Topic: Will digital dollar be a threat to bitcoin? - page 7. (Read 2614 times)
The digital dollar will not pose an immediate threat to bitcoin because the digital dollar is an improved form of cashless dollar payments. The digital dollar can really compete directly with non-government stablecoins because they will have so much in common. Moreover, states may further prohibit the circulation of non-state stablecoins due to such competition.
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.
Do you think with the level of civilization in the united states, that the digital dollar will be successful?
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 hereAnd 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
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.
Bitcoin is 56x more energy efficient than the current banking system. I think the problem is not energy consumption, but the financial freedom that bitcoin offers.
but they still think that bitcoin is a major problem of big energy use and masks the real big energy use. Bitcoin becomes the scapegoat to cover it all. Financial freedom is a disaster for governments because they cannot regulate it. Bitcoin is a financially free digital asset that is full of pros and cons, but bitcoin will survive and cannot be threatened by anything including the digital dollar that continues to emerge. Bitcoin stays on track and digital dollars or stablecoins stay on track too. The government cannot fully regulate. Quote
A recent peer-review white paper finds that Bitcoin's blockchain uses almost half the annual energy of previous estimates. The Valuechain publication also shows that Bitcoin is 56 times more energy efficient than the current banking system.
Source
The dollar is already digital. Cash isn't used as much as it was in the past and future societies will be cashless ones. The only thing those is power have to do is to create a system with stricter control that would allow them to govern you by fear. If you aren't in line with their agenda, you can be punished by not being allowed to use your digital and centralized coins the way you want to.
For something like that to happen, you have to get rid of the competition. What is the competition to a fully controlled government coin? The one that is decentralized and trustless.
But they are not going to ban it just like that because they don't want to look like the enemy. They want you to request for bitcoin to be banned because it's a hazard for the environment, it's used for money laundering, financing terrorism, and all other sorts of illegal activities. The negative portrayal of Bitcoin will continue to show the people that it's not in their interest to use this currency. And if and when enough interest is generated and someone proposes that we should maybe ban it, the majority will get on board.
Stay educated. In the name of the late George Carlin, don't trust anything your government tells you. Nothing. 0%, nada!
For something like that to happen, you have to get rid of the competition. What is the competition to a fully controlled government coin? The one that is decentralized and trustless.
But they are not going to ban it just like that because they don't want to look like the enemy. They want you to request for bitcoin to be banned because it's a hazard for the environment, it's used for money laundering, financing terrorism, and all other sorts of illegal activities. The negative portrayal of Bitcoin will continue to show the people that it's not in their interest to use this currency. And if and when enough interest is generated and someone proposes that we should maybe ban it, the majority will get on board.
Stay educated. In the name of the late George Carlin, don't trust anything your government tells you. Nothing. 0%, nada!
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.
Do you think with the level of civilization in the united states, that the digital dollar will be successful?
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 hereAnd 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
Do you think with the level of civilization in the united states, that the digital dollar will be successful?
USDT ,USDC and all these stablecoins are also sorts of digital dollars though the US government does not recognize them. In case US government came with its own digital dollar, it will have no effect on the bitcoin. I would say that bitcoin will become even stronger since we know that US dollars won't be inflation free and can be produced as many as they like anytime.
The effect of digital US dollar would be that other countries will also come up with their own stable coins, creating a mess of useless coins
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Will digital dollar be a threat to bitcoin?
Nope, digital dollar will be controlled by the central bank whereas Bitcoin is the exact opposite, It can not be controlled by any central authority.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.
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Bitcoin is 56x more energy efficient than the current banking system. I think the problem is not energy consumption, but the financial freedom that bitcoin offers.
Quote
A recent peer-review white paper finds that Bitcoin's blockchain uses almost half the annual energy of previous estimates. The Valuechain publication also shows that Bitcoin is 56 times more energy efficient than the current banking system.
Source
In the same way that the ban on bitcoin in China had no impact, I don't believe the existence of a digital dollar poses a threat to bitcoin. In addition, I think that the United States has a good chance of making the digital dollar initiative a success given its strength and resources. It might offer secure, affordable, and quick payments with the digital dollar project.
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
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.
As the digital dollar function over a decentralised network, it will have all features of a cryptocurrency. For some reason it is not the same as bitcoin, the entire control will be with the government.The reason for which the digital dollar is being developed in a much faster phase is to keep dollar strong. Because countries might find ways to hold reserve in their own currencies which might affect dollar. So, it doesn't have anything to do with bitcoin and this development isn't gonna affect the progress of bitcoin.
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.
Indeed, although the dollar as a worldwide currency, this will not give a big impact on Bitcoin. However, as we know that this day is a digital world day. I mean that many more systems are operated digitally, yes, of course, the existence of a digital dollar cannot be ignored. The development of this digital era is very rapid, so it is possible that the digital dollar will also continue to grow rapidly. However, this again will not have much of an effect on Bitcoin. Because we ourselves know the function of each. The dollar, still centralized, is controlled by the government and the world bank. Whereas Bitcoin is not. This is what remains the attraction to Bitcoin. And what's more, Bitcoin is not only a means of payment but also a valuable investment tool. 
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.
The digital dollar is proof of governments starting to panic about Bitcoin. They think if they make a trendy "crypto" out of their useless fiat then that somehow fixes the problems that fiat has. Namely centralization, verification and corruptibility. The governments and all the politicians do not truly understand why Bitcoin is as famous as it is. They think its all a PR bubble which has gone too far. This is exactly why the digital dollar, yen, euro, etc. will fail.
I enjoy watching them desperately try to invent a trendy new fiat to replace the same exact fiat. Bitcoin will definitely rise to the top and become the global money. Well, as long as the world still exists. Lets see if we don't nuke ourselves and Bitcoin out of existence
I enjoy watching them desperately try to invent a trendy new fiat to replace the same exact fiat. Bitcoin will definitely rise to the top and become the global money. Well, as long as the world still exists. Lets see if we don't nuke ourselves and Bitcoin out of existence
Digital dollar are not any threat to bitcoin. In fact, bitcoin can help in promoting digital dollar. Through bitcoin, we can realize the goal of cashless economy. For example, we can purchase online items through bitcoin, and the seller can easily get the digital dollars with low fee. This can make digital dollar successful.
Digital dollar can only be a stable currency and not the type of currency like Bitcoin. Bitcoin is volatile and always has the tendency to move upward and downwardly without been stuck in a particular price. Digital dollar can only be like the normal stable coins like the usdt and others that we have a stable currencies. I think investors will still value Bitcoin than any other coins we are going to have in the crypto market soon because it is still the major coin that controls the market and determines the price of other coins and tokens. It is a universal currency that can not be compete with in time. 
Isn't this question also for various other CBDCs?
We can see from the digital dollar function itself. is a legal tender. And became the benchmark currency in most countries in the world. But Bitcoin, this not only applies as a currency, but also has value and trust to be something worth investing in. While the dollar, no. This is what makes Bitcoin most likely not to be disturbed by the digital dollar.
We can see from the digital dollar function itself. is a legal tender. And became the benchmark currency in most countries in the world. But Bitcoin, this not only applies as a currency, but also has value and trust to be something worth investing in. While the dollar, no. This is what makes Bitcoin most likely not to be disturbed by the digital dollar.
Digitalized dollars are basically CBDC's. Idea is to get rid of paper based cash and force people to rely on a central authority for digitalized funds. It allows the central authority to revoke the funds at any time or disallow users to spend the funds (ie freeze accounts).
Bitcoin isn't inherently threatened by CBDC's because they don't operate the same. That being said, the indirect threat exists because government will never cease to act on an opportunity to regulate Bitcoin into the ground while propping up their own useless currencies riddled with inflation and inept central bank control
I'd be worried if I were you.
What most people failed to understand is that CBDC in whatever currency is already existing and if you can just send a figure from your bank account to another account you are already using the digital form of that currency.
What makes the difference is that some CBDCs are run on the blockchain and have a wallet address instead of an n account number but aside from that, nothing differentiates it from the normal traditional dollars so I can't see it as a threat to Bitcoin in whatever way.
What makes the difference is that some CBDCs are run on the blockchain and have a wallet address instead of an n account number but aside from that, nothing differentiates it from the normal traditional dollars so I can't see it as a threat to Bitcoin in whatever way.
Isn't this question also for various other CBDCs?
We can see from the digital dollar function itself. is a legal tender. And became the benchmark currency in most countries in the world. But Bitcoin, this not only applies as a currency, but also has value and trust to be something worth investing in. While the dollar, no. This is what makes Bitcoin most likely not to be disturbed by the digital dollar.
We can see from the digital dollar function itself. is a legal tender. And became the benchmark currency in most countries in the world. But Bitcoin, this not only applies as a currency, but also has value and trust to be something worth investing in. While the dollar, no. This is what makes Bitcoin most likely not to be disturbed by the digital dollar.
Digitalized dollars are basically CBDC's. Idea is to get rid of paper based cash and force people to rely on a central authority for digitalized funds. It allows the central authority to revoke the funds at any time or disallow users to spend the funds (ie freeze accounts).
Bitcoin isn't inherently threatened by CBDC's because they don't operate the same. That being said, the indirect threat exists because government will never cease to act on an opportunity to regulate Bitcoin into the ground while propping up their own useless currencies riddled with inflation and inept central bank control
I'd be worried if I were you.
I don't think it's a threat, it takes a very long process to be accepted by the wider community, even after 10 years there are still many rejections. if you look at its function, there is no effect at all because basically bitcoin is an investment not a means of payment like usd,
Bitcoin already has a place in the hearts of its users, I don't think they will leave after so long in the bitcoin environment. When the digital dollar was created, everyone would be looking for information on why there was such a policy. When they know that Bitcoin is one of the factors, they will surely find out more about Bitcoin (for people who don't know at all). This is an advantage in itself, because I believe that some of them will definitely be interested in bitcoin through the way the government has created it.
So this is not a threat, even those who initially did not know at all, will be literate towards bitcoin.
So this is not a threat, even those who initially did not know at all, will be literate towards bitcoin.
It's definitely not a threat, it will take a lot of time for this to become part of the normal so as of now, it is just a small step towards figuring out how the public reacts to the digital dollar. The rest, we shall see.
Since many people see Bitcoin as an investment or asset rather than a payment method that can compete with the established ones offered by centralized platforms, such as Visa and Mastercard, it will not pose a total threat to Bitcoin. Since this digital currency project by the US will probably make it easier for people to manage their finances, pay their bills, pay for their services, and track their credit scores, instead of centralization and possible surveillance for commercial and law enforcement purposes, digital dollars will probably be very success. among the average person who doesn't know about Bitcoin or cryptocurrencies in general. Those who wish to speculate on the value of Bitcoin will continue to have plenty of liquidity.
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