The Country Cryptocurrency vs Bitcoin

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Quote from: MarjorieZimmermanGinger on April 18, 2023, 05:49:06 PM

Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

They can make Britcoin but they can't beat Bitcoin. It is clear that you understand decentralization and one of the advantages of Bitcoin is this concept, while the UK is trying to make Britcoin centered it means they can be controlled and have no advantages. In theory the concept of technology development, countries that don't create CBDCs I think they are behind in technology and every country has to start thinking seriously about creating these, but the concept is not to beat Bitcoin but to provide easy transactions and payment options using it.

Each country will definitely create a CBDC and that is the custody of the previous fiat and is centralized in influence, so that the CBDC will be far different from the concept in bitcoin, no matter how forced it is, CBDC will operate not far from fiat and it's just that the concept is like digital.

Bitcoin is not like Britcoin or any other CBDC because of where their respective centres of control are located. Bitcoin appeared as a decentralised option, with the promise of freedom from reliance on a single entity. CBDCs, on the other hand, are dependent upon and operated under a regulated monetary authority. The objective isn't to compete with Bitcoin, but rather to incorporate digital currencies' advantages into traditional financial infrastructures. It's like a smooth tango between old-school banking and cutting-edge tech. Bitcoin will always be appealing to a subset of the population, but CBDCs will serve those who value security and transparency more highly. Do you agree that the world of finance is like a big ballet of constant change?

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Quote from: MarjorieZimmermanGinger on April 18, 2023, 05:49:06 PM

They can make Britcoin but they can't beat Bitcoin. It is clear that you understand decentralization and one of the advantages of Bitcoin is this concept, while the UK is trying to make Britcoin centered it means they can be controlled and have no advantages. In theory the concept of technology development, countries that don't create CBDCs I think they are behind in technology and every country has to start thinking seriously about creating these, but the concept is not to beat Bitcoin but to provide easy transactions and payment options using it.

Each country will definitely create a CBDC and that is the custody of the previous fiat and is centralized in influence, so that the CBDC will be far different from the concept in bitcoin, no matter how forced it is, CBDC will operate not far from fiat and it's just that the concept is like digital.

CBDCs will also be created in any quantity that the state needs, which means that digital currencies will also be subject to inflation. The only difference will be that, unlike cash, CBDCs will be completely controlled, the central bank will see absolutely all your transactions.

If you could say with confidence about cash that it is yours money, then with CBDC it will be much more difficult, since most likely the bank will have constant access to it and they themselves will be able to write off money, say for an unpaid loan, or block your funds if necessary.

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Quote from: Ozero on July 13, 2023, 01:42:29 AM

Cryptocurrency compared to CBDC has a number of indisputable advantages, although it is not without its drawbacks. Therefore, the cryptocurrency will complement well the CBDC, there will be no more competition between them than between the cryptocurrency and any money that is issued by the state.

Comparing Bitcoin and CBDCs, yes. No contest for those of us who understand the benefits.

Comparing stablecoins and CBDCs... Different story. They're both cashless tokens. But in terms of acceptance at retailers, one of them you will be able to spend everywhere, while the stablecoins will remain very limited in where they can actually be used. Stablecoins don't have much other use. When presented with the choice, it's difficult to imagine why anyone is going to continue using stablecoins.

And the kicker is still the potential for governments to reverse or block CBDC transactions sent to exchanges, so people may not be offered that choice for long.

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Quote from: DooMAD on February 07, 2022, 08:28:36 AM

Quote from: Ozero on February 07, 2022, 04:10:25 AM

If the UK issues its own britcoin, it will be just another stablecoin, though of course a special one

I'm not so sure about that. I have a suspicion that it could conceivably bring an end to conventional stablecoins.

Consider, if nations start issuing their own CBDCs, they probably won't have much tolerance for corporations using their own private assets to issue competing tokens. Governments won't want to compete on a level playing field and will naturally want dominance of their CBDC. They could easily create a hostile regulatory environment for private corporate tokens (because centralised entities are easier to regulate than something decentralised like Bitcoin), making stablecoins less attractive for users. After all, why compete with stablecoins when you can just make them obsolete?

Any CBDC is actually non-cash money of states. With their help, it is impossible to defeat bitcoin, like the entire cryptocurrency. Cryptocurrency compared to CBDC has a number of indisputable advantages, although it is not without its drawbacks. Therefore, the cryptocurrency will complement well the CBDC, there will be no more competition between them than between the cryptocurrency and any money that is issued by the state.

States have been issuing their own digital currency for a long time, some of them are already in circulation, but so far they are not of great practical importance in the financial world.

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Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

They can make Britcoin but they can't beat Bitcoin. It is clear that you understand decentralization and one of the advantages of Bitcoin is this concept, while the UK is trying to make Britcoin centered it means they can be controlled and have no advantages. In theory the concept of technology development, countries that don't create CBDCs I think they are behind in technology and every country has to start thinking seriously about creating these, but the concept is not to beat Bitcoin but to provide easy transactions and payment options using it.

Each country will definitely create a CBDC and that is the custody of the previous fiat and is centralized in influence, so that the CBDC will be far different from the concept in bitcoin, no matter how forced it is, CBDC will operate not far from fiat and it's just that the concept is like digital.

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Quote from: BenCodie on April 17, 2023, 09:38:46 PM

By creating something similar to Bitcoin, like Britcoin, and on-boarding the masses by doing so, they are preparing those same masses to use a better alternative, being Bitcoin. They are also marketing it in a way where they are putting this "Britcoin" right up against Bitcoin and allowing people to make direct comparisons, all while teaching them how to use cryptocurrency. With all of this in mind, in the long-term this is GOOD for Bitcoin, as people who otherwise would not have used cryptocurrency are now using Britcoin (a step toward Bitcoin) and will eventually see the added benefits of Bitcoin.

That would be the ideal outcome, sure. But we are talking about a populace that consistently votes against its own interests at every available opportunity. If there's a choice that would empower them and a choice that hands more power, control and influence to those who are trying to steal from them... Well, let's just say Brits have a remarkable propensity to take the dumbfuck option.

I'm convinced I reside in a country full of masochists. They must enjoy suffering or they wouldn't keep inflicting it upon themselves. Roll Eyes

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Quote from: tjtonmoy on April 18, 2023, 06:33:14 AM

We have seen this many times in the past. CBDC, ALTS, they are all cheap copy of Bitcoin. And they way they say that it will do this and that and what not. In the end, they bite the dust despite putting all the effort they could have. Reason? They all are centralized shit. You can never provide what Bitcoin is doing now if you make all your coins and currency centralized shit.
As we have seen in the past that no other crypto were able to take over BTC, I don't think any other CBDC will be able to do that too. It's just the digital form of fiat currency. What new to that? You can't use it outside your country without converting them. But BTC is the global currency where in everwhere BTC will always remain as 1 BTC.
So there's no need to worry about anything. Britcoin. What's that? We only choose Bitcoin.

Alts and CBDC are different, CBDC is a bit closer to stablecoins and I think that is the closest thing to each other. I know that it is going to be a difficult thing to accept them into the crypto because many people will be against it since it was crypto that allowed us to get away from the governments whereas this would be governments following us into crypto and I can see why people could dislike it.

But, I wouldn't say that a digital dollar would be similar to ETH or BNB for example, those are totally different things and I would not compare them. However, USDT and a digital dollar would be similar, in one of them you trust the company Tether, in the other you trust USA government, that is why I feel like it would be used anyway.

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We have seen this many times in the past. CBDC, ALTS, they are all cheap copy of Bitcoin. And they way they say that it will do this and that and what not. In the end, they bite the dust despite putting all the effort they could have. Reason? They all are centralized shit. You can never provide what Bitcoin is doing now if you make all your coins and currency centralized shit.
As we have seen in the past that no other crypto were able to take over BTC, I don't think any other CBDC will be able to do that too. It's just the digital form of fiat currency. What new to that? You can't use it outside your country without converting them. But BTC is the global currency where in everwhere BTC will always remain as 1 BTC.
So there's no need to worry about anything. Britcoin. What's that? We only choose Bitcoin.

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Quote from: macson on April 21, 2021, 07:03:11 AM

Quote

British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new “Britcoin”, or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.

"We're launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC)," Sunak told a financial industry conference.

