Will digital dollar be a threat to bitcoin? - page 6.

YUriy1991

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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?

My opinion No one will know the true value of digital dollars for quite some time to come. maybe the market experiment had just begun, and it was hard to believe that it could be called a failure so quickly.

There is room for a lot of changes in the near future. Having said that, there are also many questions remaining, namely which coin will rise to the top? How will they compete with other cryptocurrencies? Will they be any different from Bitcoin?

I think that's normal especially for Bitcoin.

LUCKMCFLY

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I would never think that the digital dollar could be a threat to Bitcoin, because obviously the dollar would not have any support, even though they say yes, and they have proof of it, it is not like that, it is like saying that they now have low support gold bullion, I think everything is like a mirage where there has always been a clear hegemony of the dollar after the second world war, where the USA was consolidated as a world power, from then on they are the strongest currency, so no would mean no fear for Bitcoin, it's simple, bitcoin is managed through supply and demand, and all its ways like whales, people's emotions, institutions, and they are not controlled by governments or banks, I think that is the best guarantee.

KaliLinux

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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?

Regardless of which nomenclature is now used by the US government, this is no different from the same CBDC we have seen some other countries delving into and has nothing to do with Bitcoin and I also believe has no effect whatsoever on BTC. Is this digital fiat going to be having different inflation effect from its normal fiat currency? or maybe because it is tagged digital? I don't see any difference from the digital services the Banks already provide that any digital currency (CBDC) will change to make it more important to have any edvrse effect on Bitcoin.

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Quote from: rat03gopoh on September 29, 2022, 01:29:14 AM

Threatened in what?
If the internet and electricity around the world suddenly stopped, then that would be a real threat to bitcoin. Centralized and decentralized aren't competition. In the end, all payment systems will become digital to achieve transaction efficiency, the presence of CBDC is a future innovation that however requires support. Whether you wanna use it or not, it's just a matter of taste.

No Fiat currency will ever be able to threaten Bitcoin's existence. That's because Fiat (whenever digital or physical) is centralized, whereas Bitcoin is not. As you've said before, only a complete shutdown of the Internet would be able to stop Bitcoin for good. But we all know this is technically impossible to achieve. A digital dollar would only benefit the US government and the central bank (The Federal Reserve) than individuals themselves. It will be the end of privacy for good since the new CDBC will give the government more power over people's finances. Paper money will be phased out for good, leaving us only with truly-decentralized cryptocurrencies such as Bitcoin and Monero. As long as people have a choice, there should be nothing to worry about. Just my opinion

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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?

Though I am not trying to compare Nigeria to USA, but it might interest you all to know that Nigeria has tried a thing like this, but it didn't succeed, the government of nigeria in a bid to stop its citizens from using crypto currencies created a digital version of the Nigerian naira and called it e-naira, but not only did this fail, it failed woefully, today, I can't find one person that's using this as a means of transaction, it's either crypto or normal (paper) fiat currency.

I see USA is trying to take the same step, I highly doubt it will succeed, any currency that have the control of the government can never be compared to that which is decentralized.

Flexystar

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Most funny statement I have ever read. That's compulsory failure from white house and it's vision regarding the digital dollar. USA is country where most of the old people live as compared to young minds. They respect their traditional ways of banking and that's cash! I am not at all sure how they gonna implement the digital dollar if the main customer that is their citizens are not going to use it anyways?

El Salvador, the country in central America is big flop example for this one. It was declared as bitcoin acclimatized country, but sooner we saw what happened with the response from the locals. They don't want solutions for the existing ecosystem, they want liberalization of wages, employments, health faculties and much more.

Implementing Digital Dollar means nothing to these things but only way to get over bitcoin. Better they spend the money for improving day to day lives.

BlockChainMentor

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Powell said he will need approval from white house and congress for process with digital dollar although it will not harm bitcoin after approval.

rat03gopoh

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Threatened in what?
If the internet and electricity around the world suddenly stopped, then that would be a real threat to bitcoin. Centralized and decentralized aren't competition. In the end, all payment systems will become digital to achieve transaction efficiency, the presence of CBDC is a future innovation that however requires support. Whether you wanna use it or not, it's just a matter of taste.

worle1bm

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The actual competition depends on the usage of people and government are still exploring the blockchain technology to develop these digital CDBC but it's not a threat to bitcoin as we have seen in China digital yuan case also.The people will keep utilising btc as mode of investment and payment in the future with the inflation rising.The digital dollar is just another form of currency only subject to government control so how come it can compete with decentralised coin? So we can say that btc growth is determined despite of these relentless efforts by governments.

ChiBitCTy

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This is a topic that has already been heaving debated and as your post mentions, something that China had already rolled out, some time ago in fact. The truth is the same principles apply as to why neither will be any sort of legitimate contender to bitcoin and that’s because they are both centralized currencies and that’s literally all that needs to be said about it.

JohnBitCo

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Quote from: Asiska02 on September 23, 2022, 03:51:23 PM

The only reason if there is any, for digital dollar to be a threat to bitcoin will be it having characteristics (blockchain) features as that of bitcoin. Apart from that, I don't see it as a threat to bitcoin. The government will still control and own the digital dollar, which can be regulated and reversed, unlike bitcoin. The dollar is a worldwide currency that is used for various exchange purposes and cross-border payments, thus its digitization will benefit the government but will never pose a threat to bitcoin.

In order for the digital Dollar to become a threat for bitcoin it has to become completely decentralized and also it has to be not in control of any government. Since digital dollar will be controlled by the US government there is no way to dollar can become a threat to bitcoin. I don't understand why people are comparing digital dollar with bitcoin.

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Quote from: ejd59005 on September 25, 2022, 07:42:53 PM

Honestly, isn't the dollar mostly digital as it is right now? Most people I know, me included use debit or credit cards in place of cash. Literally using 'digital dollars'

I see what you mean though. Could the government make up their own digital currency and 'force' people to use that while trying to push bitcoin out because of the energy usage? That's actually an interesting concept. They push out BTC because of the amount of energy we're consuming while some states like Texas ran out of energy last winter. I really don't know what they'd do honestly, but it does seem like they really want to limit the amount of energy being consumed, like ETH has done.

Either way I think BTC is here to stay.

Yes. But even though the US Dollar is digital through the use of credit/debit cards, it doesn't live on a Blockchain or Distributed Ledger that's controlled by the government and the Federal Reserve. The transformation will be completed when paper money is phased out for good and the FED launches a CBDC which resembles Bitcoin in every way (except that it won't be decentralized). While a digitized version of the US Dollar won't be a direct threat to Bitcoin, it will certainly give more power to the government over people's finances. A CBDC would be the perfect tool for a full-fledged surveillance state. It'll be the end of privacy as we know it. Most people don't care about privacy anyways, so they will quickly adopt the Digital Dollar even if that would lead them to a "certain path of death". Just my opinion

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Quote from: ejd59005 on September 25, 2022, 07:42:53 PM

Honestly, isn't the dollar mostly digital as it is right now? Most people I know, me included use debit or credit cards in place of cash. Literally using 'digital dollars'

Yes, it is digital fiat that has nothing to do with blockchain. But I can think the digital dollar the OP is referring to is the digital dollar the government is planning to go through CBDC where the concept is still centralized but maybe integrated with one of the blockchain.

Quote from: ejd59005 on September 25, 2022, 07:42:53 PM

I see what you mean though. Could the government make up their own digital currency and 'force' people to use that while trying to push bitcoin out because of the energy usage?

That can be done through the CBDC, but the government will not be able to encourage bitcoin users to stop using bitcoin. CBDC is government owned currency where they have central authority, so it is just another alternative to government currency to get more usage

Quote from: ejd59005 on September 25, 2022, 07:42:53 PM

Either way I think BTC is here to stay.

Of course, bitcoin to stay - CBDC will not negatively affect the popularity of bitcoin.

ejd59005

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Honestly, isn't the dollar mostly digital as it is right now? Most people I know, me included use debit or credit cards in place of cash. Literally using 'digital dollars'

I see what you mean though. Could the government make up their own digital currency and 'force' people to use that while trying to push bitcoin out because of the energy usage? That's actually an interesting concept. They push out BTC because of the amount of energy we're consuming while some states like Texas ran out of energy last winter. I really don't know what they'd do honestly, but it does seem like they really want to limit the amount of energy being consumed, like ETH has done.

Either way I think BTC is here to stay.

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Quote from: Agbe on September 25, 2022, 06:34:20 PM

Well I do not have much to say about this all what I to say is that, as far as I know, dollar can not be a challenge to bitcoin. Let me use my country as a. example, dollar is very high in my country but I or we are even angry that why we are using dollar which is not even used to but garri in the market but this the garri that we can used dollar to is very costly because of the high rate of dollar. Now coming to America, dollar can not be used to trade another dollar because it does not have bullish and bearish markets, And also dollar is a stable currency which is controls by Americans government but bitcoin is a decentralized digital currency that does not controlled by any. Bitcoin can be trade itself that is p2p trading because it grows. You can but bitcoin and store it to grow but dollar is stagnant. Therefore, it is bitcoin that has a bigger threat to dollar and not the digital dollar that can be a threat to bitcoin but bitcoin does.

