin can use it freely while fiat supporters will continue using it. But for those who want to use them both, they will have the freedom to use them for how long they want.

Those coins are nothing more but the response of governments against bitcoin, they are realizing that stopping something like bitcoin is simply impossible, so they are going to do their next move which is to try to deceive people back into fiat currencies once again.

By doing this they are hoping to slow down the adoption of bitcoin by claiming that their coins are better and that they are more secure, unfortunately a great deal of people are going to fall into that trap and are going to believe the governments and they will keep using those coins despite the huge disadvantages that they bring to them, but at the end those coins are going to fail on the purpose of luring people like us to those coins.

Zanab247

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Bitcoin will remain decentralized exchange which is good for long term and short term investment in the community. Despite many countries are creating their own digital currency,that is making citizens to talk that centralized currency will overcome the decentralized currency in terms of profits making in the market.
Government cannot control decentralized currency terms of pumping and dumping because they have no power over decentralized currency like the way they have power over fiat money by increasing and decreasing of Centralized currency in the country.

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Quote from: Silberman on February 24, 2022, 01:54:49 PM

Quote from: timerland on February 21, 2022, 04:21:37 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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 simply not the same market that BTC and CBDCs are in.

CBDCs are a digital extension of fiat that was bound to happen as a matter of time. BTC is decentralized and secure, and cannot be tampered with by any central governments.

Essentially they are precisely the two ends of the spectrum when it comes to decentralization. One gives the government more power and traceability, the other doesn't. People who desire decentralization will obviously still opt for BTC.

Correct, however this is a Trojan horse, governments are seeing that there is a tendency to adopt decentralized cryptocurrencies that they cannot stop and that if anything they have helped to create, they want to stop this but they are unable so what it is the best they can do? To create their own currencies that look like decentralized ones but that are under their complete control and try to deceive people to adopt them, and while many people will see what it is behind many people will fail to do so.

Government does really love on deceiving people specially when they are seeing some threats which could totally oppose on what they do really prefer which we know that they dont really like crypto

in the first place plus on having that decentralized factor which do really makes even more been hated which it isnt surprising that much.They couldnt able to control nor get rid of it technically but

they could able to stir up or making involvement via those platforms or services which do attached with fiat which its unavoidable for us to make use.

andriarto

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Quote from: so98nn on February 24, 2022, 09:45:24 AM

Quote from: Anguwa on February 22, 2022, 11:57:34 AM

I don't believe the comparison between Bitcoin and Fiat should be continued because Bitcoin is fully decentralized; it was created to give us proper control over our entire wealth in order to avoid any third parties while spending our wealth, whereas fiat is always centralized, and I can refer to fiat as CBDCs because all transactions are monitored by governments.

How it can’t be compared? It’s literally intermittently connected with each other, whether it’s fiat or bitcoin they will have correlation of unit measurement. We can value bitcoin or understand the bitcoin valuation by fiat measures only. Moreover, though crypto currencies are decentralised that’s just related to its salient features. Without fiat you can not buy crypto currency’s neither you can trade it with others. We know very well we can not understand one bitcoin equals one bitcoin math right now. We have to value different products and services in fiat unit only. So that’s it, they are connected and have to compared for the sake of measuring.

of them there is a correlation measurement. we can say bitcoin is free from inflation, because we see inflation that occurs in fiat every year, it can be closed with a bitcoin value that far exceeds the inflation rate in fiat. both have only the difference in the decentralized system and the centralized system which the government can control. the rest of them both are the same as a unit of currency

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Quote from: dezoel on February 24, 2022, 11:11:54 AM

Most CBDCs are not going to be using blockchain, so far the ones I know of are not making use of blockchain. The CBDC that we are all talking about are still the same fiat, but in a digital form. They have no connection with Bitcoin, so there is no way that these digital currencies are going to have any effect on Bitcoin.

Like you said, Bitcoin is decentralized and those who wants to make use of decentralized money will continue to make use of Bitcoin, while those that have chosen to make use of fiat will continue with that. It’s a matter of choice, none is stopping the other. Except, maybe Bitcoin is banned in your country. But even if it’s banned in your country, you can still make use of it.

CBDCs are clearly not supporting bitcoin because its purpose definitely in line with fiat but CBDCs are also known to reduce the risks from using digital currencies in their form. But, they are not into promoting bitcoin and cryptocurrencies.

Bitcoin will always chose to be decentralized, while fiat will remain centralized. This is the reason why bitcoin could be a good alternative to fiat so that people who will love to use bitcoin can use it freely while fiat supporters will continue using it. But for those who want to use them both, they will have the freedom to use them for how long they want.

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Quote from: timerland on February 21, 2022, 04:21:37 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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 simply not the same market that BTC and CBDCs are in.

CBDCs are a digital extension of fiat that was bound to happen as a matter of time. BTC is decentralized and secure, and cannot be tampered with by any central governments.

Essentially they are precisely the two ends of the spectrum when it comes to decentralization. One gives the government more power and traceability, the other doesn't. People who desire decentralization will obviously still opt for BTC.

Correct, however this is a Trojan horse, governments are seeing that there is a tendency to adopt decentralized cryptocurrencies that they cannot stop and that if anything they have helped to create, they want to stop this but they are unable so what it is the best they can do? To create their own currencies that look like decentralized ones but that are under their complete control and try to deceive people to adopt them, and while many people will see what it is behind many people will fail to do so.

dezoel

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Most CBDCs are not going to be using blockchain, so far the ones I know of are not making use of blockchain. The CBDC that we are all talking about are still the same fiat, but in a digital form. They have no connection with Bitcoin, so there is no way that these digital currencies are going to have any effect on Bitcoin.

Like you said, Bitcoin is decentralized and those who wants to make use of decentralized money will continue to make use of Bitcoin, while those that have chosen to make use of fiat will continue with that. It’s a matter of choice, none is stopping the other. Except, maybe Bitcoin is banned in your country. But even if it’s banned in your country, you can still make use of it.

so98nn

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Quote from: Anguwa on February 22, 2022, 11:57:34 AM

I don't believe the comparison between Bitcoin and Fiat should be continued because Bitcoin is fully decentralized; it was created to give us proper control over our entire wealth in order to avoid any third parties while spending our wealth, whereas fiat is always centralized, and I can refer to fiat as CBDCs because all transactions are monitored by governments.

