Will digital dollar be a threat to bitcoin? - page 2.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: Blawpaw on November 16, 2022, 03:11:59 AM

we all know that once CBDCs come into play the crypto landscape will be hugelly affected. They are already targeting POW blockchains and that is how they will start. They will turn POW blockchains illigal and push most of them to POS. BTC will have to resist or else....

Of course. Governments will increase their attacks against crypto after CBDCs are launched. But that doesn't mean it's the end of the world. It'll be up to the community to stand strong by keeping crypto as decentralized and censorship-resistant possible. Strong projects will last for generations, while weak ones will become history. I think government-issued digital currencies (or CBDCs for that matter) will benefit crypto more than it could harm it due to the publicity it will provide. People around the world will get to know there are other digital payment systems with the rise of CBDCs and the termination of paper money. Just like Gold co-exists with paper money, credit cards and Bitcoin today, the same will happen after the launch of the Digital Dollar or any other CBDC.

We really have nothing to worry about as long as crypto remains true to its principles. Who knows if we're closer to a full cashless society than we've previously imagined? Just my thoughts Grin

Celin Kai

newbie

Activity: 14

Merit: 1

No matter what form a dollar takes, it's still a dollar. The digital dollar only converts the form, it doesn't change its essence. So the digital dollar won't have any effect on bitcoin.

Blawpaw

legendary

Activity: 1596

Merit: 1027

we all know that once CBDCs come into play the crypto landscape will be hugelly affected. They are already targeting POW blockchains and that is how they will start. They will turn POW blockchains illigal and push most of them to POS. BTC will have to resist or else....

YouYou0321

newbie

Activity: 27

Merit: 4

Quote from: Memorabilia on November 08, 2022, 12:52:28 AM

Digital dollars are designed to be controlled by the government but that’s not the case with bitcoins.
Bitcoin has its own supremacy. I don’t think the digital dollar will do any harm to them.

The U.S. dollar is completely centralized. Centralization may have some impact on Bitcoin in the short term, but it cannot be affected in the long run. The more you block BTC, the more people will pay attention to BTC.

Sang Veronike

newbie

Activity: 12

Merit: 0

They argue that it is almost impossible for bitcoin or other digital currencies to replace the U.S. dollar as the world's reserve currency, and that the volatility of bitcoin's price and its extremely limited supply make it unqualified for the task.
In fact, the purpose of bitcoin is not for payment. You can use bitcoin to buy goods, but bitcoin is more about storing value.

RolonNigel

newbie

Activity: 26

Merit: 0

It will not pose a threat, and may promote the discovery of Bitcoin. Bitcoin is digital and has stored value, which does not conflict with the definition of digital dollars.
If this digital dollar is successful, then Bitcoin will also be positively affected, making it easier for everyone to exchange currencies.

Marcellin9

member

Activity: 224

Merit: 20

Digital dollar at its core is a payment method. It would change anything in value whether you have it in large or small. Its biggest advantage is to make people's transaction/trade more quickly and conveniently. Bitcoin, however, is an investment asset which attracts people to invest enormously over a long term. The purposes of choosing or using digital dollar and Bitcoin are completely different. Yet the users might be mixed cause there is no fine line between them. The increase of users with digital dollar does not have to mean a decrease of users in Bitcoin. In the short term, as generally people won't know Bitcoin that well and choose to use digital dollar for its super convenience, digital dollar will be a threat to Bitcoin. In the long term, as people are more educated with more acceptance, the threat will be gone.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: BALIK on November 08, 2022, 02:38:53 AM

The release of CBDC will not have any effect or threat on bitcoin, you don't need to be angry. Dollar is digital like the paper USD we are using but different in how it works. The digital dollar will remain inflationary over time just like paper USD. Issuing CBDC will have pros and cons for us, the advantage here is that we will get rid of paper money and move to a modern world and do not need to spend a lot of money and waste materials to print paper money and convenient in daily payment. The downside here is that the government will have more control over us when we use CBDC, even the smallest act will send data to the government, the more we lose our privacy.

