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What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin' :D

There is nothing to fight about this, CBDC will just be a modern era fiat, nothing will be different, it will be manipulated by individual countries that owns it, very possible it will be subjected to increasing supply in a way it will be able to be devalued just like fiat, we do not yet know more about CBDC but it is certain and clear that it will be nothing different form how fiat operates and will be privacy-depriving cryptocurrencies.

Bitcoin is not just a digital currency, CBDC will be digital currencies only which will be inflationary, but unlike Bitcoin that is also a digital asset, people will prefer it to others because it is the alternative to gold and will appreciate.

I don't think there is anything to fight at all! Every country will slowly move to CBDC because it comes with a host of benefits to the issuing country. No printing cost, complete surveillance on people's finance, environment friendly and so on. So it's no wonder that CBDC will eventually take over the mainstream financial world.

But does it compete with Bitcoin? Never and ever! Digitization of a currency doesn't make it a cryptocurrency. CBDCs will remain as a fiat even if the form changes! What to fight??

I think that you are misled. They will be launching their own USDT, not Bitcoin. And they have quite a good chance for success. People would trust easier a government than a problematic company. And the central banks can easily charge some fees that used to go into VISA/Mastercard pockets. And obviously they'll also gain the control they are longing for.

Maybe in the future there will be hybrid cryptos, 33% pegged to the dollar, 33% to bitcoin, 33% to gold for example.

Almost like a currency ETF for those who can't be bothered thinking about it all very much :)

(just a thought, ahem)

Any institution can launch their own digital currency but it could never replace bitcoin as bitcoin is unique, it's decentralized and cannot be controlled by the state. People are investing on bitcoin because they want freedom and it's happening, adoption is increasing and price is the evidence to that.

One thing I like about bitcoin is the supply, it is very finite/limited, I remember in economics that the high the supply of anything that the lower the value of such thing will be, but bitcoin is not like that, bitcoin has a limited supply which is just 21 million and nothing can change this. Bitcoin is developed with open source codes, which makes everything to be be transparent about bitcoin, no manipulation from any central body because it is not countrolled by any central body but it is decentralized all ways, it is only countrolled by people according to how they buy and sell it. The finite number of bitcoin total supply makes bitcoin to have great value, that is why people are now buying it, institutional bodies are not left out but are now involving themselves and investing heavily in bitcoin, this has just been the evolution of institutions investing in bitcoin while the adoption continues.

CBDC will not be a transparent cryptocurrencies because it will be controlled by central body which are the governments but people will think it is transparent, it is still at its early age to draw conclusion but it will not be transparent in a way the fiat are not totally transparent but be manipulated. It will not surprise me if CBDC is used also in money laundering and terrorism, but it will have its value. But it will have some disadvantages like the asset of people may be known and be disclosed to the public while the governments will be using it to bully people in a way they will be freezing people's CBDC the way they like in case of anything happen.  CBDC will be successful but bitcoin is better for privacy, privacy is very important which CBDC can not give. It is government that will say they will let citizens to have privacy, but they are really making citizens not to have privacy. CBDC is another source the governments will continue to manipulate people. Although, it will be good but bitcoin will be safer.

Those 21M BTC everyone is talking about are probably around 15M coins the rest are lost forever/not mined yet. This make it even more attractive.

CBDCs are not bitcoin and your title is not correct. CBDCs are as bad as alternative cryptocurrencies or they can be consider worse than altcoins. Altcoins are centralized by their developers, teams but CBDCs are centralized and all controlled by governments, laws regulations, banks and you don't own your own bank obviously.

With altcoins, you can naively believe that you own your own bank but with CBDCs, no, 100% no.

I said "bitcoins" not bitcoins.

The banks are a little too late. Imagine being able to transact anywhere in the world without any intermediary on your transactions. No matter what the purpose is, it's quite easy compared to other modes of payment. For sure, the country's have amazing companies that handle financial services digitally but it is not that friendly with other countries and that's where cryptocurrencies shine.

No matter what banks produce, CBDC's or whatnot, it's not going to be globally accepted unlike crypto.

I'm pro-Bitcoin, but I don't think the fight is won, by no means. The vast majority of people are still using fiat, and cryptos are used by what, 3% of the population of Earth? So the banks are probably calculating how much they can save on international transfers and on big transactions if they implement their own crypto tokens, and they will also look like they're progressive and adopting the best new technologies. I'm not sure if many would be interested in this, but some certainly will. Those people who use fiat now, but keep hearing about cryptocurrencies as the new trend can be willing to switch to centralized "cryptocurrencies" which are not as volatile as decentralized cryptos (and traditionally, people fear volatility), but still offer some features of the new tech thanks to blockchain.