Soon after, Sunak tweeted the single word "Britcoin" in reply to the finance ministry's announcement of the taskforce.

https://www.reuters.com/business/finance/uk-launches-taskforce-potential-bank-england-digital-currency-sunak-2021-04-19/

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

Let them create their monstrosity and laugh at them when they fall on their face. Archive their words and throw it back at them later! Prepare for mockery, it will be fun!

What these hooligans do not realize is that they are shooting themselves in the foot. By creating something similar to Bitcoin, like Britcoin, and on-boarding the masses by doing so, they are preparing those same masses to use a better alternative, being Bitcoin. They are also marketing it in a way where they are putting this "Britcoin" right up against Bitcoin and allowing people to make direct comparisons, all while teaching them how to use cryptocurrency. With all of this in mind, in the long-term this is GOOD for Bitcoin, as people who otherwise would not have used cryptocurrency are now using Britcoin (a step toward Bitcoin) and will eventually see the added benefits of Bitcoin. Not to mention, no one in their right mind would move from Bitcoin to Britcoin, so really, it is no threat to those who are already using Bitcoin and know of its benefits.

I can't wait until they release this trash and then start to realize what a mistake they have made. I'm stockpiling popcorn for the day Cheesy

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Quote from: DooMAD on April 17, 2023, 01:33:45 PM

The establishment will use Unicoin and that's all it'll need. Traditional banks will use it to move money internationally, which by itself should be enough demand for it to live. But even if it wasn't, the IMF won't allow it to fail if it further entrenches their influence. They likely have sufficient funds to prop it up for as long as their plans require.

i see, Unicoin seems like they won't let it go to ashes that easily, with all available efforts, they will definitely exert their all to make (direct) mass adoption of Unicoin, but no matter how much funding support they have as long as Unicoin is not interesting in the community, then it's just a pure shitcoin.

[1] https://unicoin.com/

how stupid are they with such one-sided claims LOL

who the hell Unicorn hunters?

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Quote from: verita1 on May 08, 2021, 05:58:01 PM

IMO, after the governments that are working to implement their CBDC get their systems to function fully. That will be the call for more countries to replicate the experience because ultimately each nation will need its CBDC.
As the world advances, technology is more demanding that is why we are at this point one step away from the domain of digital technology.

On the other hand, bitcoin and cryptocurrencies are occupying spaces that previously belonged to financial institutions and banks, so time is short.

The problem is that there will not be any successful project from those projects that countries will produce if they are not interconnected to each other to facilitate exchanges, otherwise there will be no benefit from using them (for individuals). It would have been easier if those governments had adopted Bitcoin as well, which would facilitate exchange operations if we linked all the cbdcs that governments would produce with their value in Bitcoin.
And the longer the decision to postpone, this gives greater opportunities for Bitcoin to spread at the expense of fiat currencies (especially the dollar), which is witnessing a suffocating crisis, and only the crises that afflict the crypto market can save it.

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Quote from: just_Alice on April 21, 2021, 05:49:52 PM

It seems like the BoE only thinks about Bitcoin and other cryptocurrencies in terms of digital money, completely disregarding all other features. Those who are still new to cryptocurrencies or are prejudice to Bitcoin might buy that, but I don't think it's going to work with the current crypto users. People won't exchange independence, decentralization, and privacy for stability.

The creators of the CBDC can go the other way - they can simply ban Bitcoin. The only way to defeat the first cryptocurrency is to criminalize the possession, use and mining of Bitcoin. Is it possible? At present, this seems like a fantasy...

However, the hints that Britcoin will destroy Bitcoin, in my opinion, are not accidental. The creators of the CBDC plan to destroy not only cryptocurrencies, but also cash fiat currency. If this happens, then Bitcoin will be impossible to exchange for fiat currency.

At the same time, a ban on the use of Bitcoin as a means of payment will probably be introduced. This is what the creators of CBDC mean when they say they will destroy Bitcoin.

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Quote from: macson on April 16, 2023, 06:06:05 PM

[1] https://www.fintechfutures.com/2023/04/digital-currency-monetary-authority-launches-international-cbdc/

Quote

Currently, global banking recognizes two legal forms of cash: regulated e-cash and physical cash. Bitcoin’s electronic cash hasn’t been widely adopted in banking because it doesn’t cryptographically represent either of these.

However, the DMCA’s UMU/Unicoin currency is explicitly designed to work with financial and monetary institutions. However, UMU will not be a legal tender for negotiating domestic prices or international trade agreements. Instead, it will function as a store of value, mitigate currency devaluation, and be used as a method of payment.

UMU has premium exchange rates built into its wallet and can convert any settlement currency amount to the equivalent UMU amount. Its creators hope that one day merchants could accept UMU for the equivalent market value for their goods and services priced in any national legal tender.

[1] https://beincrypto.com/whats-deal-new-international-cbdc-unicoin/

this is the reason why unicoin will fail, people are smart, and they will only choose bitcoin to protect value.

The establishment will use Unicoin and that's all it'll need. Traditional banks will use it to move money internationally, which by itself should be enough demand for it to live. But even if it wasn't, the IMF won't allow it to fail if it further entrenches their influence. They likely have sufficient funds to prop it up for as long as their plans require.

//EDIT: Perhaps I spoke out of turn. It seems to be far from confirmed that the IMF have any interest whatsoever in this project yet.

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Quote from: DooMAD on February 07, 2022, 08:28:36 AM

Quote from: Ozero on February 07, 2022, 04:10:25 AM

If the UK issues its own britcoin, it will be just another stablecoin, though of course a special one

I'm not so sure about that. I have a suspicion that it could conceivably bring an end to conventional stablecoins.

Consider, if nations start issuing their own CBDCs, they probably won't have much tolerance for corporations using their own private assets to issue competing tokens. Governments won't want to compete on a level playing field and will naturally want dominance of their CBDC. They could easily create a hostile regulatory environment for private corporate tokens (because centralised entities are easier to regulate than something decentralised like Bitcoin), making stablecoins less attractive for users. After all, why compete with stablecoins when you can just make them obsolete?

looks like what you said here is already happening. they want to make stablecoins obsolete by creating unicoin.

Quote

Universal Monetary Unit Model Law legislation has been drafted in collaboration with several sovereign states which dictates that UMU should not be enacted as legal tender for negotiating domestic prices or international trade agreements.

DCMA executive director Darrell Hubbard, and the “chief architect” of UMU, says UMU strengthens the international monetary system by helping the IMF achieve its stated mandate to provide economic and financial stability to its member states.

“UMU is a game-changer in how cross-border payments are transacted and mitigates against seasonal and systemic local currency depreciation,” Hubbard says.

[1] https://www.fintechfutures.com/2023/04/digital-currency-monetary-authority-launches-international-cbdc/

Quote

Currently, global banking recognizes two legal forms of cash: regulated e-cash and physical cash. Bitcoin’s electronic cash hasn’t been widely adopted in banking because it doesn’t cryptographically represent either of these.

However, the DMCA’s UMU/Unicoin currency is explicitly designed to work with financial and monetary institutions. However, UMU will not be a legal tender for negotiating domestic prices or international trade agreements. Instead, it will function as a store of value, mitigate currency devaluation, and be used as a method of payment.

UMU has premium exchange rates built into its wallet and can convert any settlement currency amount to the equivalent UMU amount. Its creators hope that one day merchants could accept UMU for the equivalent market value for their goods and services priced in any national legal tender.

[1] https://beincrypto.com/whats-deal-new-international-cbdc-unicoin/

this is the reason why unicoin will fail, people are smart, and they will only choose bitcoin to protect value.

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Quote from: Ozero on February 07, 2022, 04:10:25 AM

If the UK issues its own britcoin, it will be just another stablecoin, though of course a special one

I'm not so sure about that. I have a suspicion that it could conceivably bring an end to conventional stablecoins.

Consider, if nations start issuing their own CBDCs, they probably won't have much tolerance for corporations using their own private assets to issue competing tokens. Governments won't want to compete on a level playing field and will naturally want dominance of their CBDC. They could easily create a hostile regulatory environment for private corporate tokens (because centralised entities are easier to regulate than something decentralised like Bitcoin), making stablecoins less attractive for users. After all, why compete with stablecoins when you can just make them obsolete?

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Quote from: Febo on April 21, 2021, 11:11:24 AM

Quote from: macson on April 21, 2021, 07:03:11 AM

The Country Cryptocurrency vs Bitcoin

CBD or central bank coins will have opaque ledger. That will be their main selling point to the public. Bitcoin is permissionless. Everyone can use it and dont need anyone's approval for it. That will be biggest selling point for Bitcoin. Reality is that this CBCs will come very late. If they would be out 5 years ago they could make some change. 5 years form now they will have much less impact.

