We can easily see the benefits of CBDC:
1, CBDC promotes non-cash payments and transactions and the development of modern financial and payment services thanks to its convenience, safety, high reliability, low costs, and limited risks of the use of cash, with high issuance and circulation costs, risk of counting, counterfeit money, not meeting green criteria, environmental friendliness.
2, CBDC enhances the position of the domestic fiat currency, increases its strength when it is compatible with cross-border payment systems, positively supports economic growth, through promoting the digital economy. , e-commerce, non-cash payment, business models on digital platforms, digital transactions.
3, CBDC increases access to financial services for people and businesses, thereby contributing to promoting financial inclusion, enhancing the ability to deal with illegal activities such as money laundering, tax evasion. , terrorist financing, corruption, and cybercrime thanks to greater transparency and openness...
However, here it is still a relatively new concept to many people, and there are still many challenges. Even now, crypto in this market is not too big a market. We are here hoping for a more inclusive economic future.
Topic: Why The Majority Of the Population Will Embrace CBDC's (Read 157 times)
ofc they'll bloody embrace it, it's pretty much the replacement for fiat. I hardly doubt people who are less technologically knowledgeable would go out of their way to suddenly learn about the possible currencies they can use when the government has a replacement for the one they removed (or will remove). It wouldn't generally be different from what most people use right now afaik, just that it's digitalized and cash flow is much more easily observed/seen by the government (or the public if it was publicized)
The problem is more than just CBDC vs BTC & Cryptos - the problem is the public is lazy and will take whatever path requires the least of them and appears to give them the most.
There will most certainly be a battle and I suspect it will last a very long time.
There will most certainly be a battle and I suspect it will last a very long time.
Most people will fall for the conveniences compared to the value they might get, with that in mind, it is necessary to improve the user experiences of using bitcoins or altcoins. That is the way forward so people could utilize cryptocurrencies wider, besides adoption. I think at the end of the day, people will choose things that help their life easier, there will be a ratio between conveniences and value, and people would compromise on things that gives them the most benefit.
Once the implementation or the law is established, it will be then applied and force the citizen to follow it. So government forcing its citizen to use CBDC is a natural course of events.
But I think there is a chance that Bitcoin and CBDC will co-exist along the way.
But I think there is a chance that Bitcoin and CBDC will co-exist along the way.
Forcing people to use CBDC seems unwise and authoritarian, even the current societies that favour cashless payment are still keeping cash as an option.
(...)
I agree with you.And I add a few more ideas that I see after many years in this market, because crypto blockchain created with micro as well as macro goals with the economy as well as operating in life tools other.
We are not here to make a difference, simply understand it as an adaptation and change, there will be no inhibitions and all will last until the appearance of the right proposals when the context arises. there.
They won't be called government if they are not able to govern their citizen. Right now most nations are in the process of studying CBDC and its implementation. Once the study is done and bills was approved, the government will certainly implement the approved bills regarding the use of CBDC. Once the implementation or the law is established, it will be then applied and force the citizen to follow it. So government forcing its citizen to use CBDC is a natural course of events.
But I think there is a chance that Bitcoin and CBDC will co-exist along the way.
But I think there is a chance that Bitcoin and CBDC will co-exist along the way.
Governments do control the money that they put out there, so most probably they will try and enforce some rules and regulations that will force the public to use it. It's not far from happening, they've done it before on a lot of other items and goods so they can also do it on money. Plus, the world is slowly going digital day by day. Proper implementation of this technology = seamless transactions for merchants and buyers. I wouldn't say no to it, but the government should make sure that the technology is flawless so that no serious problems may arise.
I think there is one important factor as well,
- government are going to force it's population to used their CBCD's. What I mean is that if you wanted to transact specially in government offices, then before you can do that, you should have CBCD in your hand before you can proceed with them. And so it's obvious, all the benefits is going to the government itself and not to the population with this whole CBCD thingy. And when we thought it's crypto, it's not, it's their digit that they just made it digital so that they can go paperless and there are no benefits whatsoever, in my opinion.
- government are going to force it's population to used their CBCD's. What I mean is that if you wanted to transact specially in government offices, then before you can do that, you should have CBCD in your hand before you can proceed with them. And so it's obvious, all the benefits is going to the government itself and not to the population with this whole CBCD thingy. And when we thought it's crypto, it's not, it's their digit that they just made it digital so that they can go paperless and there are no benefits whatsoever, in my opinion.