It's a false fight they will likely win, honestly, from an average person's perspective. People care about how easy it is to transact, not how decentralized the network is. Once they get the digital USD that is 100% stable (besides inflation) at all times and instant to send and receive, they won't care about Bitcoin's existence much anymore. The average person's mind is what cmatters, not the smaller community's (ours)... unfortunately.

CBDC is not a competitor of Bitcoin, it's a competitor of Visa/Mastercard. Everyone hates bank transfers because they take so long and only available at bank hours, so Visa/Mastercard became the default payment method in the whole world thanks to their nearly instant transactions and 24/7 availability. But banks and merchants and governments aren't exactly happy with it, because they are paying for that, and some are unhappy that foreign companies control such a big part of the economy.

Now central banks and private banks are experimenting with creating their own payment systems that mimic Bitcoin to cut the middlemen. But if this system will be too inconvenient to use, consumers will still stick with Visa/Mastercard.

Yeah, this is what the CBDCs won't be interested in becasue of their selfishness. Sincerely, no matter what these Banks might be planing right now won't be in anyway a disadvantage to Bitcoin existence, what i see with these CBDCs digital coins won't be far different from the fiats which in time will be more worse, so, with Bitcoin; we are now wiser than them(governments).

It is not a stupid move, it is more a move by desperate people trying to maintain the existing financial system by modernizing it through digitalisation. Each country will sooner or later have its own digital version of fiat, and the Chinese are closest to that after conducting very extensive testing last year - while the digital Euro will probably wait another few years.

There is no doubt that people will still use the CBDC because governments will completely eliminate the classic method of payment - just as they use existing methods of payment today. Bitcoin is just one alternative, but globally it is not used by even 1% of people so far - because they do not understand it, and governments suggest that it is something bad and risky.

State money will always be state money, and most people are too afraid of the government and its mechanisms to simply say - "We don't want you CBDC, we want BTC".

Why do you call these digital tokens "Bitcoin"? They are digital tokens based on central databases, and those may not be based on the blockchain.
 
The world is developing and change for paper money has been transformed into physical forms until these have changed, and then we must convert to digitization, especially since many people use phones and electronic devices.

I do not think that the digital transformation will be quick because there are still many who have not used banks.

Guess you mean "hope to issue Central Bank Digital Currency (CBDC)"

I wonder why the article calls Bitcoin "Private Cryptocurrency" though. Does the writer mean  "Privacy cryptocurrency (Privacy-coin)" or is he/she trying to say that Bitcoin is a Private (rather Public) coin?  I wish the writer could clerify this so people don't get confused.

Bitcoin is clearly a Public Cryptocurrency with fair degree of privacy/anonymity for users. It's a transparent and open/public cryptocurrency. I wonder if CDBC can beat this standard, to become more public, transparent, safe decentralized, etc...

btc go to the moon soon  ;D ;D ;D ;D

What most funny is that CBDC will make use of blockchain, who is the founder of the blockchain, the creation of bitcoin led to the evolution of blockchain, all digital assets will be under bitcoin, it is the first and it is the original. All others will have to follow bitcoin at the back.

Imo, I don't even think governments are creating CBDC's to 'fight' Bitcoin, what's there to fight, one is centralized, whilst the other is decentralized, meaning they don't work in the same way. What I think, like I've said previously about CBDC's is that it's more of an economic 'fight' between different countries, the more countries that launch or are working on CBDC's, the more others join in and start working on theirs. For example the situation between the U.S. and China, there was no way one of them could launch a CBDC without the other following suit.

Having said that, it's Bitcoiners/dex crypto users who are worried about CBDC's, thinking it's going to compete with Bitcoin, when nothing of that such is going to happen, It has more to do with the economy, than Bitcoin.

Federal Reserve and other central banks allowing CBDC's is NOT a fight against Bitcoin or other crypto coins.
It is the realization of a dream the central banks have been trying to push through since at least the 1960's when people started using checks and credit cards more than cash. Given the fact most banking with fiat is just moving numbers around between accounts the Fed and central banks of other countries would LOVE to eliminate having to print physical money & stamp gazillions of coins.

Thing is, up until now people were not willing to give up carrying cash. Lets face it: Having a wad of cash is in your pocket is far more satisfying than carrying just a card. I still prefer it however I also know plenty of folks that never carry any 'real money' anymore and only use their credit/debit cards.

Today, with more an more people using cards or their phones via billing apps there will be far less push back to embracing pure digital finances.