If the UK issues its own britcoin, it will be just another stablecoin, though of course a special one, since most stablecoins are backed by dollars. This will have no more impact on Bitcoin than other stablecoins. Stablecoins compete with cryptocurrencies in a certain way as a means of payment, but otherwise they are completely different financial assets. Therefore, Britcoin cannot surpass Bitcoin in any way.

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Waiting with bigger and popular country want to adopt and bitcoin become legal payment transaction like in United Kingdom, United State and Germany, because effect with popular country when accepting bitcoin have more respond and give positive side for bitcoin and altcoin really can be most popular payment in the world.

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Quote from: ?? on ??

I think they are just excited for the UK to be able to promote coins using bitcoin as a competitor.

This is the narrative we urgently need to confront. If anyone attempts to suggest it will be a competitor to Bitcoin, they are either misguided or are being deliberately misleading. CBDCs, if they go ahead, will literally just be the current fiat we already have (in this case Pound Sterling), minus the physical cash. They are not going to be "new coins". So don't think of them in that way. It's just a continuation of the same old boring existing national currency while declaring war on cash. Don't hype them up to be something they aren't.

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Quote from: sapnu on May 09, 2021, 02:09:32 PM

Whatever they are planning to do to replace or imitate bitcoin, they will only keep on failing and end up wasting their time. Bitcoin is much more complex and useful compared to any currency ever made. Creating a new cryptocurrency named under a certain nation would need a very long time before it can keep up with bitcoin. We all know how long and how hard it took for bitcoin to make it wherever it is right now, a lot of people doubted and took it for granted but unfortunately, those people are surely full of regrets right now as they witness bitcoin getting more successful as time passes by.

I think that these countries that try and replicate bitcoin do know that bitcoin is a complex one and I think that they are trying to replicate it because they know that if they made the perfect replicate then they will profit from it big time, not to mention that there is the factor that if the citizens use their coins, they will be able to control them.

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Quote from: sapnu on May 09, 2021, 02:09:32 PM

Whatever they are planning to do to replace or imitate bitcoin, they will only keep on failing and end up wasting their time. Bitcoin is much more complex and useful compared to any currency ever made. Creating a new cryptocurrency named under a certain nation would need a very long time before it can keep up with bitcoin. We all know how long and how hard it took for bitcoin to make it wherever it is right now, a lot of people doubted and took it for granted but unfortunately, those people are surely full of regrets right now as they witness bitcoin getting more successful as time passes by.

And in the vast majority of cases, no one is going to replace bitcoin on a global scale with their national digital currency. Any government's main goal is to have economic power on its territory, including by dominating its national fiat currency. And the next stage of the development of the national fiat currency is a digital currency, including one built on the blockchain. If the government is sane enough, it will not create unnecessary competition between its own currency and bitcoin, simply delineating their areas of operation on its territory.

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Quote from: AniviaBtc on May 09, 2021, 02:54:20 AM

There are countries who makes their own crypto because they want to fight bitcoin in the market.

Just like China, they are making lots of cryptocurrency on their own so that they can make it more profitable and isolated for them.

Bitcoin is still the best digital asset that we can think of even if there's a lot of other profitable ways in the market.

I am not sure if the idea is to fight crypto or the idea is fight each other? I mean by the looks of it if no country makes one, others will not suddenly start one, sure they can start one to go against other nations and win at something, for example China could make digital yuan to go over USA some more in economical warfare, those are all great things for a nations economy no matter how moral or immoral it could be but it is totally still against other nations.

I doubt that China would create a digital yuan to "destroy bitcoin", they do not care about it, they are agnostic about the results as long as they win, hence I think it is about other nations that everyone cares, and that is why they create something like that. Which is why I think it is a cool little nugget of information for us to have and not take any of these things personally if I am right, I don't know if I am.

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Whatever they are planning to do to replace or imitate bitcoin, they will only keep on failing and end up wasting their time. Bitcoin is much more complex and useful compared to any currency ever made. Creating a new cryptocurrency named under a certain nation would need a very long time before it can keep up with bitcoin. We all know how long and how hard it took for bitcoin to make it wherever it is right now, a lot of people doubted and took it for granted but unfortunately, those people are surely full of regrets right now as they witness bitcoin getting more successful as time passes by.

Oneandpure

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Waiting global country want to accepted bitcoin as legal currency transaction and give many chance for investor or trader can sell or buy anything in their country and use bitcoin for transaction payment, maybe if bitcoin legal as payment transaction many trader and investor very happy to trade or hold bitcoin for long term again.

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Bitcoin's value comes from blockchain technology, strong decentralization, limited quantity, deflation over time, and immutability in data. The UK's cryptocurrency will be based on blockchain technology but managed by the Bank of England, it could be a modifiable central chain. The supply of the digital pound was limitless and under the control of the British government.
To beat Bitcoin, the UK digital currency needs a lot of effort to adopt it worldwide. They may take hundreds of years to do that but look at Bitcoin, it only took 10 years.
Obviously, Bitcoin outperforms and outperforms any other government-made currency.

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The comparison between country cryptocurrency and bitcoin is many. Bitcoin is a decentralized cryptocurrency and it is not affected by any single person or country. But on the other hand country cryptocurrency fully controlled by the government and it is affected by the country-related incident. On the other hand, country cryptocurrency will be affected by the country's economy. We can easily see that the difference between country cryptocurrency and bitcoin from the point of view coronavirus pandemic situation.

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There are countries who makes their own crypto because they want to fight bitcoin in the market.

Just like China, they are making lots of cryptocurrency on their own so that they can make it more profitable and isolated for them.

Bitcoin is still the best digital asset that we can think of even if there's a lot of other profitable ways in the market.

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IMO, after the governments that are working to implement their CBDC get their systems to function fully. That will be the call for more countries to replicate the experience because ultimately each nation will need its CBDC.
As the world advances, technology is more demanding that is why we are at this point one step away from the domain of digital technology.

On the other hand, bitcoin and cryptocurrencies are occupying spaces that previously belonged to financial institutions and banks, so time is short.

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So far, everything that tries to beat Bitcoin, in fact, they cannot yet.
Bitcoin is the king of crypto. And I am wondering in what cases they will beat Bitcoin? Value? use case? Marketcap? users? Or community?
We know that some countries also create their own digital currency based on Blockchain technology. However, about going to compete with BTC, it may be very difficult to do.

Oneandpure

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Bitcoin is unique and most profitable way as investment, become competitor for bank and many countries not support with bitcoin. they won't with bank keep exist and all people keep saving money in the bank than hold and invest on bitcoin, how ever without support bank many countries will faced the problem if bitcoin have been legal transaction currency as payment.

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Quote from: doomloop on April 28, 2021, 02:05:55 PM

Country based cryptocurrencies has always been a failure. Nobody talks about them, even now the digital Yuan that a lot of people were hyping last year, all of a sudden nobody is talking about it. I can remember very well that from 2019 I can’t login to this forum without seeing at least one or two topics that has to do with the digital Yuan and people were seriously talking about it. But this time around I hardly see even a single thing about them, and the ones I rarely are from the old topics that’s ere created here since.
This has been the same thing with other cryptocurrencies that other countries have developed, they just die off silently. I’m still yet to understand the need for those digital fiat, unless they plan to change the system entirely and stop producing paper money and just go digital, which I know for sure is going to affect a lot of people around the world.

This is because no country has yet seriously implemented a variant of its fiat currency on the blockchain. What is the difference between a state bureaucratic machine and a private initiative? In the speed of decision-making and implementation. First, there is a discussion for some time, then there is an agreement between government departments, then there is a search for a performer, and only then a specific project is released. There is a feeling that no one else except China has tried to make this a reality, and even now all countries are watching China, so that they can then take it as a basis. China is already distributing the digital yuan to a certain number of citizens for testing purposes and is deploying infrastructure in several places. As far as I understand, a serious test of the digital yuan in reality will be next year during the Olympics. By the way, so far, none of the big countries is going to immediately and irrevocably switch to the cryptocurrency version of their fiat currency, because paper money is not so susceptible to all natural disasters and man-made disasters.