Op, do you think common people are stupid?
Let me answer your question, as much as I don't want to believe it, but yes, common people are stupid. They keep falling to the government traps. Until now most common people do not believe in Bitcoin and keep on trusting banking system. Only a few were enlightened and pursue Bitcoin as currency.
Governments have never positioned CBDC as any one of the four points you have mentioned. Governments are positioning CBDC as a convenient mode of value transfer and nothing else!
I guess @OP is assuming those things when the government wanted to implement CBDC "forcefully" to its constituents.
In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.
I highly agree, government always tend to get the best out of their offer, we are like fish getting baited by small meal and yet we became the meal. So with CBDC, government will have the power to monitor individual's financial movement.
The CBDCs are the only weapon that a government can possess to counter Bitcoin and they will certainly make a massive media campaign that will convince most or almost all of the mass but we have an advantage that we must exploit and that is what Bitcoin has already existed for years. ready it is mature and we can already use it but above all it is not censurable by any nation or entity and this must be made clear. The first to use it will be the poorest countries while the first industrialized world will remain behind but it is only a matter of necessity.
This is impossible, you can't counter something like Bitcoin, first, CBDC is centralized, do you know how many people are been hurt by centralized entities? People prefer Bitcoin for one thing, and that's because Bitcoin is the only true decentralized coin, there is massive trust surrounding Bitcoin, no CBDC can be this reliable and trusty.Again, CBDC is just like USDT and USDC, only this time, it's truly from the government, stablecoin that backs a country Fiat currency will remain a stablecoin, it is left for people to use or not.
Op, do you think common people are stupid? Governments have never positioned CBDC as any one of the four points you have mentioned. Governments are positioning CBDC as a convenient mode of value transfer and nothing else!
In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.
In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.
I'm sure that's not what he means. The general public is what he meant by that they are susceptible to getting into these CBDCs with just simple incentives because people are already hungry and with no jobs.
When the government 30% of the prices of basic goods, it already will crumble the family expenses. People do things to survive even selling thier souls. With CBDC providing comfort and they get free money, they are all in.
I think about the legitimacy of cryptocurrencies, there are several reasons why the majority of the population might use a central bank digital currency (CBDC) in the future.
While there may be some skepticism of cryptocurrencies, there are reasons why the majority of the population will use CBDCs in the future. With potential benefits such as stability, financial inclusion, efficiency, privacy and security, CBDCs can represent a significant advance in the world of finance.
This is seen as reasonable because CBDCs are backed by a central authority, such as a government or central bank, which can provide a level of stability and security that may be lacking in cryptocurrencies. This can give people greater confidence in using CBDCs for day-to-day transactions.
I believe that using CBDC instead of using stablecoins could make sense but considering it is still tied to fiat and I got here into crypto to avoid fiat, that means that we shouldn't really be too hyped about it as crypto people. It's basically stabelcoin made by the government and that's about it, nothing more and you think I should be some sort of happy about it? Of course not and I think that it is something I will never buy or invest into.While there may be some skepticism of cryptocurrencies, there are reasons why the majority of the population will use CBDCs in the future. With potential benefits such as stability, financial inclusion, efficiency, privacy and security, CBDCs can represent a significant advance in the world of finance.
This is seen as reasonable because CBDCs are backed by a central authority, such as a government or central bank, which can provide a level of stability and security that may be lacking in cryptocurrencies. This can give people greater confidence in using CBDCs for day-to-day transactions.
However, that doesn't mean that it won't convince more people to join into the crypto world, having some government guarantee will definitely make some people consider getting into this market, which is why it's nice for us.
A backlash, certainly by those that are well informed will happen As for the general public that is less informed and a bit lazy/naive - it will depend on how is presented. The government giving out CBDCs and being presented as way to:
1. protect the US dollar against foreign adversaries
2. combat fraud and crime
3. Give tax incentives
4. Insure against bank failures
1. protect the US dollar against foreign adversaries
2. combat fraud and crime
3. Give tax incentives
4. Insure against bank failures
The government can stylishly force this CBDC on people without them realizing it. What am I saying? Take Nigeria for example. The Government just had a redesign of their Naire mostly the higher Dinoomination and they have since introduced CBDC which is not really been adopted by the citizens. Still, now, even though they are printing new designs of the new Naira notes, they are printing less quantity and asking for the citizens to go more cashless. At some point, they might just find themselves automatically adopting the e-Naira since there is less cash in circulation.