This is the first time I read such a direct and open concern of representatives of the current banking system about how the popularity and demand of people for cryptocurrency is growing. I was especially interested in the fact that the report indicated an increase in the usefulness of the cryptocurrency. Bankers did not recognize this before. Moreover, they agree that within one or two years, while states will massively release their digitized central bank currencies, bitcoin and other potential cryptocurrencies will grow in value. This is, in fact, a recognition that decentralized cryptocurrency will enter our lives for a long time, if not forever, as well as a recognition of the helplessness of the current financial system in front of the cryptocurrency.

Bitcoin with a marketcap above $500 trillion, this is not easy, the banks and the governments will try but bitcoin will be the boss, bitcoin will soon be mainstream and the world first currency. Which means bitcoin already having brighter future while tomorrow will be brighter. Fiats and cbdc are just not different at all, they are the same.

It was just a matter of time, banks and governments have wanted to destroy bitcoin from the very beginning and they realized very soon that despite all their power they are really bad at dealing with enemies that do not have a central base of operations so destroying bitcoin is impossible, so what to do? They switched tactics and they tried to scare people away by saying that bitcoin was only used by criminals and that has failed as well as institutional investors are finally coming to the market.

So what can they do? To create their own cryptocurrencies, claim that their coins are better than bitcoin with the help of the media and hope that they deceive most people this way, and in a way I think it is a good tactic as most people do not know enough about the economy to actually tell why bitcoin is better.

I think quite the contrary.  Digital currency issued by Banks is more likely to be accepted globally than a cryptocurrency issued by an unknown entity.  Remember financial institutions such as central bank have the authority to approve currency to be used or accepted in a country.  Let us stop day dreaming, we all know Bitcoin is popular, at least to us who are aware of cryptocurrency but we know the fact that only a fraction of the world's population know cryptocurrency.  There is no war or fight between Bitcoins and banks here, the bank is just issuing their own "bitcoins" to ride the trend and have a grasp of the cryptocurrency market people.

theres only one bitcoin and that is bitcoin but if they want they can include the name btc next to another given name i think that can still be possible as i already saw a coin that has this name .
im not scared but i feel more excited after i knew that banks are issuing their own bitcoins or cryptos
 they think that they can overcome btc but instead of putting btc down they are making btc hyped again if they push this idea . they forgot that there are billions of btc suporters around the world

Exactly, bitcoin already won, thy make a digital currency because they see the success of bitcoin, however, what they will offer will only make transactions faster (probably) but they can never offer decentralization which we are enjoying as a crypto users.

Government can only regulate crypto as much as they want but they have no business to compete with it as they'll never win.

First, we can only have one Bitcoin and the Banks will not issue their own Bitcoin cause they will only issue central bank digital coin. However, the Central Banks and the government have been advised long ago to create their own CBDC before the institution sees Bitcoin as the perfect Reserve fund but they choose not to join the digital coin scheme maybe they know joining it will make people who still don't love the decentralization of Bitcoin to also become it enthusiast.

Nevertheless, I don't want us to have our hope high that who would care about their digital money since they are the same thing as their currencies since they have the power to control the institution and the institution is the primary holder of Bitcoin now

This has been a plan of banking service renders for a long. They haven't well analysed and understood the true meaning of blockchain and the cryptocurrency. Already few banks have done it. What they've done is, just digitized the traditional banking. There are few banks that have made a transition to function over the blockchain technology.

The change is inevitable, and when people are in need of the change the service sector is in pressure to do it. This is how more banks are taking initiative to make their own cryptocurrencies to fight Bitcoin which is an impossible fact for now.

"their own Bitcoin",
Maybe this is just an assumption and hope that their digital currency will be like Bitcoin?
Well, I don't think this is possible. They created CBDC, their centralized cryptocurrency. Meanwhile, Bitcoin is decentralized and not to be regulated. From their own purposes, they are different, especially maybe they are stablecoins, so it will be difficult to be like Bitcoin. Maybe later they are just like other stable coins like USDT, USDC, and others.

IF they will join in this race, they will always get clients as they already have existing clients.
But once these clients understand the difference between CBDCs vs bitcoin, I think, these people will also become bitcoin enthusiasts, just like what you said.
In the process, bitcoin is also gaining users here, which is actually good for adoption and consequently, in the bitcoin's market.
So instead of fighting btc here, what will happen instead, will be increase of bitcoin users.

That's really the difference, they may refer their digital currency as a coin but it's considered as stable coins. What makes bitcoin so attractive is because people can invest on it due to its price volatile, a stable coin now with 1 usd value will always be 1 usd in the future, that's no investment attraction it's only for payment processor with KYC necessary to use it.

They can create as much as they can but that wont be enough on beating up Bitcoin  no  matter what... There's really a solid line  between DECENTRALIZED / CENTRALIZED.

Fighting Bitcoin is useless because that would really be no point on doing that. Try to look those government-issued tokens? what they had actually contributed or had been done?
Thats just simply a digital currency which do still remain on heavily centralized - nothing changes.


Some info: Digital Yuan have some trial by Chinese banks
https://www.coindesk.com/chinese-bank-trials-digital-yuan-services-at-atms-report

There were many such attempts.

XRP was supposed to be a centralized successor of Bitcoin that banks would accept.

BCH was supposed to be the new king. Just like Bitcoin but with cheaper transactions.

BSV was supposed to be better because of the "real" Satoshi.

Don't forget about Libra, the Bitcoin killer :D

It's easy to make a coin. Much harder to persuade people to use it.

If you are talking about the 1st world countries that have the power to influence the other countries to accept their own CBDC's, why not? But the thinking of country leaders are probably how they are going to grow with their own digital coin and let it be accepted by everyone. Imagine it as just like fiat, not everyone will accept a different kind of fiat but unless they accept crypto, which is another type of currency, Bitcoin is Bitcoin. It's just that.

I think what you are trying to say here is that not a lot of people are into or involved in crypto, but they probably know it due to the news of sky-rocketing and hitting a new ATH.

Bitcoin and what it has is for the people, crypto has wallets and banks are hard to be accepted everywhere because everyone needs their own account just to accept it. I would rather NOT go through the hassle of creating an account (all the KYC stuff) just to accept CBDC's, and just create a new wallet or generate a new address for someone to send to. You have complete control over it.

[GUIDE] All About Central Bank Digital Currency (CBDC) (https://bitcointalk.org/index.php?topic=5288713.msg55575529#msg55575529)

If you are interested in or want to know about CBDCs, that topic and some attached can help. I don't have any interest in CBDCs as they are rotten at ideas so I skip it. It is more meaningful for me to use my time to read about bitcoin and other things for my investment and tradings.

Seriously what i'm thinking here? that Banks really Threatened by Crypto that's why Desperation comes to their Part , just to have connected in crypto , they will do anything even if this will make them look stupid.

I really hate their idea and hope to reconsider these such foolishness .

or is this the way of government in simply admitting about "Crypto's Success over them"?

Eventually they will realize the futility in "fighting" Bitcoin. What they need to do is to do a proper research on how to integrate Bitcoin to their platforms, so that they could benefit from an expansion in the userbase. PayPal has just done this, and it proved to be mutually beneficial to both the sides. I hope that eventually banks will also agree with the approach taken by PayPal and do the same.

To be honest though, this is the lowest point in banking that I have ever witnessed. Imagine trying to fight fire with a spark, they will only be swallowed by the big fire called bitcoin. If the banks didn't always screwed over their clientele, I think this will pull off but at the current situation that more people are now aware that bankers are the only one getting the good life when doing business with them is a pretty bad spot for these greedy cronies. They thought that their archaic system would not backfire because they have an iron grip in a nation's economy, now the challenger is posing a threat.

First you have to learn the difference between a billion and a trillion and then write something like this. A billion consists of 1000 millions, and a trillion of 1000 billions - to talk about a Bitcoin market cap that amounts to as much as $500 trillion is completely insane. If all the money, gold, stocks and real estate value were collected, it would not reach that amount together.

Also, do not underestimate states and central banks, they will never accept something that is inherently decentralized as Bitcoin - let alone that it can become a generally accepted currency.

They have no option when the governments know that bitcoin is increasing in price and pose no risk but completely perfect if you do it rightly, some people that make up the governments even have investment in bitcoin, that is the power bitcoin has because it is an asset and people like to invest in asset that is getting more valuable over long term. So the banks and governments do not have option for bitcoin increasing adoption, even if they make their own digital currency, it is still nothing if compared to bitcoin, it will be far behind bitcoin.

if they lie , they can . they can supply different details and wont be mentioning the banks but lying is a big sin and they wont be different from a scammer if they insist to do so , just for their personal gains  or what if they wont lie and tell the truth that the digital coin is from them  . there is a fight here , fight between centralized and decentralize but lots of people are still going to avoid this for sure . non techy people arent confused but they can easily tell if which one is good for them and they will prolly go for coins issued by banks .

I agreed with what you said, I think the Banks also comprehend that their creation of Central Bank Digital currency will increase the awareness and people trust in Bitcoin which is the reason they withheld the advice giving to them IMF then and I think they now understand that if you can`t beat them join them.

It's already on the moon dude, many people don't know it yet, because we are on the dark side of the moon and can't see the earth from there  :D


Don't you think that they are already winning the race? you think if some come out and say that they are making and creating their own bitcoins to fight the battle against our great Bitcoin, they are really considering doing so? of course not.
I believe they already own a large portion of the supply, this game began when the price dropped under $4k, they started to accumulate till now, do you really think all the recent investments and adoptions just happened all of a sudden? no, they were planning to do this since 2017, they just needed a good and flawless plan.

(CBDC) should just give up the idea of issuing their own fake BTC to counter the widely and globally known Bitcoin,  that project will be completely dead on arrival.
XRP a similar idea conceived and established with it centralized feature by the banks to checkmate Bitcoin had struggled all this while in cryptoshpere in fact it is in a verge of total collapse and bankrupt, I believed investors of XRP that will have been regretting for their actions now, Once any cryptos enthusiast adopts Bitcoin it will very difficult to ditch it for any centralized coin controlled by a third party.

It’s going to be a dumb move for them because they can’t issue their own bitcoin, they can issue something else but not bitcoin because bitcoin is a decentralized currency and the banks are centralized Authority so they will issue something as their currency.

The race is already won as OP says. We are not going to stop using bitcoin and crypto because of the CBDCs.
Cryptocurrencies today have gained confidence in the world due to the incorporation of new entities that are contributing their capital.

According to Coingecko: Saturday 01/16/21

Market Cap: $ 1,028,176,281,849 -2.5%

Volume in 24 hours: $ 168,687,941,834

Domain:

BTC 66.5%

ETH 13.2%

The indicators show that we are raising more capital from the use of cryptocurrencies. While CBDCs have to carry out an extensive journey that aims to digitize the bank so that it offers us a better service because we have shown them that the digital economy is innovation and that they must adjust to the new times.

If they want they can fork bitcoin, but does it guarantee success? no, a lot of bitcoin forks now are not successful, to name a few, we have BCH and BSV, and they are nowhere near the value of bitcoin, not even rank next to bitcoin. People are smart, they'll invest only on the original, and that is bitcoin.

In my opinion there is no way CBDC can beat Bitcoin, because whatever CBDC does is still under government control. What many people want is
financial freedom as Bitcoin provides, so whenever Bitcoin will be more needed. Therefore some countries prohibit Bitcoin as payment, because
the government is afraid Bitcoin can beat fiat. Because I believe many people are aware that Fiat is only a tool to enrich banks and governments.

I was 100% confident that CBDCs will be created not to compete with Bitcoin or replace it, CBDC is the evolution of fiat money. However, the last event show that the banks take Bitcoin more serious than ever.

Yeah I figured this is what was going to happen. Even the Indian government had early talks about introducing their own centralized crypto, called Lakshmi during the hype period in 2017-18 but it soon died down, they tried to ban bitcoin, and then withdrew the ban in court. Here's a news article from when that was still a thing lol

https://economictimes.indiatimes.com/news/economy/policy/is-modi-government-killing-bitcoin-for-its-own-lakshmi/articleshow/63642523.cms

But yeah, this is probably what most of us expected will happen, no government will support a decentralized currency (and let's face it, there are some valid reasons for that, but yeah I do agree that most of the reasons are for their own benefit, and that banks will vehemently oppose decentralized currency), and at that point, any crypto introduced by the government will just be another modern day fiat, with none of the features that define bitcoin. It won't support our dreams of one currency for the whole world :P

They are because they see that their position is becoming weaker. They need bailouts and can go bankrupt while cryptocurrencies don't (at least decentralized ones) and people are becoming less interested in keeping fiat money on their accounts because of extremely low interest rates. They're hoping people will continue to take loans they can afford because if too many people lose their jobs and stop paying they're done and it's bailout or bankruptcy. IMO there's no competition between them and bitcoin. Bitcoin is going its own way and surviving against all odds.

I don’t think that the banks will succeed. However, as they fail to succeed I think that they will somewhat be much more likely to accept Bitcoin as a real asset. I get why the banks think like they do right now. Decentralization means less revenue, less regulation and less power, which must be kind of scary from their perspective.

I think people will trust the government more because it is obvious, and the bank will easily take monthly fees usually by cutting the balance and going to their Visa / Mastercard and after that you will know, yes they will get control.

And I agree with you I'm just describing what they are thinking and what kind of tactics they are going to use to try to subvert bitcoin, I really think that they are going to try to do to bitcoin something similar to what they did to gold, gold was the main form of money around the world for thousands of years and yet now many economists think of it as a relic of the past, so what happened?

What they did was that governments slowly convinced people to give up their gold to them and now most of the gold all around the world is on their vaults so I think that they will try to do something similar with bitcoin, I hope they do not succeed but history is on their side.

 it appears that the Bank does not want to lose in digital transactions. They seem to want to be the dominant one used in every transaction as quickly as possible, which turns out to be impossible because the use of bitcoin and crypto is so entrenched that they want to work with the government to promote it. so pathetic . they don't want people to run away from the fiat currency and banking system.

They are like basically saying that they can SOMEHOW SURPASS Bitcoin's milestones in some way because they are officially launching their own currencies. Its like neglecting some local currencies to somehow create their currency. No offense to Macquarie, its a great Financial company but that move is just something that they WANT to do so that they will be not missing out on this Cryptocurrency Industry. Macquarie should just focus on their current craft because creating another currency would just be creating another platform for an Alternate Cryptocurrency.

They should also try implementing Blockchain Technology within their current platforms and see the improvements that can be done but creating a "New" Currency. Lol

As I said back on page 2, They are not looking into issuing their own crypto coins - they are setting the framework to use what will most likely be stablecoins pegged to local currency. There is no difference between that and using debit/credit cards - it all boils down to just moving numbers around between different accounts, not physically shipping cash between folks/businesses.

They can not fight with BTC even I don't think so they will fight with Btc. Bank's prime motto is to issue their own stable cryptocurrencies so that more and more people will adopt their cryptocurrencies as a medium of exchange on the other hand they can not compete with Bitcoin or other altcoins because cryptocurrencies can be rise and drop but bank stable cryptocurrencies value will remain stable.

THey dont wanna lose with cryptocurrencies lol... But I doubt there will be people gonna be using their own crypto tho. They wanna surpass bitcoin achievements but I doubt they can

Bitcoin is and will be the boss

they will probably launch and try to pump just another shitcoin somewhere low on the currencies list  ;D ;D

Which is ridiculous if you think about it, they make the rules and rig the game in their favour by so much that even the economy as a whole is crashing and a great deal of the economic crises around the world have been their fault, and then when people create something to get away from them the first thing they do is to try to create something similar so they do not lose clients and the money they bring.

If they wanted to avoid the rise of bitcoin then that was easy, they should have created a level field in which if you were at the top it was simply because you took better decisions and not because they rigged the economy in their favour, if that was the economic system we had then no one will see the need for bitcoin, but when I take a look at the current economic system it is an easy choice for me to pick bitcoin over fiat currencies.

Why would they fight? It would be useless because no matter how hard they would try they cant beat up BTC, they cant beat up fully decentralized thing.

They do create their own coin, then what for? this isnt different with digital fiat that we had been using up for years already.

The thing here is that they might really be redirecting citizens perceptions towards crypto and do tell that real digital currencies are to those
who had been made of by them.

It does not change the current situation at all. Bitcoin lovers will remain loyal to bitcoin while others will choose CBDC as their main form of payment. No matter how you try to criticize the centralization, many are depended on the system for their livings. You cant change that fact

Moreover, If china publishes their digital Yuan, the first 2 billions people will first adopt digital fiat than digital currency.

Exactly what I've been saying here: It's not that different banks will issue their own coins such a BoA or Citibank or Wells-Fagro coin. Doing that would open a shitton of pricing & exchange value issues and make them just another shit coin. It is about banks laying the framework for them to handle a single nationally backed stable coin such as what USDT or other could become.

While it will be the same as their fiat people are not that smart, they will claim their coins are better because you can store them with them and get them back in the case you are hacked, and they are going to believe it not understanding that the reason you cannot get your coins back with bitcoin is because in bitcoin once some coins get to your wallet no one no matter what they do can reverse the transaction, this gives you sovereignty over your money.

People for the most part are unable to understand the concept that whatever money they have in their bank accounts does not really belong to them as the bank can always steal it and they will only believe this until it is too late and it happens to them.

It's actually happening, more and more people are actually switching in to that cashless lifestyle by banks providing digital currencies in order to make transactions much more easier, while these are being implemented (well, in my country, it is still being developed), I don't think it can ruin Bitcoin and cryptocurrency that much, it's just fiat currency switching into the digital platform, all is the same and people would likely use this method in order to make transactions more convenient and fast, If they are trying to outrun cryptocurrency, I don't think it's gonna happen.

Yes, we know that banks really are into digital currency but they are not making their own bitcoin since bitcoin itself has its own blockchain and it's decentralized, what banks will do is a centralized currency, that's for sure as banks are regulated. They will make a currency, not for investment but for sole payment system only, unlike bitcoin where it rises as the demand increases.

Digital currency can't easily labeled as like bitcoin.

It is not even a race when their own "bitcoins" is pretty much the same as what we hodl in fiat banks. It is only digital. The main attraction of BTC is that it is decentralized and no one is technically in control, which gave us freedom.

It is pretty much a fantasy of them to be like that.

Bitcoin is threat for the banks and i think they will find a way to adapt on new centralized cryptocurrency payment or holding. Developing an system on banks to accept bitcoin is so risky because not all people have an knowledge on the cryptocurrency and we all know that the bitcoin is somehow using on the black market.

They are not making another Bitcoin but they wanted to have their own cryptocurrency, a utility token. Actually, some banks have tried this but they don't succeed because the crypto users will never use their tokens but choose those coins that can be traded.
We already know what is their reason but what they do is making nonsense. They are not a crypto expert but fiat experts instead.

if they are afraid that people will no longer use banks to store their money( which seems impossible), then this is the time for them to adopt cryptocurrency and accept the change. There is no way to fight against Bitcoin but instead, they should go along with the trend.  

Banks core value is to make crypto a centralized coin so I think people will not consider and don't support as they do for BTC and centralized coins will definitely have regulations, if this happens then the Volume and fluctuations will not be as much as we expect.

BTCs image can't be ruined even if hundreds of coins come and go, has a high popular coin people will be craze on this for sure.

Banks will issue CBDC, and banks & govs will profit from CBDC.
CBDC's goal is not to compete with Bitcoin. CBDC is a way for even tighter population and tax control. Just check China, the Chinese Digital Yuan and their Social Score.

There is no way banks can issue cryptocurrency based coin to fight or replace Bitcoin. First and foremost, Banks operate through a centralized system and it will be difficult for a centralized coin  to fight a decentralized coin like Bitcoin. Also, Bitcoin has been in the financial ecosystem for about 10 years now and the banks think they can issue their own coin to kick Bitcoin off  just like that.  The banks and governments are just jokers. There  is no way they can stop the Bitcoin and cryptocurrency revolution from happening.

Banks are always with the plan to have their own cryptocurrency. This existed as a result of banks losing its control over the financial system. Another thing is the loss banks have been experiencing due to the existence of cryptocurrency. In particular a large revenue loss is being recorded by the banks on large volume transactions. Days back Indian government has announced its plan for releasing its own cryptocurrency. Already several times it has announced it and nothing came into development so far.

they don't plan to create a bitcoin of their own nor wanted to replace bitcoin. banks and any company can just create digital currencies to catch up with the race to adoption.

CBDC digital currencies can easily take over in my opinion but BTC will still be used to pair with their currencies. these digital fiat currencies i guess they can use to accumulate BTC. over time they may be able to get as much as they can but then there are just too many alts and private cryptocurrencies as they call it for an option.

The success rate of these central bank digital currency depends upon the adoption rate, all the central banks are planning to come up with their version of the coin and we might see many central banks with their digital currency by next year, the success rate depends upon how it is adopted by the people and if people stay away from it then it will fail to gain momentum. It is true that these CBDC will give more control over the government and this is exactly the reason people should avoid them.

Really very interesting news and do they still hope that people will just believe in their CBDC? I believe they are cheating themselves if they think they can replace BTC. It is likely that we will see a fight between the crypto industry and central banks, and this is really very upsetting, as something irreparable can happen. In any case, the crypto industry and BTC itself are very strong and central banks will fail.

Actually that will go in favor of bitcoin. Digital currencies issued by Government will only bring more light to bitcoin.
People will soon realize that BTC is more safer and offers more freedom and that will lead them to abolish national currencies.

They are not dreamers, but probably they're desperate to keep up and don't know what to do. Anyways I'd be glad if they replace the current fiat system with cryptocurrencies. This way perhaps the way governments are spending will be more transparent, but I think blockchain tech could be applied to the current banking system. So I don't really see a need for a centralized cryptocurrency.

If yiu can't beat it, eat it. Is what they say here in my country. And it seems like financial institutions are already admitting defeat over the prowess of bitcoin, that being said, this is going to be their final move of desperation before they either buy their own bitcoins to stay in business or implement a feature that will allow their custkmers to invest in bitcoins. One way or another, banks are going to lose.

Central bank digital currencies can never compete with Bitcoin. Because, in essence, they don't have any of the important features that make Bitcoin valuable. First, Bitcoin is a digital currency that is limited in supply. It must be not only digital but limited. That is, it cannot be reduced in value by anyone by increasing its supply at any time. Another important point is that Bitcoin is the global currency. It freely gains and loses value regardless of the economy of any country. However, CBDCs will depend on the economy and government of each country.