How it can’t be compared? It’s literally intermittently connected with each other, whether it’s fiat or bitcoin they will have correlation of unit measurement. We can value bitcoin or understand the bitcoin valuation by fiat measures only. Moreover, though crypto currencies are decentralised that’s just related to its salient features. Without fiat you can not buy crypto currency’s neither you can trade it with others. We know very well we can not understand one bitcoin equals one bitcoin math right now. We have to value different products and services in fiat unit only. So that’s it, they are connected and have to compared for the sake of measuring.

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Quote from: perfect999 on February 23, 2022, 05:51:30 AM

Quote from: Tellek Garing on February 22, 2022, 10:23:20 AM

I view Bitcoin to be the decentralized alternative to Fiat money as the financial system work as a chain, the CBDC will only be able to flow in the same chain when the centralized digital currency transaction can be verified through the blockchain. I quite agree with the views of others on this subject matter that Bitcoin and fiat shouldn't be compared since they both perform in different model.

True, both performs differently. The government won’t be able to stop Bitcoin, same way that bitcoin won’t be replacing fiat, they are both on a different route, and none is there to replace the other. We all make use of both, and so far I haven’t seen the reason why I would want Bitcoin to replace fiat or fiat stopping Bitcoin, because they are useful to me.

Bitcoin serves many purpose for me, it can serve as an asset for investment, or I can use for some transactions, also the same thing with fiat. And I am not the type that holds my money just in one place, I make use of different assets.

the difference between the two is contradictory to the basis of each. if you look realistically what is happening right now, bitcoin cannot replace fiat, because there will be many obstacles to be faced, even though it has several advantages compared to fiat. but along with technological developments later we don't know what will happen, because after all the government is the most important part for a change

perfect999

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Quote from: Tellek Garing on February 22, 2022, 10:23:20 AM

I view Bitcoin to be the decentralized alternative to Fiat money as the financial system work as a chain, the CBDC will only be able to flow in the same chain when the centralized digital currency transaction can be verified through the blockchain. I quite agree with the views of others on this subject matter that Bitcoin and fiat shouldn't be compared since they both perform in different model.

True, both performs differently. The government won’t be able to stop Bitcoin, same way that bitcoin won’t be replacing fiat, they are both on a different route, and none is there to replace the other. We all make use of both, and so far I haven’t seen the reason why I would want Bitcoin to replace fiat or fiat stopping Bitcoin, because they are useful to me.

Bitcoin serves many purpose for me, it can serve as an asset for investment, or I can use for some transactions, also the same thing with fiat. And I am not the type that holds my money just in one place, I make use of different assets.

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Quote from: Tellek Garing on February 22, 2022, 10:23:20 AM

I view Bitcoin to be the decentralized alternative to Fiat money as the financial system work as a chain, the CBDC will only be able to flow in the same chain when the centralized digital currency transaction can be verified through the blockchain. I quite agree with the views of others on this subject matter that Bitcoin and fiat shouldn't be compared since they both perform in different model.

Because indeed when we compare something at least there must be a comparison and something equivalent that can be compared, In the context of bitcoin and fiat I don't think there is anything that can be compared there because these are very different things.
Even if they are indeed one of the things touted on the blockchain (Bitcoin by its fans and CBDC by the government) But still this is not comparable.
It would just be tiring to compare this without having any conclusions and results

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I don't believe the comparison between Bitcoin and Fiat should be continued because Bitcoin is fully decentralized; it was created to give us proper control over our entire wealth in order to avoid any third parties while spending our wealth, whereas fiat is always centralized, and I can refer to fiat as CBDCs because all transactions are monitored by governments.

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I view Bitcoin to be the decentralized alternative to Fiat money as the financial system work as a chain, the CBDC will only be able to flow in the same chain when the centralized digital currency transaction can be verified through the blockchain. I quite agree with the views of others on this subject matter that Bitcoin and fiat shouldn't be compared since they both perform in different model.

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Quote from: timerland on February 21, 2022, 04:21:37 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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 simply not the same market that BTC and CBDCs are in.

CBDCs are a digital extension of fiat that was bound to happen as a matter of time. BTC is decentralized and secure, and cannot be tampered with by any central governments.

Essentially they are precisely the two ends of the spectrum when it comes to decentralization. One gives the government more power and traceability, the other doesn't. People who desire decentralization will obviously still opt for BTC.

People always want to have control over their finance. This is impossible with the CBDC as it'll be controlled by the government. As in the quote the two extreme ends mark the bitcoin and the CBDC. Even if more CBDC come to usage it is impossible to diminish the market of bitcoin. More countries are in study about the CBDC, possibly by 2030 most of the countries will have their own CBDC. Meanwhile the time period of ten years will make a big change in the cryptospace through adoption and increased acceptance on real life.

timerland

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Quote from: BitKongy on February 07, 2022, 06:35:20 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 simply not the same market that BTC and CBDCs are in.

CBDCs are a digital extension of fiat that was bound to happen as a matter of time. BTC is decentralized and secure, and cannot be tampered with by any central governments.

Essentially they are precisely the two ends of the spectrum when it comes to decentralization. One gives the government more power and traceability, the other doesn't. People who desire decentralization will obviously still opt for BTC.

Mahanton

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Quote from: Silberman on February 21, 2022, 02:16:39 PM

Quote from: Zlantann on February 19, 2022, 02:46:17 AM

Quote from: Charles-Tim on February 07, 2022, 06:44:47 AM

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.

Cryptocurrencies have no alternative. If it not decentralized then it had lost its uniqueness and beauty. The reason for the rise in the popularity of Bitcoin is because of its security and decentralization. If you want to kill the Bitcoin (unlikely), kill its uniqueness.

And that is never going to happen, we just need to look at the coins that are being released by centralized governments and they are a complete joke, they want to convince us to go back to fiat with a coin that is even worse than the current fiat, it shows clearly how those parasites never had to work a single day of their lives, because any business owner knows that in order to become successful they need to appeal to their customers, and a coin that is even worse than fiat is not going to make people like us use those coins when we have bitcoin available.