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The only problem I am having about CBDC type of deals is that it will eat up many bitcoins from the market and that is going to be risky if it is in the reserves of the nations. Governments (and I mean ALL) are known to act for the benefit of the politicians and not for the people, that has been the case for every single nation for every single period in human history, the people at the top of the governments want what is best for them, not what is best for the people.

It means a government with the power of buying tens of thousands of bitcoin all at once could be something scary if given enough power. Otherwise the CBDC itself is not a problem, it is actually a method for governments to go into crypto a bit more and I would support it for that part, however giving the power of buying countless bitcoin all together to governments sounds a bit scary.

doomloop

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Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

Country based cryptocurrencies has always been a failure. Nobody talks about them, even now the digital Yuan that a lot of people were hyping last year, all of a sudden nobody is talking about it. I can remember very well that from 2019 I can’t login to this forum without seeing at least one or two topics that has to do with the digital Yuan and people were seriously talking about it. But this time around I hardly see even a single thing about them, and the ones I rarely are from the old topics that’s ere created here since.

This has been the same thing with other cryptocurrencies that other countries have developed, they just die off silently. I’m still yet to understand the need for those digital fiat, unless they plan to change the system entirely and stop producing paper money and just go digital, which I know for sure is going to affect a lot of people around the world.

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Quote from: kpierce77 on April 28, 2021, 08:10:21 AM

I think this is just some kind of gimmick? or I'm the one who made it wrong. because obviously if their goal was to beat bitcoin, it wouldn't make sense for those words to come out of their government. Everything that is centralized will certainly be able to be controlled and they certainly know that bitcoin uses a decentralized and opposing system

because they know Bitcoin is a decentralized coin that's why they are trying to make a centralized coin and pray that shitcoin can beat Bitcoin. decentralization Bitcoin is a huge threat to the government and the capitalists behind them.

Quote from: NelfiNovita on April 28, 2021, 10:10:25 AM

My view is also like that, that it is not easy to beat bitcoin because bitcoin is a coin that has long reigned in the crypto market. Bitcoin already has so much popularity that they don't want to leave bitcoin either. Even the richest investors are unlikely to give up their bitcoins to buy "Britcoin" because this coin has just been introduced to many people so there are still many people who have doubts about "Britcoin".

selling "Bitcoin" then buy "Britcoin" was the worst decision in that person's entire life.

NelfiNovita

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Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

My view is also like that, that it is not easy to beat bitcoin because bitcoin is a coin that has long reigned in the crypto market. Bitcoin already has so much popularity that they don't want to leave bitcoin either. Even the richest investors are unlikely to give up their bitcoins to buy "Britcoin" because this coin has just been introduced to many people so there are still many people who have doubts about "Britcoin".

kpierce77

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Quote from: blckhawk on April 28, 2021, 07:02:20 AM

Quote from: acener on April 27, 2021, 04:35:31 AM

Every country could create their own crypto but I think no centralized crypto currency could ever replace or defeat Bitcoin.
I for one would support our country's crypto if they choose to create one but I would still choose Bitcoin over it when it comes to Holding or investing.

Yeah and few Big countries already did like China but I don't think that would be enough to rival Bitcoin because first of all people like decentralization as a matter of fact this is one of the main reason why it is popular with investors because it cannot be manipulated by anyone, the price can only be determined with the demand and supply. Some countries try to defeat Bitcoin via banning and it really does affect Bitcoin but not entirely besides, people have their own way to pull of transactions even if it is banned through P2P. So I cannot see any reason or factors that could defeat Bitcoin

I think this is just some kind of gimmick? or I'm the one who made it wrong. because obviously if their goal was to beat bitcoin, it wouldn't make sense for those words to come out of their government. Everything that is centralized will certainly be able to be controlled and they certainly know that bitcoin uses a decentralized and opposing system

darewaller

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Quote from: blckhawk on April 28, 2021, 07:02:20 AM

first of all people like decentralization as a matter of fact this is one of the main reason why it is popular with investors because it cannot be manipulated by anyone, the price can only be determined with the demand and supply.

Yeah, decentralization is the biggest benefit which will be missing out in country specific cryptocurrencies.

I believe those country people will start using of their government's crypto but over the time they will realize that they are making use of nothing new but very much similar to traditional fiats but in electronic format. And I believe that is the point where they may start thinking about adopting bitcoins.

Moreover, I'm seeing these country specific cryptocurrencies as an indirect promotion for bitcoin adoption. Yeah, I mean governments are working for spreading awareness on bitcoin indirectly. It's a kind of promotion for future adoption and not for immediate one Wink

.

blckhawk

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Quote from: acener on April 27, 2021, 04:35:31 AM

Every country could create their own crypto but I think no centralized crypto currency could ever replace or defeat Bitcoin.
I for one would support our country's crypto if they choose to create one but I would still choose Bitcoin over it when it comes to Holding or investing.

Yeah and few Big countries already did like China but I don't think that would be enough to rival Bitcoin because first of all people like decentralization as a matter of fact this is one of the main reason why it is popular with investors because it cannot be manipulated by anyone, the price can only be determined with the demand and supply. Some countries try to defeat Bitcoin via banning and it really does affect Bitcoin but not entirely besides, people have their own way to pull of transactions even if it is banned through P2P. So I cannot see any reason or factors that could defeat Bitcoin

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Quote from: FanEagle on April 27, 2021, 02:04:06 PM

Let's assume USA did a CBDC and sold digital dollar, what is going to happen? Most of that will be in exchanges

That's only if the USA permit their CBDC coin to be transferred to exchanges.

Everyone seems to naturally assume they'll be trading this shit on exchanges, but that's not a safe bet in my view. If they don't want you to be able to do that, they can either block the transaction, or just straight up confiscate your funds or any funds that any exchange holds. They will have total control over their ledger. Any notions of "ownership" you have will be completely meaningless. People in this space have become so accustomed to decentralised currencies, it's as though they've forgotten the dangers of centralised ones.

Twentyonepaylots

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We all know that the main selling point of bitcoin is the fact that it is secured, it is anonymous, and it is decentralized. To create a central-backed cryptocurrency with the idea of it being on par with bitcoin is just plain old rookie mistake, as many coins in the market already did that in the past but because of the fact that it is susceptible to corruption and rug pulls, didn't become successful. This will have bigger chances of happening on coins that are backed by the government by the way so there's that.

FanEagle

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Quote from: TastyChillySauce00 on April 27, 2021, 04:39:18 AM

Also most of institution or government who tries to make their own version of cryptocurrency whether centralized or decentralized by default are trying to create userbase or further expand the reach of their currency. Just imagine a country that creates a CBDC, their cryptocurrency in form of paper money? no one cares but if it's digitalized and somewhat take advantage of blockchain technology making it fancy being called CBDC? maybe it could attract people.
It's just matter of further expanding their interests through the use of blockchain technology despite all the shortcomings they may face in the future because most of them are made to be centralized.

CBDC is not some shitcoin, it is backed by governments and that is an important deal. Think about it this way, they could raise funds from it as well. Let's assume USA did a CBDC and sold digital dollar, what is going to happen? Most of that will be in exchanges, instead of things like USDT we are going to have the CBDC of the government and we will be using that. Looking at how there is 50+ billion dollars of USDT that means USA could get a lot of money for their digital currency.

This is right now, think about 5 to 10 years later, it is going to be even more, it could be 100+ billion dollars in the vaults of USA government with the assurance that nothing would happen to that money guaranteed by the government. So, that means it is going to be something very helpful for the people and I think it is going to help a lot of people and also the governments.

Miike

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I really don't know where we aee moving to, as an Independent Nation. Looking at the way things are going on in the Country one cannot reaaly point to any particular area and be as well proud of of the present administration.
Education zero, Power zero even talking about the very means of income for the common citizens has been ban all in the name for going to Tollgate for protest . I am tired.

geegaw

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Quote from: Leviathan.007 on April 26, 2021, 01:19:12 AM

I can see many countries are trying to fight against bitcoin because they do believe that increasing the bitcoin demand in their country will decrease the demand of their currency so they need to evolve, in the other hand, many countries will try to follow the new technology so they will try to introduce their own cryptocurrency. The main difference between the cryptocurrency created by governments and bitcoin is the decentralization of bitcoin ,that's why even if the governments create own cryptocurrencies there won't be enough demand comparing to bitcoin.

