You think CBDCs will threaten Bitcoin? Think again.

Ozero

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Quote from: masterrex on March 19, 2021, 09:06:06 AM

Quote from: arbiter5 on March 19, 2021, 07:00:14 AM

Here's a quick clip from 2020: https://www.youtube.com/watch?v=rpNnTuK5JJU

In summary, with cash, people have privacy. With CBDCs, the government will have total control. It's really stunning how some people actually think that this is what's going to threaten Bitcoin.

I think that was an overrated statement CBDC's are just a digital version of the existing fiat currency of a particular country that was using it. for example, The Chinese (digital Yuan) is a kind of Stablecoin that was pegged to the value of the existing fiat currency which is the Yuan so why it will be a threat to Bitcoin when they are not the same in features and functions. Bitcoin has unique characteristics compared to those CBDC's so I believe that theres nothing to worry about.

There is still a potential threat to bitcoin and other cryptocurrencies in the event of the emergence of the digitized currency of the central banks of states. After all, we want people to use Bitcoin and other cryptocurrencies as a means of payment. However, a significant portion of people do not care whether they will use a decentralized or centralized currency. The main thing for them will be that it is quick and easy to use. Therefore, if CBDC is convenient to use, then they will choose it. Therefore, there is a real threat of competition. Let's see how it will be in practice.

masterrex

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Quote from: arbiter5 on March 19, 2021, 07:00:14 AM

Here's a quick clip from 2020: https://www.youtube.com/watch?v=rpNnTuK5JJU

In summary, with cash, people have privacy. With CBDCs, the government will have total control. It's really stunning how some people actually think that this is what's going to threaten Bitcoin.

I think that was an overrated statement CBDC's are just a digital version of the existing fiat currency of a particular country that was using it. for example, The Chinese (digital Yuan) is a kind of Stablecoin that was pegged to the value of the existing fiat currency which is the Yuan so why it will be a threat to Bitcoin when they are not the same in features and functions. Bitcoin has unique characteristics compared to those CBDC's so I believe that theres nothing to worry about.

stompix

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Quote from: Kong Hey Pakboy on March 19, 2021, 07:07:39 AM

Who in their right mind will think that CBDC will be a threat to Bitcoin?

You have to be foolish to believe there is no threat to Bitcoin and that if governments see their own creations in trouble because of it they will not retaliate. CBDCs if used with this purpose is a real threat to any other payment system out there, be it crypto or a centralized entity, it's going to give them even more control than they have with current bank accounts, this time they can actively trace and reverse payments at ease and link any of your actions.

Furthermore, a lot of people underestimate the need for simple things that the majority of people is looking for, if CBDCs will be easier to use, with every merchant in the country required to accept them as payment and with low fees a lot of them will use it. Decentralized systems have advantages and disadvantages, just because for some of us they work better it doesn't mean the majority is thinking the same if that would have been the case everyone would be using crypto by now, right?

Fesatmas

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doesn't look like the fact, that we can't refer to a single video. based on the statement of the government that continues to declare the displeasure of bitcoin, CBDC and glorify the position of fiat. while our privacy is constantly under threat with thieves on the prowl. we need a tight guard over our finances. Bitcoin cannot be killed even though it is CBDC class.

davis196

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Quote from: arbiter5 on March 19, 2021, 07:00:14 AM

Here's a quick clip from 2020: https://www.youtube.com/watch?v=rpNnTuK5JJU

In summary, with cash, people have privacy. With CBDCs, the government will have total control. It's really stunning how some people actually think that this is what's going to threaten Bitcoin.

CBDCs won't threaten Bitcoin.The governments/central banks behind those CBDCs can potentially threaten Bitcoin,by forcing their citizens to dump cryptocurrencies and use only the Central Bank Digital Currency.
CBDCs are a trend that will continue.Governments want cashless society and full control over all transactions.Bitcoin and the altcoins might survive as an financial investment asset,that is purchased only for the sake of selling at a higher price and getting profit.

Charles-Tim

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Quote from: Twinkledoe on March 19, 2021, 07:20:11 AM

If CBDC will have a purpose, it should be the fight for corruption. Because with this, the government itself can track down the money where these officials are giving to.

Also there will also be non -governmental bodies that will want to track government officials for not to misappropriate money, it will be good for them all to have their asset in CBDC, no any other ones, especially in Africa like my countries that is full of corrupt leaders. While other citizens should be given privilege to invest in the coin of their choice, like me, going for bitcoin as CBDC is just a modern fiat that will be subjected to price declination/devaluation.