Bitcoin, the first and only leading digital currency in this field, is not fighting, it just monitors the development of the financial system. ;)

True, some people holding the currency of a strong country as its more stable, with CBDC they can choose what currency they will hold with ease.
However, it's not easy as owning bitcoin due to regulatory requirement I believe, also they can monitor how much you hold.

It's us who are fighting but not to defeat fiat but to only make sure bitcoin will be recognize as a great currency since it's out of control by the corrupt politicians, being decentralized is what makes people attracted to invest as decentralized coins are always transparent, hence reliable.

Well, sounds good but it is impossible for them if they will create by their own crypto coin, that is not easy as that to make a virtual currency based on blockchain technology. Why they need to have another cryptocurrency to fight bitcoin, is bitcoin has a threat to them?
As long as bitcoin was a decentralized network, it is not easy to make one another bitcoin that under managed by the government. This is the fact that the bank now and the government can't do anything.

Banks are too late to launch their own version of bitcoin. Today, I like bitcoin because I dont need intermidiaries, I  am free to do what I want. I can choose fees for slow and fast transactions.
If the coin they will launch will be like local currency, the supply and demand process will likely affect the value. Unlike bitcoin which is circulating in only million amount but it is worldwide.

If nothing else, this move will just create more crypto enthusiasts. Those non crypto users who will be oriented with digital currency will soon appreciate the presence of bitcoin. So it is actually good for bitcoin adoption. Once these CBDC users discover bitcoin and other alts, they will compare the benefits of using it vs their CBDC and guess what, more than likely they will move to crypto.

I am optimistic that the bank will never beat Bitcoin, even though in the end the bank released their own crypto might not be able to
fight Bitcoin. Because the advantages of Bitcoin are decentralization that is impossible for banks to realize. There are already many coins
that have better technology than Bitcoin, but none of these coins can beat Bitcoin. The popularity of Bitcoin is also hard to beat, therefore
I never hesitate to invest in Bitcoin in large amounts.

There is no way that they can make their own Bitcoin but rather have their own cryptocurrency. If they are going to adopt crypto and use the system for their benefits, then they have to make another altcoin, not Bitcoin. It not really a good idea to make another Bitcoin for the sake that they wanted their clients to stick with them. Apparently, they are not giving freedom to their clients.
CBDC will support them for sure but they should have to respect how the system works, not being so hated to fight against Bitcoin.

Your point is valid, this would really help as digital currency would not kill bitcoin but instead will introduce bitcoin to their users and investors. In terms of payment system, banks would always win as they have a fastest forms of online transactions and could reduce the transaction cost if they want too.

We should not talk about the technicalities here, we should focus on the adoption which I think will help the adoption of crypto in general but CBDC will always gain more adoption since it's a government created currency which people have already put their trust ever since.

Banks are not going to create their own bitcoin or any other coin that will resemble or copy it. They will not create anything decentralized, since the banking system operates on the principles of strict centralization.
They have already highly appreciated the blockchain technology, on which the decentralized cryptocurrency works, and on this technology they will issue their digitized currencies of the central banks of states. Most likely, their digitized stablecoins will seriously compete with the decentralized cryptocurrency as a means of payment, as people are used to trusting their government more.

I don't think that the banks will make their own coin in order for them to fight bitcoin but I don't think they may be able to make it. Why? Simply because if they make a coin that it is not more likely to bitcoin or even if it can match the bitcoin's authenticity  then just don't make it because at the end of the day they will not be able to win against bitcoin as we all know that bitcoin was really in a hype situation right now and it is really impossible for the banks to create a decentralized coin.

Gov just want to have ownr cbdc to control everything and get some advantages of blockchain

Most person's have already lost confidence in the banking systems controlled by the government, in an age like this, most people are seeking control over their personal issues especially things like finance.

I don't think most... banks still do exist and therefore I believe that majority of us still trust on bank but at least some of us know about the risk in just putting our money in bank, yeah, the inflation will slowly kill the value of our money, therefore we need to find a good store of value, and if it's not gold it should be bitcoin these are two of the best choice people should consider.

If they issue their own Bitcoin, its value will also be tired to the fiat value. The beauty of Bitcoin is the appreciation and the depreciation. Investing in bank (centralized institutions) to is not good investment because the value will be static.

Im not sure that their CBs will allow them to do so. However, CBDC will certainly fight bitcoin in the future

no the race is not yet started, and it won't happen. it's not a race because bitcoin is an asset now, not a currency.
the only crypto that will be in a race with cbdc maybe stablecoin.

central banks like a guy who are not invited to join a party and wants to make their own party for revenge ;D
CBDC could be a manipulation 2.0. or it is an NFT of world economic manipulation  ;D