Topic: Will digital dollar be a threat to bitcoin? - page 8. (Read 2614 times)
because it is not centralized and Bitcoin has existed before the digital dollar, obviously Digital dollar is not a threat to bitcoin, because basically its essence is still original fiat only converted to digital, still managed by the government, CBDC will be recognized as a legal transaction tool, and that is what makes BTC a little weak , but it is not a serious threat, Bitcoin is a currency with volatility and Bitcoin remains the only reliable coin in terms of decentralization
These so-called "GovCoins" are all centralized and they are just a digital copy of a failed Fiat currency that are being manipulated to suit the governments needs and goals. 
The problem is that the average citizen does not understand the problem with centralized currencies that are manipulated by governments, so they will not care about it.
We need to educate people on the PROs and Cons of "GovCoins" vs real Crypto currencies, so that they can make informed decisions when they are offered a choice.
The problem is that the average citizen does not understand the problem with centralized currencies that are manipulated by governments, so they will not care about it.
We need to educate people on the PROs and Cons of "GovCoins" vs real Crypto currencies, so that they can make informed decisions when they are offered a choice.
I don't believe this is a threat to Bitcoin. Nothing happened when China banned Bitcoin and launch its digital currency. Rather it would be easier to convert into fiat once the exchange adds digital dollar or fiat. Then we don't need to run for paper money. And the blame for energy consumption isn't new anything.
I'm the same way, at least the dollar has never been a threat to bitcoin. And to be honest, I'd rather hold bitcoin and save it than dollars.
Then let's just talk real, the dollar is known all over the world as a major currency but the dollar has no backup, that's the truth and it only revolves around loans. That's the truth here.
Unlike bitcoin, while you hold it, the chances of its value increasing in the future are high. That's why right now a lot of people are buying it little by little to accumulate because of the belief that it will be 100k$ each when the bull market comes, that's for sure based on the analysis of veterans and experts in this industry.
A digital dollar is still just an inflationary fiat currency.
Then again, a digital dollar will make it easier to buy Bitcoin.
I hope we get digital dollars.
Then again, a digital dollar will make it easier to buy Bitcoin.
I hope we get digital dollars.
The government have got broad plans, but on execution it won't get the expected results. The digital dollar from US is planned to function on the decentralised network eliminating the middleman and other bank process. The government fear of its financial situation.
For now dollar is considered the reserve and countries valuate their national currencies based on dollar holdings. This benefits the US government financially. If countries leave and starts holding their own digital currency, this will affect America's financial progress. For that purpose digital dollar is being developed and this doens't make any impact over bitcoin.
For now dollar is considered the reserve and countries valuate their national currencies based on dollar holdings. This benefits the US government financially. If countries leave and starts holding their own digital currency, this will affect America's financial progress. For that purpose digital dollar is being developed and this doens't make any impact over bitcoin.
Just because Bitcoin was brought along within the discussion of the topic doesn't mean that it's going to be a threat to it. They're still both mediums that people can use, sure if Bitcoin was under the government then yes it might've been but it isn't, it's decentralized, so it can't kill or be killed imo. What digital dollar threatens is fiat though it's might be more apt to call it an upgrade/migration to a better system. Just imagine it as the world having their own currency (compared to a currency set by someone else for the world).
No need to think about it being a threat. Bitcoin is volatile while digital dollar has a stable value. While we hold bitcoin, we're all for it until the price of it goes up.
While this digital dollar and others that have the same stagnant value, they'll be used mostly for purchase as it's guaranteed that there will be no volatility issues.
So, the difference of it from bitcoin is totally far and we can still use bitcoin the same as these digital dollar does. But, they can't be the same as bitcoin for being volatile.
While this digital dollar and others that have the same stagnant value, they'll be used mostly for purchase as it's guaranteed that there will be no volatility issues.
So, the difference of it from bitcoin is totally far and we can still use bitcoin the same as these digital dollar does. But, they can't be the same as bitcoin for being volatile.
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.
It is not going to be any threat to bitcoin. Digital dollars won't be decentralized. So people looking for decentralized currency, currency that isn't controlled by the government, currency that they own and no one else has control of will still be using bitcoin.
There are already "digital wallet dollars" and they were never a threat. And then lets be honest, most people invest in bitcoin to make profits. You won't be able to make any profit holding stable digital dollars.
There are already "digital wallet dollars" and they were never a threat. And then lets be honest, most people invest in bitcoin to make profits. You won't be able to make any profit holding stable digital dollars.
it will not be a serious threat to bitcoin, because even though the US dollar is made as digital money but the function and use will be the same, it is only made digitally, so it will not be a threat to bitcoin, because bitcoin is still considered an asset / investment, rarely who use bitcoin as a means of payment, digital dollars will not be a threat because in terms of usability there is something different.
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?
The digital dollar will not hurt Bitcoin. Rather, it may be even stronger for Bitcoin. As soon as the digital dollar comes in, they will start trading with Bitcoin and Bitcoin will gain even stronger.As we may have seen before China issued their own currency and banned Bitcoin But there was no damage to Bitcoin, maybe from here I can say that even if the digital dollar is launched, there will be no damage. 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?