Here in our country the government doesn't even have to justify anything in order to convince people to adopt CBDCs. All they have to do is to enforce the rule and people will adopt it, because they were told to do this from now on. People accept passively anything that is imposed to them: taxes, bureaucracy, corruption, electoral promises that don't become reality, power abuse by authorities... And to say the truth, common sense is much worse than it was few years ago.
Op, do you think common people are stupid? Governments have never positioned CBDC as any one of the four points you have mentioned. Governments are positioning CBDC as a convenient mode of value transfer and nothing else!
In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.
In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.
Some people might fall for this trap because of misinformation but most people have lost confidence in the economic policies of the government. In some countries, the government has failed to deliver on all its economic promises, and the people are fed up with these policies. Most countries are going through hyperinflation and currency loss of value. The people are desperately in need of financial alternatives that can give them a little financial lift. The people already know that the government owns CBDCs and they cannot trust this online fiat. If the government lifts the restrictions on the use of bitcoin in my location, many people will embrace it.
Op, do you think common people are stupid? Governments have never positioned CBDC as any one of the four points you have mentioned. Governments are positioning CBDC as a convenient mode of value transfer and nothing else!
In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.
In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.
I think about the legitimacy of cryptocurrencies, there are several reasons why the majority of the population might use a central bank digital currency (CBDC) in the future.
While there may be some skepticism of cryptocurrencies, there are reasons why the majority of the population will use CBDCs in the future. With potential benefits such as stability, financial inclusion, efficiency, privacy and security, CBDCs can represent a significant advance in the world of finance.
This is seen as reasonable because CBDCs are backed by a central authority, such as a government or central bank, which can provide a level of stability and security that may be lacking in cryptocurrencies. This can give people greater confidence in using CBDCs for day-to-day transactions.
While there may be some skepticism of cryptocurrencies, there are reasons why the majority of the population will use CBDCs in the future. With potential benefits such as stability, financial inclusion, efficiency, privacy and security, CBDCs can represent a significant advance in the world of finance.
This is seen as reasonable because CBDCs are backed by a central authority, such as a government or central bank, which can provide a level of stability and security that may be lacking in cryptocurrencies. This can give people greater confidence in using CBDCs for day-to-day transactions.
Buy bitcoin & escape the system.
You still need to convert your coins become fiat, if you live in where Bitcoin isn't accepted to use as an currency, you wouldn't be easy to avoid banking system. Trading on P2P or decentralized exchange doesn't entirely make you escape the banking system because you're still need to leave the trace where you submitted your bank account on the site. The problem is not many people have high privacy concern when they're want to spend or use Bitcoin. 
The government giving out CBDCs and being presented as way to:
1. protect the US dollar against foreign adversaries
2. combat fraud and crime
3. Give tax incentives
4. Insure against bank failures
[GUIDE] All About Central Bank Digital Currency (CBDC)1. protect the US dollar against foreign adversaries
2. combat fraud and crime
3. Give tax incentives
4. Insure against bank failures
CBDCs are one of currency types governments use in their countries. They has evolved from paper to polymer currency and e-banks. Now in future, they will go to CBDCs but the fact is governments and central banks control CBDCs.
Citizens won't have much difference in governmental control on their cash flow because it is main responsibility of government and central bank. CBDCs at least will give people more convenience in their transfers but it only makes sense for people who don't mind about privacy.
The majority of the population always does what ‘the man’ tells them is good for them. The fact we are here on this forum means we are different, there is a little more substance to us.
I will reject & avoid a CBDC as best I can. I don’t want every single thing I do to be monitored. Buy bitcoin & escape the system.
I will reject & avoid a CBDC as best I can. I don’t want every single thing I do to be monitored. Buy bitcoin & escape the system.
Maybe a scenario could arise where people will be in a situation to use CBDC instead of the fiat money. Just the digital transition, and people will be under the control of government in a better way than through the paper money. Nothing changes, it is upto the people how they take it forward. Even now more countries have got their own CBDC and that haven't made any impact or gained importance as the real cryptocurrencies. The existence of CBDC is to have control and to keep the market of traditional fiat running. To the changing technology it is a must to make changes and I believe the governments will understand the need of cryptocurrencies someday.
Jump to: