new central banks currenicies vs fiat currency? - page 2.

slapper

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Quote from: Ozero on November 18, 2020, 02:29:35 AM

Quote from: cryptoboss2020 on October 28, 2020, 01:58:14 PM

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

The digitized currencies of the central banks of states will not at all conflict with the usual currencies of states, since they are actually the same thing, only in different forms. Governments will issue them within the limit set for fiat currency.

I agree with you. However, digital currency is much more stronger than fiat because it is fully centralized by the central banks. You can launder those money without being caught by the authorities. Everything will become more transperency, easier to trace and you sn not escape from the government. I wonder if professional hacker can interupt the system. This can be consider as innovation of humankind although many people will be fully controlled by their country. Just look at China. Even though cbsc is just a test, citizens behaviors can easily be observed

Ozero

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Quote from: cryptoboss2020 on October 28, 2020, 01:58:14 PM

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

The digitized currencies of the central banks of states will not at all conflict with the usual currencies of states, since they are actually the same thing, only in different forms. Governments will issue them within the limit set for fiat currency.

CODE200

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Quote from: AndySt on November 02, 2020, 05:11:40 PM

Quote from: proTECH77 on November 02, 2020, 11:33:49 AM

Many people are still use to fiat currency which is very easy for those who understand who to use it to invest. Even government are wondering the way bitcoin and other cryptocurrencies is working that is making them to Show some interest on cryptocurrency. Even those the government switch to cryptocurrency bitcoin and Ethereum will still be top the currency.
I think it will hard government to operate in a decentralized currency which they can't have access to market exchange. Bitcoin and Ethereum will still maintain their position in the market of exchange.

Digital currencies of central banks and classic cryptocurrencies will lead a parallel existence in any case, and we will hope that states will not declare a crusade against cryptocurrencies after the introduction of their blockchain-based projects. Any sovereign state must have the tools to conduct its activities and its own currency is one of these tools. Therefore, in day-to-day economic activity, priority will be given to its own currency and not cryptocurrencies.

That's how support from the government works. This gives an idea that the only way for mass adoption of cryptos is centralization and regulation. Since governments are not in control of crypto's decentralized nature, they just made their own but not totally to compete with this technology but probably to be an alternative for those people having doubts. Well ofcourse taxation is also a factor. Still, coexistence of both digital currencies are more expected in the future.

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Quote from: proTECH77 on November 02, 2020, 11:33:49 AM

Many people are still use to fiat currency which is very easy for those who understand who to use it to invest. Even government are wondering the way bitcoin and other cryptocurrencies is working that is making them to Show some interest on cryptocurrency. Even those the government switch to cryptocurrency bitcoin and Ethereum will still be top the currency.
I think it will hard government to operate in a decentralized currency which they can't have access to market exchange. Bitcoin and Ethereum will still maintain their position in the market of exchange.

Digital currencies of central banks and classic cryptocurrencies will lead a parallel existence in any case, and we will hope that states will not declare a crusade against cryptocurrencies after the introduction of their blockchain-based projects. Any sovereign state must have the tools to conduct its activities and its own currency is one of these tools. Therefore, in day-to-day economic activity, priority will be given to its own currency and not cryptocurrencies.

Febo

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Quote from: molsewid on November 01, 2020, 03:17:49 AM

Where do you get the idea of the government plans to create their crypto-currency? Can you show me some articles?

https://twitter.com/Lagarde/status/1322859717329301504?s=20

Here you have about digital euro. There are a lot articles about countries making digital currencies and banks and institutions making stable coins. How you could not see any is beyond my imagination.

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Many people are still use to fiat currency which is very easy for those who understand who to use it to invest. Even government are wondering the way bitcoin and other cryptocurrencies is working that is making them to Show some interest on cryptocurrency. Even those the government switch to cryptocurrency bitcoin and Ethereum will still be top the currency.
I think it will hard government to operate in a decentralized currency which they can't have access to market exchange. Bitcoin and Ethereum will still maintain their position in the market of exchange.

Ridwan Fauzi

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Quote from: cryptoboss2020 on October 28, 2020, 01:58:14 PM

first whats wrong with fiat currency? the cash is works good nothing wrong with this.

Depend on intention when using it, indeed there is no problem with money fiat as long as you use it in your country. You are freely using it and it will be accepted in all aspect when you pay anything. But, could you imagine what will you do when you use it in another country? You can't use it for sure.

Also, when you have a brother/friend who lives in another country and you will send money to them using money fiat, how many days the money will arrive? At least it can takes three days right?

This is the matter of scallability, it will be different when you use crypto currency. As long as the merchant use it you can pay anything with it as long as you buy something in different country with a low fees and also you can send money to your brother/friend who live in differrent country just a few times and low cost. This is why we need regulation form the government and seem like there is no impendence when they regulate it.

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Governments do not have to "accept" crypto currencies which some of them do, most famously Bahamas and Ohio state is the most known ones that literally accept crypto payments which is awesome but what governments needs to do is not that much, only accepting and regulating the existence of bitcoin could be enough, there is no need for anything extra from that at all.

Of course, this is not going to be something major in changes because most nations are already doing that right now and the few that bans bitcoin will be forced to make it legal since banning will not stop it and people will keep using it anyway even when banned yet they could charge taxes if they allow it so smart money is on every government accepting bitcoin and crypto one day for not having any other option to do anything else.

molsewid

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Quote from: cryptoboss2020 on October 28, 2020, 01:58:14 PM

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

Where do you get the idea of the government plans to create their crypto-currency? Can you show me some articles?

Bitcoin and Ethereum are not testing currencies in the bitcoin world. These two coins are still at the top because many people still use it and know that the price of these two coins will rise. If this is testing currencies, no one will need it, and no one will use it because who wants to buy testing coins only, right?

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Quote from: cryptoboss2020 on October 28, 2020, 01:58:14 PM

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

Nothing is wrong with FIAT, but the central banks see the rise in crypto currencies and want to profit off it. They are aware that they can't control all these coins online so they bring out there own coin. In my opinion the central bank crypto currencies are just another form of FIAT, they are another currency being controlled by the government. Time will tell but it doesn't seem likely that the usual crypto investors is going to switch from bitcoins into the central bank coins.

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Quote from: cryptoboss2020 on October 28, 2020, 01:58:14 PM

the goverments have plan to create their own cryptocurrenicies,

Well due to pandemic a huge decrease on demand on Fiat money because most of transaction tody are done online and digital currencies are in most used.

Quote

so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?

Well I don't believed that the government will see eth/Bitcoin as their testing subjects, due to the facts that cryptocurrencies are been here on a very long time and the government today have been associated with cryptocurrencies are only because of the decreased demand of paper bills which is made by the government itself.

Quote

first whats wrong with fiat currency? the cash is works good nothing wrong with this.

Yes there are no problem or wrong on Fiat the only problem is the way of how the majority of people used these Fiat money, because as of now due to pandemic people choose to stay at home and do transaction online.

Quote

second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

We'll they should issue their new currency publicly.

themohit

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Quote from: MCobian on October 31, 2020, 06:41:48 PM

Since the beginning, the government has never accepted decentralized currency like Bitcoin, because the government
always wants to control everything. The more popular Bitcoin and the more people are using Bitcoin, the government plans
to make their own crypto coin. In order to compete with Bitcoin, even though there have been many altcoins made to beat
Bitcoin and end in failure. So whatever the government plans, it must eventually accept Bitcoin and other cryptocurrencies
in the end.

Perhaps, you're somewhat right and governments will have to live back to back with crypto market, because no way govs will do a decentralized transparent cbdc so defi project and current crypto market overall will have demand

erikoy

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This is what I am talking about that a certain centralized decentalized combination of system will going to emerge. As expected from the government that will take action to adapt the current blockchain system.

If this will going to continue high chances that bitcoin will be adapted as well or could be replace by these crypto issued by the government.

In my opinion it is better to adapt bitcoin to unify all currencies that inlcude fiats.

But if bitcoin remains decentralized it will still work like a gold for investment purposes only.

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Quote from: cryptoboss2020 on October 28, 2020, 01:58:14 PM

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

First of all, there is no way cbdc are going to be truly transparent and decentralized, so btc and eth and most of all cryptos are pretty safe in the future.
Not so sure about stablecoins and coins like XRP, but thats whole another story.
Will cbdc be backed by anything? Probably not, as fiat currencies largely are not backed already.

MCobian

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Since the beginning, the government has never accepted decentralized currency like Bitcoin, because the government
always wants to control everything. The more popular Bitcoin and the more people are using Bitcoin, the government plans
to make their own crypto coin. In order to compete with Bitcoin, even though there have been many altcoins made to beat
Bitcoin and end in failure. So whatever the government plans, it must eventually accept Bitcoin and other cryptocurrencies
in the end.

Casdinyard

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Quote from: iamsheikhadil on October 31, 2020, 05:15:21 PM

I don't trust any government not going to lie. Even if they say they are making a decentralized currency, I'm sure they will not make it totally decentralized, rather just a mirage. Because governments fear that bitcoin is rising so fast so they want their own bitcoin to replace the real Bitcoin!

They won't engage making a decentralized currency because it won't benefit them in the first place. Most of it are centralized which would allow them to out taxes on every transaction. They are not also eyeing for Butcoin replacement, they are more likely wanting to benefit from its popularity by showing "support" which would still generate taxes. One instance is what PayPal did. They will now be a third party network which would accept cryptos as mode of payment but in a sense, transactions will be needing convertion to fiat so it is not totally a crypto adoption. They are just making use of the 'hype' or popularity of the trend.

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Quote from: goaldigger on October 31, 2020, 06:20:44 PM

Government is trying to keep on controlling people and don’t want us to fully adopt bitcoin and cryptocurrency so they will create their own and called it a cryptocurrency where in fact, its fully under their control. China have this one already, and expect more country will do the same thing so we won’t go decentralized, this is a very old trick by the government. Bitcoin can’t control by anyone and this is the real thing, crypto government currency is a big joke for me.

We don't know the actual scenario if the government really keep us away on cryptocurrency industry since I don't see any economical deflections or conflicts regarding on that. But the one I see is the banking institution is the one who have an agenda on its adoption since it could kill there institution of all people will adopt the cryptocurrency.

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Government is trying to keep on controlling people and don’t want us to fully adopt bitcoin and cryptocurrency so they will create their own and called it a cryptocurrency where in fact, its fully under their control. China have this one already, and expect more country will do the same thing so we won’t go decentralized, this is a very old trick by the government. Bitcoin can’t control by anyone and this is the real thing, crypto government currency is a big joke for me.

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We must get closer to reality to know what progress China has made with the preparations for the launch of its CBDC. Huawei has announced that the Huawei Mate40 smartphone series has been selected to include the hardware wallet for the Central Bank digital currency, the digital Yuan. Smartphone users can perform simple offline transactions by touching.

https://www.google.com/amp/s/cointelegraph.com/news/new-huawei-smartphone-will-feature-a-hardware-wallet-for-digital-yuan/amp

iamsheikhadil

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I don't trust any government not going to lie. Even if they say they are making a decentralized currency, I'm sure they will not make it totally decentralized, rather just a mirage. Because governments fear that bitcoin is rising so fast so they want their own bitcoin to replace the real Bitcoin!

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