Note that this is not about fiat dollars or any other fiat currency, but this thread is about the other possibilities that digital dollars could bring to a new form of government-owned payment system and will it be a threat to bitcoin?

I've already said that the traditional fiat payment system we've been using has had many setbacks, including a reduction in customer trust in banks. But what will be the impact of digital dollars or the like on bitcoin, that is the main point.

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Well I do not have much to say about this all what I to say is that, as far as I know, dollar can not be a challenge to bitcoin. Let me use my country as a. example, dollar is very high in my country but I or we are even angry that why we are using dollar which is not even used to but garri in the market but this the garri that we can used dollar to is very costly because of the high rate of dollar. Now coming to America, dollar can not be used to trade another dollar because it does not have bullish and bearish markets, And also dollar is a stable currency which is controls by Americans government but bitcoin is a decentralized digital currency that does not controlled by any. Bitcoin can be trade itself that is p2p trading because it grows. You can but bitcoin and store it to grow but dollar is stagnant. Therefore, it is bitcoin that has a bigger threat to dollar and not the digital dollar that can be a threat to bitcoin but bitcoin does.

Abiky

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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?

Neither the Digital Dollar nor the Digital Yuan will be a direct threat to Bitcoin. That's because Bitcoin's decentralized and censorship-resistant design will make it hard (if not impossible) for governments to carry on with their agenda of forcing the use of Fiat for good. There will always be a way to access Bitcoin even if the government bans its use (consider how there are people mining and using Bitcoin in China even though it was "banned" by the government some time ago). CBDCs like the Digital Dollar and the Digital Euro will only strengthen Bitcoin's adoption in the mainstream world. The fact that central banks are responding with digital currencies of their own, tells us that Bitcoin is being taken seriously among those who previously ignored it.

I think the Digital Dollar would be successful because the pandemic has accelerated the adoption of digital payments by a large margin. People are used to paying with their phones or credit/debit cards without ever touching paper money, so the transition to digital Fiat should be a no-brainer. If the US acts quickly, it may be able to hold the Dollar's (USD) position as the reserve currency of the world. We'll see what'll happen after the Digital Dollar is launched for public use. Just my thoughts Grin

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Quote from: dansus021 on September 23, 2022, 10:33:45 PM

maybe in the future the Central Bank Digital Currency or CBDC will success but like all other said it will be centralized and in my opinion it might not transparent as crypto did, and the other that it will not a threat for a bitcoin and I think this will be the opposite people maybe get more attracted of cryptocurrency world

Quite a lot of people are already allured to decentralized cryptocurrencies like Bitcoin, and also centralized non-government crypto in general, mind you that in no way is the government attempting to create CBDC's to allure people to crypto, or to encourage people to use crypto, CBDC's are created in a bid to reduce the number of people that are using decentralized crypto, a part of me has always felt that the campaign for CBDC's is basically in direct competition to Bitcoin.

Having said that, whilst CBDC's don't function like Bitcoin, and what goes on with it can't directly affect Bitcoin, but the activities of those who created CBDC's can affect Bitcoin, and these people are no other than the government, they'd definitely strengthen their campaign against Bitcoin, trying to dissuade their people from using it, but rather they should trust the crypto that is issued and controlled by them.

Bitcoin has always risen above government manipulation, and i am pretty sure that the case of CBDC's will absolutely be no different.

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The topic of digital dollar was discussed many times. We already have USDT, and it doesn't seem to take away Bitcoin's power. USDT is not under control of the government, and IMO it makes it better, attractive to peope around the world. The USA is a big country, but many people within it would be skeptical about the digital dollar because they prefer the one they already have, and people outside the US might be reluctant to use something that is under lots of control of a particular state which they might not trust or like.
Furthermore, lots of people are into Bitcoin because of its growth. The digital dollar would aim at stability, not growth of value, so it's a completely different thing even in this regard and thus Bitcoin users won't be tempted to switch at all.

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Quote from: Oasisman on September 24, 2022, 11:10:10 AM

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?

Digital dollar sounds like it has been existing already with all the digital and online transactions using various types of E wallet that converts your physical fiat digitally. This might probably work for the convenience of every means of online payment. However, Bitcoin is still different than this digital dollar, as Bitcoin could either be used as a currency or an investment. Dollar, may it be fiat or digital will eventually deflate, while Bitcoin will continuously rise and will avoid deflation.

It can be said that digital dollars have been used since before the advent of Bitcoin. Generally we consider digital form of fiat money as digital dollar. Bitcoin or cryptocurrency emerged after this digital dollar. But that doesn't affect Bitcoin or Cryptocurrencies because they are two different things. Both are stands in their own position. Where cryptocurrencies are completely different which is run by the use of blockchain technology.

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