There would really be in having that separate kind of view and perception in between fiat and crypto as always even though some are really that optimistic with crypto but there
are still whom do love to stick out with traditional things and trust them no matter what which i couldnt really blame them off because this is how things do work.
We've sticking on things that we do get used to and if there are some alternatives or new things to involved with then this is the time we do make out some
choice or neither deal on both things.

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Quote from: Zlantann on February 19, 2022, 02:46:17 AM

Quote from: Charles-Tim on February 07, 2022, 06:44:47 AM

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.

Cryptocurrencies have no alternative. If it not decentralized then it had lost its uniqueness and beauty. The reason for the rise in the popularity of Bitcoin is because of its security and decentralization. If you want to kill the Bitcoin (unlikely), kill its uniqueness.

And that is never going to happen, we just need to look at the coins that are being released by centralized governments and they are a complete joke, they want to convince us to go back to fiat with a coin that is even worse than the current fiat, it shows clearly how those parasites never had to work a single day of their lives, because any business owner knows that in order to become successful they need to appeal to their customers, and a coin that is even worse than fiat is not going to make people like us use those coins when we have bitcoin available.

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Quote from: Gozie51 on February 15, 2022, 12:34:34 PM

Quote from: wxa7115 on February 15, 2022, 12:27:42 PM

.

Then they are going to argue their coins are better because they have the ability to get back the funds that are stolen by hackers and scammers and this will attract people to those conis, but for people like us that know the truth we will not be interested in their coins, so this changes nothing at all.

No government won't have to argue that their coin or fiat is better because the two are both different and on different functions or purpose. You can't compare both. Bitcoin being an asset can be used as exchange too , you can hodl bitcoin for longer time with hope to get multiple in your hodling investment. Bitcoin is about decentralised system that can't be monitored or stopped, the freedom of which you the user should protect himself, you are having and taking charge of yourself by keeping your security code safe, that is freedom.

It seems my point did not come across, of course I know that their centralized coins and bitcoin are nothing alike, however the average person is not going to know this information and the governments are going to lie about it to try to make people adopt their coin instead of bitcoin.

That is the problem, and since most people just accept whatever they are told by the governments and mainstream media then they are going to think those coins are better than bitcoin, even if people like us try to warn them this is not the case.

Smartvirus

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Quote from: Charles-Tim on February 07, 2022, 06:44:47 AM

Bitcoin is decentralized, fiat are centralized, no room for competition than being alternatives.

That's just the answer, it's how simple it could get. As exclusively alternative pairs, giving people the leverage of choice. Bitcoin operates on freewill and any attempt to hinder this or lead to any form of monopoly on the system would lead to a backdrop on the system. Little wonder why Satoshi Nakamoto left or the number of bitcoin that might have been owned by this figure should he or she or body own any, remains unknown even up to this present day.
So, there has to be two sides to money and how it's used. A centralized fiat and decentralized in cryptocurrency (Bitcoin) could be the answer.

CryptopreneurBrainboss

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Quote from: darewaller on February 20, 2022, 08:40:34 AM

But do you believe many of those metamask users aren't doing so because they believe in non-custododial wallet, they are only having metamask wallet because the trends they intend participating in required them to make use of metamask and many of them them have multiple accounts so don't just be too happy about the numbers. When comparing between decentralized service providers with that of centralized service, the centralized services are miles ahead.

Quote from: BitKongy on February 07, 2022, 06:35:20 AM

we all know that CBDC will run on the blockchain too but in centralised form so where those this leave Bitcoin?

The CBDC are just a way of the government trying to distract us from using Bitcoin, they never intend CNDC to replace the traditional fiats. They know with the CBDC been introduced, they'll be able to get some merchant to accept CBDC instead of Bitcoin there by slowing down the adoption rate of Bitcoin but all their plans will fail.

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Quote from: Charles-Tim on February 19, 2022, 02:53:29 AM

the majority of people using bitcoin recently is because of its value, bitcoin price has been appreciating over time, it is an appreciative asset, that is why people are using it. Many people are using centralized wallets and exchanges today and do not know about noncustododial wallet or decentralized exchanges, they use what they heard from friends or what hey googled online.

Take it also or you leave it, bitcoin is an alternative to fiat, it can be used for means of exchange, but it is unique and more of an asset which helps in its adoption.

The best is to have full control, making use of noncustododial wallet and exchanges, but I just used this to explain what is actually happening as people are using bitcoin just like novices.

I believe that with around 20+ million active users per month, Metamask could argue that you are wrong. I am not saying that there are no people who do not know about non-custodial wallets, of course there are still plenty of people who do not know what that is, but the reality is that "majority" of the crypto world use metamask and similar stuff. That is why I believe that we should not be really considering people are not aware of it. Sure, there are still a lot of money in the big exchanges, but that doesn't mean that those people are all unaware of metamask, they are aware and still put money in there, like I have a metamask but I also put my money on binance as well, I just feel it is better there.

pressing207

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This is the first time I've heard such nonsense about bitcoin decentralization. There is not and will not be a more centralized coin. Perhaps you don't understand the terms?
The POW consensus algorithm is initially doomed to centralize the strongest miners sooner or later.
People who think that the price of bitcoin will tend to infinity because of the limited issue... This is ridiculous.

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If you don't like centralized platform then better not use it. You may think that the centralized platform is good because of its features but don't forget that decentralized platform could have that kind of feature too so if you don't like centralized platform then better stick to decentralized ones. Nothing will lose from you if you won't use centralized platform since there are other sites or platforms like that but decentralized.

Charles-Tim

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Quote from: Zlantann on February 19, 2022, 02:46:17 AM

Cryptocurrencies have no alternative. If it not decentralized then it had lost its uniqueness and beauty. The reason for the rise in the popularity of Bitcoin is because of its security and decentralization. If you want to kill the Bitcoin (unlikely), kill its uniqueness.

I disagree to that, the majority of people using bitcoin recently is because of its value, bitcoin price has been appreciating over time, it is an appreciative asset, that is why people are using it. Many people are using centralized wallets and exchanges today and do not know about noncustododial wallet or decentralized exchanges, they use what they heard from friends or what hey googled online.

Take it also or you leave it, bitcoin is an alternative to fiat, it can be used for means of exchange, but it is unique and more of an asset which helps in its adoption.

The best is to have full control, making use of noncustododial wallet and exchanges, but I just used this to explain what is actually happening as people are using bitcoin just like novices.