US dollar will still be US dollar, it will be just digitalized, it's like what we have now which is stablecoins, so what's the point they still want to do it as we already experiencing to use a digital us dollar which is stablecoins we have now?
So for me, this is really far threat with Bitcoin as their digital US dollar is pegged with fiat US dollar which we all know the value of it is decreasing over the time.
So for me, this is really far threat with Bitcoin as their digital US dollar is pegged with fiat US dollar which we all know the value of it is decreasing over the time.
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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.
The digital US dollar will never be a challenge for the growth of crypto in the US because they both didn't serve the same purpose and the last time I checked the CBDC is always another version of fiat currency but if the Fed misunderstands this there may be a form of challenges for crypto growth in the US.In the meantime, I hope the US government won't imitate the BTC blockchain concept and go for proof of work.
Do you think with the level of civilization in the united states, that the digital dollar will be successful?
The US digital dollar beings success depends on the idea implemented by the US government but the use of POW cryptographic proof won't make the US digital dollar crypto a success.
Digital Dollar is not Decentralized Currency. It is fiat currency. Bitcoin is not fiat currency.
Bitcoin is an electronic cash and the payment system.
Digital dollar will have no impact on Bitcoin.
Bitcoin is an electronic cash and the payment system.
Digital dollar will have no impact on Bitcoin.
Not at all. There is a lot of difference between Bitcoin and digital money. For one thing, there is no state control in Bitcoin. Any digital currency that states try to make will be a centralized system. This is completely against Bitcoin's philosophy.
Most of the money used right now is digital anyway. Which one of us carries cash? Everything happens through credit cards and mobile payment systems.
I don't understand why these discussions are still happening. People who understand the philosophy of Bitcoin already know that such initiatives will not replace Bitcoin. I don't see any other currency that threats to Bitcoin. Because Bitcoin didn't come to this stage easily, it didn't gain this trust for no reason. None of the altcoins have even 10% of that trust. Look at what's happening with second place holder Ethereum. How far is it actually in terms of decentralization and trust. That being the case, a centralized digital currency is not even a threat.
Most of the money used right now is digital anyway. Which one of us carries cash? Everything happens through credit cards and mobile payment systems.
I don't understand why these discussions are still happening. People who understand the philosophy of Bitcoin already know that such initiatives will not replace Bitcoin. I don't see any other currency that threats to Bitcoin. Because Bitcoin didn't come to this stage easily, it didn't gain this trust for no reason. None of the altcoins have even 10% of that trust. Look at what's happening with second place holder Ethereum. How far is it actually in terms of decentralization and trust. That being the case, a centralized digital currency is not even a threat.
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.
The digital dollar will not be a threat to Bitcoin as Bitcoin only provides an alternative and not a competitor with traditional currency, after all, does not only serve as a currency but also an asset that has the potential to grow in price and that is why Bitcoin is sometimes referred as digital gold. As long as the digital dollars price does not grow above the traditional dollars then it does not have the same characteristics as Bitcoin and should not be a threat to Bitcoin.
Digital dollar = Digital Currency
Bitcoin = Cryptocurrency
A digital currency which made by a government of a country couldn't be cryptocurrency. As much as cryptocurrencies offer us decentralized convenience and informational security, I don't think any government-run currency can protect it. I also think that digital USD is a stable currency, and Bitcoin is a currency with volatilities so Bitcoin is used for trading. So all things considered I don't think we need to worry about digital dollar.
Bitcoin = Cryptocurrency
A digital currency which made by a government of a country couldn't be cryptocurrency. As much as cryptocurrencies offer us decentralized convenience and informational security, I don't think any government-run currency can protect it. I also think that digital USD is a stable currency, and Bitcoin is a currency with volatilities so Bitcoin is used for trading. So all things considered I don't think we need to worry about digital dollar.
It is not all cryptocurrencies that are decentralized and has information security. That is why Bitcoin remains the only reliable coin in terms of decentralization. It means that CBDC and some altcoins share the same characteristics of centralization. And if thr digital dollar should have effect on cryptocurrencies, it should affect coins like Binance stable coin and usdt and not decentralized Bitcoin.
OP, I agree with some assumptions that digital dollars are not a threat to bitcoin. The digital dollar is a CBDC product that is currently being prepared by the government in order to regain the trust of its customers. Centralized financial systems have lost a lot of user trust mainly because of the many problems customers have with banks out there.
Of course it would be very similar to a stablecoin, but these digital dollars are controlled by the government through a central bank. There may be positives and negatives for bitcoin, but I'm sure anyone who knows how the centralized financial system works then bitcoin will still be the best option to use.
Of course it would be very similar to a stablecoin, but these digital dollars are controlled by the government through a central bank. There may be positives and negatives for bitcoin, but I'm sure anyone who knows how the centralized financial system works then bitcoin will still be the best option to use.
We have had this discussion on the forum for a number of times and the answer has always been the same and clear. It is important to understand that this will not be a threat or a problem for bitcoin at all because in the end, a digital dollar is something that is backed by a dollar and there is no significant difference between a digital dollar and a fiat money. Both are centralized and are getting controlled by governments, central banks, and other related organizations, which means that there is no big difference between traditional fiat money and the digital dollar. Therefore, this cannot pose a threat to bitcoin at all.
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