Let their government do whatever they want, as long as the bitcoins are there we have nothing to worry about. The government will never be able to completely control us.

The government can see every transaction related to credit/debit cards, so I don't see how CBDCs would be any different. If people were used to getting "spied" on credit card transactions, then they should have no problem embracing a CBDC. The new digital cash system would only destroy paper money as we know it, enabling a new era in our society. It won't challenge Bitcoin because of its centralized design, though. Comparing Bitcoin vs the Digital Dollar would be comparing apples vs oranges. I wouldn't worry about the new government-issued digital currency as long as decentralization wins in the long run. Just my thoughts Grin

BALIK

copper member

Activity: 2254

Merit: 608

🍓 BALIK Never DM First

Quote from: Ludmilla_rose1995 on November 07, 2022, 09:34:36 PM

Quote from: Queentoshi on September 20, 2022, 12:28:58 PM

I came across this on the news today, and I wonder if this will be a challenge to the growth of crypto in the united states with the government beginning to consider the digital dollar.

Quote

The White House is particularly targeting the proof-of-work transaction-validation process used by many blockchains, including bitcoin. This mechanism consumes huge amounts of energy because it requires a lot of computing power.

And with everything else, the administration is pushing for a digital dollar, a kind of digital twin of the dollar, at a time when China has taken a step ahead on this issue

Read here
Do you think with the level of civilization in the united states, that the digital dollar will be successful?

there is already USDT, USDC, BUSD, and many others and now they want to add more by making a digital dollar CBDC, which will only add shitcoin to the market. Bitcoin is a decentralized asset and currency, so don't be afraid of any plans or FUD made by the government, Bitcoin is unbeatable and digital dollars will surely fail.

The release of CBDC will not have any effect or threat on bitcoin, you don't need to be angry. Dollar is digital like the paper USD we are using but different in how it works. The digital dollar will remain inflationary over time just like paper USD. Issuing CBDC will have pros and cons for us, the advantage here is that we will get rid of paper money and move to a modern world and do not need to spend a lot of money and waste materials to print paper money and convenient in daily payment. The downside here is that the government will have more control over us when we use CBDC, even the smallest act will send data to the government, the more we lose our privacy.

Let their government do whatever they want, as long as the bitcoins are there we have nothing to worry about. The government will never be able to completely control us.

Memorabilia

newbie

Activity: 39

Merit: 0

Digital dollars are designed to be controlled by the government but that’s not the case with bitcoins.
Bitcoin has its own supremacy. I don’t think the digital dollar will do any harm to them.

Ludmilla_rose1995

full member

Activity: 1638

Merit: 167

Buzz App - Spin wheel, farm rewards

Quote from: Queentoshi on September 20, 2022, 12:28:58 PM

I came across this on the news today, and I wonder if this will be a challenge to the growth of crypto in the united states with the government beginning to consider the digital dollar.

Quote

The White House is particularly targeting the proof-of-work transaction-validation process used by many blockchains, including bitcoin. This mechanism consumes huge amounts of energy because it requires a lot of computing power.

And with everything else, the administration is pushing for a digital dollar, a kind of digital twin of the dollar, at a time when China has taken a step ahead on this issue

Read here
Do you think with the level of civilization in the united states, that the digital dollar will be successful?

there is already USDT, USDC, BUSD, and many others and now they want to add more by making a digital dollar CBDC, which will only add shitcoin to the market. Bitcoin is a decentralized asset and currency, so don't be afraid of any plans or FUD made by the government, Bitcoin is unbeatable and digital dollars will surely fail.

xSkylarx

hero member

Activity: 2366

Merit: 594

Quote from: uneng on November 07, 2022, 11:51:47 AM

Quote from: Hamza2424 on November 07, 2022, 09:31:37 AM

In the digital space there ia no thread to the Bitcoin as Bitcoin can flawlessly lead the digital economy and finance. You can understand this by the distributed network and decentralization of the bitcoin network. So investors do Trust Bitcoin untill investors trust there is no need to worries.