Twinkledoe

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Quote from: Charles-Tim on March 19, 2021, 07:12:13 AM

Quote from: arbiter5 on March 19, 2021, 07:00:14 AM

In summary, with cash, people have privacy.

The cash with us gives us privacy, but it can be in a way if theives can later know about it and stole i, which means it not to fulfill the sole purpose of privacy, that is the reason banks are important. If the cash is deposited in bank, then no privacy again, while no one can keep huge amount of cash, it will be in the bank. Fiat is fiat, it brings no privacy.

Quote from: arbiter5 on March 19, 2021, 07:00:14 AM

With CBDCs, the government will have total control.

Privacy will totally be compromised, everything will be tracked by government, and it will be easy to freeze any account. But, this will be good to fight corrupt government officials, all their money should be in CBDC in a way all will be tracked even by the public, it will be good to fight corruption in corrupt countries.

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If CBDC will have a purpose, it should be the fight for corruption. Because with this, the government itself can track down the money where these officials are giving to. These corrupt politicians will now hesitate to run their dirty games. But they will find a way how to go around the system. But it will lessen the corruption. In regards with CBDCs threatening bitcoin, don't think so. If these CBDC users will find out the difference or benefits of using bitcoin over CBDCs, they will more likely go to bitcoin.

btcsmlcmnr

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Bitcoin, fiat, CBDC, stable coins are all exisiting together. None of them will be able to kill any of the other currencies. People try to create hype that bitcoin can be the universal currency after killing all fiats, all altcoins. It won't happen.

When they see bitcoin is on peaks and need to be corrected, they try to say fiat, CBDC or any risk from government will prevent bitcoin adoption increase, bitcoin price will be fallen, bitcoin will be killed.

If you want to invest into bitcoin, look at its deflation schedule, halving days, block rewards, lost bitcoin in hypernated UTXOs.

[GUIDE] All About Central Bank Digital Currency (CBDC)
US Central Bank Explains ‘Preconditions’ for a Digital Dollar
How China’s Digital Yuan Could Go Global

CBDC will be a global trend but they won't kill bitcoin.

I lost my minds when people think CBDCs can kill bitcoin. Centralized currencies kill a decentralized currency, is it realistic and possible in the future. Nope.

Charles-Tim

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Quote from: arbiter5 on March 19, 2021, 07:00:14 AM

In summary, with cash, people have privacy.

The cash with us gives us privacy, but not totally, theives can later know about it and steal it, which means it does not fulfill the sole purpose of privacy, theives are the reasons banks are important. If the cash is deposited in bank, then no privacy again, while no one can keep huge amount of cash, it will be in the bank. Fiat is fiat, it brings no privacy.

Quote from: arbiter5 on March 19, 2021, 07:00:14 AM

With CBDCs, the government will have total control.

Privacy will totally be compromised, everything will be tracked by government, and it will be easy to freeze any account. But, this will be good to fight corrupt government officials, all their money should be in CBDC in a way all will be tracked even by the public, it will be good to fight corruption in corrupt countries.

Quote from: arbiter5 on March 19, 2021, 07:00:14 AM

It's really stunning how some people actually think that this is what's going to threaten Bitcoin.

It is the other way around, people like privacy, that is why they will prefer to go for bitcoin. CBDC will only just be inflationary currency just like fiat because it will be backed by fiat, but bitcoin is deflationary, another reason people will prefer bitcoin over CBDC which is not that really different from fiat, we can say CBDC has been existing before but in fiat while fiat will only be modernized into CBDC, nothing change than privacy that will be more compromised, so nothing will affect bitcoin.

Kong Hey Pakboy

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Who in their right mind will think that CBDC will be a threat to Bitcoin? I mean there have been attempts by some countries but they don't seem to make any noise that can be interpreted as success. Maybe the reason that people think that CBDC is a threat to bitcoin is that it has the possibility that Bitcoin will become unfavored by the government because they invested in CBDC so they have to ban it so CBDC can fill the void that bitcoin will possibly leave when it gets banned.

arbiter5

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Here's a quick clip from 2020: https://www.youtube.com/watch?v=rpNnTuK5JJU

In summary, with cash, people have privacy. With CBDCs, the government will have total control. It's really stunning how some people actually think that this is what's going to threaten Bitcoin.

Topic: You think CBDCs will threaten Bitcoin? Think again. (Read 127 times)