Bitcoin is a huge source of economic production and sometimes it changes a large part of the finances of some people in some countries, most notably its appeal, always very powerful and mesmerizing, and governments that think creating a similar technology will be able to perfect their finances in such an unthinkable way. However, they only focus on technology and promotion, they do not give people the freedom and develop prices the way investors want, they all push people to the opposite direction.

noorammak

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The national cryptocurrency will apply blockchain to governance. They only reduce the burden on banks when people can transact without a bank intermediary. I think the chain of pre-CBDCs will be a centralized one. State banks will play a dominant role as well as create value for their money.

Bitcoin is decentralized and has a scarcity determined by the algorithm and the needs of organizations and individuals around the world. That makes the value of Bitcoin constantly increase over time. People love Bitcoin and want to keep Bitcoin.
Bitcoin is truly a store of value and a symbol of freedom around the world.

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Quote from: BrewMaster on April 25, 2021, 10:38:19 AM

Quote from: Princejebs on April 25, 2021, 10:14:11 AM

It baffles me how some of this institution think they can replace bitcoin by creating shitcoin with a central authority that depend and belong to a particular country. Its a dead on arrival. Grin

i don't think most of those who keep creating altcoins (including any big companies like Facebook) are trying to replace bitcoin because they know it is impossible. what they are doing is trying to not be left behind as the revolution of bitcoin continues to take over the world.

Also most of institution or government who tries to make their own version of cryptocurrency whether centralized or decentralized by default are trying to create userbase or further expand the reach of their currency. Just imagine a country that creates a CBDC, their cryptocurrency in form of paper money? no one cares but if it's digitalized and somewhat take advantage of blockchain technology making it fancy being called CBDC? maybe it could attract people.
It's just matter of further expanding their interests through the use of blockchain technology despite all the shortcomings they may face in the future because most of them are made to be centralized.

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Every country could create their own crypto but I think no centralized crypto currency could ever replace or defeat Bitcoin.
I for one would support our country's crypto if they choose to create one but I would still choose Bitcoin over it when it comes to Holding or investing.

iv4n

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Quote from: davis196 on April 27, 2021, 01:41:52 AM

Britcoin can beat Bitcoin on British land,only if Bitcoin gets banned in the UK and Britcoin becomes a legal tender.There's no other way.

It's the thing with governments, they can force their own rules... and they are doing that, they have power in their arms!

I believe it all comes down to people, what we use, and what we support, willingly or not, with desire or just because we don't have any other choices! So for ideal world governments and countries needs to fall! Together with many institutions they represent! That to happen people (all of us) need to make some choices, now or in the future!

In the last 10 years, crypto is winning the war, battle by battle it's taking more space! This war is far from over, and here I see crypto on one side and the government/bank sector on the other side! Will be interesting what the future is bringing, for sure until now it was like a crazy ride, so it will probably be like that in the future! We will see some crazy moves and actions on both sides, I am sure in that!

davis196

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Britcoin is definitely a pretty original name. Grin

"UKcoin" seems pretty good as well.
I thought that they are going to use "digital lira" or "digital pound" to call their British pseudo-cryptocurrency.
I don't know why all the central bankers around the world are so hyped up about CBDC.
They must be knowing something we don't know.There's something hidden about all those CBDC projects.
Britcoin can beat Bitcoin on British land,only if Bitcoin gets banned in the UK and Britcoin becomes a legal tender.There's no other way.

iamsheikhadil

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For your last line, no it won't make it just another altcoin, it will make it much worse Grin

even altcoins are decentralized (most) and there's no way a centralized coin will be used by people who are using crypto-currencies for the decentralization and anonymous service it provides for us. Using the centralized currency would be just like using debit card, then why would we use the more complicated path.

Kittygalore

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Quote from: blue_nexus15 on April 26, 2021, 10:36:19 PM

The CBDC has been piloted in a number of countries, essentially the CBDC will not pose a threat to bitcoin and it will even have a clear regulation for the exchange with bitcoin. Maybe or won't they? Anyway, with the CBDC, the government has begun to acknowledge blockchain technology and it is a moment of truth that they cover up.

Which countries, I am pretty curious because the only one I know is the Digital Yuan from China. I do think so because most CBDC have a framework similar to cryptocurrency but I have heard they put tracking on it so more like a digital money.

blue_nexus15

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Quote from: Coyster on April 22, 2021, 11:02:22 AM

Quote from: cabron on April 22, 2021, 04:46:31 AM

I think it's best for countries to allow BTC or any other cryptocurrency while they also use CBDC coin. Allowing people to buy BTC with CBDC app is freedom.

CBDC's and Bitcoin will coexist, countries will go ahead and launch their CBDC's, whilst Bitcoin will still be used by the populace that chooses to use it, I haven't seen not heard of any plan to stop the use of Bitcoin cause CBDC's are being created, neither of them (CBDC's and Bitcoin) is a threat to the other, Bitcoin is decentralized, the other is not, Bitcoin is about the control and freedom it gives it's users, the other is controlled and manipulated by the government; CBDC's will be a popular thing in the future, but not at the detriment of BTC whatsoever.

Right. The CBDC has been piloted in a number of countries, essentially the CBDC will not pose a threat to bitcoin and it will even have a clear regulation for the exchange with bitcoin. Maybe or won't they? Anyway, with the CBDC, the government has begun to acknowledge blockchain technology and it is a moment of truth that they cover up.

Silberman

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Quote from: Lucius on April 21, 2021, 08:46:44 AM

Most countries will have their own CBDC in the next 5-10 years, but it will be nothing but digital fiat - things will not change much between fiat and Bitcoin.

That is all what we need to know, whatever they create is going to be nothing more than a glorified fiat and that is the best case scenario, in the worst case scenario they create a digital currency that is way worst than anything the world has ever seen that can monitor every single transaction you make and block your funds on command, then they will complain about no one using their currencies and will try to block bitcoin and say it is a threat when it was bitcoin the first cryptocurrency and they are offering nothing but a cheap and inferior copy of bitcoin.

Obito

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Quote from: Leviathan.007 on April 26, 2021, 01:19:12 AM

I can see many countries are trying to fight against bitcoin because they do believe that increasing the bitcoin demand in their country will decrease the demand of their currency so they need to evolve, in the other hand, many countries will try to follow the new technology so they will try to introduce their own cryptocurrency. The main difference between the cryptocurrency created by governments and bitcoin is the decentralization of bitcoin ,that's why even if the governments create own cryptocurrencies there won't be enough demand comparing to bitcoin.

I don't get it because bitcoin is closely tied to fiat currency so their fear is irrational. Another reason that I can think of is that they have an interest that bitcoin is going to destroy if they propagate so they antagonize it while it is still young and doesn't have a lot of followers. CBDC in my opinion is just a digitized fiat that is the antithesis of bitcoin and cryptocurrency because they can track you and your purchases.

Leviathan.007

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I can see many countries are trying to fight against bitcoin because they do believe that increasing the bitcoin demand in their country will decrease the demand of their currency so they need to evolve, in the other hand, many countries will try to follow the new technology so they will try to introduce their own cryptocurrency. The main difference between the cryptocurrency created by governments and bitcoin is the decentralization of bitcoin ,that's why even if the governments create own cryptocurrencies there won't be enough demand comparing to bitcoin.

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Quote from: BrewMaster on April 25, 2021, 10:38:19 AM

Quote from: Princejebs on April 25, 2021, 10:14:11 AM

It baffles me how some of this institution think they can replace bitcoin by creating shitcoin with a central authority that depend and belong to a particular country. Its a dead on arrival. Grin

i don't think most of those who keep creating altcoins (including any big companies like Facebook) are trying to replace bitcoin because they know it is impossible. what they are doing is trying to not be left behind as the revolution of bitcoin continues to take over the world.

I agree with you. Every other cryptocurrency that came and would still come after Bitcoin be it some countries Digital currency CBDC will just be a mimic of Bitcoin because they have seen what Bitcoin is about and dont want to miss out on the revolutionary piece of the pie. There is no replacing Bitcoin, all those government will create will never be truly Decentralized which is one major aspect of Bitcoin.

dunfida

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Quote from: BrewMaster on April 25, 2021, 10:38:19 AM

Quote from: Princejebs on April 25, 2021, 10:14:11 AM

It baffles me how some of this institution think they can replace bitcoin by creating shitcoin with a central authority that depend and belong to a particular country. Its a dead on arrival. Grin

i don't think most of those who keep creating altcoins (including any big companies like Facebook) are trying to replace bitcoin because they know it is impossible. what they are doing is trying to not be left behind as the revolution of bitcoin continues to take over the world.

Its normal that they would really jump into the bandwagon and have no plans to get left behind with the trend and its just normal to see off these kind of steps.
Country do make out their crypto? Its not totally crypto since this is still heavily centralized.It still the same with fiat which is heavily centralized.

When it comes to competition then theres no doubt that government made crypto/coins arent something that can tie up with bitcoin.
Support would be totally different if we do compare the two.

DarkIT

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Quote from: Ucy on April 21, 2021, 10:39:20 AM

Ofcourse. What will help Bitcoin remain competitive is its uniqueness, such as decentralization and its other important ideals.
It's actually never a good idea for a Decentralized Network like Bitcoin to compete with them in centralized manner. Better it becomes decentralized in most things it does. There are lots of people who will definitely choose Bitcoin because of the decentralization... if they need centralized coin, they use the Central Bank coins.

After analysis the investment on bitcoin by the people around the world. Some country had decided to launch their own cryptocurrency. Just as a trading investment, the government may get two profit. One by regulations, it can get a tax to the Elite people of the society. Secondly the new investment made a government to rotate their money and use it as essential needs.

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Quote from: Princejebs on April 25, 2021, 10:14:11 AM

It baffles me how some of this institution think they can replace bitcoin by creating shitcoin with a central authority that depend and belong to a particular country. Its a dead on arrival. Grin

i don't think most of those who keep creating altcoins (including any big companies like Facebook) are trying to replace bitcoin because they know it is impossible. what they are doing is trying to not be left behind as the revolution of bitcoin continues to take over the world.

Princejebs

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Quote from: macson on April 21, 2021, 07:03:11 AM

Quote

British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new “Britcoin”, or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.

"We're launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC)," Sunak told a financial industry conference.

Soon after, Sunak tweeted the single word "Britcoin" in reply to the finance ministry's announcement of the taskforce.

https://www.reuters.com/business/finance/uk-launches-taskforce-potential-bank-england-digital-currency-sunak-2021-04-19/

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

i saw a lot of great topics drowning.

[GUIDE] All About Central Bank Digital Currency (CBDC)
Goverments creating digital currencies - Threat or Opportunity?
The Government-Backed Digital Dollar (USD)

I think he is the next Satoshi Nakomoto but this one is from central Bank with a valid identity. The sad truth, if they should allow and grant him the opportunity. Many who don't understand freedom of finance will heavily invest but it will die early in my opinion.
It baffles me how some of this institution think they can replace bitcoin by creating shitcoin with a central authority that depend and belong to a particular country. Its a dead on arrival. Grin

Ridwan Fauzi

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Let them make another bitcoin because eventually they will be aware that bitcoin cannot be juxtaposed. Take a look China a few years ago when they trying to make their own crypto currency (reminbi) and many media deemed that their crypto currency can compete bitcoin utilization or even its price movement. But until now, I haven't seen its utilization can compete bitcoin price movement.

This is what will happen to UK as well when they make their own crypto currency. Bitcoin is unique, there is no one who can be able cloning it. Also, the investor perspective will never be easy to move their eyes to the new place. But, at this point I really greatfull with the government who decide to make their own crypto currency. At least bitcoin is bringing a new era for human life.

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Quote from: maxreish on April 24, 2021, 02:49:41 AM

Investors will still stay with the old, established and original currency as bitcoin.

Try not to think of CBDCs as "investments". They're not. Assuming they ever went ahead with the idea, it would just be a purely digital continuation of the existing national currency. But I doubt they would go ahead with it because a) they lack the competence to do it correctly and b) I don't think society is quite ready to accept it yet.

maxreish

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I dont think it will become successful to create a centralized currency. To think it will not too far with the fiat currency, the it is like creating another fiat currency and not just like cryptocurrency because it will be controlled by their government as well.

The name sounds like bitcoin, too. Why not think of other name aside from britcoin? Well, they wont beat bitcoin even they create their own currency. Investors will still stay with the old, established and original currency as bitcoin.

awik p

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Quote from: Ludmilla_rose1995 on April 23, 2021, 01:58:47 PM

Quote from: Ucy on April 21, 2021, 10:39:20 AM

Ofcourse. What will help Bitcoin remain competitive is its uniqueness, such as decentralization and its other important ideals.
It's actually never a good idea for a Decentralized Network like Bitcoin to compete with them in centralized manner. Better it becomes decentralized in most things it does. There are lots of people who will definitely choose Bitcoin because of the decentralization... if they need centralized coin, they use the Central Bank coins.

I strongly agree. many people choose Bitcoin because of its decentralized nature. which means we are free to control the money we have without anyone controlling it. So, I think Britcoin will still be unable to compete with Bitcoin.

besides that, with the increasing number of large companies adopting bitcoin, of course it will foster the confidence of other investors to join, so that the growing development of bitcoin as it is today can have a big influence

Ludmilla_rose1995

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Quote from: Ucy on April 21, 2021, 10:39:20 AM

Ofcourse. What will help Bitcoin remain competitive is its uniqueness, such as decentralization and its other important ideals.
It's actually never a good idea for a Decentralized Network like Bitcoin to compete with them in centralized manner. Better it becomes decentralized in most things it does. There are lots of people who will definitely choose Bitcoin because of the decentralization... if they need centralized coin, they use the Central Bank coins.

I strongly agree. many people choose Bitcoin because of its decentralized nature. which means we are free to control the money we have without anyone controlling it. So, I think Britcoin will still be unable to compete with Bitcoin.

Oneandpure

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Joe Bidden make cryptocurrency world bad after his tweet today with tax 40% from exchange market, how will be possible if exchange market pay more than 40% fee, this crazy and government try to make fud with bitcoin or altcoin, but you keep hold because this way try by some one to get and buy bitcoin or altcoin on lower price.

Ryker1

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Well, in my opinion -- a centralized cryptocurrency backed by a central bank is a threat to Bitcoin.
Besides having an advantage in gaining trust in people, the formality and resources they have are way better than Bitcoin. They have enough funds which if we have all of our bitcoin assets combine, we can not still beat them. I am not telling that this might be the best answer, but this might show a different perspective and that would be enough for me. However, I am not really sure if this will become successful as cryptocurrency being centralized might actually get the attention of the international government as the biggest disruption might happen. If in case this will happen, I guess they might take at least 10 years to become successful, and that is where Bitcoin has an advantage.

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Quote from: stompix on April 21, 2021, 11:14:05 AM

Quote

The Government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.

So it's a task force that will check first if it's feasible to make britcoin, not to create it.

whether it's made or not, imo Britcoin will just be another centralized "shitcoin" that will continue to dream of beating Bitcoin.

Quote from: Haunebu on April 21, 2021, 11:31:32 AM

Mr.Rishi already got screwed recently after it was revealed that he never declared the complete wealth possessed by his wife(She is richer than Queen Elizabeth 2) and he will probably screw himself once again due to these ridiculous claims.

Quote from: DooMAD on April 22, 2021, 08:23:01 AM

snip

britcoin alone will be hard to beat litecoin. demands from the party donors are a thorn in the government.

Emitdama

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Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

What makes him believe that the ‘Britcoin’ will be able to beat Bitcoin (BTC)? Seems like he doesn’t know much about cryptocurrency? There have been other countries that came with their own cryptocurrencies which are going nowhere, so what makes them think that their new digital bank is going to be able to do anything better than what the others have done? If it’s going to be gaining any adoption at all, it’s going to be just in their country and no other place, but even at that bitcoin is still going to beat their CBDC even in their own country when it comes to adoption lol.

SaShiRaJaVu

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Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Anyone can create an altcoin and it is not surprising that the UK finance minister wants to create something that can beat bitcoin, if they could make better economic decisions then they could provide a better living atmosphere for their citizens rather than creating nonsensical statements to beat a decentralized market and every financial ministers from around the globe will be seeing the same dream.

Oneandpure

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Bitcoin is most competitor make money not interested by every people, why many countries not allowed using bitcoin because they won't some day many people leave for saving money in the bank and put on cryptocurrency like bitcoin or altcoin, this happening if many people know how increase price with bitcoin value than saving money only.

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Quote from: cabron on April 22, 2021, 04:46:31 AM

I think it's best for countries to allow BTC or any other cryptocurrency while they also use CBDC coin. Allowing people to buy BTC with CBDC app is freedom.

CBDC's and Bitcoin will coexist, countries will go ahead and launch their CBDC's, whilst Bitcoin will still be used by the populace that chooses to use it, I haven't seen not heard of any plan to stop the use of Bitcoin cause CBDC's are being created, neither of them (CBDC's and Bitcoin) is a threat to the other, Bitcoin is decentralized, the other is not, Bitcoin is about the control and freedom it gives it's users, the other is controlled and manipulated by the government; CBDC's will be a popular thing in the future, but not at the detriment of BTC whatsoever.

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Bitcoin continues to represent the best way to operate in every sense, such is the case for China where China's cryptocurrency stablecoin, the Digital Yuan can affect Macau's casino business.

Since the Chinese Yuan has been implemented, transactions and negotiations in casinos have decreased by 60%, this due to the efforts of the government to maintain strict control, that is why the Digital Yuan is fully traceable, which, is not pleasant for casino players, this represents a big problem for the industry, now it is best to operate with currencies that are more commercial, such as bitcoin that has a different approach, despite the fact that casino activity is legal in the country when It is controlled by the government, it is not good at all, that is why Bitcoin will represent the best option.

Quote

China’s digital yuan has already been piloted in multiple regions and cities, including Suzhou, Shenzhen, Chengdu and Xiong’an, and Macau, too, looks set to implement the digital currency agenda. Chief executive Ho Iat Seng told the region’s legislators that Macau should “follow the pace” set by the mainland, and the Macau Monetary Authority is reportedly amending its legal framework to accommodate the digital yuan in cooperation with China’s central bank.

Source: https://cointelegraph.com/news/china-s-digital-yuan-could-be-a-fatal-blow-for-macau-casino-junkets

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Bitcoin is decentralized currency which gives many investors access to invest and make more profit from their Investment without pay any taxes to government, while country cryptocurrency is a centralized currency that is control by the government and with some rules and regulations be given by the government to obey. Country cryptocurrency, many investors pay taxes to the government at the end of their transaction to enable them to have more access to their investment.

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Quote from: macson on April 21, 2021, 07:03:11 AM

even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world

It "was" one of the most powerful countries. Nowadays I doubt it's in a position to beat Litecoin. The entire economy is effectively propped up by a housing bubble and some City of London chicanery. If anything goes awry with either of those things, it's going to look pretty bleak.

//EDIT: Also worth mentioning, the UK spent £37 BILLION on a Covid "test and trace" project that never even worked. What possible hope does that fuckwit Sunak think they have at making a CBDC? It would no doubt turn into yet another "give loads of public money to private companies who happen to have connections with tory MPs or tory party donors, only for them not to deliver on their promises" sleaze-fest.

Spaffin

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Quote from: cabron on April 22, 2021, 04:46:31 AM

So many assumptions about CBDC coin and it's very possible that the government will be using the digital coin to control just about anything you will do in the country. One theory I've read was that the government will allocate funds where you can spend a percentage of your money to a particular industry and you can only spend some of it on your clothing and so on. That's not good for sure.

I think it's best for countries to allow BTC or any other cryptocurrency while they also use CBDC coin. Allowing people to buy BTC with CBDC app is freedom.

in any case, each government will eventually allow Bitcoin to be used as a means of payment, as well as an asset for investment. but governments are unlikely to consider Bitcoin as the main or national currency in their country. If the government has a goal to create its own national currency, then in any case they will create their own blockchain and their own coin, because they will still have distrust in Bitcoin, and the secrecy of Satoshi Nakamoto will always put them on guard.

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Quote from: BrewMaster on April 21, 2021, 10:50:05 AM

Quote from: Lucius on April 21, 2021, 08:46:44 AM

Most countries will have their own CBDC in the next 5-10 years, but it will be nothing but digital fiat - things will not change much between fiat and Bitcoin.

exactly, and the funny thing is that it won't be anything new. every time we use our credit cards or basically any other form of digital payment that goes through the banks or some centralized payment processor we are already using "digital currencies". what difference would it make if that centralized currency were called digital or crypto? nothing.
this is why i disagree with the first part and think only a small number of countries are going to create a "cryptocoin".

In regards to the bold part, I think a true cryptocurrency would be properly and cryptographically secure. I wonder if the security can be considered proper if the currency is not well decentralized/p2p with mass participation to protect the security.

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So many assumptions about CBDC coin and it's very possible that the government will be using the digital coin to control just about anything you will do in the country. One theory I've read was that the government will allocate funds where you can spend a percentage of your money to a particular industry and you can only spend some of it on your clothing and so on. That's not good for sure.

I think it's best for countries to allow BTC or any other cryptocurrency while they also use CBDC coin. Allowing people to buy BTC with CBDC app is freedom.

Argoo

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Quote from: Lucius on April 21, 2021, 08:46:44 AM

The only weird thing about this story is that they are only now thinking about their digital currency, while some others have been doing it for years. Of course, such initiatives stem from the fear that they will lag behind other countries in this regard, but also that there needs to be some competition to Bitcoin which nonetheless is still perceived as a threat - for the reason that no one literally controls it.

When someone says they want to defeat Bitcoin by creating a CBDC, then it really doesn't make sense - those two are quite diametrically opposed things that have nothing in common, except maybe that they're both digital. When a finance minister says things like this in public, then it is clear that today anyone with good political connections can be a minister - but that does not necessarily mean that he is an expert in the finance sector.

Most countries will have their own CBDC in the next 5-10 years, but it will be nothing but digital fiat - things will not change much between fiat and Bitcoin.

Bitcoin and states' central bank stablecoins really have little in common. However, they can still be competitors. It's like bitcoin and gold: they also have little in common and, in general, even have diametrically opposed functional characteristics. However, Bitcoin is now a strong competitor to gold.
The stablecoins of the central banks of states will compete with cryptocurrencies as a means of payment. This is still a cryptocurrency vulnerability and the emergence of CBDC can only exacerbate it.

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It would probably be a stable coin not an altcoin. It is quite absurd to think that one country financial ministry tries to overcomes bitcoins domain. I believe what they want to have is an electronic money where they could transact at no hassle at all.

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Quote from: Mauser on April 22, 2021, 02:46:41 AM

Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

This sounds impossible in my opinion. The UK is just too small compared to the whole Bitcoin market. Even now after leaving the EU it will be especially hard. Making their own coin is fine, but who is going to buy it? Do they honestly expect the whole world to switch into Britcoin insteads of BTC? The chances for that to happen a very very small. Mission impossible is a good comparison.

Don't degrade any country because looking at UK it's obvious that UK is financial buoyant enough to take cares any charges that comes on their way, but you can't compare it to cryptocurrency industrial market, shall all these are suggestions but it's obvious that it will come in reality, that they will create a coins that will that bear to their name, let seat and watch the out come of their objective.

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In the end, CBDC and Bitcoin isn't something that would actually fight over, well, whatever it is that they're fighting for. One's centralized and one's decentralized, where would they even fight to begin with? It's just one side selfishly declaring their wish to actually create an opposition towards the other, while the other is basically, well, still the same.

Quote from: Mauser on April 22, 2021, 02:46:41 AM

This sounds impossible in my opinion. The UK is just too small compared to the whole Bitcoin market. Even now after leaving the EU it will be especially hard. Making their own coin is fine, but who is going to buy it? Do they honestly expect the whole world to switch into Britcoin insteads of BTC? The chances for that to happen a very very small. Mission impossible is a good comparison.

And that would be considering that the entire UK population would even start using their Britcoin. Would only happen if they decided to overhaul the entire financial system of the country, which should have implications that would most likely exceed the country itself imo.

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Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

This sounds impossible in my opinion. The UK is just too small compared to the whole Bitcoin market. Even now after leaving the EU it will be especially hard. Making their own coin is fine, but who is going to buy it? Do they honestly expect the whole world to switch into Britcoin insteads of BTC? The chances for that to happen a very very small. Mission impossible is a good comparison.

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Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

Yes, any country specific coin will be just another altcoin and bitcoin will not get any impact due to that and definitely will continue how it is already doing. Moreover I am just seeing those country specific coins like electronic version of fiats; more preciously electronic version of fiats on blockchain.

I am sure not just Britain, many countries will come against bitcoin like this in the future but how people are going to react to this will be the short-term problem and in long run I'm sure bitcoin will not be having any problem as people will understand the benefit of adopting bitcoin after trying those country specific coins.

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Quote from: just_Alice on April 21, 2021, 05:49:52 PM

It seems like the BoE only thinks about Bitcoin and other cryptocurrencies in terms of digital money, completely disregarding all other features. Those who are still new to cryptocurrencies or are prejudice to Bitcoin might buy that, but I don't think it's going to work with the current crypto users. People won't exchange independence, decentralization, and privacy for stability.

That depends because if it works well then probably we will have second thoughts about it but I don't think that we are going to see it suddenly defeating bitcoin. Personally, I would like to see them try and in a way get a taste of their own medicine.

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There is a demographic interested in buying bitcoin. Who are waiting for CBDC's believing they'll be safer, better protected and better insured. These announcements could be a stall tactic intended to keep people waiting for officially endorsed alternatives to bitcoin, which may never materialize.

Given the past difficulties banks have had in modernizing their financial networks. Its unlikely they'll rollout new infrastructure and digital currency networks anytime soon.

Some of the greatest (if not the greatest) bank heists in history occurred when banks modernize/upgrade their systems to an electronic format. There are trusted developers and middle men who have tried to rob banks while in the process of modernizing and upgrading them. The amount of trust, money and work it takes for the banking industry to rollout new technology is non trivial at best. Which is one reason why it very seldom happens.

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It seems like the BoE only thinks about Bitcoin and other cryptocurrencies in terms of digital money, completely disregarding all other features. Those who are still new to cryptocurrencies or are prejudice to Bitcoin might buy that, but I don't think it's going to work with the current crypto users. People won't exchange independence, decentralization, and privacy for stability.

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One particular thing you should know is that the government and the banks are not going to willingly give power to to the people by submitting to the power of bitcoin. They are going to do everything possible to look for a way to always be in control of the finances of the people.
I'm not surprised they are looking for an alternative for bitcoin, they are only scared of the benefits of bitcoin. They, however, cannot stop bitcoin neither can they control it. Bitcoin is decentralised while whatever coin they create will be centralised.

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Quote from: macson on April 21, 2021, 07:03:11 AM

Quote

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin.

This kind of statement only depicts acceptance of bitcoin. When someone tries to imitate the first, it means that there was a known, recognised and existing figure and this has been the reason for countries plus other social media giants are looking the direction of building a cryptocurrency for there own purpose. Bitcoin can't be compared to any altccoin and not even that mimicked by a centralised body, the government.

Imran232

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Its a silly comparison to a son with his father. Remember son is son not a dad. One day son will be dad but remember that time dad will be grandfather. So its a simple thing father is always a one stpe up than son. So bitcoin is a father of crypto industry or Digital currency what ever you guys called it. And there is another thing bitcoin is mostly popular for users because of it anonymous. It is non authorise. It is non traceable. But if government makes a digital currency then it will be controlled by its government what people didn't like. Thats a simple thing. Its my opinion others could be different.

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Quote from: macson on April 21, 2021, 07:03:11 AM

Quote

British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new “Britcoin”, or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.

"We're launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC)," Sunak told a financial industry conference.

Soon after, Sunak tweeted the single word "Britcoin" in reply to the finance ministry's announcement of the taskforce.

https://www.reuters.com/business/finance/uk-launches-taskforce-potential-bank-england-digital-currency-sunak-2021-04-19/

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

i saw a lot of great topics drowning.

[GUIDE] All About Central Bank Digital Currency (CBDC)
Goverments creating digital currencies - Threat or Opportunity?
The Government-Backed Digital Dollar (USD)

I think these are just loud statements to attract attention. Every sane person understands, that Bitcoin cannot be replaced by any government centralized cryptocurrency. Including Britcoin ))

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Quote from: macson on April 21, 2021, 07:03:11 AM

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

Indeed, the mission to defeat bitcoin is impossible. There is no way a government coin can subvert bitcoin, even the China which claims to be testing their CNBC for long ago is not able to change the reality

But I do not consider Britcoin is altcoin. Do we see great britain pound as a alternative currency ? Of course not, it will certainly have some quality for a country. Maybe the model will reshape the global economy too when most of countries decide to create their own CBDC

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What a load of absolute crap. This isn't the first time a government openly challenged Bitcoin's dominance through the creation of a centralised cryptocurrency and it certainly won't be the last.

Mr.Rishi already got screwed recently after it was revealed that he never declared the complete wealth possessed by his wife(She is richer than Queen Elizabeth 2) and he will probably screw himself once again due to these ridiculous claims.

YOSHIE

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What you need to know is: Bitcoin is a crypto asset that can be owned by everyone in this world, meaning: stored and sold when the price jumps high in other words it can be called an investment asset.

Meaning: Bitcoin is not a payment asset in general like fiat money, Bitcoin is a network system as we know it today, namely: open source P2P (peer-to-peer) payments.

So: in what way does the UK want to beat Bitcoin, the price, or the network Bitcoin is currently using.
Many popular countries say they want to beat Bitcoin, in fact, until now no one has been able to beat Bitcoin.

You've read at that time China said it would control Bitcoin, what they get is just bullshit, so the news about England that you mention is just a nonsense concept put out by greedy and ambitious people.

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Quote from: Lucius on April 21, 2021, 08:46:44 AM

The only weird thing about this story is that they are only now thinking about their digital currency, while some others have been doing it for years.

Actually, they have thought about it for a long time, the Bank of England doesn't need to look downs they've already done a lot of research on it a long time ago, it's just that it didn't materialize, maybe the idea then quite ahead of its time. I can't find the older ones but in 2016 and 2017 there is a ton of publications on it.

As for Rishi Sunak, that's just an act, trying to look cool and trying to score another point after the Brexit, they will have their own Britcoin. Nothing real will come out of it too soon and it will not live to the expectation he tries to show as revolutionary.
Besides:

Quote

The Government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.

So it's a task force that will check first if it's feasible to make britcoin, not to create it.

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Quote from: macson on April 21, 2021, 07:03:11 AM

The Country Cryptocurrency vs Bitcoin

CBD or central bank coins will have opaque ledger. That will be their main selling point to the public. Bitcoin is permissionless. Everyone can use it and dont need anyone's approval for it. That will be biggest selling point for Bitcoin. Reality is that this CBCs will come very late. If they would be out 5 years ago they could make some change. 5 years form now they will have much less impact.

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Quote from: Lucius on April 21, 2021, 08:46:44 AM

Most countries will have their own CBDC in the next 5-10 years, but it will be nothing but digital fiat - things will not change much between fiat and Bitcoin.

exactly, and the funny thing is that it won't be anything new. every time we use our credit cards or basically any other form of digital payment that goes through the banks or some centralized payment processor we are already using "digital currencies". what difference would it make if that centralized currency were called digital or crypto? nothing.
this is why i disagree with the first part and think only a small number of countries are going to create a "cryptocoin".

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Ofcourse. What will help Bitcoin remain competitive is its uniqueness, such as decentralization and its other important ideals.
It's actually never a good idea for a Decentralized Network like Bitcoin to compete with them in centralized manner. Better it becomes decentralized in most things it does. There are lots of people who will definitely choose Bitcoin because of the decentralization... if they need centralized coin, they use the Central Bank coins.

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The only weird thing about this story is that they are only now thinking about their digital currency, while some others have been doing it for years. Of course, such initiatives stem from the fear that they will lag behind other countries in this regard, but also that there needs to be some competition to Bitcoin which nonetheless is still perceived as a threat - for the reason that no one literally controls it.

When someone says they want to defeat Bitcoin by creating a CBDC, then it really doesn't make sense - those two are quite diametrically opposed things that have nothing in common, except maybe that they're both digital. When a finance minister says things like this in public, then it is clear that today anyone with good political connections can be a minister - but that does not necessarily mean that he is an expert in the finance sector.

Most countries will have their own CBDC in the next 5-10 years, but it will be nothing but digital fiat - things will not change much between fiat and Bitcoin.

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Quote

British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new “Britcoin”, or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.

"We're launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC)," Sunak told a financial industry conference.

Soon after, Sunak tweeted the single word "Britcoin" in reply to the finance ministry's announcement of the taskforce.

https://www.reuters.com/business/finance/uk-launches-taskforce-potential-bank-england-digital-currency-sunak-2021-04-19/

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin. i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.

i saw a lot of great topics drowning.

[GUIDE] All About Central Bank Digital Currency (CBDC)
Goverments creating digital currencies - Threat or Opportunity?
The Government-Backed Digital Dollar (USD)

Topic: The Country Cryptocurrency vs Bitcoin (Read 909 times)