I believe the threat isn't exactly digitar dollar, rather it's the regulators behind digital dollar the real threat to bitcoin, because they can use their decision power to difficult or forbid bitcoin usage in order to push the adoption of their own cryptocurrency upside. They can also launch misinformation campaigns against bitcoin aiming the masses, that can be made through comparisons between CBDC and bitcoin, where they will highlight the benefits and advantages of their currency while highlighting the negative aspects of bitcoin to discourage the public going for the decentralization.

You have really a point just to make their token good and bitcoin bad, but still, the target audience on that is those who really don't know bitcoin; they will make their own token newbie friendly (I don't mean that Bitcoin is not, but it takes real time to read it and understand it on how it works). That's how powerful the people behind it, mostly the government, can really do that. They also can't persuade those people who are really into bitcoin. But for me, as long as they are both good and usable in the face of the internet and I can still gain profit, then that's good to me.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Quote from: Hamza2424 on November 07, 2022, 09:31:37 AM

In the digital space there ia no thread to the Bitcoin as Bitcoin can flawlessly lead the digital economy and finance. You can understand this by the distributed network and decentralization of the bitcoin network. So investors do Trust Bitcoin untill investors trust there is no need to worries.

I believe the threat isn't exactly digitar dollar, rather it's the regulators behind digital dollar the real threat to bitcoin, because they can use their decision power to difficult or forbid bitcoin usage in order to push the adoption of their own cryptocurrency upside. They can also launch misinformation campaigns against bitcoin aiming the masses, that can be made through comparisons between CBDC and bitcoin, where they will highlight the benefits and advantages of their currency while highlighting the negative aspects of bitcoin to discourage the public going for the decentralization.

Japinat

hero member

Activity: 3052

Merit: 685

Quote from: cr1776 on October 27, 2022, 02:42:53 PM

Quote from: Queentoshi on September 20, 2022, 12:28:58 PM

...
Do you think with the level of civilization in the united states, that the digital dollar will be successful?

If you like a centralized, reversible, censorable, seizable, non-pseudoanonymous, inflationary currency who's value is set by whim, then the digital dollar will succeed.

If you want to preserve your wealth and freedom, then you won't view bitcoin and the digital dollar as anything similar except that they both are "digital".

Correct! The digital dollar or even the digital euro won't be a threat to bitcoin or even sees it as a competitor. The mentioned coins have their own use and utility, many prefer this digital currencies because they are stable and yes, it should be because it's controlled and centralized. But bitcoin is different, saying the reasons why there's a lot of people choosing it over these stable coins would be redundant already and it's almost too obvious why. There's a lot of things that a decentralized coins can give to us that a stable coins can't.

Mate2237

hero member

Activity: 700

Merit: 577

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: Hamza2424 on November 07, 2022, 09:31:37 AM

In the digital space there ia no thread to the Bitcoin as Bitcoin can flawlessly lead the digital economy and finance. You can understand this by the distributed network and decentralization of the bitcoin network. So investors do Trust Bitcoin untill investors trust there is no need to worries.

Yes, you said the truth. US digital dollar can't affect Bitcoin in any way. There are of two different control. Bitcoin is decentralized while dollar be a digital or hard currency, it is a centralized control. Bitcoin price is base on the demand in the blockchain while dollar price is base on imposed. Dollar cannot devalue Bitcoin because there is nobody to hold responsible. Bitcoin nis the father of the cryptocurrencies ecosystem space.

Hamza2424

legendary

Activity: 966

Merit: 1042

#SWGT CERTIK Audited

In the digital space there ia no thread to the Bitcoin as Bitcoin can flawlessly lead the digital economy and finance. You can understand this by the distributed network and decentralization of the bitcoin network. So investors do Trust Bitcoin untill investors trust there is no need to worries.

vatanen

full member

Activity: 293

Merit: 100

I think it will not. digital dollar is just a digital money which reprerents the value of dollar in digital form where as bitcoin is a in a higher level where it represents the whole cryptocurrency. Bitcoin is the king and the first of its technology.