Zlantann

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Quote from: Charles-Tim on February 07, 2022, 06:44:47 AM

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.

Cryptocurrencies have no alternative. If it not decentralized then it had lost its uniqueness and beauty. The reason for the rise in the popularity of Bitcoin is because of its security and decentralization. If you want to kill the Bitcoin (unlikely), kill its uniqueness.

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I am personally of the opinion that bitcoin should be used or needs to be used as a currency in order for it to succeed over the course of time. Of course that means needing to succeed versus fiat currency in some fashion. The decentralized aspect does give it a huge leg up but not sure if it’s enough.

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Quote from: The Sceptical Chymist on February 07, 2022, 10:28:23 AM

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

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

The primary reason why bitcoin is made,so that it can be used as a payment between to people over the internet or lets just say peer-to-peer transactions. Which means no banks are involved. And investment is just a secondary option..

Quote from: Cling18 on February 17, 2022, 12:44:51 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 AM

They are comparing the two different currencies because they believe that Bitcoin could replace fiat in the future where in fact, replacing it isn't necessary because Bitcoin as a decentralized currency could be used differently.

Yah thats true, bitcoin and fiat has its own uses.Bitcoin is highly volatile to be used as universal currency..People are just overthink that fiat can be replaced by btc.

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Quote from: stepwilli on February 16, 2022, 01:25:33 PM

Uhhn, this is a problem for a lot of people, and I don’t get why they really see it as a problem. It’s either that you are seeing people who wants cryptocurrency to replace Fiat entirely, or you see those who wants fiat to replace cryptocurrency. But, these two can coexist together, and people would be free to make use of whatever currency they would like to make use of, whether it is Fiat or Bitcoin, without having any problem.

But, some of these people find it hard to understand it is not a battle of currencies, it’s all about choice. people should be free and given that freedom to make use of whatever they want to make use of.

That would be great but the ones that have an antagonistic view are the politicians, fiat is one of their most powerful weapons, and this is because they can use inflation to steal the wealth of their citizens, think about it, if they created a tax then there is a lot of ways for that tax to be avoided and as such it is an ineffective measure, but if they print money then every single piece of money is affected by it, however bitcoin protects you from this and if anything it helps you out as bitcoin outpaces inflation, and as such they consider bitcoin to be an enemy that is to be beaten if they want their fiat to keep the same effect.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

They are comparing the two different currencies because they believe that Bitcoin could replace fiat in the future where in fact, replacing it isn't necessary because Bitcoin as a decentralized currency could be used differently. We only need more crypto adoption but Bitcoin could function even with the continuous existence of fiat.

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Quote from: molsewid on February 17, 2022, 10:30:19 AM

We have our different wants about cryptocurrency either some wanted it to replace fiat or someone would want the other way around but yeah this kind of wants of other people do making it more complicated because, I, myself I do wanted to have them both coexisted and functioning well. I just do hope that we should see these two currency existed on their own means, uses and importance because it is so impossible that crypto will replace fiat and the same goes with fiat to crypto right. Let's just enjoy the benefits of the existence of these two currencies.

So far I don't think that bitcoin is ready to replace fiat in fact its adoption has increased tremendously since bitcoin was introduced to the world. Bitcoin still has some flaws and still needs some improvement where the main thing I think about is scalability and fluctuating transaction fees when the mempool is very congested.

But to be honest, I would prefer bitcoin over fiat if my country's government had legalized it as legal tender. Transaction security as well as the privacy it allows are other factors that favor bitcoin better than other centralized financial systems. But as long as the government has not ratified it as currency then I will not violate it.

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Well at the end of the day we still have to report our taxes to the nation where we breath. That’s the whole and sole problem living in this world. It’s free, but it’s not completely independent.

It’s true that as long as you trade and invest from bitcoin to bitcoin or bitcoin to other coins then no one knows you hold it. However at some point if you wanna buy bitcoin then you have to star with fiat.

So we can’t help it, as we are part of the system.

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Quote from: Fatunad on February 16, 2022, 04:20:09 PM

People do really love on being that complicated when it comes to things just like been mentioned above that we shouldnt really stress out ourselves.They could both co-exist
which we are currently seeing now and its not really that need for us to mind off that much on what would be particular things which needing for it to be attained.
Crypto cant replace fiat but doesnt mean that its existence isnt relevant and now we are cherishing actually its usage and benefits.

We have our different wants about cryptocurrency either some wanted it to replace fiat or someone would want the other way around but yeah this kind of wants of other people do making it more complicated because, I, myself I do wanted to have them both coexisted and functioning well. I just do hope that we should see these two currency existed on their own means, uses and importance because it is so impossible that crypto will replace fiat and the same goes with fiat to crypto right. Let's just enjoy the benefits of the existence of these two currencies.

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Quote from: stepwilli on February 16, 2022, 01:25:33 PM

Uhhn, this is a problem for a lot of people, and I don’t get why they really see it as a problem. It’s either that you are seeing people who wants cryptocurrency to replace Fiat entirely, or you see those who wants fiat to replace cryptocurrency. But, these two can coexist together, and people would be free to make use of whatever currency they would like to make use of, whether it is Fiat or Bitcoin, without having any problem.

But, some of these people find it hard to understand it is not a battle of currencies, it’s all about choice. people should be free and given that freedom to make use of whatever they want to make use of.

People do really love on being that complicated when it comes to things just like been mentioned above that we shouldnt really stress out ourselves.They could both co-exist
which we are currently seeing now and its not really that need for us to mind off that much on what would be particular things which needing for it to be attained.
Crypto cant replace fiat but doesnt mean that its existence isnt relevant and now we are cherishing actually its usage and benefits.

stepwilli

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Uhhn, this is a problem for a lot of people, and I don’t get why they really see it as a problem. It’s either that you are seeing people who wants cryptocurrency to replace Fiat entirely, or you see those who wants fiat to replace cryptocurrency. But, these two can coexist together, and people would be free to make use of whatever currency they would like to make use of, whether it is Fiat or Bitcoin, without having any problem.

But, some of these people find it hard to understand it is not a battle of currencies, it’s all about choice. people should be free and given that freedom to make use of whatever they want to make use of.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

Dont stress yourself out because this market would move accordingly into its main motive since from the start.The community wouldnt really be that blind in progress with those centralized things
but it do still ends up that decentralized things isnt something that could really be ignored or would wipe out on existence.As long there would be demand and consideration then it would
continue to progress further.Dont mind off that much about competition because both things could co-exist on different manner or on different support and impression.

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Quote from: wxa7115 on February 15, 2022, 12:27:42 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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?

Governments are realizing they cannot kill bitcoin with their traditional methods so they are using another tactic, if you cannot beat your enemy then join them, so they are releasing their own centralized coins of which they have complete control.

Then they are going to argue their coins are better because they have the ability to get back the funds that are stolen by hackers and scammers and this will attract people to those conis, but for people like us that know the truth we will not be interested in their coins, so this changes nothing at all.

Governments can't and shouldn't ban cryptocurrencies, even if they could, because it would cause more harm than good, (government sided). What they can do is tax such movements, which can be easily tracked, up to a degree, by monitoring transactions from and to exchanges. As a result, the government would profit through taxation, without banning them. Is that ideal? Certainly not, but efforts to implement such practices are almost guaranteed.

I was once told by an acquaintance, that the National Bank of Greece blocks any transactions towards the Binance exchange, haven't tested it myself though.

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Quote from: wxa7115 on February 15, 2022, 12:27:42 PM

.

Then they are going to argue their coins are better because they have the ability to get back the funds that are stolen by hackers and scammers and this will attract people to those conis, but for people like us that know the truth we will not be interested in their coins, so this changes nothing at all.

No government won't have to argue that their coin or fiat is better because the two are both different and on different functions or purpose. You can't compare both. Bitcoin being an asset can be used as exchange too , you can hodl bitcoin for longer time with hope to get multiple in your hodling investment. Bitcoin is about decentralised system that can't be monitored or stopped, the freedom of which you the user should protect himself, you are having and taking charge of yourself by keeping your security code safe, that is freedom.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

Governments are realizing they cannot kill bitcoin with their traditional methods so they are using another tactic, if you cannot beat your enemy then join them, so they are releasing their own centralized coins of which they have complete control.

Then they are going to argue their coins are better because they have the ability to get back the funds that are stolen by hackers and scammers and this will attract people to those coins, but for people like us that know the truth we will not be interested in their coins, so this changes nothing at all.

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Quote

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?

Yes, bitcoin is a decentralized currency which is not control by any country of the world. Many people has achieved a lot of reward from decentralized currency that is attracting other people to have more knowledge about bitcoin in the societies. Now that the citizens has engaged themselves into bitcoin investment because of the income they are receiving from their investment compare to their fiat investment that is not helping them to make a good income from their investments. Nobody can stop the movement of bitcoin because bitcoin is not control by the government.

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Quote from: Charles-Tim on February 07, 2022, 06:44:47 AM

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 an alternative just as fiat.

Yes I have the same opinion but bitcoin will major part of the whole world within a short time we are all waiting for this season and this time bitcoin lead the modern world.

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Bitcoin and Fiat have different paths, each with their own advantages. So it can't be debated which one is the best. Bitcoin is decentralized so that it will be more free without any regulation even though the government, but has a large fluctuating risk. while Fiat is centralized or regulated by the government and is stable. Bitcoin becomes optional when you don't want to use Fiat. Some of the major adoptions in bitcoin made bitcoin a legal tender but Fiat remains.
Bitcoin and Fiat will continue to coexist.

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Quote from: sheenshane on February 14, 2022, 05:59:53 PM

That's why we shouldn't compete for these two different currencies because they have a different world. Through our confusions, that's why comparing them or competing is our primary objective because of our government's regulations. The truly decentralized nature doesn't really have a chance that can be regulated and that's why Bitcoin now has been existed.

Fiat and Bitcoin have opposite features and totally has different nature, they have pros and cons so competing isn't necessary. We understand the government and we know that they combat those possible causes of fraud and unregulated assets because they all care about how to apply tax in your asset.

True, that's why I don't get the idea of hearing people comparing and competing them because its totally different world. Crypto is young and decentralized and I would say it is a revolutionized concept as well by Satoshi although not original. But still it just burst out of the scene and then becoming big in the last 10 years that people can't help it but to compare the two, but there is no point.

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That's why we shouldn't compete for these two different currencies because they have a different world. Through our confusions, that's why comparing them or competing is our primary objective because of our government's regulations. The truly decentralized nature doesn't really have a chance that can be regulated and that's why Bitcoin now has been existed.

Fiat and Bitcoin have opposite features and totally has different nature, they have pros and cons so competing isn't necessary. We understand the government and we know that they combat those possible causes of fraud and unregulated assets because they all care about how to apply tax in your asset.

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There is no competition between fiat and bitcoin because these two currencies are different even though they have the same function as currencies. Bitcoin is decentralized while fiat is centralized, both are means of payment although the systems are different. People who are concerned about privacy have an alternative to using bitcoin as a means of payment, while those who are not then fiat will remain the choice.

So far, even though I support bitcoin as a means of payment, I still firmly believe that bitcoin is just an alternative that I can use without legality from the government. Not to be a major currency, bitcoin is not a fiat competitor in my opinion and CBDC is one of the expected fiat competitors.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

You are completely right, it doesn't need to compete with FIAT. No crypto should compete with FIAT. It has to exist in its own universe, and coexist with FIAT as just another option out there. The only thing crypto is competing with itself and its growing base of users. And it has to tackle the issue of government regulations and adoptions. FIAT is the least of its worries.

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Quote from: Reid on February 11, 2022, 07:08:34 AM

Acceptance as being a currency was always the issue with Bitcoin, just a few merchants accepts it as payment options which is why it became more of an asset. CBDC on the other hand is like an online fiat. That's it. What's the difference? Now, people don't need to go the bank and deposit to buy Bitcoin, they can do it directly using CBDC. I guess they just sliced that little effort of human to take a walk to the bank. Grin

The problem with CBDC is that just as bitcoin and its technology can be used to give freedom to the people if it is decentralized it can also be used to slave them if it is centralized, governments are trying to twist things up and gain even more control over the economy and their population with CBDC and we cannot let them to succeed, we need that bitcoin survives and becomes a real alternative which we can use to buy what we need, because if that is not the case then authoritative governments in the future could deny you of the most basic necessities if you happen to have different ideals from the government in turn.

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Quote from: Alisha-k on February 14, 2022, 01:03:19 AM

Bitcoin and Fiat may have similarities and that is it in ability to store value, be a means of exchange etc, as for it's decentralized nature, it's majorly the feature of Bitcoin and so the should be no room for competition cause Fiat on the other round is being controlled and as such is centralized, they're both and wolll remain alternative for each other and not competitors.

A good point, the both of them are different and should exist as alternatives. At least Bitcoin has relieved us the stress of having to go to the bank and standing in the long queue because of we want to make transactions. I can’t count how many times that Bitcoin has been of help to me. And also the Fiat is still useful to me as well.

It’s all about what you want to do; whenever I’m making a local transaction, I do rely very much on Fiat, but when it comes to sending money to someone who is not in the country with me, then Bitcoin is usually the best option for me to consider, because I don’t use PayPal or any other payment methods. so whenever they are useful to you, that's when you should make use of them.

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Quote from: marilynmanson21 on February 07, 2022, 09:53:45 AM

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)

It could be a real thought that there are no space to replace btc by fiat .This is so interesting when this two has a value and its create a competition .Its the truth that btc always has a huge value and the value will increase for sure on the other hand your fiat value will be decreased gradually .So we can easily say that btc not only using as a currency but also it is an asset .Which can really change your future and also living .If the world turn into block chain the using fiat will be decreased .So it could be a great thing on the future .

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Quote from: Yamifoud on February 14, 2022, 04:52:28 AM

Quote from: uchegod-21 on February 12, 2022, 03:33:14 PM

We have three things in your post. They are btc, fiat and CBDCs. Btc is decentralized and runs on blockchain, CBDC is centralized and runs on blockchain and the fiat is decentralized and does not run on blockchain.
If you want to make comparison is should be on centralize and decentralized.
If it is like that, bitcoin is different from the rest two.
But if you talk about competition, CBDC should be in competition with fiat because they have the same parents which is government. Bitcoin is different and bitcoin is liberty.

There is no such comparison between the decentralized one to centralized form of the market as they are totally a different alternative to fiat money(local currency). And why Bitcoin couldn't overthrow fiat (local currency) for the reason that people just consider this an investment like bonds and any businesses. To earn some profit from investing in Bitcoin make people encourage, not the way we could use to pay bills, buy stuff, or anything as we do like with fiat.

Therefore, the government does not need to be afraid that actually legalizing Bitcoin for payments will threaten the existence of fiat. Because as
you explained, most people are more comfortable using fiat to pay bills and buy daily necessities. Moreover, with the price of Bitcoin which is
very volatile, it would be better if it is used for investment, maybe if we want to send money abroad using Bitcoin is a good choice too.
In conclusion, Bitcoin and fiat were created not to compete, but to complement each other. So Bitcoin and fiat if used by humans will make
financial transactions much more effective, because both Bitcoin and fiat have their own advantages and disadvantages. Humans desperately need
both to live a much better life.

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Quote from: uchegod-21 on February 12, 2022, 03:33:14 PM

We have three things in your post. They are btc, fiat and CBDCs. Btc is decentralized and runs on blockchain, CBDC is centralized and runs on blockchain and the fiat is decentralized and does not run on blockchain.
If you want to make comparison is should be on centralize and decentralized.
If it is like that, bitcoin is different from the rest two.
But if you talk about competition, CBDC should be in competition with fiat because they have the same parents which is government. Bitcoin is different and bitcoin is liberty.

There is no such comparison between the decentralized one to centralized form of the market as they are totally a different alternative to fiat money(local currency). And why Bitcoin couldn't overthrow fiat (local currency) for the reason that people just consider this an investment like bonds and any businesses. To earn some profit from investing in Bitcoin make people encourage, not the way we could use to pay bills, buy stuff, or anything as we do like with fiat.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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 is fully decentralized only if you are using it with your own cold wallet.
Bitcoin is as centralized as fiat,if you are relying on a cryptocurrency exchange or online BTC wallet to store your Bitcoins.
Bitcoin and fiat aren't competing,because you could buy fiat with BTC and BTC with fiat.The Bitcoin price is measured in fiat money.If BTC and fiat were competing,all the central banks in the world would ban BTC/fiat trading and they would try to destroy Bitcoin,because BTC is a competitor to their precious fiat.
The idea of Bitcoin "competing" against fiat is popular mostly among the fanatic diehard Bitcoin fans,who think that Bitcoin can become the true global currency of the future.

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Quote from: Alisha-k on February 14, 2022, 01:03:19 AM

Bitcoin and Fiat may have similarities and that is it in ability to store value, be a means of exchange etc, as for it's decentralized nature, it's majorly the feature of Bitcoin and so the should be no room for competition cause Fiat on the other round is being controlled and as such is centralized, they're both and wolll remain alternative for each other and not competitors.

Yeah, I agree with you, we are also using fiat when converting our bitcoin into our money because not all merchants are currently accepting bitcoin as a payment method, so for the time being, they are not rivals, but rather good friends because they have used each other's services. The future holds a high probability that our payment methods will change, such as becoming digitalized, such as bitcoin, or, similar to bitcoin, in which people will not use any physical money to spend and will instead only use their mobile devices to make purchases and payments.

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Bitcoin and Fiat may have similarities and that is it in ability to store value, be a means of exchange etc, as for it's decentralized nature, it's majorly the feature of Bitcoin and so the should be no room for competition cause Fiat on the other round is being controlled and as such is centralized, they're both and wolll remain alternative for each other and not competitors.

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We have three things in your post. They are btc, fiat and CBDCs. Btc is decentralized and runs on blockchain, CBDC is centralized and runs on blockchain and the fiat is decentralized and does not run on blockchain.
If you want to make comparison is should be on centralize and decentralized.
If it is like that, bitcoin is different from the rest two.
But if you talk about competition, CBDC should be in competition with fiat because they have the same parents which is government. Bitcoin is different and bitcoin is liberty.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

CBDCs compete against fiat, in my opinion, because they are both centralized and both aim to be used as a main means of payment in a particular country. While CBDC competing against fiat is not a real thing for now, it does make sense that they might do so in the future, in a certain sense. As for decentralized currencies, they, IMO, aren't threatened by fiat currencies or CDBCs because they indeed have their own niche. But, as some pointed out, there's room for competition because decentralized money (if we view cryptos as money) is an alternative to centralized money. Right now it's also not really a competition because the possibilities of using Bitcoin as payment are very limited, and many view Bitcoin as more of an investment than a form of payment.

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Acceptance as being a currency was always the issue with Bitcoin, just a few merchants accepts it as payment options which is why it became more of an asset. CBDC on the other hand is like an online fiat. That's it. What's the difference? Now, people don't need to go the bank and deposit to buy Bitcoin, they can do it directly using CBDC. I guess they just sliced that little effort of human to take a walk to the bank. Grin

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Quote from: SirLancelot on February 08, 2022, 11:46:02 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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?

But who says that this two are competing with each other? It is only our imagination that we think they are because both of them are currencies that have advantages and disadvantages with each other but if we take a close look, both currencies are not on the same platform.

There were actually some people here who thinks Bitcoin will outstand the fiat currency in the future. You can find several post from before and it sparks a huge debate on that thread.
Some people are just overwhelmed how Bitcoin has no boundaries and can be transacted internationally without the use of third party services, not to mentioned Bitcoin is also a currency. However, physical money cannot and will not gonna be phased out ever. Cryptocurrency and fiat currency could co exist as an alternative not as a competition.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

Like you have said, both are different, those who wishes to make use of a decentralized currency would continue making use of Bitcoin, and those who likes Fiat or feels like making use of the central bank’s digital currency would go for what it offers them.

Between CBDC and Bitcoin, I would say that the central bank digital currency even has a lesser chance of survival than Bitcoin. Bitcoin would continue no matter what, but all these digital currencies that are being released by central banks might not be heading to anywhere at all, because so far most of them that I have seen are not really a success. So, they are not a threat to Bitcoin at all.

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Quote from: uneng on February 10, 2022, 01:16:12 PM

If you use fiat for a purchase, bitcoin is being left aside, so it's losing territory, what makes fiat stay ahead on this competition.

I don't think like that. Bitcoin isn't losing territory because there is nothing to lose on its side. There's no competition for the two as bitcoin is differently categorized unlike with fiat, it is as is just as what we're using it for purchases. With bitcoin, it's not just for purchases but it has become an asset that we've been holding and almost don't want to spend it for anything that we want. It has come to the point that it is the one gaining territory and making people that have thought of it that there's nothing special on bitcoin started to think that they've regret of ignoring it long time ago.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

Both fiat and bitcoin (or any other crypto currency) have their own respective usecases along with all the positive and negative properties (traits) that make them unique and vital for this world. Can we live without any of these? Of course, but we just choose not to since it will he a hassle. Man has invented a wide variety of things just to make life easier so it just makes sense that we want the life that gives us less hassle. But going back, people have different perspectives, needs and wants and so, let us just respect that and not turn something simple into something complicated (comparing which is better than the other).

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

The point has never been to abandon fiat and move to bitcoin or vice versa but to bring Bitcoin to the bigger public from a niche cult status.

Bitcoin and fiat can stay different but their use has their own pros and cons. Whether CDBC is going to be centralized or not is not important at this stage but will be when governments start sponsoring it. It would be worth watching is common people will accept the centralized version more than bitcoin, which I assume would be the case and the narrative of some governments.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

I would prefer to see BTC and fiat work together to have more options. People will not think much about that, whether bitcoin or fiat because what they need is something they can use to pay for something. That will be better if BTC is accepted in the country. So people will not just use their BTC for the investment, but they can also use BTC for the payment system.

But I do not think much about that because that will depend on how the government deals with it.

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Quote from: uneng on February 10, 2022, 01:16:12 PM

There is a natural competition between bitcoin and fiat, as both are tools to fulfill the same objectives. If you use fiat for a purchase, bitcoin is being left aside, so it's losing territory, what makes fiat stay ahead on this competition. And the opposite also happens. That is, when someone adopts btc and replaces their investments and payments made with fiat previously for bitcoin currency.
It's inevitable this concurrence for hegemony and influence exist in the financial world between fiat and cryptocurrencies. And that is one good reason to explain why many governments' regulators are terrified by bitcoin potential.

That is not the case for me, when it comes to making use of Bitcoin and Fiat I make use of both in positions where I feel they are going to be more useful. For my daily transaction I mostly make use of the Fiat, but when it comes to international transactions, that is when I start to consider making use of crypto currencies.

Because, making use of cryptocurrency for an international transaction means that it would be fast and also have less cost than when I am making use of Fiat or having to go to the bank to fill out lots of papers and pay high fees and also wait for days before the transaction arrives to where I’m sending it to. so it’s up to you the user, there is no competition involved, whatever you feel is best for you that’s what you should do.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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 doesn't have to compete with fiat. And I don't think we need bitcoin to replace fiat currency. They can both be used along side without any issue. Central bank digital currencies will run on blockchain too, but yeah, you are right. It will be centralized just like fiat currency. There is no difference with the fiat and the blockchain version of the coin. Both are under the control of the government and the government can do anything they want with the currency. Add more to the supply if they want. But bitcoin is decentralized, and is completely different from those CBDC. People still will be using bitcoin like they are now.

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There is a natural competition between bitcoin and fiat, as both are tools to fulfill the same objectives. If you use fiat for a purchase, bitcoin is being left aside, so it's losing territory, what makes fiat stay ahead on this competition. And the opposite also happens. That is, when someone adopts btc and replaces their investments and payments made with fiat previously for bitcoin currency.
It's inevitable this concurrence for hegemony and influence exist in the financial world between fiat and cryptocurrencies. And that is one good reason to explain why many governments' regulators are terrified by bitcoin potential.

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Quote from: Lanatsa on February 07, 2022, 03:54:49 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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.