Xampeuu

full member

Activity: 1442

Merit: 116

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: goldkingcoiner on November 07, 2022, 06:44:49 AM

Quote from: darkangel11 on November 06, 2022, 02:56:56 PM

Quote from: goldkingcoiner on November 06, 2022, 01:56:06 PM

The digital dollar is not even a threat to the paper dollar. If anything the paper dollar has less disadvantages and more advantages than the digital fiat version. I really hope all these digital government control traps are going to crash and burn at the moment of introduction. The only reason they exist is to take away more freedom from the people and put everyone under a bigger surveillance system. But since Bitcoin has come into existence, I am not worried.

they're made to stop the production and use of cash.

Thats really the reason why its not a threat to the fiat system of today. Because nobody is planning on making paper money illegal. If anything, they will have to slowly phase it out but not make it "illegal". The corrupt politicians have waay too much laundered cash in their mattresses to be advocating for wiping it all out in a day or two. So obviously if digital fiat is going to make it, it will have to show its a better version of the paper fiat. And its not. People will not accept the government denying them their cold hard cash. We are not in China and we will not take that lying down. The WEF knows this.

between digital dollars and paper dollars both are the same, namely the currency of a country which only differs in the system of use, so I don't think this will affect paper currency, because they are in the same source. I think this is only a socialization of the transition of payment methods to a digital system, because both are still centralized by the government

goldkingcoiner

legendary

Activity: 2240

Merit: 1993

A Bitcoiner chooses. A slave obeys.

Quote from: darkangel11 on November 06, 2022, 02:56:56 PM

Quote from: goldkingcoiner on November 06, 2022, 01:56:06 PM

The digital dollar is not even a threat to the paper dollar. If anything the paper dollar has less disadvantages and more advantages than the digital fiat version. I really hope all these digital government control traps are going to crash and burn at the moment of introduction. The only reason they exist is to take away more freedom from the people and put everyone under a bigger surveillance system. But since Bitcoin has come into existence, I am not worried.

they're made to stop the production and use of cash.

Thats really the reason why its not a threat to the fiat system of today. Because nobody is planning on making paper money illegal. If anything, they will have to slowly phase it out but not make it "illegal". The corrupt politicians have waay too much laundered cash in their mattresses to be advocating for wiping it all out in a day or two. So obviously if digital fiat is going to make it, it will have to show its a better version of the paper fiat. And its not. People will not accept the government denying them their cold hard cash. We are not in China and we will not take that lying down. The WEF knows this.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: goldkingcoiner on November 06, 2022, 01:56:06 PM

The digital dollar is not even a threat to the paper dollar. If anything the paper dollar has less disadvantages and more advantages than the digital fiat version. I really hope all these digital government control traps are going to crash and burn at the moment of introduction. The only reason they exist is to take away more freedom from the people and put everyone under a bigger surveillance system. But since Bitcoin has come into existence, I am not worried.

I cannot agree. Digital dollar and other CBDCs are made to replace paper money. They aren't a threat to normal currencies but they're made to stop the production and use of cash.
Maybe you haven't noticed but the World Economic Forum is pushing for this. They had multiple statements where they said that cash should be completely gone and replaced because it's not eco-friendly and pure. It costs money to make, creates waste, transmits diseases, is easy to steal and makes black market trade easier.
They want to know what you're doing, who you're paying, how much money you have and they want control over your money to make you obedient. Protesters in Canada have experienced what it means to have your account locked because you dare to oppose the government.

Quote

Hell, any cryptocurrency is better than fiat, to be honest.

Worst case scenario we will have to openly rebel against the government on the streets if they oppress us to the point of making any crypto ownership illegal/difficult.

Let's hope the rebellion starts before they replace cash with digital money or you'll have all your money taken away the same day a camera catches you protesting.

Topic: Will digital dollar be a threat to bitcoin? - page 2. (Read 2614 times)