This is the truth, bitcoin was supposed to become an alternative, now the scenario of bitcoin replacing fiat is possible, it is just not very likely, however that is not really necessary for bitcoin to reach its goals, on the other hand the governments are completely dedicated to try to destroy bitcoin, right now they are aiming regulations at bitcoin as if they have accepted its existence but that is just because they cannot destroy it, if they had a way to do so then we can be sure that they would have already done so.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

As you said yourself CBDC'S would not be decentralized which does mean that at the end of the day people would soon realize that it's nothing but fiat in a different form. I do not think that people would be getting some tax incentives from that as well. Bitcoins as a whole is a fully functional system which is not biased or even controlled by any government. Sums up all the benefits here. We need bitcoins because the government is too fragile to be in the limelight. At the end of the day Blockchain is extending everywhere and also the government will try and ban other cryptocurrencies to channel that traffic to their new CBDC's but people must be wise, that's just fiat2.0.

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Quote from: Fivestar4everMVP on February 10, 2022, 07:58:32 AM

Quote from: BitKongy on February 07, 2022, 06:35:20 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?

Like some members have said here, most people using bitcoin today are not actually doing so due to its decentralized nature, they are using it for the value it brings, that's the money they are making from its depreciative and appreciative price nature.
CBDC on the other hand is a centralized fiat currency, which means it's no different from the fiats currencies we have today, we all know what fiat currencies do, and that is depreciate, this means CBDC will still depreciate like every other fiat currencies out there, so clearly, it has no place to compete with bitcoin.

Indeed. We use bitcoin because we want to make a profit in fiat and many of us are trying hard to make money from bitcoin. Bitcoin is promising to us but unfortunately, people do not realize this chance. If they see this chance, I am sure they will let them miss instead of following our way to make money, especially because many of them are hard to survive from this pandemic. It can be their new way to have a new source of income if they can use bitcoin properly. CBDC can run on the blockchain but that does not mean it will pass bitcoin but we will see it later.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

Like some members have said here, most people using bitcoin today are not actually doing so due to its decentralized nature, they are using it for the value it brings, that's the money they are making from its depreciative and appreciative price nature.
CBDC on the other hand is a centralized fiat currency, which means it's no different from the fiats currencies we have today, we all know what fiat currencies do, and that is depreciate, this means CBDC will still depreciate like every other fiat currencies out there, so clearly, it has no place to compete with bitcoin.

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On a simple explanation, they are ways of boosting the publicity of bitcoin just like the comparison technique used by bitcoin users. If bitcoin is not compared to fiat so many people will not know about bitcoin. Traders and investors can be having such conversion. Other people who are not into cryptocurrency are anxious to know the asset that wants to replace Fiat. That's marketing. But, the CBDC cannot be compared to bitcoin because they have different use cases. CBDC takes the Central bank to a digital world where citizens can access and make transactions out of it. Many countries have failed to build their own digital currency. From my own thoughts, the digital currency is not far from online banking.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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 will remain on it's usual place, a decentralized alternative which is high in volatility. Fiat whether digital or not will be used as it is and bitcoin cannot replace it in this moment, I don't know when but as far as I could see Bitcoin's purpose was not P2P transactions anymore, it is held by giant investors. Rather competing in fiat is on par with other known things with value like gold, silver, oil etc.

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Quote from: SirLancelot on February 08, 2022, 11:46:02 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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?

But who says that this two are competing with each other? It is only our imagination that we think they are because both of them are currencies that have advantages and disadvantages with each other but if we take a close look, both currencies are not on the same platform. Bitcoin is pseudo anonymous but there are cryptos that are and the people that use them are sometimes uses a fiat too. You cannot stop them from doing what they want. They use multiple currencies because that makes their lives more easier and they do not think that one of the currencies are better than the other.

More precisely it will clash and will not be allowed to coexist. bitcoin will always be talked about as the enemy either from the side of the CBDC or vice versa. There are two sides that keep trying to clash the perceptions until it is difficult to decide. It's left to users who don't feel the site is all a threat or as a form of provocation. The government designing CBDCs is also inseparable from the Blockchain system, which means that it has an agreement to be circulated digitally. It was the jealousy of Bitcoin that weighed on the government to launch a CBDC.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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?

But who says that this two are competing with each other? It is only our imagination that we think they are because both of them are currencies that have advantages and disadvantages with each other but if we take a close look, both currencies are not on the same platform. Bitcoin is pseudo anonymous but there are cryptos that are and the people that use them are sometimes uses a fiat too. You cannot stop them from doing what they want. They use multiple currencies because that makes their lives more easier and they do not think that one of the currencies are better than the other.

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Quote from: arwin100 on February 07, 2022, 06:12:32 PM

Quote from: Hamphser on February 07, 2022, 05:59:01 PM

Quote from: freedomgo on February 07, 2022, 04:58:05 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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.?

People are just living on unrealistic fantasies that's why they produce that imagination where its hard to digest on reality. Since if of government will give a verdict to that for sure crypto will never be the first option to that, people should be more realistic since there are so many digital ways to transact money now and I believe in digital era for sure government will create its own currency and bitcoin will became the same and it will remain as second option currency.

And that is why Satoshi created Bitcoin because of that... It is to counter the centralization of the government using fiat and now they created CBDC which is not a different to any other altcoins and it is a centralized one as usual. Imagine how much more they can create just to counter the usage of Bitcoin?

It's really up to most people to whatever they want to use since not everyone could use Bitcoin or digital currency.

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Quote from: Hamphser on February 07, 2022, 05:59:01 PM

Quote from: freedomgo on February 07, 2022, 04:58:05 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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.?

People are just living on unrealistic fantasies that's why they produce that imagination where its hard to digest on reality. Since if of government will give a verdict to that for sure crypto will never be the first option to that, people should be more realistic since there are so many digital ways to transact money now and I believe in digital era for sure government will create its own currency and bitcoin will became the same and it will remain as second option currency.

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Quote from: freedomgo on February 07, 2022, 04:58:05 PM

Quote from: BitKongy on February 07, 2022, 06:35:20 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.?

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Quote from: BitKongy on February 07, 2022, 06:35:20 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, 06:35:20 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.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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.

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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.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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.

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Quote from: BitKongy on February 07, 2022, 06:35:20 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.

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Quote from: The Sceptical Chymist on February 07, 2022, 10:28:23 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.

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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, 06:35:20 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.

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

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

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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.

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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, 09:16:32 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.

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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)

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Quote from: BitKongy on February 07, 2022, 06:35:20 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.

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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

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

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

member

Activity: 405

Merit: 19

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?

Topic: Just my own thoughts (Read 728 times)